Winbond Electronics Corporation Announces Financial Results For The Third Quarter of 2003

(Taipei News)Winbond Electronics Corporation, a leading supplier of semiconductor solutions, today announced the results of its Board of Directors meeting held on October 24, 2003. The Company formally approved the Corporation's audited financial statements for third quarter 2003. Net sales totaled NT $8.344 billion, a significant increase of approximately 34 percent when compared to the second quarter of 2003. The increase also reflects 7 percent growth over the same period of last year. Net income per share was NT $0.08. 

Winbond noted that PC shipments increased 13 percent compared to last quarter, resulting in both an upswing in DRAM product shipments and average sale price. Winbond's third quarter gross margin increased to 20 percent. This, in turn, enhanced the Company's operational performance for the quarter in terms of profit.

Winbond's financials for the third quarter of 2003 reported NT$1.638 billion in gross profit. Net income, after taxes, improved to NT $358 million. This represents a significant improvement when compared to a net loss of NT$ 790 million which the Company reported for the previous quarter.

Financial results for the third quarter reflected a 50 percent increase in the Company's memory business and a 4 percent increase in the Company's logic business. Winbond continues to focus on high-end products. DDR 400 products accounted for 34 percent of 256Mb DDR product shipments with a price premium of 20 percent over DDR-266/333. This is much higher than the average market price. Moreover, Winbond's pseudo SRAM, featuring low power consumption and highly density, continues to maintain its leading position as a major product in the high-end handset market with the majority of the Company's products falling in the high-end 64Mb and 32Mb categories. In the third quarter, shipments of this product amounted to 5.5 K wafers/month with the Company targeting a goal of 10K wafers/month for the fourth quarter. Finally, in the third quarter, Winbond's 128Mb pseudo SRAM commenced its pilot run with the CompanyĄŚs 0.13-micron process. Modest shipments of this product are expected in the fourth quarter of 2003. With respect to third quarter product distribution, commodity DRAM products accounted for 38 percent, Pseudo SRAM and specialty DRAM 28 percent, Non-DRAM memory 7 percent, and Logic products 27 percent.

Revenues for the Company's Logic business group, 4 percent growth for the third quarter, were lower than expectations. ICs for motherboards and flat panel displays showed sequential growth of 26 percent, primarily due to seasonal demand. The Corporation's I/Os for motherboards expanded market share to a record high of 40 percent and LCD Driver ICs regained marketshare with shipments increasing to 1.5 million per month.

Looking forward, Winbond's pseudo SRAM, mobile camera controllers and driver ICs for flat panel displays are expected to be the driving forces for Company revenue growth. As the semiconductor industry continues to make a slow but steady turnaround, Winbond will aggressively pursue new product development and process technology advancements for each of its product lines. The Company expects to attain its goal of becoming a leading provider of "Mobile Electronics Solution".

    Wilson Wen
    Vice President of Administrative Center
News Liaison
    Mike Liu
    Deputy Director

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