Shanghai, China –April 24, 2013 -- 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, 2013.
First Quarter 2013 Highlights:
- Fourth consecutive quarter of record high revenue of $501.6 million in 1Q13, an increase of 50.8% year over year, and up 3.2% quarter over quarter.
- Revenues from China-based customers contributed 38.6% of overall revenue in 1Q13, compared to 32.5% in 1Q12 and 34.8% in 4Q12.
- Gross margin was 20.4% in 1Q13, compared to 12.0% in 1Q12 and 19.9% in 4Q12.
- Net income attributable to SMIC was $40.6 million in 1Q13, compared to net loss of $42.8 million in 1Q12 and net income of $46.6 million in 4Q12.
Second Quarter 2013 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 3% to 5% quarter over quarter.
- Gross margin is expected to range from 20% to 22%.
- Expenses from continuing operations excluding the effect of foreign exchange and government R&D grants are expected to range from $85 million to $88 million.
Dr. Tzu-Yin Chiu, SMIC’s Chief Executive Officer and Executive Director, commented, “I am very pleased to report that SMIC has again achieved record high revenue of $501.6 million in the first quarter of 2013, representing year over year growth of 50.8%. In addition, revenue from our Chinabased customers grew 14.5% sequentially and 79.1% year-over-year, contributing 38.6% of total revenue in the first quarter of 2013, an all-time high. Income attributable to SMIC was $40.6 million in 1Q 2013 compared to a loss of $42.8 million in 1Q 2012. Despite the normal seasonally slow fourth and first quarters, we achieved five consecutive quarters of revenue growth and four consecutive quarters of net profit.
“40/45nm revenue contribution more than doubled to 6.4% compared to 2.6% wafer revenue in the fourth quarter of 2012. This increase was mainly driven by higher demand for mobile products from both U.S. and China-based customers. Along the same line, our 28nm advanced development, for both HKMG and PolySiON processes, continues to be on track and are targeted to be ready by the fourth quarter of 2013.
“We currently expect 2Q 2013 to continue to grow 3% to 5% sequentially, which means SMIC would achieve 6 consecutive quarters of growth. Our growth driver in 2013 will continue to be 40/45nm process, servicing primarily mobile related applications, as well as the strong demand from China.
“I’d like to reiterate that we will continue to focus on sustainable profitability, growth, and shareholder value.”