STATS Reports Second Quarter 2004 Results; Net Revenues up 59% from Year-Ago-Quarter Improving Gross and Operating Margins.SINGAPORE Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). & MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif. -- ST Assembly Test Services Ltd (Nasdaq:STTS STTS System Test & Troubleshooting Station STTS Service Tunnel Transport System (Channel Tunnel) ) - --Net revenues of $139.0 million --Earnings per ADS of $0.04 ST Assembly Test Services Ltd ("STATS") (Nasdaq:STTS) and (SGX SGX Singapore Exchange SGX Supergreenx (trance/electronic musician) : ST Assembly), a leading semiconductor test and assembly service provider, today reported second quarter net revenues of $139.0 million, an increase of 59% over the same quarter a year ago and an increase of 5% over the prior quarter. Net income for the second quarter 2004 was $4.7 million compared to a net loss of $0.7 million in the same quarter a year ago, and net income of $4.1 million in the prior quarter. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. earnings per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. ("ADS") was $0.04 and diluted earnings per ordinary share was $0.004 in the second quarter compared to a loss of $0.01 per ADS and $0.001 per ordinary share in the same quarter a year ago, and earnings per ADS and earnings per ordinary share of $0.04 and $0.004, respectively, in the prior quarter. Tan TAN See tax anticipation note (TAN). Lay Koon, President and Chief Executive Officer, commented "Our second quarter was our eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval consecutive quarter of sequential One after the other in some consecutive order such as by name or number. revenue growth. The sequential revenue growth of 5%, after an 11% sequential growth in the first quarter, was notable. Revenue growth in the second quarter was impacted by late releases of orders and a focus on higher margin business. In terms of end markets, we saw strength in broadband access See broadband and wireless broadband. but weakness in the data storage and certain parts of the wireless business." Gross margin improved to 18% in this quarter from the 11% in the quarter a year ago and 15% in the prior quarter due to better utilization and product mix. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 8% in this quarter compared to negative 3% in the same quarter a year ago and 5% in the prior quarter. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in this quarter of $10.6 million was the highest since the fourth quarter of 2000. A better gross margin and modest increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. contributed to the operating margin improvement in this quarter as compared to the prior quarter. As a result, net income was $4.7 million in the second quarter compared to net loss of $0.7 million in the quarter a year ago and net income of $4.1 million in the prior quarter. Despite the significant increase in operating income over the prior quarter, net income in the second quarter was impacted by higher non-operating expense, mainly due to a higher foreign exchange translation loss. Winstek Semiconductor Corporation ("Winstek") contributed $11.2M, or 8% of our revenues this quarter, an increase of 42% over the same quarter a year ago, and 24% over the prior quarter. STATS ended the quarter with a strong balance sheet and our cash, cash equivalents and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has balance was $259.3 million as of June June: see month. 30, 2004. Highlights of Financial Performance --Net revenues for the second quarter were $139.0 million compared to $87.6 million in the same quarter a year ago, and $132.3 million in the prior quarter. Revenues from assembly business were $66.9 million, or 48% of net revenues, and revenues from test business were $71.6 million, or 52% of net revenues and $0.5 million from other revenues. Revenues from array packages were 55% of assembly revenues. --Gross profit for second quarter 2004 was $24.6 million or a gross margin of 18% compared to gross profit of $9.9 million or gross margin of 11% in the same quarter a year ago and gross profit of $20.4 million or gross margin of 15% in the prior quarter. --Operating profit for second quarter 2004 was $10.6 million or an operating margin of 8% compared to a negative operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. of $2.4 million or negative operating margin of 3% in the same quarter a year ago and operating profit of $7.1 million or operating margin of 5% in the prior quarter. --Depreciation expense and the cost of leasing production equipment was $45.1 million in the second quarter 2004 compared to $32.6 million in the same quarter a year ago, and $40.3 million in the prior quarter. --Operating expenses in the second quarter 2004 were $14.0 million compared to $12.3 million in the same quarter a year ago, and $13.3 million in the prior quarter. --Selling, general and administrative ("SG&A") expenses for the second quarter of 2004 were $11.6 million or 8% of net revenues compared to $8.3 million or 9% of net revenues in the same quarter a year ago, and $10.3 million or 8% of net revenues in the prior quarter. --Research and development ("R&D") expenses were $2.9 million in the second quarter or 2% of net revenues compared to $3.7 million or 4% of net revenues in the same quarter a year ago, and $3.1 million or 2% of net revenues in the prior quarter. --Unit shipments for the test business in first quarter 2004 increased by 59% over the same quarter a year ago, and increased 8% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . Unit shipments in our assembly business increased by 54% over the same quarter a year ago, but decreased 3% sequentially. --Average selling prices ("ASPs") for the test business decreased 5% compared to the prior quarter due principally to test time reduction. ASPs in the assembly business increased 6% compared to the prior quarter because of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. mix of more advanced packages. --Capital expenditures, including that of Winstek and FastRamp, were $67.0 million in this quarter principally for new capabilities and production equipment. As of June 30, 2004, the company had 451 testers, including 100 testers at Winstek, 17 testers at FastRamp and 1,210 wirebonders. Mixed Signal Expertise Mixed signal devices continued to be the largest contributor to our test revenues, comprising 84% of total test revenues in the second quarter 2004. During the quarter, revenues from high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. digital testing increased over the prior quarter and increased as a percentage of test revenues to 16%.
Test Revenues Breakdown by Testing Type
----------------------------------------------------------------------
Three Months Ended
-------------------------------------------------
March 31, 2004 June 30, 2004
----------------------------------------------------------------------
Type of Testing % of Test Revenues % of Test Revenues
----------------------------------------------------------------------
Mixed Signal 85.2 83.8
----------------------------------------------------------------------
Digital 14.8 16.2
----------------------------------------------------------------------
Market Dynamics The communications segment continued to be our largest revenue contributor in this quarter accounting for 66% of net revenues. Net revenues from integrated device manufacturers See IDM. ("IDMs") and fabless semiconductor companies A fabless semiconductor company specializes in the design and sale of hardware devices implemented on semiconductor chips. It achieves an advantage by outsourcing the fabrication of the devices to a specialized semiconductor manufacturer called a semiconductor foundry or "fab. were about the same from the prior quarter at 50% and 39% of net revenues, respectively. The United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. remained our largest revenue contributor by region, contributing 80% of net revenues and revenues from Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and
Asia increased slightly as a percentage of net revenues in this quarter.
Revenues Breakdown by Market Segment
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Three Months Ended
-------------------------------------------------
March 31, 2004 June 30, 2004
-------------------------------------------------------------------
Market Segment % of Net Revenues % of Net Revenues
-------------------------------------------------------------------
Communications 65.7 66.2
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Computer 24.0 22.6
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Consumer/Others 10.3 11.2
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Revenues Breakdown by Region
-------------------------------------------------------------------
Three Months Ended
---------------------------------------------------
March 31, 2004 June 30, 2004
-------------------------------------------------------------------
Region % of Net Revenues % of Net Revenues
-------------------------------------------------------------------
United States 82.9 79.6
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Europe 4.8 5.3
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Asia 12.3 15.1
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Revenues Breakdown by Customer Type
-------------------------------------------------------------------
Three Months Ended
---------------------------------------------------
March 31, 2004 June 30, 2004
-------------------------------------------------------------------
Customer Type % of Net Revenues % of Net Revenues
-------------------------------------------------------------------
Foundries 9.6 10.7
-------------------------------------------------------------------
Fabless 42.9 39.5
-------------------------------------------------------------------
IDMs 47.5 49.8
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Business Outlook The following statements are based on current expectations. These statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. and actual results may differ materially. "Based on current customer forecasts, we expect continued revenue growth in the second half of 2004, and the third quarter revenue to be marginally better than the prior quarter. STATS plans to provide formal guidance for the combined company for the third quarter as soon as possible after the closing of the merger with ChipPAC," said Tan Lay Koon. Our merger with ChipPAC Inc. ("ChipPAC") is expected to close in early August, as soon as possible after the shareholder meetings scheduled for August 4, 2004. Completion of the merger is subject to approval from the shareholders of STATS and ChipPAC and other customary conditions. Highlights of Second Quarter Achievements During the quarter, STATS expanded its die stacking stacking Sports medicine The illicit self-administration of various 'cocktails' of oral and injectable anabolic steroids by athletes, often during weight training–by body builders, resulting in serum levels up to 100–fold therapeutic levels. capabilities to include exposed pad leadframe packages, enabling higher thermal performance and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. solutions for wireless handheld handheld: see personal digital assistant. and portable consumer applications with the introduction of the Stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. Die Exposed Pad Low Profile Quad Flat Pack ("SDepLQFP"). During the quarter, STATS launched its silicon based system-in-package solution, an innovative modular technology delivering extreme miniaturization min·i·a·tur·ize tr.v. min·i·a·tur·ized, min·i·a·tur·iz·ing, min·i·a·tur·iz·es To plan or make on a greatly reduced scale. min and superior electrical performance for wireless markets. Called the Chip Scale Module Package ("CSMP CSMP - Continuous System Modeling Program "), the new technology involved the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. of passive devices such as resistors, capacitors, inductors, filters, baluns and interconnects directly onto a silicon substrate The base layer of a structure such as a chip, multichip module (MCM), printed circuit board or disk platter. Silicon is the most widely used substrate for chips. Fiberglass (FR4) is mostly used for printed circuit boards, and ceramic is used for MCMs. . CSMP enables analog and digital functions to be independently optimized and combined for a distinct performance and cost advantage over System-on-Chip See SoC. implementations. The result is a high performance system level solution which provides a significant reduction in die size, weight, number of interconnections, and system board space requirements. In June, STATS announced the offering of lead-free adj. 1. not containing the element lead. 2. Not containing a lead additive such as tetraethyllead or tetramethyllead; - of gasoline; as, Most modern cars run on lead-free gasoline s>. Oposite of leaded nt>. 3. and "green" material options for its entire package portfolio. STATS' lead-free and "green" packages are qualified with enhanced moisture sensitivity level Moisture Sensitivity Level relates to the packaging and handling precautions for some semiconductors. The MSL is an electronic standard for the time period in which a moisture sensitive device can be exposed to ambient room conditions (approximately 30°C/60%RH). to withstand the higher reflow (1) The process of heating and melting the solder that has been screen printed onto a printed circuit board in order to bond chips and other components to the board. Surface mount chips (SMT) use the reflow method. Contrast with wave soldering. See also reflowable text. temperature at board assembly that is required for lead-free solders, complying with current JEDEC The division of the Electronic Industries Alliance (EIA) that deals with semiconductor standards (officially, the JEDEC Solid State Technology Association of EIA). JEDEC was formed in 1958 when the Joint Electron Tube Engineering Council (JETEC) split into two Joint Electron Device (Joint Electron electron, elementary particle carrying a unit charge of negative electricity. Ordinary electric current is the flow of electrons through a wire conductor (see electricity). The electron is one of the basic constituents of matter. Device Engineering Council) and JEITA JEITA Japan Electronics and Information Technology Industries Association (merger of JEIDA and EIAJ) (Japan Electronics & Information Technology Industries Association) standards for lead-free reflow profile with a peak temperature of 260 degrees Celsius Cel·si·us adj. Abbr. C Of or relating to a temperature scale that registers the freezing point of water as 0° and the boiling point as 100° under normal atmospheric pressure. . STATS' green initiative is developed in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with a number of international standards including the European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. Commission's Directive on Waste from Electrical and Electronic Equipment ("WEEE WEEE Waste from Electric and Electronic Equipment (directive) WEEE Waste Electrical and Electronics Equipment WEEE Waste Electrical and Electronic Equipment ") and Restriction restriction - A bug or design error that limits a program's capabilities, and which is sufficiently egregious that nobody can quite work up enough nerve to describe it as a feature. on Hazardous Substances ("RoHS").
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2003 and 2004
In thousands of U.S. Dollars, except per share and per ADS amounts
For the three months
ended June 30,
----------------------
2003 2004
--------- -----------
Net revenues $ 87,602 $ 138,995
Cost of revenues (77,677) (114,358)
---------- ------------
Gross profit 9,925 24,637
---------- ------------
Operating expenses:
Selling, general and administrative 8,273 11,648
Research and development 3,749 2,903
Other general expenses (income), net 281 (511)
---------- ------------
Total operating expenses 12,303 14,040
---------- ------------
Operating income (loss) (2,378) 10,597
Other income (expense), net:
Interest income 1,398 1,111
Interest expense (3,309) (4,731)
Foreign currency exchange gain (loss) 389 (1,299)
Other non-operating income (expense), net 4,889 (435)
---------- ------------
Total other income (expense), net 3,367 (5,354)
---------- ------------
Income before income taxes 989 5,243
Income tax expense (1,273) (123)
---------- ------------
Income (loss) before minority interest (284) 5,120
Minority interest (418) (463)
---------- ------------
Net income (loss) $ (702) $ 4,657
---------- ------------
Basic net income (loss) per ordinary share $ (0.001) $ 0.00
Diluted net income (loss) per ordinary share $ (0.001) $ 0.00
Basic net income (loss) per ADS $ (0.01) $ 0.04
Diluted net income (loss) per ADS $ (0.01) $ 0.04
Ordinary shares (in thousands) used in per
ordinary share calculation:
- basic 992,301 1,076,823
---------- ------------
- diluted 992,301 1,077,776
---------- ------------
ADS (in thousands) used in per ADS
calculation:
- basic 99,230 107,682
---------- ------------
- diluted 99,230 107,778
---------- ------------
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
For the Three Months Ended June 30, 2003 and 2004
In thousands of U.S. Dollars
For the three
months
ended June 30,
------------------
2003 2004
-------- --------
Net income (loss) $ (702) $ 4,657
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale
marketable securities 4,186 (1,332)
Realized loss (gain) on available-for-sale
marketable securities included in
net income (loss) (4,854) 72
Foreign currency translation adjustment 113 (930)
--------- --------
Comprehensive income (loss) $(1,257) $ 2,467
--------- --------
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2003 and 2004
In thousands of U.S. Dollars, except per share and per ADS amounts
For the six months
ended June 30,
-----------------------
2003 2004
----------- -----------
Net revenues $ 163,133 $ 271,323
Cost of revenues (149,689) (226,306)
----------- ------------
Gross profit 13,444 45,017
----------- ------------
Operating expenses:
Selling, general and administrative 16,977 21,901
Research and development 7,513 5,989
Other general income, net (106) (548)
----------- ------------
Total operating expenses 24,384 27,342
----------- ------------
Operating income (loss) (10,940) 17,675
Other income (expense), net:
Interest income 3,015 2,334
Interest expense (6,592) (9,282)
Foreign currency exchange gain (loss) 153 (273)
Other non-operating income (expense), net 5,148 (354)
----------- ------------
Total other income (expense), net 1,724 (7,575)
----------- ------------
Income (loss) before income taxes (9,216) 10,100
Income tax expense (162) (632)
----------- ------------
Income (loss) before minority interest (9,378) 9,468
Minority interest (951) (745)
----------- ------------
Net income (loss) $ (10,329) $ 8,723
----------- ------------
Basic net income (loss) per ordinary share $ (0.01) $ 0.01
Diluted net income (loss) per ordinary share $ (0.01) $ 0.01
Basic net income (loss) per ADS $ (0.10) $ 0.08
Diluted net income (loss) per ADS $ (0.10) $ 0.08
Ordinary shares (in thousands) used in per
ordinary share calculation:
- basic 992,273 1,076,768
----------- ------------
- diluted 992,273 1,079,371
----------- ------------
ADS (in thousands) used in per ADS
calculation:
- basic 99,227 107,677
----------- ------------
- diluted 99,227 107,937
----------- ------------
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
For the Six Months Ended June 30, 2003 and 2004
In thousands of U.S. Dollars
For the six months
ended June 30,
------------------
2003 2004
--------- -------
Net income (loss) $(10,329) $8,723
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale
marketable securities 4,500 (779)
Realized (gain) loss on available-for-sale
marketable securities included in
net income (loss) (4,837) 73
Foreign currency translation adjustment 116 252
---------- -------
Comprehensive income (loss) $(10,550) $8,269
---------- -------
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31, 2003 and June 30, 2004
In thousands of U.S. Dollars
December
31, June 30,
2003 2004
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 313,163 $ 121,531
Marketable securities 11,144 116,682
Accounts receivable, net 79,899 101,202
Amounts due from ST and ST affiliates 7,050 5,632
Other receivables 2,773 4,197
Inventories 19,839 29,156
Prepaid expenses and other assets 14,863 39,654
----------- ------------
Total current assets 448,731 418,054
Marketable securities 23,313 21,083
Prepaid expenses 6,283 18,904
Property, plant and equipment, net 476,073 534,658
Goodwill and other assets 39,452 48,334
----------- ------------
Total Assets $ 993,852 $1,041,033
----------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,042 $ 24,922
Payables related to property, plant and
equipment purchases 54,089 62,017
Accrued operating expenses 40,661 39,501
Income taxes payable 3,383 2,429
Amounts due to ST and ST affiliates 1,836 310
Short term borrowings -- --
Current obligations under capital leases 5,296 1,983
Current installments of long-term debt 6,841 14,354
----------- ------------
Total current liabilities 120,148 145,516
Obligations under capital leases, excluding
current portion 812 40
Long-term debt, excluding current
installments 31,410 34,461
Convertible notes 327,379 333,284
Other non-current liabilities 4,463 7,958
----------- ------------
Total liabilities 484,212 521,259
Minority interest 33,684 35,620
Shareholders' equity:
Share capital 172,434 172,467
Additional paid-in capital 489,355 489,250
Accumulated other comprehensive loss (9,921) (10,374)
Accumulated deficit (175,912) (167,189)
----------- ------------
Total shareholders' equity 475,956 484,154
----------- ------------
Total Liabilities and Shareholders'
Equity $ 993,852 $1,041,033
----------- ------------
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2003 and 2004
In thousands of U.S. Dollars
For the six months
ended June 30,
---------------------
2003 2004
--------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $(10,329) $ 8,723
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 59,010 73,431
Amortization of leasing prepayments 6,136 10,803
Gain on sale of property, plant and
equipment (56) (547)
Accretion of discount on convertible notes 3,283 5,905
(Gain) loss on sale or maturity of
marketable securities (4,835) (72)
Foreign currency exchange loss (gain) (413) (366)
Deferred income taxes (1,793) 276
Minority interest in income of subsidiary 951 745
Others - 533
Changes in operating working capital:
Accounts receivable (11,745) (21,337)
Amounts due from ST and ST affiliates (748) 1,566
Inventories (3,312) (9,317)
Other receivables, prepaid expenses and
other assets 1,086 (47,746)
Accounts payable, accrued operating
expenses and other payables 393 14,910
Amounts due to ST and ST affiliates 243 (1,711)
---------- -----------
Net cash provided by operating activities 37,871 35,796
---------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale or maturity of marketable
securities 64,714 50,304
Purchases of marketable securities (11,819) (150,007)
Purchases of property, plant and equipment (73,665) (122,669)
Others, net (4,417) (13,942)
---------- -----------
Net cash used in investing activities (25,187) (236,314)
---------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short-term debt (144) (12,895)
Repayment of long-term debt (7,397) (2,439)
Proceeds from issuance of shares 99 123
Proceeds from bank borrowings 8,950 25,778
Decrease in restricted cash 1,486 2,770
Capital lease payments (4,263) (4,146)
---------- -----------
Net cash provided by (used in) financing
activities (1,269) 9,191
---------- -----------
Net increase (decrease) in cash and cash
equivalents 11,415 (191,327)
Effect of exchange rate changes on cash and
cash equivalents 417 (304)
Cash and cash equivalents at beginning of the
period 167,661 313,162
---------- -----------
Cash and cash equivalents at end of the period $179,493 $ 121,531
---------- -----------
SUPPLEMENTARY CASH FLOW INFORMATION
Cash paid for:
Interest $ 3,606 $ 2,568
Income taxes $ 343 $ 992
Non-cash item:
Share issue by retained earnings $ - $ 5,716
About ST Assembly Test Services Ltd. (STATS) ST Assembly Test Services Ltd. ("STATS" - NNM NNM Network Node Manager NNM NASDAQ National Market (financial) NNM National Nutrition Month (March; American Dietetic Association) NNM Naryan-Mar (Russia) NNM Net New Money : STTS and SGX: ST Assembly) is a leading semiconductor test and assembly service provider to fabless companies Fabless Company The Fabless Semiconductor Association (FSA) defines fabless as follows: Fabless (without fab) refers to the business methodology of outsourcing the manufacturing of silicon wafers, which hundreds of semiconductor companies have adopted. , integrated device manufacturers and wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. foundries. With its principal operations in Singapore and global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. in the United States, United Kingdom, Japan, China and Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , STATS offers full back-end (programming) back-end - Any software performing either the final stage in a process, or a task not apparent to the user. A common usage is in a compiler. A compiler's back-end generates machine language and performs optimisations specific to the machine's architecture. turnkey See turnkey system. solutions to customers worldwide. STATS' expertise is in testing mixed-signal semiconductors, which are extensively used in fast growing communications applications such as data networking, broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). and mobile communications. STATS also offers advanced assembly services and has developed a wide array of traditional and advanced leadframe and laminate laminate, n a thin slice of porcelain or plastic fabricated in a dental lab, which is cemented to the front of the teeth to cover gaps, whiten stained teeth, or reshape chipped or broken teeth. based products, including various ball grid array “BGA” redirects here. For other uses, see BGA (disambiguation). A ball grid array (BGA) is a type of surface-mount packaging used for integrated circuits. packages to serve some of the world's technological leaders. STATS was listed on the Nasdaq National Market and The Singapore Exchange “SGX” redirects here. For other uses, see SGX (disambiguation). Singapore Exchange Limited SGX: S68 (SGX) is the stock exchange in Singapore. SGX was formed on December 1 1999, following the merger of two established and well-respected financial in January January: see month. 2000 and is in the Morgan Stanley Capital International Morgan Stanley Capital International (MSCI) This firm publishes a number of well known benchmarks, such as the MSCI World Index. (MSCI) Index and the Straits Straits: see Dardanelles; Bosporus. Times Industrial Index. Further information is available at www.stts.com Certain statements in this press release including statements regarding our business outlook and industry growth are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties that could cause actual results to differ materially. Factors that could cause actual results to differ include general business and economic conditions and the state of the semiconductor industry; the impact of our proposed merger with ChipPAC, Inc.: demand for end-use applications products such as communications equipment and personal computers; reliance on a small group of principal customers; decisions by customers to discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. of test and assembly services; changes in customer order patterns; rescheduling or canceling of customer orders; changes in product mix; capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. ; level of competition; pricing pressures including declines in average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. ; continued success in technological innovations; delays in acquiring or installing new equipment; shortages in supply of key components; availability of financing; exchange rate fluctuations; litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and other risks described from time to time in STATS' SEC filings, including its annual report on Form 20-F dated March 19, 2004. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Unless otherwise specified, references to "$" are to the lawful Licit; legally warranted or authorized. The terms lawful and legal differ in that the former contemplates the substance of law, whereas the latter alludes to the form of law. A lawful act is authorized, sanctioned, or not forbidden by law. currency of the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Additional Information about the Proposed Merger and Where to Find It STATS and ChipPAC have filed with the SEC a proxy statement/prospectus and other relevant materials in connection with the proposed merger (the "Merger") involving STATS and ChipPAC pursuant to the terms of an Agreement and Plan of Merger and Reorganization among STATS, Camelot Camelot (kăm`əlŏt), in Arthurian legend, the seat of King Arthur's court. The origin of the name is unknown. It has been variously located at Cadbury Camp, Somerset; Winchester; Camelford; and Caerleon. Merger, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of STATS, and ChipPAC. A shareholders' circular issued by STATS has been mailed to the shareholders of STATS and the proxy statement/prospectus has been mailed to the stockholders of ChipPAC. Investors and security holders of STATS and ChipPAC are urged to read the STATS shareholders' circular and the ChipPAC proxy statement/prospectus and the other relevant materials because they contain important information about STATS, ChipPAC and the proposed Merger. The proxy statement/prospectus and other relevant materials, and any other documents filed by STATS or ChipPAC with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. . In addition, investors and security holders may obtain free copies of the documents filed with the SEC by STATS by contacting STATS Investor Relations Investor relations The process by which the corporation communicates with its investors. in the United States at telephone (408) 586-0608 or email daviesd@statsus.com or in Singapore at telephone (65) 6824-7705 or email angelaine@stats.st.com.sg. Investors and security holders may obtain free copies of the documents filed with the SEC by ChipPAC by contacting ChipPAC Investor Relations, ChipPAC Incorporated, 47400 Kato Kato loyal servant of the Green Hornet. [Radio: “The Green Hornet” in Buxton, 102–103] See : Loyalty Road, Fremont Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , CA 94538, telephone (510) 979-8220 or email ir@chippac.com or David Pasquale Pasquale may refer to:
STATS, ChipPAC and certain of each of their executive officers and directors may be deemed to be participants in the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of proxies of ChipPAC's stockholders in connection with the proposed Merger. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of such persons in the solicitation by reading the proxy statement/prospectus statement when it becomes available. |
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