SHANGHAI, Feb. 9, 2012 --
- Revenue down by 5.6% to $289.6 million in 4Q11 from $306.9 million in 3Q11 and down by 29.1% compared to 4Q10.
- Gross margin was -7.4% in 4Q11 compared to 1.4% in 3Q11 primarily due to revenue decrease, the increase of depreciation expenses and the loss from the settlement with Elpida.
- Net cash flow from operations decreased to $80.8 million in 4Q11 from $160.9 million in 3Q11 mainly due to net losses.
- Loss attributable to Semiconductor manufacturing International Corporation was $165.6 million in 4Q11, compared to loss of $88.1 million in 3Q11.
- Diluted EPS was $(0.3) per ADS.
Set out below is a copy of the full text of the press release by the Company on February 8, 2012, in relation to its results for the three months ended December 31, 2011.
All currency figures stated in this report are in US Dollars unless stated otherwise.
The financial statement amounts in this report are determined in accordance with US GAAP.
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 December 31, 2011.
First Quarter 2012 Guidance:
The following statements are forward looking statements which are based on current expectations and which involve risks and uncertainties, some of which are set forth under "Safe Harbor Statements" below.
- Revenue is expected to increase between 7% to 9%.
- Gross margin is expected to range from 4% to 7%.
- Operating expenses excluding foreign exchange differences are expected to range from $96 million to $99 million.
- Capital expenditure for the year of 2012 is expected to be around $430 million
Dr. Tzu-Yin Chiu, Chief Executive Officer commented, "We are on track in implementing new initiatives and strategies within the company. Operationally, we continue to emphasize production improvement and customer service. As a result, more positive customer feedback is a testament to our strengthened team and improved performance and operations. In the fourth quarter of 2011, a leading customer ranked our Shanghai fab the number one 8-inch fab among all of its foundry suppliers. Another leading customer awarded us for our excellent track record of support for their power management processor after achieving over 1 billion unit shipments of power management processors with an outstanding delivery record over the past years."
"Our China revenue continues to grow along with China's semiconductor market. In 2011, our China fabless wafer revenue grew 16% compared to 2010, equivalent to 30.6% of our total wafer revenue in 2011."
"As for technology development, we are encouraged by our 45/40nm progress, with very positive feedback from our customers. Our 45/40nm service has become competitive with our peers. We have already begun early risk production, and 45/40nm contributed 0.3% of total revenue in the fourth quarter of 2011."
"With increased customer confidence and a recovering economy, we are seeing some rebound in the first quarter of this year, and we are targeting continued growth in the second quarter."
Conference Call / Webcast Announcement
Date: February 9, 2012
Time: 8:30 a.m. Shanghai time
Dial-in numbers and pass code:
(Pass code: SMIC)
(Pass code: SMIC)
(Pass code: SMIC)
The call will be webcast live with audio at http://www.smics.com/eng/investors/ir_presentations.php, or at http://www.media-server.com/m/p/9rse7p9s
An archived version of the webcast, along with an electronic copy of this news release will be available on the SMIC website for a period of 12 months following the webcast.
For a complete version of "SMIC Reports Results For The Three Months Ended December 31, 2011" including financial tables, please go to the following link: http://www.prnasia.com/sa/attachment/2012/02/20120208215705734570.pdf
Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 981) is one of the leading semiconductor foundries in the world and the largest and most advanced foundry in Mainland China, providing integrated circuit (IC) foundry and technology services at 0.35-micron to 40-nanometer. Headquartered in Shanghai, China, SMIC has a 300mm wafer fabrication facility ("fab") and three 200mm wafer fabs in its Shanghai mega-fab, two 300mm wafer fabs in its Beijing mega-fab, a 200mm wafer fab in Tianjin, and a 200mm fab under construction in Shenzhen. SMIC also has customer service and marketing offices in the U.S., Europe, Japan, and Taiwan, and a representative office in Hong Kong. In addition, SMIC manages and operates a 300mm wafer fab in Wuhan owned by Wuhan Xinxin Semiconductor Manufacturing Corporation. For more information, please visit http://www.smics.com/