TSMC 2004 First Quarter Report
On a sequential basis, despite a 4.0 percent increase in wafer shipments, a 3.2 percent decline in wafer average selling price (ASP) combined with a 1.5 percent weaker U.S. dollar exchange rate brought 2004 first quarter revenue to a similar level of last quarter. Net income and earnings per share for the first quarter of 2004 grew 17.4 percent.
Gross Margin for the first quarter of 2004 improved slightly to 39.5 percent from 39.3 percent in the previous quarter due to higher utilization levels, while net margin improved substantially to 32.7 percent as compared to 27.7 percent previously.
Compared to the same period over last year, TSMC 2004 first quarter net sales grew 46.2 percent and net income grew substantially by 331.2 percent.
Lora Ho, TSMC vice president and chief financial officer, said “TSMC’s first quarter marks the beginning of a year where we believe TSMC will once again deliver record-breaking financial performances in terms of both top-line and bottom-line results.”
TSMC’s 2004 first quarter results: (Unit: NT$million, except for EPS)
1Q’04 | 1Q’03 | YoY | 4Q’03 | QoQ | |
Net sales | 57,513 | 39,325 | 46.2% | 57,780 | -0.5% |
Gross profit | 22,729 | 10,386 | 118.8% | 22,707 | 0.1% |
Income from operations | 17,541 | 6,195 | 183.2% | 16,625 | 5.5% |
Income before tax | 18,435 | 4,180 | 341.0 | 17,568 | 4.9% |
Net income | 18,789 | 4,358 | 331.2% | 16,002 | 17.4% |
EPS(NT$) | 0.93** | 0.21*** | 342.2% | 0.79**** | 17.4% |
* 2004 first quarter figures have not been approved by Board of Directors
** Based on 20,236 million weighted average outstanding shares
*** Based on 20,221 million weighted average outstanding shares
****Based on 20,232 million weighted average outstanding share
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