UMC Reports First Quarter 2016 Results

Consolidated revenues in 1Q16 rose 1.6% sequentially to NT$34.40 billion, including NT$34.31 billion from the foundry segment. Gross profit during the quarter declined 27.9% QoQ to NT$5.03 billion, or 14.6% of revenue. Operating expenses remained at NT$5.07 billion resulting in an operating loss of NT$16 million. Net non-operating income decreased 94.9% QoQ to NT$46 million. Net income attributable to stockholders of the parent in 1Q16 was NT$210 million.

Earnings per ordinary share for the quarter was NT$0.02. Earnings per ADS were US$0.003. The basic weighted average number of outstanding shares in 1Q16 was 12,408,239,978, compared with 12,407,897,412 shares in 4Q15 and 12,526,260,458 shares in 1Q15. The diluted weighted average number of outstanding shares was 12,492,270,589 in 1Q16, compared with 13,601,975,910 shares in 4Q15 and 12,660,046,525 shares in 1Q15. The fully diluted share count on March 31, 2016 was approximately 13,858,726,000. On March 31, 2016, UMC held 334 million treasury shares acquired from the 15th and 16th share buy-back programs.

Detailed Financials Section

Consolidated revenues increased 1.6% in 1Q16 to NT$34.40 billion, reflecting early year seasonality. Cost of goods sold increased 9.3% to NT$29.37 billion due to a 7.5% increase in depreciation and a 10.3% increase in other manufacturing costs including costs associated with the February 6, 2016 earthquake. 1Q16 gross profit decreased 27.9% sequentially to NT$5.03 billion, due to the increase in cost of goods sold. Operating expenses remained at NT$5.07 billion. R&D expenses represented 9.0% of operating revenues. Operating loss was NT$16 million for the quarter.

COGS & Expenses
(Amount: NT$ million)   1Q16   4Q15   QoQ %
change
  1Q15   YoY %
change
Net Operating Revenues   34,404   33,849   1.6   37,650   (8.6)
COGS (29,370) (26,870) 9.3 (28,495) 3.1
Depreciation (10,424) (9,700) 7.5 (9,115) 14.4
Other Mfg. Costs (18,946) (17,170) 10.3 (19,380) (2.2)
Gross Profit 5,034 6,979 (27.9) 9,155 (45.0)
Gross Margin (%) 14.6% 20.6% 24.3%
Operating Expenses (5,065) (5,065) 0.0 (4,914) 3.1
G&A (970) (916) 5.9 (953) 1.8
Sales & Marketing (1,010) (1,044) (3.3) (1,045) (3.3)
R&D (3,085) (3,105) (0.6) (2,916) 5.8
Net Other Operating

Income & Expenses

15 (34) - (142) -
Operating Income (Loss)   (16)  

1,880

  -  

4,099

  -

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