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FASTECH SYNERGY LTD
ANNOUNCES 1Q 2006 FINANCIAL RESULTS
MANILA,
Philippines - 25 APRIL 2006. Fastech Synergy Ltd
announced today its Financial Results
for the first three months ended 31 March 2006.
The
Group' net sales for the first quarter of 2006 was $3.19 million, from
net sales of $3.21 million in the sequential quarter and $4.65 million
net sales in the first quarter of 2005.
Actual
production of 86.56 million units for the quarter was up by 2.4%, from
84.55 million units in the preceding quarter.
Value
Added Sales, defined as net sales less direct material cost, was $2.27
million for the quarter, up by 8% or $163,000 from $2.10 million in the
sequential quarter. This was a result of better product mix &
higher volume shipped during the current period.
Gross
loss from the quarter was $455,000 from a gross loss of $1.86 million
in the fourth quarter last year. The gross loss on the sequential
quarter however, included the one time audit adjustment totaling $1.20
million for the loss of impairment of fixed assets, provision for the
inventory obsolescence and the reclassification of the retrenchment
cost to manufacturing overhead from the other expenses.
The
Group's net loss for the quarter was $1.52 million from a net loss of
$2.84 million in the sequential quarter and net loss of $1.46 million
in the first quarter of 2005.
The
Group's semiconductor assembly and test business contributed 73% (from
63% in 2Q 2005) to the total sales while the RF Microwave business
added 27% (previously 37% in 2Q 2005). The semiconductor assembly and
test business includes discrete & power semiconductors products
and
integrated circuits. RF Microwave business, on the other hand, includes
PCB assemblies, micorwave modules and radio frequency devices.
Business
Outlook
"Based
on customer forecasts, the Group expects, for the coming quarter, a
slight improvement in its RF Microwave business while maintaining the
same level of performance for its semiconductor business." said Allan
P. Timonera, President.
FASTECH SYNERGY LTD
ANNOUNCES FY2005 FINANCIAL RESULTS
MANILA,
Philippines - 02 FEBRUARY 2006. Fastech Synergy Ltd
announced today its Financial Results
for the Fourth Quarter and Full Year Financial Results ending 31
December 2005.
The
Group reported a net loss after tax of $7.33 million from a turnover of
$14.62 million.
The
net loss after tax of $7.33 million for 2005, which increased from a
net loss after tax of $3.60 million
for 2004, included extraordinary charges totalling $1.30 million. These
charges are composed of an
impairment loss amounting to $952,000 against the Group's plant,
property and equipment, retrenchment
cost of $202,000 incurred in Q1 and Q2 of 2005, provision for deferred
income tax of $111,000 and a
provision for inventory obsolescence of $65,000. All these adjustments
are in accordance with
International Financial Reporting Standards (IFRS).
Production
for 2005 was lower by 30% than the previous year, or 414 million units
from 593 million units
in 2004. Consequently, the Group's turnover was down by 34% to $14.62
million from $22.24 million for
the previous year. The reduction in the current year was mainly due to
the impact of the transition in the
Company's business with a major customer from a captive line
arrangement to an open line arrangement.
In addition, the Company experienced weak demand from some of its
customers.
The
Group's continuing efforts to reduce its operating costs resulted to
the lower operating expenses of
$2.82 million in 2005 from $3.60 million in 2004.
4th
Quarter Highlights
The
Group's turnover for the last quarter of 2005 was $3.21 million, up
by$117,000 or 4% higher than the
turnover for the sequential quarter. Net loss was $2.9 million for the
quarter compared with the net loss of
$1.42 million in the previous quarter and net loss of $1.80 million for
the same period last year. This
included the extraordinary charges of $1.30 million mentioned above
which were booked in the current
quarter. In addition, the Group incurred foreign exchange losses of
$350,000 in the qua rter on account of
the strengthening of the Philippine Peso against the US Dollar.
Business
Outlook
The
Group expects a slight improvement in its sales level in the 1st
quarter of 2006, as some of its newly
qualified customers have started production. In addition, the Group
remains committed to reducing its
manufacturing and operating costs.
FASTECH SYNERGY LTD
ANNOUNCES RETIREMENT OF CEO
MANILA,
Philippines - 28 OCTOBER 2005. FASTECH Synergy Ltd
announced today the
retirement of MR. JOHN R. PAYNE as Chief Executive Officer from 1
January 2006. Mr. Payne
will continue to be a Director of FASTECH after his retirement.
Mr.
Saturnino G. Belen, Jr., the Chairman of the Board, will take a more
active executive role when
Mr. Payne retires. And, Mr. Allan P. Timonera, President of FASTECH,
will take over the major
operating functions previously handled by Mr. Payne.
The
Board of Directors wishes to acknowledge the crucial role that Mr.
Payne played in the
corporate transformation process that the Group launched in response to
the drastic downturn in the
semiconductor industry. The Board of Directors would like to extend to
Mr. Payne their deepest
appreciation for his contribution to the Group and looks forward to his
continuing involvement in
FASTECH at the Board level where he will focus on business development.
FASTECH SYNERGY LTD
ANNOUNCES 3rd QUARTER 2005 FINANCIAL RESULTS
MANILA,
Philippines - 28 OCTOBER 2005. Fastech Synergy Ltd
announced today its financial results for the
First Half and 2nd quarter (Q2) ending 30 September 2005.
The
Group registered a turnover of US$3.1 million for the quarter ending 30
September 2005, compared
to US$3.7 million turnover in the sequential quarter, and US$5.7
million in same quarter last year,
primarily due to lower volume in the current period.
Gross
loss of US$605,000 was registered for the third quarter 2005, compared
to gross loss of
US$422,000 for the previous quarter and gross profit of US$290,000 for
the same period last year. The
higher gross loss for Q3 2005 was mainly due to the lower revenue
registered during the period.
Net
loss after tax for Q3 2005 was registered at US$1.4 million, compared
to the net loss after tax of
US$1.6 million for the sequential quarter, and net loss after tax of
US$940,000 for the same period last
year.
Nine
Months Results
The
Group's turnover for the nine months ended 30 September 2005 was
registered at US$11.4 million
compared to the US$17.1 million turnover for the same period last year.
Net loss after tax for the nine
months of 2005 was US$4.4 million, compared to the net loss after tax
of US$1.7 million for the same
period last year.
Business
Mix
Fastech's
two major business groups, in terms of product segmentation, namely,
the Semiconductor
Components (which include discrete & power semiconductors and
integrated circuits) and Module
Assembly Products (which include PCB assemblies, microwave modules and
radio frequency devices)
accounted for 68% and 32% respectively, of total turnover for the nine
months of 2005, compared to 77%
and 23%, respectively, of the turnover for the nine months of last year.
Business
Outlook/Prospects
The
Group expects to maintain the same level of performance in the next
quarter. Initial production of
new customers experienced slight delays in the last quarter, but are
expected to be back on track in the 4th
quarter. These, however are not yet expected to impact revenues
significantly in the last quarter. "Our
focus on qualifying new customers continues and these efforts are
expected to bear fruit in the first half of
2006" says Allan P. Timonera, President.
FASTECH SYNERGY LTD
ANNOUNCES 2nd QUARTER 2005 FINANCIAL RESULTS
MANILA,
Philippines - 26 JULY 2005. Fastech Synergy Ltd
announced today its financial results for the
First Half and 2nd quarter (Q2) ending 30 June 2005.
The
Group recorded a lower turnover for the quarter amounting to $3.7
million, compared to $4.7 million
in the sequential quarter, and $6.3 million in same quarter last year,
primarily due to lower volume in Q2.
Units
shipped for Q2 2005 decreased to 111 million units from 125 million
units in Q1 2005, and 161
million units in Q2 2004. The expected decline in volume can be
attributed mainly to the transition from
captive line to open line arrangement with the Group's top customer,
which was completed middle of the
second quarter of this year, and partially due to the continued
volatile market of the Group's
semiconductor business.
Cost
of sales for Q2 2005 was at $4.1 million, compared with the $4.9
million cost of sales of the previous
quarter sequentially, and the cost of sales of $5.3 million of the same
quarter last year.
Gross
loss of $422,000 for Q2 2005, compared to the gross loss of $254,000
for the previous quarter, and
gross profit of $1.0 million for Q2 2004 was primarily the result of
the lower turnover for Q2 2005, as
mentioned above.
Net
loss after tax for Q2 2005 was $1.6 million, compared to the net loss
after tax of $1.5 million for the
sequential quarter, and net loss after tax of $243,000 for a year-ago
quarter.
In
order to bring costs more in line with the reduced revenue
expectations, the Group started
implementing a corporate restructuring program during the 1st quarter
2005. Also, in view of the negative
industry outlook that some analysts say may extend to 2006, the Group
has started to initiate further cost
reduction plans. According to Allan P. Timonera, President, "Other
manufacturing costs like power cost,
direct and indirect materials and operating expenses are continuously
being reviewed for further
reduction."
Six
Months Results
The
Group's turnover for the first six months of 2005 of $8.3 million was
down compared to the $11.3
million turnover for the same period last year. Gross loss of $676,000
was recorded for the 1st half of 2005
as against the 1st half 2004 gross profit of $1.5 million.
Net
loss after tax for the 1st half 2005 was higher at $3.0 million,
compared to the net loss after tax of
$819,000 for the 1st half 2004.
Business
Mix
Fastech's
two major business groups, in terms of product segmentation, namely,
the Semiconductor
Components (which include discrete & power semiconductors and
integrated circuits) and Module
Assembly Products (which include PCB assemblies, microwave modules and
radio frequency devices)
accounted for 68.8% and 31.2% respectively, of total turnover for the
1st half 2005, compared to 76.3%
and 23.7%, respectively, of the turnover for the 1st half of last year.
The increase in the contribution of the
Module Assembly Products can be attributed to the sustained growth by
the Group's RF-microwave
modules assembly business.
Business
Outlook/Prospects
The
Group expects about the same level of revenues in the next quarter,
improving slightly towards the
end of the year. New customers of radio frequency and microwave
products are expected to start initial
production with the Group in the 3rd quarter. Although orders are
starting to come in from new
customers, the Group still foresees that next quarter's overall
revenues will be flat.
"Our
focus is to put in place the groundwork to enable Fastech to pursue new
market opportunities", says
Allan P. Timonera, President. "We have already started by altering our
base cost structure and by
deploying our personnel to these emerging activities. These
initiatives, coupled with good execution, are
expected to benefit Fastech going forward", Mr. Timonera concluded.
FASTECH SYNERGY LTD
ANNOUNCES 1st QUARTER 2005 FINANCIAL RESULTS
MANILA,
Philippines - 27 APRIL 2005. Fastech Synergy Ltd
announced today the financial results for
the 1st quarter ended 31 March 2005 (1st quarter 2005).
The
Group's turnover for the quarter totaled $4.7 million compared to $5.2
million for the previous
quarter, and $5.0 million for the 1st quarter 2004. The lower turnover
was mainly due to lower volume
shipped during the quarter.
Units
shipped for 1st quarter 2005 decreased to 125 million units compared to
142 million units in the
previous quarter, and 138 million for the 1st quarter 2004. The lower
volume was reflective of still volatile
market conditions in the 1st quarter 2005. This was also partially
affected by the reduced loading by the
Group's top customer, which has been a continuing trend for the
previous 3 quarters and which is
expected to continue through 2nd quarter 2005.
The
group incurred Gross Loss of $262,000 for 1st quarter 2005 compared to
the Gross Profit of $46,000
for the previous quarter, and a gross profit of $464,000 for 1st
quarter 2004. This was mainly due to the
lower turnover for the quarter, the impact of higher power costs due to
increased power rates, and the
mandated labor rate increases implemented during the previous quarter.
Fastech
registered a net loss after tax for 1st quarter 2005 amounting to $1.5
million compared to the net
loss after tax of $1.7 million for the previous quarter, and net loss
after tax of $563,000 for 1st quarter
2004.
Earnings
before interest, taxes, depreciation and amortization (EBITDA)
continued to be positive, totaling
$101,000 for 1st quarter 2005. EBITDA for the previous quarter was
$530,000, and $1.1 million for 1st
quarter 2004.
In
order to bring costs more in line with the reduced revenue
expectations, the Group started
implementing a corporate restructuring program during the 1st quarter
2005. Also, in view of the negative
industry outlook that some analysts say may extend to 2006, the Group
has started to initiate further cost
reduction plans. According to Allan P. Timonera, President, "Other
manufacturing costs like power cost,
direct and indirect materials and operating expenses are continuously
being reviewed for further
reduction."
In
terms of product segmentation, the Group's Semiconductor Components
segment (which include
discrete power semiconductors and integrated circuits) accounted for
74.0% of total turnover during the
quarter. The Module Assembly Products segment (which include PCB
assemblies, microwave modules
and radio frequency devices) contributed 26.0%. For the same period of
the previous year, semiconductor
components comprised 79.0% of total turnover while module assembly
products accounted for 21.0%.
The change in product segmentation coverage was attributed by the
sustained growth by the Group's RFmicrowave
modules assembly business.
Business
Outlook
The
Group expects the downward trend experienced in the 1st quarter 2005 to
continue to the next quarter
due to unfavorable market conditions. Moreover, the loss of the captive
line business of a major customer
that will happen starting the 2nd quarter 2005 will adversely impact
revenues for the balance of the year.
Moving
forward, Mr. John R. Payne, Chief Executive Officer, said "Fastech is
aggressively acquiring new
customers and currently has a high level of customer qualifications
which will result in a broader revenue
base in the second half of 2005 and beyond."
FASTECH SYNERGY LTD POSTS
21.2% GROWTH IN 2004
MANILA,
Philippines - 26 January 2005. Fastech Synergy Ltd
announced today its
Financial Results for the Fourth Quarter and Full Year Financial
Results ending 31 December
2004. The Group reported a sustained improvement in its profitability
indicators compared
with its performance in the previous year.
The
Group's turnover for the year totaled $22.2 million which represented a
growth of $3.9
million or 21.2% over the previous year. Revenues from existing
customers increased by
$797,000 or 4.3%, while new customers contributed $3.1 million.
"The
Group sustained improvement in its sales performance over the previous
years with
higher loading from existing customers and the contribution of our new
customers," said Mr.
John R. Payne, Chief Executive of Fastech. "Product shipments to our
new major customer
began in the 1st quarter this year and three more new customers started
loading in the 3rd
quarter, giving the needed boost to our top line," remarked Mr. Payne.
Gross
profit of the Group for 2004 improved to $1.8 million, more than three
times better than
the previous year's level of $533,000. This was partly due to the
effects of the Group's
institutionalized cost reduction programs impacting on labor, materials
and overhead expenses.
As a result, cost of sales as a percentage of sales was brought down by
5.2 percentage points.
Fixed costs were kept relatively flat, while variable costs were held
to within 6.6% of the
previous year's level.
Operating
loss of the Group was brought down to $1.7 million, from the previous
year's
operating loss of $3.2 million, representing a 47.2% year-on-year
improvement. Net loss of
the Group in 2004 was reduced to $3.5 million or 22.9% lower than the
previous year's net loss
of $4.5 million. This year's performance included $681,000 of asset
impairment provisions in
compliance with the requirements of international accounting standards.
Earnings
before interest, taxes, depreciation and amortization (EBITDA)
continued to be
positive, totaling $3.6 million for the year. This was 30.3% higher
compared with last year.
EBITDA during the previous year was $2.8 million.
In
terms of product segmentation, the Group's Semiconductor Components
segment (which
include discrete & power semiconductors and integrated
circuits) accounted for 76.5.0% of
total turnover during the year. The Module Assembly Products segment
(which include PCB
assemblies, microwave modules and radio frequency devices) contributed
23.5%. During the
previous year, semiconductor components comprised 86.6% of total
turnover while module
assembly products accounted for 13.4%. The change in product
segmentation coverage was
attributed to the acquisition this year of a new major customer for
RF-microwave modules.
4th
Quarter Highlights
The
Group's turnover for the 4th quarter was $5.2 million, which was
$989,000 or 23.6%
higher than that of the same period last year. With this, the Group
noted that all quarters of
the year 2004 showed better performance in terms of turnover compared
with the
corresponding periods of the previous year. Sequentially, turnover was
lower by $544,000 or
9.5% due to the general softening of the semiconductor business; the
onset of which was noted
as early as the 3rd quarter of the year.
Gross
profit for the quarter was recorded at $46,000, improving from the
gross loss of $40,000
posted during the same period last year. Sequentially, gross profit
declined by $244,000. The
Group is continuing to cut costs in order to bring expenses in line
with the prevailing general
business conditions in the industry.
Operating
loss for the 4th quarter was $568,000 a 46.7% improvement over the $1.1
million
operating loss recorded during the same period last year. Sequentially,
the 4th quarter operating
loss was lower by $166,000 or 22.6%. Net loss for the 4th quarter was
$1.7 million, inclusive of
provisions for asset impairment.
Business
Outlook
"The
industry outlook remains uncertain and the current slowdown is expected
to continue
through the first half of 2005. However, we are encouraged by the high
level of inquiries from
new customers and hopeful that the additional loading and revenue from
this growing customer
base will somewhat mitigate the current general slowdown. Overall, we
expect revenues to be
flat to slightly lower in Q1", said Mr. John R. Payne, Fastech CEO.
FASTECH REPORTS 28% Y-O-Y
GROWTH FOR 3Q04
MANILA,
Philippines - 27 October 2004. Fastech Synergy Ltd
announced today its Financial Results
for the 3rd Quarter and the Nine Months ending 30 September 2004.
The
Group's turnover for the 3rd quarter was $5.7 million, a 28.3% increase
compared with $4.4 million
reported for the same period last year. This was the 3rd consecutive
quarter of year-on-year growth for the
Group this year. The growth was fueled by strong customer demand and
the acquisition this year of a
major customer in the Group's module assembly products business
segment. Sequentially, the turnover
was lower by 9.3% compared with $6.3 million reported during the
previous quarter. The decline was
largely attributed to inventory corrections by some of its customers,
in line with the general trend in the
semiconductor industry.
"The
Group continues to improve its sales performance over the previous year
as its customer acquisition
program starts to bear fruit. Two new customers started loading in the
3rd quarter and would start to
contribute to our top line from the 4th quarter onward," said Mr. John
R. Payne, Chief Executive of
Fastech.
"We
are also pleased to announce that our joint venture company, 2Pi
Microwave Technology, Inc., has
been qualified by its first two customers and will commence production
runs in the next quarter," added
Mr. Payne.
Fastech
reported a 3rd quarter gross profit of $290,000, a 60.9% growth
compared to $180,000 for the
same period last year; and a 71.0% decline compared to $1.0 million
posted during the previous quarter.
Gross profit margin for the 3rd quarter improved to 5.1%, from 4.0%
during the same quarter last year.
On the other hand, gross profit margin declined from the 15.9% recorded
during the previous quarter due
to lower turnover.
Operating
loss for the 3rd quarter was $734,000, compared with an operating loss
of $791,000 in the same
period last year. During the 2nd quarter this year, the Group posted an
operating profit of $58,000. The
Group recorded a net loss for the 3rd quarter amounting to $941,000
compared with a net loss of $964,000
during the same period last year. Net loss during the previous quarter
was $243,000.
"We
are aggressively cutting costs in order to bring expenses in line with
the sales decline. We expect to
realize the benefits of our cost-cutting measures beginning 4th quarter
this year," Mr. Payne pointed out.
Earnings
before interest, taxes, depreciation and amortization (EBITDA)
continued to be positive, totaling
$667,000 for the 3rd quarter. This was 14.8% lower compared with the
third quarter of 2003. EBITDA
during the previous quarter was $1.3 million.
In
terms of product segmentation, the Group's Semiconductor Components
segment (which include
discrete & power semiconductors and integrated circuits)
accounted for 77.0% of total turnover during the
3rd quarter. The Module Assembly Products segment (which include PCB
assemblies, microwave
modules and radio frequency devices) contributed 23.0%. During the same
period last year,
semiconductor components comprised 85.8% of total turnover while module
assembly products accounted
for 14.2%. The change in product segmentation coverage was attributed
to the acquisition this year of
new major customer for RF-microwave modules.
Nine
Months Performance
The
Group's turnover for the first nine months of 2004 grew by 20.5% to
$17.1 million compared with
$14.2 million during the same period last year.
Gross
profit year-to-date was recorded at $1.7 million, which was more than
twice the gross profit
recorded during the same period of the previous year.
Operating
loss was pared down by 47.5%, to $1.1 million compared with the $2.2
million posted in 2003.
Net loss for the first nine months was reduced by 37.8%, to $1.7
million, compared with last year's ninemonth
loss of $2.8 million.
EBITDA
was higher by 25.2%, at $3.1million for the first nine months of the
year, compared with $2.5
million during the same period last year.
Semiconductor
components accounted for 76.5% of total year-to-date turnover, while
Module assembly
products comprised 23.5%. During the same period last year,
semiconductor components contributed
86.3% of total turnover, while module assembly products contributed
13.7%.
Business
Outlook
On how
Fastech sees the rest of the year, Mr. Payne commented that "The
industry slow-down in the 3rd
quarter is expected to continue for the rest of the year. However, we
are encouraged that the addition of
new customers will lead to higher loading and renewed revenue growth in
the first half of 2005."
FASTECH SYNERGY LTD. POSTS
STRONGER QUARTERLY PERFORMANCE
MANILA,
Philippines - 28 July 2004. Fastech Synergy Ltd.
announced today its financial results for the 2nd Quarter and First
Half endind 26 June 2004.
The
Group's turnover continued to strengthen; from $5.0 million in Q1 2004
to $6.3 million in the current
quarter, representing a 25.0% growth. Gross Profit of the Group
improved to $1.0 million, which was
$536,000 higher, or up by 115.5% compared with the previous quarter;
and $711,000 higher, or up by
246.0%, compared with the same period last year. Gross profit margin
for the quarter was 15.9%, as
compared with 9.2% during the previous quarter, and 5.6% in Q2 last
year.
The
Group achieved an operating profit for the quarter of $58,000; a
significant milestone after eleven
quarters of losses brought about by the worldwide semiconductor
industry downturn that began in 2001.
This was primarily driven by higher revenues and the Group's
unrelenting efforts in controlling and
reducing costs.
Net
Results continued to improve as the Group was able to reduce its net
loss to $243,000, versus the
previous quarter's $563,000. During the same period last year, the
Group's net loss after tax stood at
$915,000.
Six
Months Highlights
The
Group registered 17% growth in revenues for the first six months of
2004, to $11.3 million, compared
with $9.7 million during the same period last year. Gross profit for
the Group improved to $1.5 million for
the current period as against $ 393,000 posted in the first half last
year. Loss from Operations during the
first half this year was trimmed down to $400,000, a 71% improvement
over last year's first half loss from
operations of $1.4 million.
Net
loss after tax for the first six months was reduced to $807,000,
compared to $1.8 million for the same
period last year.
Business
Mix
In
terms of product segmentation, the Group's Semiconductor Components
segment (which include discrete
& power semiconductors and integrated circuits) accounted for
76% of total revenues during the 2nd quarter.
The Module Assembly Products segment (which include PCB assemblies,
microwave modules and radio
frequency devices) contributed 24%. During the same period last year,
semiconductor components
comprised 87% of total revenues while module assembly products
accounted for 13%.
Business
Outlook
Fastech
revenues and results from the 2nd quarter and the 1st half year were
within expectations, and the
Group is now looking ahead to Q3 with guarded optimism.
Fastech
CEO, John R. Payne said, "We experienced 6 months of double-digit
revenue growth partly driven
by customers' inventory replenishment. However, given the current
industry outlook, we expect Fastech's
revenue levels to be flat or slightly higher in the second half of the
year."
FASTECH SYNERGY LTD. POSTS
STRONGER QUARTERLY PERFORMANCE
MANILA,
Philippines - 30 April 2004. Fastech Synergy Ltd.
announced today the financial results for the 1st Quarter ending 31
March 2004. The Group noted positive trends in its financial indicators.
Fastech's
1st Quarter turnover posted a growth of 20% against the prior quarter,
to $5.04 million compared with $4.2 million for the preceding quarter.
Year-on-year, this was an increase of 11% over the $4.6 million
revenues recorded during the same period. The boost in revenues came
mainly from strong loading by new customers, as well as increased
orders from existing customers. In terms of production volume, the
Group reported a 12% increase compared to the volume of prior quarter.
Compared with the same period last year, however, production volume was
lower by 6%. Fastech is seeing a shift in product mix, as it noted that
the growth in the modules assembly business segment outpaced
semiconductor components during the quarter.
The
Group also showed an improvement of gross profit to $463,000 for the
period, compared with $104,000 during the same quarter last year; and
($40,000) sequentially. Cost of sales as a percentage of sales improved
to 91%, from 98% last year and 101% during the previous quarter.
Operating expenses were kept to within 18% of sales.
Earnings
before interest, taxes, depreciation and amortization (EBITDA) for the
Group remained positive, amounting to $1.1 million during the quarter.
This is an increase of 38% compared with $0.8 million registered in the
same period last year. EBITDA margin climbed to 21%, compared with 18%
during the same period last year.
The
Group stayed oncourse in its path to profitability as net loss after
tax was pared down to $563,000 compared with $932,000 last year, and
$1.7 million sequentially.
Business
Mix
In
terms of product segmentation, semiconductor components (which include
discrete and power semiconductors and integrated circuits) accounted
for 78% of total sales during the 1st Quarter. Module assemblies (which
include PCB assemblies, microwave modules and radio frequency devices)
contributed 22%. During the same period of the previous year,
semiconductor components comprised 84% of total sales, while module
assemblies accounted for 16%.
Joint
Venture with 2Pi Microwave, Inc.
Fastech
announced that it has entered into a joint venture agreement with 2Pi
Microwave, Inc., a U.S. company based in Fremont, California, for the
development and manufacture of high quality RF and Microwave components
and modules.
Fastech
believes that the Joint Venture is in line with the Group's new
business directions, expanding its product capabilities and customer
base in the module assemblies segment.
The
Joint Venture is not expected to have a material effect on the earnings
per share or net tangible assets per share of the Group for the
financial year ending 31 December 2004.
Business
Outlook
Fastech's
1st quarter performance and upbeat feedback from customers reinforces
the Group's belief that better times are upon us. According to Mr. John
R. Payne, Fastech's CEO, "We are experiencing growth in all segments of
our business, with module assemblies leading the recovery. Inquiries
from new customers are continuing to come in. We are encouraged by
these developments and feel optimistic that our upturn can be sustained
through the first semester of the year."
TEMEX PHILS TRANSFERS
OPERATIONS TO FASTECH
Fastech
Advanced Assembly Inc, a subsidiary of Fastech Synergy Philippines Inc
recently signed a transfer of manufacture agreement with Temex
Philipines Inc (TPI). The agreement was signed by Temex Executive
Director Pedro Borges and CEO John Payne, with Fastech officers Jun
Cruz, Jimmy dela Cruz and Erwin Manibog.
In
December 2003, all equipment from the Temex plant in Calamba Premiere
International Park were moved to Fastech, along with the transfer of
145 key employees of Temex.
Fastech
began to operate the microwave production lines of Temex Philippines
Inc effective Jan. 19, 2004. Fastech consolidates three isolators and
circulators lines for Temex. The VCO, OCXO and Gyro products add to
Fastech's growing portfolio of production lines, and in testimony to
the group's excellent manufacturing capabilities.
Temex
Philippines Inc is a subsidiary of Temex Microsonics a French-based
company which designs, develops, manufactures and markets high
technology RF and microwave components intended for all
telecommunication, military, scientific, industrial, medical and space
applications
FASTECH SYNERGY LTD APPOINTS
NEW CEO AND NEW PRESIDENT
The
Board of Directors of Fastech Synergy Ltd wishes to announce the
appointment of MR. JOHN ROBERT PAYNE as Chief Executive Officer (CEO)
and MR. OCTAVIO V. CRUZ, JR. as President with effect from 1 February
2004.
Mr.
Payne has been with the Fastech Group as President and Director since
July 2002. He brings with him 30 years of experience in the
semiconductor industry of which 25 years were spent in Asia. Prior to
joining the Group, he was concurrently President and General Manager of
IDT (Philippines) Inc. and Managing Director of IDT (Malaysia) Sdn.
Bhd., the semiconductor manufacturing subsidiaries of Integrated Device
Technology, Inc. In addition to his general management responsibilities
for IDT's Philippines and Malaysian operations, he was also responsible
for managing IDT's assembly and test subcontractor activities in Asia.
Mr.
Payne graduated from Brunel University in London, England with a degree
in Bachelor of Technology (First Class Honors).
Mr.
Cruz has been with the Fastech Group as Managing Director for Sales,
Marketing and Customer Relations Group since January 2002. Prior to
2002, he has been the Group Consultant for Sales & Marketing in
2000. He has over 30 years of experience in the semiconductor industry.
He started his career at Stanford Microsystems Inc. From 1971 to 1985,
he worked at Stanford Microsystems, Inc. where he eventually became
President. He also joined Cheinteik Electronics International, Inc. in
Sunnyvale, California, U.S.A. as President in 1986 to 1989. Mr. Cruz
was the CEO & President of Qualtron, Inc. a semiconductor
equipment distributor which he founded in 1995.
Mr.
Cruz obtained his Bachelor of Science degree in Mechanical Engineering
from the Mapua Institute of Technology.
Mr.
Payne was promoted as CEO in place of Mr. Saturnino G. Belen, Jr. while
Mr. Cruz was promoted as President, in place of Mr. Payne. Mr. Belen
shall continue to be the Group's Chairman.
FASTECH SYNERGY LTD RETURNS TO GROSS MARGIN
PROFITABILITY IN 2003
MANILA,
Philippines - 28 January 2004. Fastech Synergy Ltd.
announced today the financial results for the 4th
Quarter and the Full Year Financial Results ending 31 December 2003.
The Group reported an overall improvement in its profitability
indicators compared with its performance in the previous year.
Fastech's
2003 turnover was up by 6%, to $18.34 million, compared to the previous
year's $17.23 million. This signaled the first year of revenue growth
since the onset of the semiconductor industry downtrend in 2001. The
higher turnover was primarily driven by increased shipment volumes to
its major customers, the introduction of wafer probe operations, and
favorable product mix.
The
Group posted a gross profit of $533,000 for the year, demonstrating a
remarkable turnaround from the gross loss of $614,000 reported in 2002.
Cost of sales during the year totaled $17.81 million, compared with
$17.85 million in the previous year. As a percentage of sales, the
Group's cost of sales ratio improved to 97.1%, as against the previous
year's 103.6%.
The
Group also managed to keep operating expenses practically at the same
level as the previous year, on a higher turnover value. In 2003, the
Group reported a total of $3.76 million in operating expenses, compared
with $3.63 million during the previous year. Non-recurring expenses
amounting to $538,000 representing impairment of equipment, writeoff of
advances to suppliers, and provisions for doubtful accounts, were
included in other expenses.
With
the improved turnover performance and deliberate efforts to keep
manufacturing and operating costs at bay, the Group reduced its net
loss after tax to $4.52 million with a diluted loss per share of
$0.028, as compared with $6.40 million net loss after tax with a
diluted loss per share of $0.041 recorded in the previous year.
Earnings
before interest, taxes, depreciation and amortization (EBITDA) of the
Group in 2003 gathered strength as it registered positive $2.39
million, up from $617,000 in the previous year. EBITDA margin improved
to 13%, compared with 4% in 2002.
Cash
balance at the end of 2003 amounted to $1.18 million compared to
$230,000 of the previous year. This was aided in part by the Company's
successful fund raising activity via sale of equity during the 3rd
quarter of the year. Bank loans have been reduced to $9.58 million,
from $12.08 million at the end of the previous year.
Business
Mix
In
terms of product segmentation, discrete and power semiconductors
accounted for 86% of total sales in 2003. Other components and
assemblies (which include integrated circuits, optoelectronic devices,
radio frequency devices and module assemblies) contributed 14%. In the
previous year, discrete and power semiconductors comprised 85% of total
sales, and other components and assemblies contributed 15%.
4th
Quarter Highlights
For
the 4th quarter, the Group's turnover amounted
to $4.19 million compared with $4.46 million in the previous quarter
and $4.82 million in the 4th quarter of 2002.
Unit shipment for the period was 123 million units compared with 137
million units of the previous quarter and 169 million units of the same
period last year.
Cash
totaled $1.18 million compared with $1.04 million in the 3rd
quarter.
Fastech
is pleased to announce that it has acquired a new major customer from
Europe under a captive line, full turnkey arrangement. Equipment
transfer and line facilitization began in December and the first
microwave module assemblies were starting to ship from the factory
during the same month.
The
Group also announced, with effect from 1 February 2004, the promotion
of Mr. John R. Payne to the position of CEO in place of Mr. Belen; and
the promotion of Mr. Octavio V. Cruz, Jr., to the position of
President, in place of Mr. Payne. Mr. Belen shall continue to be the
Group's Chairman.
Business
Outlook
There
are perceptible signs that the global electronics industry is beginning
to pick up, and the trend will continue at least through the first half
of 2004. "At Fastech, we are encouraged by stronger forecasts from our
existing customers", said Mr. John R. Payne, Fastech's new CEO. "We
have also seen an increase in the number of inquiries from new
customers since the start of the year and feel confident that this
activity will sustain our upturn through the first semester of 2004",
Mr. Payne added.
FASTECH ANNOUNCES 3rd
QUARTER 2003 FINANCIAL RESULTS
MANILA,
Philippines - 29 October 2003. Fastech Synergy Ltd
announced today the Financial Results for the 3rd
Quarter ended 30 September 2003.
Turnover
for the 3rd Quarter totaled $4.46 million,
compared with $5.14 million in the previous quarter, and $4.90 million
in the 3rd quarter of 2002. Unit shipment for
the period was 137 million units compared to 166 million units of the
previous quarter, and 170 million units of the 3rd
quarter of 2002.
The
Group posted a gross profit of $180,000 for the 3rd
Quarter compared to $289,000 in the previous quarter and $455,000 in
the same period last year. The lower gross profit was primarily driven
by the lower volume and turnover for the current period.
Earnings
before interest, taxes, depreciation and amortization (EBITDA)
continued to be positive, and for the current period was $783,000
compared to $854,000 for the previous quarter, and $1.65M for the 3rd
quarter of 2002. EBITDA margin was 18% for the quarter.
The 3rd
Quarter net loss was $963,000 or a diluted loss per share of $0.006
compared to net loss of $915,000 or a diluted loss per share of $0.006
for the previous quarter, and net loss of $71,000 or a diluted loss per
share of $0.0005 for the same period last year.
Cash
totaled $1.04 million compared to $300,000 in the 2nd
quarter. This was aided in part by the Company's successful fund
raising activity via sale of equity during the quarter.
Nine
Months Highlights
The
Group registered a 14% growth in sales for the nine months ended 30
September 2003, to $14.16 million compared with $12.41 million in the
same period last year. Gross profit for the Group improved FASTECH
SYNERGY LTD ANNOUNCES 3rd QUARTER 2003 FINANCIAL
RESULTS by $638,000, to $574,000 for the current period; completely
reversing the gross loss of $65,000 incurred for the same period last
year.
The
Group was able to achieve its growth in sales while keeping the
increase in its manufacturing and operating costs in check, thereby
trimming down its net loss after tax for the current period, to $2.81
million with a diluted loss per share of $0.018 compared to the $3.35
million net loss after tax with a diluted loss per share of $0.022
recorded in the same period last year. EBITDA improved by 39% in the
current period, to $2.45 million compared to $1.76 million for the same
period last year.
For
the nine months ended 30 September 2003, discrete and power
semiconductors accounted for 86% of the Group's total sales while other
components and assemblies (which includes integrated circuits,
optoelectronic devices, radio frequency devices and module assemblies)
contributed 14%. This is compared to 85% for discrete and power
semiconductors and 15% for other components and assemblies in the nine
months ended 30 September 2002.
Business
Outlook
With
three quarters of 2003 already over, it is fairly evident that, as
expected, Fastech's financial performance for 2003 will be better
compared to the previous year. While there are perceptible signs that
the global electronics industry is starting to pick up this fourth
quarter, Fastech expects the effect of this to be felt in the first
half of 2004. Mr. Payne, Fastech President, commented, "Based on
present indications from our customers, we expect no dramatic upturn in
our level of business this fourth quarter compared to the third.
However, we are encouraged by the increase in the number of inquiries
from new customers and feel confident that this expanded customer base
will contribute significantly to our revenue stream in 2004", he added.
FASTECH SYNERGY APPOINTS NEW
CHIEF FINANCIAL OFFICER
MANILA,
Philippines - 29 September 2003. Fastech Synergy Ltd
(Bloomberg: FAST SP) announced today the appointment of MR. MANUEL C.
FELIZARDO III as Chief Financial Officer and concurrently Executive
Director for Finance with effect from 1 October 2003. Mr. Felizardo has
also been appointed as an Alternate Director.
Mr.
Felizardo has been with the Fastech Group as Vice President for Finance
since February 2001. He brings with him over 18 years of experience in
the Finance Departments of several multinational electronics companies.
Prior to joining the Group, he was connected with TSPIC Corporation as
Financial Controller and with Temic Semiconductor Phils. He has also
worked at Intel Philippines Manufacturing Inc. and Astec Power,
Philippines. Mr. Felizardo obtained his Bachelor of Science degree in
Industrial Engineering from the University of the Philippines.
Mr.
Felizardo will replace MR. ANTONIO N. ABAYA, JR. who resigned as Chief
Financial Officer effective today.
The
Board of Directors wishes to acknowledge the crucial role that Mr.
Abaya played in the corporate transformation process that the Group
launched in response to the drastic downturn in the semiconductor
industry and in the successful implementation of the Group's debt
restructuring program. The Board of Directors would like to extend to
Mr. Abaya their deepest appreciation for his contribution to the Group.
FASTECH REPORTS 3rd
CONSECUTIVE QUARTER OF Y-O-Y GROWTH
MANILA,
Philippines - 30 July 2003. Fastech Synergy Ltd
announced today the Financial Results for the 2nd Quarter ended 30 June
2003.
The
Group registered a 17% increase in turnover for the 2nd Quarter of 2003
from its $4.38 million turnover for the same period last year to $5.14
million this year. This marks the 3rd consecutive quarter of
year-on-year growth since the onset of the industry downturn two years
ago. Volume shipment in the 2nd Quarter likewise increased by 10% to
166 million units from 150 million units in the same period last year.
Similarly, a 13% quarter-on-quarter growth in turnover was recorded in
the 2nd Quarter from its $4.56 million turnover for the previous
quarter. Unit shipment in the 2nd Quarter increased by 12% from the 147
million units shipped in the previous quarter.
The
Group reported a gross profit of $289,000 for the 2nd Quarter of 2003
compared to a gross profit of $117,000 a year ago. The increase in
gross profit was primarily due to higher volume and turnover in the
current period. Sequentially, the gross profit for the 2nd Quarter was
higher by $185,000 from $104,000 for the 1st Quarter to $289,000 for
the current period. The earnings before interest, taxes, depreciation
and amortization (EBITDA) for the 2nd Quarter of 2003 amounted to
$854,000 compared to $639,000 for the same period last year and
$822,000 for the previous quarter.
The
Group reduced the net loss before tax for the 2nd Quarter of 2003 to
$915,000 from $1.04 million a year ago and from $944,000 for the
previous quarter. The Group also recorded a lower net loss after tax of
$915,000 for the 2nd Quarter of 2003 or a diluted loss per share of
$0.006, versus a net loss after tax of $1.04 million, with an
equivalent diluted loss per share of $0.007, for the same period last
year. Sequentially, the Group registered a lower net loss after tax
compared to $932,000 or a loss per share of $0.006 in the 1st Quarter
of 2003.
Despite
the outbreak of SARS, which dampened demand towards the end of the 2nd
quarter, Fastech managed to post a solid performance for the period.
During the quarter, Fastech continued to implement programs to enhance
its capability-based competitiveness. "We have also explored possible
opportunities to work with companies in mainland China, particularly in
the areas of marketing, raw material sourcing and product
complementation," commented Mr. John. R. Payne, Fastech President.
1st
Half Highlights
The
Group registered a 29% growth in sales for the 1st Half ended 30 June
2003 from $7.52 million in the same period last year to $9.70 million
for the current period. The Group also reported a gross profit of
$393,000 for the first six months of the year, a reversal of the gross
loss of $520,000 for the same period last year. The EBITDA for the 1st
Half of 2003 amounted to $1.68 million, a significant improvement from
the EBITDA of $116,000 reported in the same period last year.
The
Group also trimmed down its net loss before tax for the current period
to $1.86 million compared to the $3.26 million net loss before tax
recorded in the same period last year. Similarly, the net loss after
tax of $1.85 million with a diluted loss per share of $0.012 for the
current period was $1.43 million lower than the net loss after tax of
$3.28 million with a diluted loss per share of $0.021 for the same
period last year.
For
the 1st Half of 2003, discrete and power semiconductors accounted for
86% of the Group's total sales while other components and assemblies
(which includes integrated circuits, optoelectronic devices, radio
frequency devices and module assemblies) contributed 14%. This is
compared to 85% for discrete and power semiconductors and 15% for other
components and assemblies in the 1st Half of 2002. In terms of
geographic distribution, Europe remained the top market of Fastech in
the 1st Half of 2003 with 63% share, followed by the US with 36% and
Asia with 1%.
Business
Outlook
"Notwithstanding
the possible negative effects of the SARS outbreak in the 1st Semester,
which was unforeseen and was not considered in our forecast at the
start of the year, we still expect our financial performance in 2003 to
improve compared to the previous year. However, due to the soft
industry demand in July and August, we no longer expect to reach break
even sales level in the 3rd Quarter as originally anticipated. With the
SARS outbreak already contained, the semiconductor industry expects
stronger growth in 2004. Fastech is well positioned to benefit from
this expected growth," said Mr. Saturnino G. Belen, Jr., Fastech Chief
Executive.
FASTECH TRIMS LOSSES WITH IMPROVED PERFORMANCE IN Q1
MANILA,
Philippines - 30 April 2003.
Fastech Synergy Ltd announced today the Financial Results for the 1st
Quarter 2003. The Group registered a 45% year-on-year revenue growth
for the 1st Quarter of 2003 and trimmed down its net loss after tax by
$1.30 million to $932,000 this year from $2.24 million for the same
period last year.
The
Group's 1st Quarter turnover of $4.56 million was up by $1.43 million
or 45% from $3.14 million turnover of the corresponding period last
year. Similarly, the Group's unit shipment in the 1st Quarter increased
by 38% to 147 million units from 106 million units in the same period
last year. The higher volume shipment was primarily due to the improved
business conditions in the current period and partly due to the effects
of lost production days during the final consolidation of the Group's
manufacturing operations to the Fastech Manufacturing Complex in the
1st Quarter of 2002. Sequentially, a 5% drop in turnover was registered
from $4.82 million turnover in the previous quarter.
Fastech
reported a gross profit of $104,000 for the 1st Quarter of 2003
compared to a gross loss of $637,000 a year ago, primarily due to
higher volume and turnover for the current period. The gross profit for
the current period also compares favorably with the gross loss of
$550,000 in the previous quarter. Similarly, the Group also reported
positive earnings before interest, taxes, depreciation and amortization
(EBITDA) of $822,000 for the current period, reversing the -$523,000
EBITDA for the same period last year and the -$1.15 million EBITDA in
the 4 th Quarter of 2002.
The
Group reduced net loss before tax for the 1st Quarter of 2003 to
$945,000 from $2.23 million a year ago and from $2.92 million for the
previous quarter. The Group recorded a lower net loss after tax of
$932,000 for the 1st Quarter of 2003 or a diluted loss per share of
$0.006 versus a net loss after tax of $2.24 million, with an equivalent
diluted loss per share of $0.015, for the same period last year.
Fastech registered a net loss after tax of $3.05 million or a loss per
share of $0.020 in the 4 th Quarter of 2002..
"We
are pleased with the Group's overall performance, especially in the
context of a seasonally weak 1st Quarter that has been further weighed
down by geopolitical developments and a weak global economy," commented
Mr. John R. Payne, Fastech's President.
Mr.
Payne further reported the following milestones in the Group's
operations:
"Fastech passed the QS9000 audit conducted in the 1st Quarter with zero
non-conformance. It was thefirst time that the Group was audited after
it consolidated its manufacturing operations under one facilityand it
marked an important milestone in the management's effort to build on
the recently completed Corporate Transformation process."
"Fastech
also successfully completed in the 1st Quarter the final implementation
phase of the Group's Enterprise Resource Planning (ERP) system with the
integration of the manufacturing module to the finance and distribution
modules. The integration was spearheaded by Pentathlon IT Asia, the
Group's joint venture IT company."
Business
Mix
The
business mix in the 1st Quarter of 2003 remained unchanged compared to
that of the same period in 2002. Discrete and power semiconductors
accounted for 84% of the Group's total sales while other components and
assemblies (which includes integrated circuits, optoelectronic devices,
radio frequency devices and module assemblies) contributed 16%. In
terms of geographic distribution, Europe remained the top market of
Fastech in the 1st Quarter of 2003 with 61% share, followed by the US
with 39% and Asia with less than 1%.
Business
Outlook
"The
improved performance of Fastech in the 1st Quarter reinforces our
belief that the Group is already into its recovery phase. And we are
heartened by the quick resolution of the Iraq war which has removed a
great deal of uncertainty over the global economy. Right now, the main
concern is about SARS, which we had not foreseen and therefore has not
been considered in our forecasts," said Mr. Saturnino G. Belen, Jr.,
Fastech Chief Executive.
"Thus,
far, Fastech's expected revenue growth for 2003 isstill within plan.
This plan is anchored on our conservative assumption of flat industry
growth for the year, with sales increases coming from new customers,"
Mr. Belen added.
FASTECH ANNOUNCES FY2002 FINANCIAL RESULTS
 MANILA,
Philippines- 29 January 2003. Fastech Synergy Ltd
announced today the financial results for the 4th Quarter and Full Year
Financial Results ending 31 December 2002. The Group reported a net
loss after tax of $6.40 million for the year from a turnover of $17.24
million.
Fastech's
2002 turnover was down 27% from $23.51 million for the previous year.
The prolonged industry downturn adversely affected shipment volume and
exerted downward pressure on the average selling price (ASP). The lower
turnover may also be partly attributed to the final consolidation of
the Group's manufacturing operations implemented in the 1st Quarter of
the year. The actual physical transfer and subsequent site
qualification process resulted to lost production days.
The
Group recorded cost of sales of $17.85 million in 2002, a decrease of
$962,000 compared to the $18.81 million cost of sales for the previous
year. Included in the cost of sales is the amount of $1.18million
representing one-time restructuring charges and additional provisions
for write-downs of advances to suppliers, fixed assets and obsolete
inventories. The Group adopted a more conservative approach towards
provisioning and write-downs as part of its continuing risk assessment
process and consistent with prudent financial management practices. As
a result, the take up of these non-recurring charges in the cost of
sales, coupled with the drop in sales, resulted to a gross loss of
$614,000 in 2002 compared to a gross profit of $4.70 million reported a
year ago.
Fastech's
operating expenses in 2002 amounted to $3.63 million or practically the
same level as the operating expenses of $3.52 million for 2001. The
Group also reported other expenses amounting to $1.37 million which
includes retrenchment costs, provision for advances to equipment
suppliers, write-off of goodwill, and impairment loss on fixed assets.
The Group conducted an impairment test on its long-lived assets in
compliance with SAS No. 36 which requires an assessment of the
recoverable amount of company assets when a company's stock price is
below book value.
The
Group registered a net loss before tax of $6.26 million in 2002
compared to a profit before tax of $387,000 in 2001. The net loss after
tax amounted to $6.40 million or a diluted loss per share of $0.041
versus a net income after tax of $155,000, with an equivalent diluted
earnings per share of $0.001, for the previous year.
Notwithstanding
the difficult business conditions and the non-recurring charges
recognized during the year, the Group still managed to report a
positive earnings before interest, taxes, depreciation and amortization
(EBITDA) of $617,000. The EBITDA in 2001 amounted to $6.85 million.
"The
Group completed the last stage of its corporate transformation process
in the 1st quarter and also started to reap the benefits of
restructuring. The notable improvement in the Group's overall
performance had become apparent by the 3rd Quarter. However, poor
business conditions in the 4th Quarter dampened the Group's full year
results." said Mr. Antonio N. Abaya, Jr., Chief Financial Officer of
Fastech.
Business
Mix
Discrete
and power semiconductors accounted for 76% of the total sales in 2002.
Other components and assemblies (which includes integrated circuits,
optoelectronic devices, radio frequency devices and module assemblies)
contributed 24%. This is compared to 67% for discrete and power
semiconductors and 33% for other components and assemblies in 2001.
In
terms of geographic distribution, Europe remained the top market of
Fastech in 2002 with 65% share. The US follows with 33% and the rest is
Asia with 2%. This is compared to 56% for Europe; 39% for the US and 5%
for Asia in 2001.
4th
Quarter Highlights
The
Group recorded, for the first time since the onset of the industry
downturn, a year-on-year growth in sales as it reported turnover of
$4.82 million in the 4th Quarter of 2002 compared to $4.07 million in
the same period the previous year. This was accomplished despite the
slight drop in sales from the previous quarter's turnover of $4.90
million. Similarly, unit shipment grew by 24% to 169 million units in
the 4th Quarter from 136 million units in the same period in 2001. Unit
shipment in the 3rd Quarter was 167 million units.
Gross
loss for the 4th Quarter amounted to $550,000 as the Group booked
additional provisions in the amount of $1.02 million, for write-downs
of advances to suppliers, fixed assets and obsolete inventories, and
other non-recurring charges. This compares to the gross profit of
$455,000 in the 3rd Quarter and gross loss of $136,000 for the same
period in 2001.
The
Group reported a net loss before tax of $2.93 million in the 4th
Quarter, inclusive of provision for write-downs of advances to
equipment suppliers and the impairment loss on fixed assets amounting
to $421,000. The net loss before tax amounted to $253,000 in the
previous quarter and $521,000 in the same period in the previous year.
Net loss after tax was.$3.05 million or a loss per share of $0.0197 per
share compared to a net loss after tax of $261,000 or $0.0017 per share
in the 3rd Quarter and $683,000 or $0.0044 during the same period in
2001.
Business
Outlook
"It is
clear that the prolonged downturn that has hit global semiconductor
industry is now behind us. But it is also clear that the recovery in
2003 that we have been expecting will be gradual, as the industry
continues to face tough business prospects in the midst of continuing
negative concerns over the global economy." said Mr. Saturnino G.
Belen, Jr., Fastech Chief Executive.
"Inspite
of this, Fastech expects a better year in 2003 compared to 2002 as it
anticipates stronger overall performance this year compared to the
previous one. New customer wins resulting from the Group's successful
marketing efforts in the past year, are expected to bolster Fastech's
revenues for 2003. With six new customers already in the bag, the Group
anticipates sequential increases in quarterly sales for the whole of
2003, with turnover expected to exceed breakeven level by the 3rd
Quarter of this year." commented Mr. Belen.
"As
such, even if industry growth this year turns out to be flat, we at
Fastech can still look forward to 2003 with positive expectations. Our
expanded customer base, the result of our relentless marketing effort
in the past year, will ensure that we will be able to grow revenues
once again in 2003, after two consecutive years of decline." added Mr.
Belen.
FASTECH SYNERGY LTD ANNOUNCES 2nd QUARTER 2002
FINANCIAL RESULTS
MANILA,
Philippines- 30 July 2002. Fastech Synergy Ltd announced
today the financial results for the 2 nd Quarter ended 30 June 2002.
Turnover
for the 2 nd quarter reached $4.38 million, a 40% growth from the
previous quarter turnover of $3.14 million. The increase in sales
reflected the general improvement in business conditions and the
Group's success in stabilizing operations after it completed its
consolidation in the previous quarter. Unit shipment in the 2 nd
quarter increased to 150 million units from 106 million units in the 1
st quarter. Turnover for the same period last year amounted $6.50
million on shipment of 172 million units.
Gross
Profit for the 2 nd quarter amounted $117,000 compared to the previous
quarter's -$637,000 and $1.77 million for the same period in 2001. The
significant improvement in sales allowed Fastech to post a gross profit
for the period, reversing the negative trend in the past two quarters.
Similarly, the Group reported earnings before interest, taxes,
depreciation and amortization (EBITDA) of $828,000 compared to
-$523,000 in the previous quarter. EBITDA for the same period last year
amounted to $2.39 million.
Fastech
registered a net loss before tax in the 2 nd quarter amounting to
$858,000 compared to a net loss before tax of $2.23 million for the
previous quarter and net income before tax of $737,000 for the same
period in 2001. The Group recorded a net loss after tax of $867,000
million for the 2 nd quarter, or a diluted loss per share of $0.006.
Sequentially, it registered a $2.41 million net loss after tax with an
equivalent loss per share of $0.016 in the 1 st quarter of 2002. It
reported a net income of $713,000 for the same period last year or an
equivalent earnings per share of $0.005.
"The
notable improvement in the Group's overall financial performance in the
2 nd Quarter confirms what we said in our 1 st quarter results
announcement that the worst is behind us. The 2 nd quarter results
showed a reversal of trend in terms of turnover and profit margins as
the Group's sales approached the Group's break-even level. In
particular, the positive EBITDA for the period marked a significant
turnaround from the 1 st quarter results." said Mr. Antonio N. Abaya,
Jr., Chief Financial Officer of Fastech.
1st
Half Highlights
For
the 1 st Half ended 30 June 2002, recorded sales was $7.52 million from
$14.24 million for the same period in 2001. The Group registered a
-$520,000 gross profit for the first six months of the year compared to
$4.29 million of the same period last year.
Net
loss before tax totaled $3.07 million compared to the $1.82 million
income recorded in the same period in 2001. Net loss after tax was
$3.28 million or a loss per share of $0.021 per share compared to a net
income after tax of $1.76 million or $0.011 per share during same
period the previous year.
For
the 1 st Half of 2002, power semiconductors accounted for 76% of the
total sales. Telecom components contributed 10% with the rest
accounting for 14%. This is compared to 66% for power semiconductors;
19% for telecom components and 15% for others during the 1 st Half of
2001.
In
terms of destination, Europe remained the top market of Fastech with
64% share during the 1 st quarter. The US follows with 34% and the rest
is Asia with 2%. This is compared to 58% for Europe; 38% for the US and
4% for Asia during the 1 st Half of 2001.
Business
Outlook
"Since
the start of the year, we had anticipated a slow recovery for the
semiconductor industry. Accordingly, we concentrated our efforts in
reducing the Group's break-even point. The cautious sentiment
prevailing in the industry validates our approach in giving priority to
cutting costs. Moving forward, we are focused on meeting our customers'
current requirements and getting ourselves ready for an expected upturn
in 2003." commented Mr. Saturnino G. Belen, Jr., Fastech Chief
Executive.
"Inspite
of the more sobering outlook, we still expect to see some improvement
in quarter-over- quarter sales. However, any earnings arising out of
this sales growth for the remaining half of 2002 may not be enough to
offset the losses incurred in the first half of the year." said Mr.
Belen.
FASTECH
APPOINTS NEW PRESIDENT
MANILA,
Philippines - 02 July 2002. Fastech Synergy Ltd. (Bloomberg:
FAST SP) announced today that the Board of Directors has confirmed the
appointment of Mr. John Robert Payne as President of Fastech Synergy
Ltd. effective July 2002.
Prior to his appointment at Fastech, Mr. Payne was concurrently
President and General Manager of IDT (Philippines) Inc. and Managing
Director of IDT (Malaysia) Sdn. Bhd., the semiconductor manufacturing
subsidiaries of Integrated Device Technology, Inc. (Nasdaq:IDTI). In
addition to his general management responsibilities for IDT's
Philippine and Malaysian operations, he was also responsible for
managing IDT's assembly and test subcontractor activities in Asia.
Mr.
Payne has over 30 years experience in the semiconductor industry, of
which 25 years were spent in Asia. Prior to joining IDT in 1987, he
served in various senior management positions at Advanced Micro Device
Inc. (NYSE:AMD), including General Manager of AMD (Philippines), Inc.
and Managing Director of AMD (Malaysia) Sdn. Bhd. He began his career
in the semiconductor industry in 1966 with Northern Electric Co. Ltd.,
the predecessor of Nortel Networks Corp. (NYSE:NT), before moving to
AMD in 1975. Mr. Payne obtained his Bachelor's degree in Technology (1
st Class Honors) from the Brunel University in London, England.
Mr.
Payne was also appointed as Director of the Company in place of Mr.
Alberto V. Espiritu who resigned as Director effective 30 June 2002.
FASTECH
SYNERGY LTD ANNOUNCES ITS 2002 1st QUARTER FINANCIAL RESULTS
MANILA,
Philippines- 17 April 2002. Fastech Synergy Ltd
announced today the financial results for the 1st quarter ended 31
March 2002.
Revenue for the 1st quarter totaled $3.14 million compared to $4.07
million for the previous quarter, and $7.74 million for the 1st quarter
2001. The lower 1st quarter sales was mainly due to the lower volume
shipped during the quarter and the lower average selling prices (ASPs)
due to change in product mix and price discounts that took effect in
July last year.
Unit
shipment in the 1st quarter 2002 decreased to 106 million units
compared to 136 million units in the 4th quarter 2001 and 199 million
units in the same period last year. The lower volumes is reflective of
the prevailing weakness of business within the industry. It is also
attributable in part to the transfer of the Group's manufacturing
facility in FTI Taguig to its manufacturing complex in Cabuyao, Laguna.
This transfer process which involved removal/installation of equipment,
site qualification, and relocation of materials inventories, coupled
with Chinese New Year and Easter week holidays (which both fell within
the first quarter), effectively resulted to lost production days.
Gross
Profit for the 1st quarter was -$637,000 compared to the previous
quarter's -$136,000 and $2.48 million for the same period in 2001. The
lower Gross Profit is mainly due to the decline in turnover from the
previous quarter, one-time charges resulting from writeoff of leasehold
improvements, and increase in depreciation & amortization.
Fastech
registered a net loss before tax in the 1st quarter amounting to $2.23
million compared to a net loss before tax of $530,000 for the previous
quarter and net income before tax of $1.08 million for the same period
in 2001. The Group recorded a net loss after tax of $2.24 million for
the 1st quarter of 2002, or a diluted loss per share of $0.014.
Sequentially, it registered a $692,000 net loss after tax with an
equivalent loss per share of $0.004 in the 4 th quarter of 2001. It
reported a net income of $1.05 million for the same period last year or
an equivalent earnings per share of $0.007. The 1st quarter result
already took into account one-time costs amounting to $477,000 related
to the transfer of the Group's FTI Taguig plant and payment of
retrenchment benefits resulting from the Group's reduction in force.
"Fastech
has sucessfully completed the transfer of its FTI Taguig plant to the
Fastech Manufacturing Complex in Cabuyao, Laguna ahead of schedule.
With this, the Group has already executed the critical steps of its
Corporate Transformation Process namely: 1) consolidation of its
manufacturing operations into one location; 2) rationalization of its
production lines; 3) streamlining of its organizational structure.
Although it reported a net loss for the quarter, the Group now feels
that the worst is already behind it, and that it is now properly
positioned for the coming upturn." commented Mr. Antonio N. Abaya Jr.,
Fastech's Chief Financial Officer.
Mr.
Abaya further reported the following details related to the Group's
financial report:
"We
are starting to see the savings coming from our corporate
transformation as evidenced by changes in our cost structure."
"Manufacturing
overhead decreased by $295,000 or 9.8% compared to the same period last
year; and likewise decreased by $125,000 or 4.4% against the previous
quarter."
"We
were able to reduce operating expenses to $782,000, down by 31.5% from
last year' level of $1.14 million."
"Depreciation
and amortization, however, increased by $193,000 or 15.2% compared to
the same quarter in 2001 as the effect of the Group's strategic
investments to build capacity took effect."
"The
impact of foreign currency translation losses was also felt this
quarter amounting to $145,000. This is the effect of the appreciation
of the Philippine peso vs. US Dollar which was pegged at 51.09 at
monthend vs. 51.69 at the end of 2001."
Business
Mix
For
the three months period Jan to March 2002, discrete semiconductors
accounted for 74% of the total sales. Telecom components contributed
10% with the rest accounting for 16%. This is compared to 64% for
discrete; 20% for telecoms and 16% for others during the 1st quarter of
2001.
In
terms of destination, Europe remained the top market of Fastech with
62% share during the 1st quarter. The US follows with 37% and the rest
is Asia with 1%.
Business
Outlook
The
financial results for the 1st quarter are still within the guidance
that the Group gave last quarter.
"From
hereon, we expect to realize the full benefits of the Corporate
Transformation that the Group has just undergone. We anticipate
quarter-on-quarter sales to steadily improve and exceed breakeven level
by the 3 rd quarter of this year, if not earlier." commented Mr.
Saturnino G. Belen Jr., Fastech's Chief Executive.
"For
the year, the Group expects to report an operating income, thus
preserving its unbroken record of positive earnings through the years
since 1987. However, unfavorable developments such as additional
restructuring charges and the adverse movement in the foreign exchange
rate may put net income at risk." Mr. Belen added.
FASTECH CONSOLIDATES OPERATIONS IN CABUYAO, LAGUNA
MANILA,
Philippines - 11 February 2002. Fastech Synergy Ltd wishes to
announce that the Group has successfully completed the consolidation of
its manufacturing operations at the Fastech Manufacturing Complex in
the Light Industry and Science Park, Cabuyao, Laguna.
In
July 2001, Fastech announced that it was implementing a corporate
transformation process aimed at reducing the Group's break-even point.
One of the major initiatives behind this process is the consolidation
of its manufacturing operations from three sites to one location. The
first phase of this consolidation was the transfer of its production
operations in Sucat, Paranaque, which was accomplished in August 2001.
The second and final phase was the transfer of its production
operations in Taguig, Metro Manila, which was completed today ahead of
schedule.
"The
consolidation of our manufacturing operations enables us to fully
implement the rationalization of our production lines. Accomplishing
the transfer earlier than originally planned now allows us to realize
the reduction of our break-even point sooner than anticipated." said
Fastech Chief Executive S.G. Belen.
The
transfer of its Taguig Facility will reduce the Group's workforce by an
estimated 17% from its manpower count of about 1,438 at the beginning
of the year. This will result in a one-time charge amounting to
approximately USD 300,000, primarily in retrenchment benefits, which
will be reflected in the 1st Quarter of 2002.
"With
the key elements of our corporate transformation process already in
place, we are now more confident that we will be able to deliver better
results in 2002 compared to the year just ended." Mr. Belen added.
Fastech earlier reported a Net Income After Tax of USD 146,000, inspite
of a severe downturn in the global semiconductor industry.
FASTECH SYNERGY REPORTS POSITIVE RESULTS FOR YEAR
2001
SINGAPORE
- 29 January 2002. Fastech Synergy Ltd announced today a
Net Income After Tax of $146,000 from a Turnover of $23.51 million for
the year ended 31 December 2001.
Fastech
Chief Executive S.G. Belen said, " We are, of course, happy to report a
profit for the year in the face of severe business conditions which
challenged companies in our industry space. The positive performance
for the year preserved our track record, dating back to 1987, of making
money even during industry downturns".
Fastech's
2001 turnover was down 25% from $31.29 million for year 2000. This
compares to an estimated drop of 30% for the entire semiconductor
industry in 2001 according to the Semiconductor Industry Association
(SIA). The lower sales in 2001 was due mainly to the soft market and
sluggish economic conditions during the second half of the year. Units
shipment in 2001 decreased to 674 million units compared to 747 million
units in the previous year. The average selling price (ASP) for 2001
decreased compared to the previous year due to the change in the mix of
devices assembled, as well as the effect of price discounts.
The
recorded Gross Profit in 2001 was $4.70 million or a gross margin of
20% compared to Gross Profit of $11.81 million or a gross margin of 38%
a year ago. The drop in gross profit was primarily due to lower sales.
Depreciation
and amortization expenses in 2001 was $4.92 million, 28% higher than
the previous year. This is the direct effect of the Group's move in
2000 to strategically build-up capacity.
Operating
expenses amounted to $3.52 million in 2001 compared to $4.82 million
the previous year. The 27% reduction in opex is a result of the Group's
aggressive cost reduction program to keep pace with the industry
slowdown.
The
year 2001 ended with Fastech posting an EBITDA of $6.84 million or an
EBITDA margin of 29%. In 2000, the full year EBITDA was $12.82 million.
The
Group registered a Profit Before Tax of $ 379,000 versus $ 7.48 million
the previous year. Profit After Tax was $ 146,000 compared to $7.25
million in 2000. The corresponding diluted earnings per share for 2001
was 0.10 cents compared to 4.7 cents the previous year.
Corporate
Transformation Process
In the
3rd quarter of 2001, the Group has embarked on its corporate
transformation process aimed at reducing its break-even point. One of
the major initiatives behind this process is the consolidation of its
manufacturing operations into a single location at the Fastech
Manufacturing Complex in Cabuyao, Laguna. Another initiative is the
rationalization of its production lines. The original nineteen (19)
production lines have been regrouped into seven (7) production
clusters. The Group expects that this will improve operational focus,
resulting in higher levels of production and engineering expertise in
the specific products. In the end, this will also enhance customer
service.
The
Group has also started streamlining its organizational structure to
complement its consolidation and rationalization moves. The
reorganization has reduced the Group's workforce by an estimated 17%
from its July manpower count of about 1,800. Further reductions are
expected as the Group moves into the final stages of the reorganization
process, which is expected to be completed not later than the 2nd
quarter of 2002.
"With
the implementation of our corporate transformation process and through
our determined efforts to reduce costs, we were able register positive
results for 2001. Going forward, we are in a better position to take
advantage of the industry upturn that may happen in 2nd half of 2002.",
says Fastech Chief Financial Officer Antonio N. Abaya, Jr.
Business
Mix
Sales
to Europe in 2001 continues to be strong accounting for 56% of total
sales compared to 58% in 2000. US customers accounted for 39% of sales
in 2001 versus 38% the previous year. Asian sales slightly improved to
5% from last year's 4%.
Fastech's
core business of power semiconductors contributed 67% to the total
revenues in 2001, up from 61% in 2000. Telecom components accounted for
18% while other products accounted for 15%. This compares to 21% and
18% respectively in 2000.
Capital
Expenditure
Fastech
incurred $9.60 million in capital expenditure in 2001. About 55% or
$5.28 million was booked in the 1st semester as part of the Group's
production line expansion program that was initiated in the previous
year. Capital expenditure in the 2nd half was limited to consolidation
expenses that is part of its corporate transformation process and the
completion of the construction of the 3rd building in Fastech's
manufacturing complex in Cabuyao, Laguna.
Current
Year's Prospects
"We
expect the sales profile in 2002 to be a mirror image of 2001 with
quarterly sales moving up from the 1st quarter to 4th quarter", says
Mr. Belen. "It is too early to say if 2002 sales will top that of 2001,
but, we anticipate profits to improve in 2002 as a result of the
reduction of the Group's break-even cost structure", added Mr. Belen.
4th
Quarter 2001 Financial Highlights
Fastech
recorded a Turnover of $4.07 million in the 4th quarter of 2001 from
$7.91 million in the 4th quarter a year ago. The Group shipped 136
million units for the quarter versus 193 million units for the same
period in 2000.
Due to
lower turnover, a pre-tax loss of $529,000 was recorded in the 4th Qtr
2001 compared to a pre-tax income of $1.20 million the previous year.
Net Loss after tax for the quarter of $693,000 versus an income after
tax of $ 1.22 million for the same period in 2000. Reflecting the
latest results of the Group, net loss per share for the 3-months ended
31 December 2001, stood at 0.4 cents compared to an earnings per share
of $ 0.8 per share in the 4th quarter the year before.
CONSTRUCTION SITE ACCIDENT AT FASTECH CABUYAO
MANILA,
PHILIPPINES - 30 December 2001 Fastech Synergy Ltd
(Bloomberg: FAST SP) wishes to announce that at around 10:15 a.m. on 30
December 2001, an accident occurred at its Building 3 construction site
inside the Fastech Manufacturing Complex in the Light Industry and
Science Park, Cabuyao, Laguna.
The
accident was apparently caused by an explosion at the cistern tank
works of Building 3 that is currently under construction. As a result,
three construction workers assigned by the general building contractor,
People's Asia Pacific Construction Corporation, have been confirmed
dead. Names of the casualties are being withheld pending notification
of next of kin. Seven other construction workers have sustained
injuries requiring hospitalization.
Building
3 construction is yet to be completed and has not been turned over by
the general building contractor to Fastech. In the meantime, all
construction works have been suspended pending inquiry on the cause of
explosion.
The
accident caused superficial damage to some non-production areas of
Building 1 (which is adjacent to the construction site), but it did not
affect Fastech manufacturing operations and no Fastech employee
suffered any injuries.
FASTECH ANNOUNCES 3rd QUARTER 2001 FINANCIAL RESULTS
MANILA,
Philippines- 18 October 2001. Fastech Synergy Ltd announced
today financial results for the 3rd quarter ended 30 September 2001.
Sales
for the quarter totaled $5.20 million compared to $6.50 million for the
previous quarter, and $8.04 million for the 3rd quarter 2000. The lower
3rd quarter sales was mainly due to the continuing softness in all
segments of the market brought about by the global slowdown in the
semiconductor industry.
Units
shipment in the 3rd quarter 2001 decreased to 166 million units
compared to 172 million units in the 2nd quarter and 196 million units
in the same period last year. The ASP for the 3rd quarter decreased 17%
compared to the 2nd quarter mainly due to the change in mix of devices
assembled.
Gross
Profit for the 3rd quarter was $528,000 compared to the previous
quarter's $1.77 million and $2.94 million for the same period in 2000.
The lower Gross Profit is mainly due to the decline in turnover from
the previous quarter as well as one-time provision of $229,000 for
inventory obsolescence and write-off.
Fastech
registered a net loss before tax in the 3rd quarter amounting to
$912,000 compared to a net income before tax of $736,000 for the
previous quarter and $2.06 million for the same period in 2000. The
Group recorded a net loss after tax of $925,000 for the 3rd quarter of
2001, or a diluted loss per share of 0.60 US cents. Sequentially, it
registered a $712,000 net income after tax with an equivalent earnings
per share of 0.46 US cents. It reported a net income of $ 2.08 million
for the same period last year or an equivalent earnings per share of
1.35 US cents. The 3rd quarter figure includes restructuring and
non-recurring charges of $616,000 resulting from the implementation of
the Group's Corporate Transformation Program.
Fastech
is implementing a transformation program to reduce the Company's
break-even point. "We continue to streamline our organizational
structure; we have already implemented the complete transfer of our
production facilities from Sucat, Paranaque to our Manufacturing
Complex in Cabuyao. We have initiated hiring freezes, reduced our
manpower, implemented compulsory vacation leaves and production line
shutdowns for August and September." stated Fastech Chief Executive S.
G. Belen, Jr.
Nine
Months Highlights
For
the nine months ended 30 September 2001, recorded sales was $19.44
million from $23.38 million for the same period in 2000. The Group
registered a $4.81 million gross profit for the nine months of the
present year compared to $9.11 million of the same period last year.
Net
income before tax totaled $908,000 compared to the $6.28 million income
recorded in the same period in 2000. Net income after tax was $839,000
or an earnings per share of 0.54 US cents per share compared to $6.03
million or 3.90 US cents per share during same period the previous
year.
"In
this difficult times, we are pleased that our operating results are
still positive for the first nine-months of the year. Going forward,
Fastech will continue to aggressively manage its costs in relation to
the drastic reduction in the volume of business. This way the Group
will be well positioned for the eventual recovery." commented Mr.
Belen.
Business
Mix
For
the nine months period, discrete semiconductors accounted for 66% of
the total sales. Telecom components contributed 19% with the rest
accounting for 15%. In terms of destination, Europe remained the top
market of Fastech with 57% share. The US follows with 38% and the rest
is Asia with 5%.
The
value added sales contribution of the company's captive production
lines represented 51% of total production.
Business
Outlook
After
the September 11 terrorist attacks in the United States, the Group no
longer expects sales to improve in the 4th quarter and is expected to
be even lower than the 3rd quarter. Despite the weak 4th quarter sales,
the Group expects to register a positive income from operations for
2001. However, net income for the year is at risk as a result of
interest expense and additional restructuring charges that will be
incurred in the 4th quarter.
Click
here to view the tables on 3rd Quarter Financial Results.
FASTECH STREAMLINES ITS
ORGANIZATIONAL STRUCTURE
MANILA,
Philippines -24 July 2001. Fastech Synergy Ltd (Bloomberg:
FAST SP) announced today additional details of the implementation of
its corporate transformation process aimed at reducing the Group's
break-even point.
As
previously announced during the Group's 1st Half briefing last 12 July
2001, Fastech is streamlining its organizational structure as part of
its corporate transformation process. The reorganization is expected to
reduce the Group's workforce by an estimated 17% from its current
manpower count of about 1,800.
The
reorganization is expected to be completed on or before the end of
September 2001. This will result in a one-time charge amounting to
approximately USD 200,000, primarily in retrenchment benefits, which
will be reflected in the 3rd Quarter of 2001.
In
addition to streamlining the Group's organizational structure, Fastech
is consolidating all its production operations at the Fastech
Manufacturing Complex in Cabuyao, Laguna, as well as rationalizing its
production lines. This move is expected to marginally increase the
Group's production capacity without significant additional capital
expenditure.
Fastech
Chief Executive S.G. Belen said, "With these measures in place, we are
confident that the Group will be in position to compete effectively
once the industry recovers from the current slowdown."
In
addition to the above, Fastech is also implementing other cost saving
measures such as mandatory usage of accumulated vacation leaves,
shorter working weeks and planned shut downs, in response to the lower
demand expected for the 3rd Quarter. "Most of our customers in Europe
and the USA have informed us that some of their wafer fabs will be
closed for several weeks in the third quarter. Accordingly, we are
shutting down one week in August and another week in September." said
Mr. Belen.
"While
we are no longer expecting any upturn in the industry for the 2 nd Half
of the year, we are confident that Fastech will be able to stay
profitable for year 2001. At this time, we are seeing indications of a
bottoming out but it is still premature to infer a recovery based on
this." Mr. Belen added.
FASTECH
REPORTS FIRST HALF 2001 FINANCIAL RESULTS
- Net income for the six months ended 30 June 2001 of
$ 1.76M from a Turnover of $14.24M.
- Earnings
per share of $ 0.011 in the 1st Half of 2001.
- Volume
production in the 1st Half amounted to 372 Million parts.
SINGAPORE -12 July 2001
Fastech Synergy Ltd (Bloomberg: FAST SP) reported today encouraging 1st
Half results as it posted a profit in the midst of the semiconductor
industry slowdown. Fastech recorded a Net Income after Tax of $ 1.76M
from a Turnover of $ 14.24M in the six months ended 30 June 2001.
"Despite
the current weak market sentiments in the global semiconductor market,
we are happy to deliver a set of positive 1st Half results to our
shareholders. The decline in the market during the first half of the
year was a major challenge to our entire management to respond quickly
to the changing conditions. Emerging from this very challenging period,
we are confident that the team at Fastech is capable to swiftly respond
to the continuing turbulence in our business environment" said S.G.
Belen, Fastech Chief Executive.
Fastech
shipped a total of 372 million units in the 1st Half versus 358 million
units last year, a 4% increase. Fastech's captive business provided the
stability and prevented any decline in volume. The captive business
refers to multi-year guaranteed contracts where customers book the
capacity of the production lines in advance. For the semester, captive
business comprise approximately 44% of the Group's total production
output compared to 45% for the same period last year.
The
Group recorded a Pre-tax Income of $ 1.82M compared to $ 4.22M of the
same period last year. Net income after tax for the six months was $
1.76M or $ 0.011 per share compared with the six months income of
$3.95M or $0.026 per share for the same period of the previous year.
Pre-Tax
margin for the 1st Half of 2001 was at 13% compared to 27% for the same
period last year. The net income margin also declined from 26% in the
first 6 months of 2000 to 12% in 2001. The lower margins are partly
attributable to the increase in depreciation and amortization charges
from $1.90 M in the 1st Half of 2000 to $2.62M for the current period.
The Group embarked on a capacity build-up last year owing to the
favorable market condition at that time.
2nd
QUARTER 2001 FINANCIAL HIGHLIGHTS
Fastech recorded a Turnover of $6.50M for the 2nd Qtr. of 2001 from
$7.64M a year ago. The Group shipped 155 million units versus 180
million units last year.
Pre-tax
Profit in the 2nd Qtr 2001 was $ 0.74M compared to $ 2.10M the previous
year. Net Income for the quarter of $ 0.71M versus an income of $ 1.95M
last year. Reflecting the latest results of the Group, earnings per
share for the 3-months ended 30 June 2001, stood at $0.005 compared to
$ 0.013 the year before.
The
Group recorded a Gross Profit margin of 27% from last year's 39%. Net
profit margin was 11% in the 2nd Qtr versus last year's 26%.
For
the 2nd Qtr, power semiconductors contributed 65% to the total
turnover. Telecom components contributed 19% with the rest accounting
for 16%. In the 2nd Qtr 2000, power semiconductors contributed 66%,
Telecom components contributed 18% and others, 16%.
As to
destination, Europe remains to be the company's major market comprising
58% of the company's total turnover. US follows with 38% and the rest
is Asia with 4%. For the same period the previous year, Europe
contributed 66%, US 30% and Asia contributed 4% to the total turnover.
FASTECH SYNERGY APPOINTS NEW
CHIEF FINANCIAL OFFICER AND TREASURER
 MANILA - 2 July 2001.
Fastech Synergy Ltd (Bloomberg: FAST SP) announced today the
appointment of Mr. ANTONIO N. ABAYA, Jr. as Chief Financial Officer and
Treasurer.
Mr.
Abaya is an investment banker, professional manager and entrepreneur.
He has extensive experience in international investment banking as well
as line operations in various industries. He holds a Master in Business
Management degree (with Distinction) from the Asian Institute of
Management and a Bachelor's degree in Metallurgical Engineering (magna
cum laude) from the University of the Philippines. Before joining
Fastech, he was Associate Director of Capital Strategies Limited where
he was responsible for the corporate finance projects of the firm. He
handled projects and investments in the Philippines, Hongkong,
Singapore, China and the USA. He was financial advisor to companies
which have successfully raised financing thru private placement and/or
public offering of their shares.
Mr.
Abaya will replace MS. CARMELITA M. CHUA who has resigned as Chief
Financial Officer effective today. Ms. Chua, however, will remain as
member of the Board of Fastech Synergy. She will also maintain her
position as a Member of the Audit Committee.
FASTECH SYNERGY LTD
ANNOUNCES 1Q 2006 FINANCIAL RESULTS
MANILA,
Philippines - 25 APRIL 2006. Fastech Synergy Ltd announced today its
Financial Results for the first three months ended 31 March 2006.
The Group's net sales for the first quarter of 2006 was $3.19 million,
from net sales of $3.21 million in the sequential quarter and $4.65
million net sales in the first quarter of 2005.
Actual production of 86.56 million units for the quarter was up by
2.4%, from 84.55 million units in the preceding quarter.
Value Added Sales, defined as net sales less direct materials cost, was
$2.27 million for the quarter, up by 8% or $163,000 from $2.10 million
in the sequential quarter. This was a result of a better product mix
& higher volume shipped during the current period.
Gross loss from the quarter was $455,000 from a gross loss of $1.86
million in the fourth quarter last year. The gross loss in the
sequential quarter however, included the one-time audit adjustment
totaling $1.20 million for the loss on impairment of fixed assets,
provision for inventory obsolescence and the reclassification of the
retrenchment cost to manufacturing overhead from the other expenses.
The Group's net loss for the quarter was $1.52 million from a net loss
of $2.84 million in the sequential quarter and net loss of $1.46
million in the first quarter of 2005.
The Group's semiconductor assembly and test business contributed 70%
(from 74% in 1Q 2005) to the total sales (in absolute figures) while
the modules business added 30% (previously 26% in 1Q 2005). The
semiconductor assembly and test business includes discrete &
power
semiconductors products and integrated circuits. Modules business, on
the other hand, includes PCB assemblies, microwave modules and radio
frequency devices.
Business Outlook
"The results for the quarter were as expected and the Group continues
to demonstrate a steady progress in driving new value propositions for
its identified niche markets" said Allan P. Timonera, President. "Our
employees remain focused on executing and driving efficiency in all
areas of our operations. For the remainder of the year, we expect
improved performance as we continue identifying and developing new
market niches. Growing our revenue and customer base through new and
diversified end markets will be the direction we will pursue.
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Financial Results
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