TSMC Reports Second Quarter EPS of NT$0.94

HSIN-CHU, Taiwan, July 30 /PRNewswire-Asia-FirstCall/ -- TSMC (NYSE: TSM) today announced consolidated revenue of NT$74.21 billion, net income of NT$24.44 billion, and diluted earnings per share of NT$0.94 (US$0.14 per ADS unit) for the second quarter ended June 30, 2009.

Year-over-year, second quarter revenue decreased 15.8% while net income and diluted EPS decreased 15% and 13.9%, respectively. Compared to first quarter of 2009, second quarter results represent an 87.9% increase in revenue, and an increase of 1467.9% in net income and an increase of 1466.5% in diluted EPS. All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Gross margin for the quarter was 46.2%, operating margin was 33.9%, and net margin was 32.9%.

As a result of improved demand outlook, customers' companies launching new products, and customers' inventory restocking, second quarter saw a sharp rebound in the demand for semiconductors across all applications.

Advanced process technologies (0.13-micron and below) accounted for 65% of wafer revenues. 90-nanometer process technology accounted for 23% of wafer revenues, 65-nanometer 28%, and 45/40 nanometer, with wafer shipments tripling those of 1Q, exceeded 1% of total wafer sales.

"Both our macroeconomic forecast and booking trend indicate that we will have a good third quarter," said Lora Ho, VP and Chief Financial Officer of TSMC. "Based on our current business outlook, management expects overall performance for third quarter 2009 to be as follows":

    -- Revenue is expected to be between NT$88 billion and NT$90 billion;
    -- Gross profit margin is expected to be between 46.5% and 48.5%;
    -- Operating profit margin is expected to be between 35% and 37%.

Lora Ho further said: "Due to improved demand outlook for 2010 and a more aggressive technology strategy, TSMC 2009 capital expenditure is expected to be above both the 2008 expenditure of US$1.9 billion and the previously guided US$1.5 billion, and is expected to be around US$2.3 billion."

Conference Call & Webcast Notice:

TSMC's quarterly review conference call will be held at 8 a.m. Eastern Time (8 p.m. Taiwan Time) on Thursday, July 30, 2009. The conference call will also be webcast live on the Internet. Investors wishing to access the live webcast should visit TSMC's web site at http://www.tsmc.com at least 15 minutes prior to the broadcast. Instructions will be provided on the web site to facilitate the download and installation of necessary audio applications. Investors without Internet access may listen to the conference call, in listen-only mode, by dialing 1-857-350-1588 in the U.S., 852-3002-1672 in Hong Kong, and 44-207-365-8426 in the U.K. (Password: TSMC). An archived version of the webcast will be available on TSMC's web site for six months following the Company's quarterly review conference call and webcast.


TSMC is the world's largest dedicated semiconductor foundry, providing the industry's leading process technology and the foundry's largest portfolio of process-proven libraries, IPs, design tools and reference flows. The Company's total managed capacity in 2008 exceeded nine million (8-inch equivalent) wafers, including capacity from two advanced 12-inch GIGAFABs(TM), four eight-inch fabs, one six-inch fab, as well as TSMC's wholly owned subsidiaries, WaferTech and TSMC China, and its joint venture fab, SSMC. TSMC is the first foundry to provide 40nm production capabilities. Its corporate headquarters are in Hsinchu, Taiwan. For more information about TSMC please visit http://www.tsmc.com .

                    (Management Report and Tables Follow)

    TSMC 2Q09 Quarterly Management Report July 30, 2009

    Topics in This Report

    -- Revenue Analysis
    -- Profit & Expense Analysis
    -- Financial Condition Review
    -- Cash Flow
    -- CapEx & Capacity
    -- Recap of Recent Important Events & Announcements

    Operating Results Review:


    (Amounts are on consolidated basis
     and are in NT billions except
     otherwise noted)                     2Q09   1Q09   2Q08      QoQ     YoY

    EPS (NT$ per common share)            0.94   0.06   1.09  1466.5%  (13.9%)
        (US$ per ADR unit)                0.14   0.01   0.18       --      --

    Consolidated Net Sales               74.21  39.50  88.14    87.9%  (15.8%)
    Gross Profit                         34.30   7.48  40.22   358.5%  (14.7%)
    Gross Margin                         46.2%  18.9%  45.6%       --      --

    Operating Expense                    (9.17) (6.27) (9.85)   46.2%   (6.9%)
    Operating Income                     25.13   1.21  30.37  1977.7%  (17.3%)
    Operating Margin                     33.9%   3.1%  34.5%       --      --
    Non-Operating Items                   1.26  (0.46)  2.00       --      --

    Net Income                           24.44   1.56  28.77  1467.9%  (15.0%)
    Net Profit Margin                    32.9%   3.9%  32.6%       --      --

    Wafer Shipment (kpcs 8 inch-equiv.)  1,971    892  2,329   121.0%  (15.4%)

    Note: Total outstanding shares were 25,626mn units on 6/30/09

    Financial Highlights:

    Second Quarter 2009

    -- Consolidated net sales were NT$74.21 billion, representing a 87.9%
       sequential growth from 1Q09 and a 15.8% decline compared to 2Q08;
    -- Gross margin was 46.2%, 27.3 percentage points higher than 1Q09 and 0.6
       percentage point higher than 2Q08.
    -- Operating margin was 33.9%, 30.8 percentage points higher than 1Q09 and
       0.6 percentage point lower than 2Q08. Operating expenses were NT$9.17
       billion, NT$2.90 billion higher than the previous quarter.
    -- The combined result from non-operating income and long-term investment
       gains was a gain of NT$1.26 billion, compared to a loss of NT$0.46
       billion in 1Q09 and a gain of NT$2.00 billion in 2Q08;
    -- Consolidated net income attributable to shareholders of the parent
       company was NT$24.44 billion, with net profit margin of 32.9% and
       diluted EPS of NT$0.94.

    I.  Revenue Analysis

       I.    Wafer  Sales  Analysis

                By  Application                                            2Q09                1Q09                2Q08
                Computer                                                          28%                  26%                  31%
                Communication                                                45%                  46%                  41%
                Consumer                                                          21%                  21%                  21%
                Industrial/Others                                          6%                    7%                    7%

                By  Technology                                              2Q09                1Q09                2Q08
                45/40nm                                                              1%                    1%                    0%
                65nm                                                                  28%                  23%                  18%
                90nm                                                                  23%                  25%                  28%
                0.11/0.13um                                                    13%                  16%                  17%
                0.15/0.18um                                                    23%                  21%                  23%
                0.25/0.35um                                                      9%                  11%                  10%
                0.50um+                                                              3%                    3%                    4%

                By  Customer  Type                                        2Q09                1Q09                2Q08
                Fabless/System                                              82%                  77%                  71%
                IDM                                                                    18%                  23%                  29%

                By  Geography                                                2Q09                1Q09                2Q08
                North  America                                                65%                  68%                  72%
                Asia  Pacific                                                  18%                  14%                  12%
                China                                                                  3%                    3%                    2%
                Europe                                                              11%                  12%                  11%
                Japan                                                                  3%                    3%                    3%

        Revenue  Analysis:

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