STATS Reports Third Quarter 2002 Results; Revenues Up 23.2% from Prior Quarter and Up 125.1% from Q3 a Year Ago, Continuing Improvement in Operating Margins.Business Editors/High-Tech Writers 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.--(BUSINESS WIRE)--Oct. 29, 2002 ST Assembly Test Services Ltd. (Nasdaq:STTS STTS System Test & Troubleshooting Station STTS Service Tunnel Transport System (Channel Tunnel) ) -- Net revenues of $63.1 million -- Loss per ADS of $0.18 ST Assembly Test Services Ltd ("STATS") (Nasdaq:STTS) (SGX SGX Singapore Exchange SGX Supergreenx (trance/electronic musician) : ST Assembly) today reported financial results for the third quarter 2002 ended September September: see month. 30, 2002. "Our revenues in the third quarter increased 23.2% over the prior quarter and 125.1% over the same quarter a year ago. This is our fourth consecutive quarter of double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sequential One after the other in some consecutive order such as by name or number. revenue growth. We are pleased to achieve these results in a very difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . We believe that our revenue growth has outpaced the industry because of our ability to offer full turnkey See turnkey system. assembly and test solutions for our customers, and our strength in mixed signal testing and advanced packaging which specifically addresses the needs of the communications, computer peripheral and high-end high-end adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. digital consumer markets. "Growth in this quarter came principally from the wireless, local area networking and computer peripheral market segments. "Higher revenues, improved asset utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be and continuing cost controls led to an improvement in our operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . Our gross loss improved by 77.7% and our operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. improved by 25.1% over the prior quarter. "Our investments in advanced packaging technologies continued to show good results. In the third quarter, assembly revenues from array packages increased by 51.3% over the prior quarter and contributed to 35.1% of assembly revenues. "Revenues from our test business in the third quarter continued to grow strongly and increased by 35.3% over the prior quarter and 152.6% over the same quarter a year ago. Our 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 subsidiary, Winstek Semiconductor Corporation ('Winstek') contributed $5.6 million in revenues or 13.5% of our test revenues. Winstek's operations have continued to expand and its revenues increased by 35.2% over the prior quarter. Our U.S. subsidiary, FastRamp continued to increase its penetration of emerging semiconductor companies in Silicon Valley and currently has over 10 active customers. "Our cash and 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 were $235.6 million as of September 30, 2002. We believe we have one of the strongest balance sheets in our industry and this has given comfort to our customers that we will be able to support their needs going forward," said Tan TAN See tax anticipation note (TAN). Lay Koon, President and Chief Executive Officer. Highlights of Third Quarter Performance Net revenues in the third quarter were $63.1 million, an increase of 125.1% over the same quarter a year ago and 23.2% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen over second quarter 2002. The increase in net revenues was due to an increase in unit shipments in both test and assembly and higher average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. . A net loss of $17.6 million was recorded for the third quarter compared to a net loss of $32.3 million for the same quarter a year ago, and a net loss of $21.6 million in the second 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. loss per ADS and diluted loss per ordinary share for the third quarter were $0.18 and $0.02 respectively compared to a diluted loss of $0.33 per ADS and $0.03 per ordinary share in the corresponding period in 2001. Diluted loss per ADS and diluted loss per ordinary share were $0.22 and $0.02, respectively in the second quarter. For the third quarter, net revenues from assembly business were $28.5 million or 45.2% of revenues, and net revenues from test business were $34.6 million or 54.8% of revenues. Gross loss for the third quarter was $2.0 million or a gross margin of negative 3.1% compared to gross loss of $22.0 million or gross margin of negative 78.3% in the same quarter a year ago. Gross loss in the third quarter improved from the gross loss of $8.8 million or a gross margin of negative 17.1% in second quarter due to higher net revenues, and higher asset utilization. Depreciation expense and cost of leasing production equipment in the third quarter increased marginally mar·gin·al adj. 1. Of, relating to, located at, or constituting a margin, a border, or an edge: the marginal strip of beach; a marginal issue that had no bearing on the election results. 2. to $30.9 million or 49.0 % of net revenues, compared to $29.2 million or 56.9% of revenues in the second quarter. Third quarter 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. , were $14.6 million or 23.2% of net revenues compared to $13.4 million or 26.1% of net revenues in the second quarter 2002. Operating expenses in this quarter were higher than the $11.8 million in the corresponding quarter a year ago due to higher selling, general and administrative expenses and research and development expenses. Selling, general and administrative expenses, which included stock-based compensation charges, were $9.2 million or 14.6% of net revenues compared to $8.8 million or 17.2% of revenues in the second quarter and $7.9 million or 28.3% of revenues in the corresponding quarter a year ago. Selling, general and administrative expenses were higher in this quarter compared to the same quarter a year ago due principally to the inclusion in our compensation expense of a payment of $1.0 million by our controlling shareholder, Singapore Technologies Pte Ltd PTE LTD Private Limited , to Tan Bock Noun 1. bock - a very strong lager traditionally brewed in the fall and aged through the winter for consumption in the spring bock beer lager beer, lager - a general term for beer made with bottom fermenting yeast (usually by decoction mashing); originally Seng, our former Chairman and Chief Executive Officer, which did not involve any cash outlay from us, and increased expenses associated with higher volumes. Research and development expenses were $5.0 million during the quarter, or 7.9% of net revenues compared to $4.5 million or 8.8% of revenues in second quarter 2002. Research and development expenses in this quarter were higher than the $3.8 million in the corresponding quarter a year ago due to increased investments in advanced packaging development. Net interest expense in this quarter was $1.8 million compared to the $1.2 million in net interest income in the same quarter a year earlier due to lower interest income resulting from lower interest rates in this quarter for cash deposits and marketable Marketable are securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly. debt securities and higher interest expense from the fixed interest convertible notes offering in March 2002. Unit Shipments and Average Selling Prices Unit shipments for the test business in third quarter increased by 121.1% over the same quarter a year ago, and increased 27.5% sequentially. Unit shipments in our assembly business increased by 67.6% over the same quarter a year ago, and 3.1% sequentially. In this quarter, the average selling prices (ASPs) for the test business increased by 2.1% compared to second quarter due principally to product mix changes. In the assembly business, ASPs for this quarter increased by 10.2% from the prior quarter also principally due to changes in product mix, in particular increased shipments of advanced packages which have higher ASPs. Once again, reflecting our strength in mixed signal testing, mixed signal devices made up the largest share of units tested by the company during the quarter.
Test Revenues Breakdown by Testing Type
Three Months Ending
June 30, 2002 September 30, 2002
----------------------------------------------------------------------
Type of Testing % of Test Revenues % of Test Revenues
----------------------------------------------------------------------
Mixed Signal 72.9 77.4
----------------------------------------------------------------------
Digital 26.8 22.2
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Memory 0.3 0.4
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Capital Expenditures Capital expenditures in this quarter were $18.6 million principally for the addition of peripherals, equipment upgrades and systems enhancements. Capital expenditures year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. were $112.4 million. As of September 30, 2002, the company had 281 testers and 569 wirebonders. Market Dynamics The communications segment continued to be our largest revenue contributor in this quarter and accounted for 54.7% of net revenues. Revenue contribution from the computer and consumer segments in this quarter accounted for 29.3% and 16.0% 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. 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). increased to 6.3% of net revenues because
of increased revenues from integrated device manufacturers See IDM. ("IDMs").Our customer base continued to be equally balanced between 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. .
Revenues Breakdown by Market Segment
Three Months Ending
June 30, 2002 September 30, 2002
----------------------------------------------------------------------
Market Segment % of Net Revenues* % of Net Revenues
----------------------------------------------------------------------
Communications 53.5 54.7
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Computer 28.5 29.3
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Consumer/Others 18.0 16.0
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*June 2002 comparative figures have been reclassified to conform with
the current quarter presentation
Revenues Breakdown by Region
Three Months Ending
June 30, 2002 September 30, 2002
----------------------------------------------------------------------
Region % of Net Revenues % of Net Revenues
----------------------------------------------------------------------
United States 82.9 80.4
----------------------------------------------------------------------
Europe 3.3 6.3
----------------------------------------------------------------------
Asia 13.8 13.3
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Revenues Breakdown by Customer Type
Three Months Ending
June 30, 2002 September 30, 2002
----------------------------------------------------------------------
Customer Type % of Net Revenues % of Net Revenues
----------------------------------------------------------------------
Foundries 9.7 8.7
----------------------------------------------------------------------
Fabless 45.9 45.4
----------------------------------------------------------------------
IDMs 44.4 45.9
----------------------------------------------------------------------
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. "Our revenue growth momentum had been very strong in the last four quarters. Despite the very challenging operating environment, in the last four consecutive quarters, we have consistently delivered double-digit sequential revenue growth, which we believe puts us among the highest in our industry. "We are also encouraged by the steady progress we are making in our operating margins and our goal of returning to profitability. "Against a backdrop Backdrop may refer to:
Noun 1. a small truck with an open body used for light deliveries 2. Informal a casual acquaintance made for a sexual purpose 3. Informal a. in semiconductor demand also does not appear forthcoming. We therefore expect our operating environment to continue to be challenging. Consequently, based on current visibility, we expect revenues in the fourth quarter to be flat to 5% higher than the third quarter," said Tan Lay Koon. "Aggregate utilization is expected to improve marginally in the fourth quarter from the 58% in the third quarter. We anticipate net interest expense in the fourth quarter of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.8 million due to the interest expense payable on our convertible notes. We are currently conducting a review of the future usage for our capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) and based on our preliminary evaluation, we expect to recognize an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge and pre-paid lease write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of about $10 million to $20 million in the fourth quarter. "We are also maintaining our budgeted capital expenditures of $150 million for the full year 2002. However, in the assembly and test business, capital expenditures are incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. in nature, and we may need to adjust requirements in response to changing market conditions," added Pearlyne Wang (Wang Laboratories, Inc., Lowell, MA) A computer services and network integration company. Wang was one of the major early contributors to the computing industry from its founder's invention that made core memory possible, to leadership in desktop calculators and word processors. , acting Chief Financial Officer. Highlights of Third Quarter Achievements During the quarter, STATS announced the launch of Enhanced 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. Multi-Tier (EBGA-M), a new version of its EBGA EBGA Enhanced Ball Grid Array package. This new package is the latest addition to STATS' growing ball grid array product family. The EBGA-M is an attractive package option for advanced semiconductors with high I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output and staggered pads. This new package is built with multiple wire bonding Wire bonding is a method of making interconnections between a microchip and other electronics as part of semiconductor device fabrication. The wire is generally made up of one of the following:
ther·mal adj. 1. Of, relating to, using, producing, or caused by heat. 2. performance. It is ideal for 1mm ball pitch packaging requirements and strip line design where the signal trace sits between ground planes for enhanced electrical performance. In August 2002, STATS was selected by Synad Technologies to test and package Mercury Mercury, in astronomy Mercury, in astronomy, nearest planet to the sun, at a mean distance of 36 million mi (58 million km); its period of revolution is 88 days. 5G, an advanced dual band chipset A group of chips designed to work as a unit to perform a function. For example, a modem chipset contains all the primary circuits for transmitting and receiving. A PC chipset provides the electronic interfaces between all subsystems (see PC chipset for illustration). for the Wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area (Local Area Network) market. To meet Synad's advanced technology, STATS is providing integrated test and assembly services, including customized electrical simulation The mathematical representation of the interaction of real-world objects. See scientific application and simulator. Simulation A broad collection of methods used to study and analyze the behavior and performance of actual or theoretical systems. service for package design. The service includes STATS' Full-Wave Spice models, which are used to evaluate a package's electrical performance over a wide range of frequencies. These models offer a distinct advantage to Synad by allowing them to verify (1) To prove the correctness of data. (2) In data entry operations, to compare the keystrokes of a second operator with the data entered by the first operator to ensure that the data were typed in accurately. See validate. the electrical performance of the package prior to assembly of test parts, improving time-to-market and cost performance.
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended September 30, 2001 and 2002
In thousands of US Dollars (except share and per share data)
For the three months ended September 30,
2001 2002
--------- ---------
Net revenues $ 28,049 $ 63,143
Cost of revenues (50,021) (65,102)
--------- ---------
Gross loss (21,972) (1,959)
--------- ---------
Operating expenses:
Selling, general and administrative 7,939 9,236
Research and development 3,816 4,983
Others, net 28 402
--------- ---------
Total operating expenses 11,783 14,621
--------- ---------
Operating loss (33,755) (16,580)
Other income (expense):
Interest income (expense), net 1,161 (1,842)
Foreign currency exchange loss (562) (1,260)
Other non-operating income, net 840 525
--------- ---------
Total other income (expense) 1,439 (2,577)
--------- ---------
Loss before income taxes (32,316) (19,157)
Income tax benefit (expense) (122) 1,619
--------- ---------
Net loss before minority interest (32,438) (17,538)
Minority interest 139 (90)
--------- ---------
Net loss $ (32,299) $ (17,628)
--------- ---------
Other comprehensive income (loss):
Unrealized gain on available-for-sale
marketable securities 40 132
Foreign currency translation
adjustment -- (1,102)
--------- ---------
Comprehensive loss $ (32,259) $ (18,598)
========= =========
Basic net loss per ordinary share $ (0.03) $ (0.02)
Diluted net loss per ordinary share $ (0.03) $ (0.02)
Basic net loss per ADS $ (0.33) $ (0.18)
Diluted net loss per ADS $ (0.33) $ (0.18)
Ordinary shares (in thousands) used
in per ordinary share calculation:
- basic 989,608 992,073
- effect of dilutive options -- --
--------- ---------
- diluted 989,608 992,073
========= =========
ADS (in thousands) used in per
ADS calculation:
- basic 98,961 99,207
- effect of dilutive options -- --
--------- ---------
- diluted 98,961 99,207
========= =========
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS
For the Nine Months Ended September 30, 2001 and 2002
In thousands of US Dollars (except share and per share data)
For the nine months ended September 30,
2001 2002
--------- ---------
Net revenues $ 111,943 $ 153,806
Cost of revenues (165,764) (178,361)
--------- ---------
Gross loss (53,821) (24,555)
--------- ---------
Operating expenses:
Selling, general and administrative 28,633 27,086
Research and development 10,839 13,671
Others, net 110 551
--------- ---------
Total operating expenses 39,582 41,308
--------- ---------
Operating loss (93,403) (65,863)
Other income (expense):
Interest income (expense), net 4,670 (3,626)
Foreign currency exchange loss (229) (638)
Other non-operating income, net 2,777 2,757
--------- ---------
Total other income (expense) 7,218 (1,507)
--------- ---------
Loss before income taxes (86,185) (67,370)
Income tax benefit (expense) (943) 1,919
--------- ---------
Net loss before minority interest (87,128) (65,451)
Minority interest 139 (295)
--------- ---------
Net loss $ (86,989) $ (65,746)
--------- ---------
Other comprehensive income (loss):
Unrealized gain on available-for-sale
marketable securities 109 621
Foreign currency translation
adjustment -- (342)
--------- ---------
Comprehensive loss $ (86,880) $ (65,467)
========= =========
Basic net loss per ordinary share $ (0.09) $ (0.07)
Diluted net loss per ordinary share $ (0.09) $ (0.07)
Basic net loss per ADS $ (0.88) $ (0.66)
Diluted net loss per ADS $ (0.88) $ (0.66)
Ordinary shares (in thousands) used
in per ordinary share calculation:
- basic 988,889 991,362
- effect of dilutive options -- --
--------- ---------
- diluted 988,889 991,362
========= =========
ADS (in thousands) used in per
ADS calculation:
- basic 98,889 99,136
- effect of dilutive options -- --
--------- ---------
- diluted 98,889 99,136
========= =========
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31, 2001 and September 30, 2002
In thousands of US Dollars
December 31, September 30,
2001 2002
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 115,214 $ 192,790
Accounts receivable, net 25,584 46,710
Amounts due from ST and ST affiliates 1,793 3,333
Other receivables 6,047 7,764
Inventories 7,262 10,354
Marketable securities 3,680 11,136
Prepaid expenses 20,737 14,106
Other current assets 1,067 5,217
--------- ---------
Total current assets 181,384 291,410
Property, plant and equipment, net 347,262 376,394
Marketable securities 20,121 31,713
Prepaid expenses 14,486 5,811
Goodwill 1,321 1,321
Other assets 12,004 25,070
--------- ---------
Total Assets $ 576,578 $ 731,719
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short term borrowings $ -- $ 962
Current installments of long-term debt 14,045 15,601
Current obligations under
capital leases 2,564 6,458
Accounts payable 13,692 11,774
Amounts due to ST and ST affiliates 2,473 1,998
Accrued operating expenses 14,684 21,009
Other payables 23,051 32,381
Income taxes payable 1,428 890
--------- ---------
Total current liabilities 71,937 91,073
Other non-current liabilities 4,605 5,000
Obligations under capital leases 7,689 6,747
Long-term debt, excluding current
installments 14,045 10,353
Convertible notes -- 203,394
--------- ---------
Total liabilities 98,276 316,567
Minority interests 25,507 25,485
Shareholders' equity:
Share capital 159,961 160,292
Additional paid-in capital 387,652 389,660
Accumulated other comprehensive loss (9,941) (9,662)
Retained deficit (84,877) (150,623)
--------- ---------
Total shareholders' equity 452,795 389,667
--------- ---------
Total Liabilities and
Shareholders' Equity $ 576,578 $ 731,719
========= =========
ST ASSEMBLY TEST SERVICES LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2001 and 2002
In thousands of US Dollars
For the nine months ended September 30,
2001 2002
--------- ---------
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (86,989) $ (65,746)
Adjustments to reconcile net loss
to net cash provided by (used in)
operating activities:
Depreciation and amortization 93,361 93,264
Loss on sale of property, plant
and equipment 111 781
Accretion of discount on
convertible notes -- 3,394
Deferred income taxes (538) (2,772)
Non-cash compensation -- 1,023
Exchange loss 218 392
Minority interest in income
(loss) in subsidiary (139) 295
Others (37) (81)
Changes in operating working capital:
Accounts receivable 33,114 (20,968)
Amounts due from ST and ST affiliates 6,724 (1,636)
Inventories 7,696 (3,092)
Other receivables, prepaid expenses
and other assets 11,469 (516)
Accounts payable, accrued operating
expenses and other payables (28,147) 2,602
Amounts due to ST and ST affiliates (799) (506)
--------- ---------
Net cash provided by
operating activities 36,044 6,434
--------- ---------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale or maturity
of marketable securities 20,181 112,629
Purchases of marketable securities (8,743) (130,390)
Proceeds from maturity of
short-term deposits 10,000 --
Acquisition of subsidiary, net
of cash acquired 1,835 --
Purchases of property, plant
and equipment (45,789) (89,399)
Proceeds from sale of property,
plant and equipment 2,186 750
--------- ---------
Net cash used in investing activities (20,330) (106,410)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of short-term debt (2,443) --
Repayment of long-term debt (14,711) (14,321)
Proceeds from issuance of
convertible notes -- 195,032
Proceeds from bank borrowings -- 12,857
Increase in restricted cash -- (9,526)
Grants received -- 1,150
Capital lease payments -- (8,843)
Proceeds from issuance of shares 738 1,295
--------- ---------
Net cash provided by (used in)
financing activities (16,416) 177,644
Net increase (decrease) in cash
and cash equivalents (702) 77,668
Effect of exchange rate changes
on cash and cash equivalents (257) (92)
Cash and cash equivalents at
beginning of the period 141,733 115,214
--------- ---------
Cash and cash equivalents at end
of the period $ 140,774 $ 192,790
========= =========
SUPPLEMENTARY CASH FLOW INFORMATION
Cash paid for:
Interest $ 1,418 $ 2,964
Income taxes $ 2,971 $ 1,319
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)(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, Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , Japan and 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 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 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 of the statements in this press release 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; 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; 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 the Company's SEC filings, including its annual report on Form 20-F dated February February: see month. 28, 2002. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. |
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