TSMC Reports Third Quarter EPS of NT$1.18

HSIN-CHU, Taiwan, Oct. 29 /PRNewswire-Asia-FirstCall/ -- TSMC (NYSE: TSM) today announced consolidated revenue of NT$89.94 billion, net income of NT$30.55 billion, and diluted earnings per share of NT$1.18 (US$0.18 per ADS unit) for the third quarter ended September 30, 2009.

Year-over-year, third quarter revenue decreased 3.3% while net income decreased 0.1% and diluted EPS increased 0.3%. Compared to second quarter of 2009, third quarter results represent a 21.2% increase in revenue, an increase of 25% in net income, and an increase of 24.8% in diluted EPS. All figures were prepared in accordance with R.O.C. GAAP on a consolidated basis.

Gross margin for the quarter was 47.7%, operating margin was 35.6%, and net margin was 34%.

As demand outlook continued to improve, third quarter saw a solid growth in the demand for semiconductors across all major applications.

Advanced process technologies (0.13-micron and below) accounted for 67% of wafer revenues. 90-nanometer process technology accounted for 18% of wafer revenues, 65-nanometer 31%, and 40-nanometer exceeded 4% of total wafer sales.

"For the fourth quarter, we expect the demand from computer related applications to grow strongly while communication related applications will take a pause after two consecutive quarters' strong momentum, and consumer applications will decline following their seasonal pattern," said Lora Ho, VP and Chief Financial Officer of TSMC. "Based on our current business outlook, management expects overall performance for fourth quarter 2009 to be as follows:

    -- Revenue is expected to be between NT$90 billion and NT$92 billion;
    -- Gross profit margin is expected to be between 47% and 48.5%;
    -- Operating profit margin is expected to be between 35.5% and 37%."

Lora Ho further said: "Due to stronger demand for 40-nanometer and 65-nanometer technologies, TSMC 2009 capital expenditure is further raised and is expected to be around US$2.7 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, October 29, 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 1-617-614-3518 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 3Q09 Quarterly Management Report October 29, 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)                        3Q09   2Q09    3Q08    QoQ    YoY

    EPS (NT$ per common share)              1.18   0.94    1.17  24.8%   0.3%
        (US$ per ADR unit)                  0.18   0.14    0.19     --     --

    Consolidated Net Sales                 89.94  74.21   92.98  21.2%  (3.3%)
    Gross Profit                           42.86  34.30   43.09  25.0%  (0.5%)
    Gross Margin                           47.7%  46.2%   46.3%     --     --

    Operating Expense                     (10.87) (9.17) (10.18) 18.6%   6.9%
    Operating Income                       31.99  25.13   32.91  27.3%  (2.8%)
    Operating Margin                       35.6%  33.9%   35.4%     --     --
    Non-Operating Items                     0.97   1.26    1.51     --     --

    Net Income                             30.55  24.44   30.57  25.0%  (0.1%)
    Net Profit Margin                      34.0%  32.9%   32.9%     --     --

    Wafer Shipment (kpcs 8 inch-equiv.)    2,445  1,971   2,411  24.0%   1.4%

    Note: Total outstanding shares were 25,901mn units on 9/30/09

    Financial Highlights:

    Third Quarter 2009

    -- Consolidated net sales were NT$89.94 billion, representing a 21.2%
       growth from NT$74.21 billion in 2Q09 and a 3.3% decline from NT$92.98
       billion in 3Q08.
    -- Gross margin was 47.7%, 1.5 percentage points higher than 2Q09 and 1.4
       percentage points higher than 3Q08.
    -- Operating margin was 35.6%, 1.7 percentage points higher than 2Q09 and
       0.2 percentage point higher than 3Q08. Operating expenses were NT$10.87
       billion, NT$1.7 billion and NT$0.69 billion higher than prior and
       year-ago quarter, respectively.
    -- The combined result from non-operating income and long-term investments
       was a gain of NT$0.97 billion, comparing with a gain of NT$1.26 billion
       in 2Q09 and a gain of NT$1.51 billion in 3Q08.
    -- Consolidated net income attributable to shareholders of the parent
       company was NT$30.55 billion, 25.0% increase from prior quarter. Net
       profit margin  was  34.0%  and  diluted  EPS  was  NT$1.18.

        I.  Revenue  Analysis

              I.    Wafer  Sales  Analysis

              By  Application                                                  3Q09                2Q09                3Q08
              Computer                                                                30%                  28%                  33%
              Communication                                                      46%                  45%                  41%
              Consumer                                                                18%                  21%                  20%
              Industrial/Others                                                6%                    6%                    6%

              By  Technology                                                    3Q09                2Q09                3Q08
              45/40nm                                                                    4%                    1%                    0%
              65nm                                                                        31%                  28%                  25%
              90nm                                                                        18%                  23%                  26%
              0.11/0.13um                                                          14%                  13%                  15%
              0.15/0.18um                                                          21%                  23%                  22%
              0.25/0.35um                                                            9%                    9%                    9%
              0.50um+                                                                    3%                    3%                    3%

              By  Customer  Type                                              3Q09                2Q09                3Q08
              Fabless/System                                                    80%                  82%                  70%
              IDM                                                                          20%                  18%                  30%

              By  Geography                                                      3Q09                2Q09                3Q08
              North  America                                                      70%                  65%                  74%
              Asia  Pacific                                                        13%                  18%                  11%
              China                                                                        3%                    3%                    1%
              Europe                                                                    11%                  11%                  11%
              Japan                                                                        3%                    3%                    3%


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