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SMIC reports 2005 first quarter results
Shanghai, China -- April 29, 2005 -- Semiconductor Manufacturing International Corporation (NYSE: SMI; SEHK: 981) (“SMIC” or the “Company”), one of the leading semiconductor foundries in the world, today announced its consolidated results of operations for the three months ended March 31, 2005. Sales decreased 14.7% in the first quarter of 2005 to $248.8 million from $291.8 million in the prior quarter. The Company reported an increase in capacity to 131,172 8-inch equivalent wafers per month and a utilization rate of 85% in the first quarter of 2005. Gross margins were 3.4% in the first quarter of 2005 compared to 20.3% in the fourth quarter of 2004. Net loss increased to $30.0 million in the first quarter of 2005 compared to a loss of $11.2 million in the fourth quarter of 2004.
“Our revenues were in line with expectations, down 15% in 1Q05, mainly due to industry softness and a generally tough pricing environment for foundries,” said Dr. Richard Chang, President and Chief Executive Officer of SMIC. “However, we are encouraged by the 11.6% increase quarter on quarter for the 0.18 micron and below technologies. In addition, we have successfully qualified and shipped our first customer product from Fab 4, our first 12-inch fab. With a reduction in our customers’ inventory levels in the first quarter, we are beginning to see improved customer demand for the second half of the year. This trend in conjuction with the execution of our business strategy will lead to improvements in our business environment.”
About SMIC
SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading semiconductor foundries in the world, providing integrated circuit (IC) manufacturing at 0.35-micron to 0.11-micron and finer line technologies to customers worldwide. Established in 2000, SMIC has four 8-inch wafer fabrication facilities in volume production in Shanghai and Tianjin. In the first quarter of 2005, SMIC commenced commercial production at its 12-inch wafer fabrication facility in Beijing. SMIC also maintains customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. As part of its dedication towards providing high-quality services, SMIC strives to comply with or exceed international standards and has achieved ISO9001, ISO/TS16949, OHSAS18001, TL9000, and ISO14001 certifications. For additional information, please visit http://www.smics.com/.
“Our revenues were in line with expectations, down 15% in 1Q05, mainly due to industry softness and a generally tough pricing environment for foundries,” said Dr. Richard Chang, President and Chief Executive Officer of SMIC. “However, we are encouraged by the 11.6% increase quarter on quarter for the 0.18 micron and below technologies. In addition, we have successfully qualified and shipped our first customer product from Fab 4, our first 12-inch fab. With a reduction in our customers’ inventory levels in the first quarter, we are beginning to see improved customer demand for the second half of the year. This trend in conjuction with the execution of our business strategy will lead to improvements in our business environment.”
About SMIC
SMIC (NYSE: SMI, SEHK: 0981.HK) is one of the leading semiconductor foundries in the world, providing integrated circuit (IC) manufacturing at 0.35-micron to 0.11-micron and finer line technologies to customers worldwide. Established in 2000, SMIC has four 8-inch wafer fabrication facilities in volume production in Shanghai and Tianjin. In the first quarter of 2005, SMIC commenced commercial production at its 12-inch wafer fabrication facility in Beijing. SMIC also maintains customer service and marketing offices in the U.S., Europe, and Japan, and a representative office in Hong Kong. As part of its dedication towards providing high-quality services, SMIC strives to comply with or exceed international standards and has achieved ISO9001, ISO/TS16949, OHSAS18001, TL9000, and ISO14001 certifications. For additional information, please visit http://www.smics.com/.
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