SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACTS OF 1934
FOR THE MONTH OF MAY 2008
PSi TECHNOLOGIES HOLDINGS,
INC.
(Exact name of Registrant as specified in its Charter)
NOT APPLICABLE
(Translation of Registrants name into English)
Electronics Avenue
FTI Industrial
Complex
Taguig, Metro Manila 1604, Philippines
(Address of Registrants principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F
x
Form
40-F
Indicate by check mark whether
the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
No
x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
82-
PSi Technologies Holdings, Inc.
First Quarter 2008 Results
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: MAY 23, 2008
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PSi TECHNOLOGIES HOLDINGS, INC.
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By:
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/s/ Arthur J. Young, Jr.
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Arthur J. Young, Jr.
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President and Chief Executive Officer
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PSi Technologies Holdings, Inc.
First Quarter 2008 Results
PSi TECHNOLOGIES REPORTS FIRST QUARTER 2008 RESULTS
Manila, Philippines May 23, 2008 PSi Technologies Holdings, Inc., (NASDAQ: PSIT),
a leading independent provider of assembly and test services
for the power semiconductor market, today announced financial results for the first quarter ended March 31, 2008:
First Quarter Financial Results
The first quarter revenue totaled $21.5 million, a decrease of 8.5% compared to $23.5 million in the fourth quarter of 2007, and a decline of 13.0% as
compared to the same quarter in 2007. The decrease in sales over the first quarter of 2008 was primarily due to the downturn in customer orders of power packages for high power, medium current and fast-switching devices. These are commonly used for
home appliances, office and industrial equipment, and personal and consumer electronic applications.
The top five customers for the first quarter of 2008
(in alphabetical order) were Infineon Technologies, NXP Semiconductors, ON Semiconductors, Power Integrations, and ST Microelectronics. The products assembled and tested for these customers are used in various end user applications, such as
automotive systems, consumer electronics, communications equipment, industrial applications, home appliances and PC motherboards.
The cost of sales
decreased from $22.7 million in the fourth quarter of 2007 to $21.1 million in the first quarter of 2008. The decrease was largely driven by lower sales volume, savings through effective manpower alignment, savings in machineries and equipment
related expenses, reduction in power consumption and cost per Kilowatt and other factory overhead savings.
The decrease in revenue for the most recent
quarter by $2.0 million and the decrease in cost of sales by $1.6 million for the same period, resulted in a decrease in Gross Profit from $0.8 million during the fourth quarter of 2007 to $0.4 million in the first quarter of 2008.
The first quarter of 2008 Operating expenses of $2.5 million were lower by 2.3% as compared to the fourth quarter of 2007. This is mainly due to savings in the cost of
materials for research and development, marketing-related expenses and employee benefit costs.
Net loss decreased to $3.2 million for the first quarter of
2008 from $3.3 in the fourth quarter of 2007 largely due to lower foreign exchange losses.
Balance Sheet Highlights
Cash and cash equivalents totaled $4.6 million as of March 31, 2008, compared to $5.9 million as of December 31, 2007. The decrease in cash is largely
attributable to lower sales during the first quarter of 2008 compared to the fourth quarter of 2007.
The increase in other current assets, from $0.8
million last December 31, 2007 to $1.1 million in the first quarter of 2008 is primarily due to pre-payments related to lease and insurance.
PSi Technologies Holdings, Inc.
First Quarter 2008 Results
New acquisitions in property, plant and equipment totaled $1.2 million during the first quarter of 2008. These
expenditures are mostly related to equipment retooling and refurbishment to improve quality and efficiency.
Total current liabilities increased by $0.8
million, from $33.4 million as of December 31, 2007 to $34.2 million as of March 31, 2008, mainly due to increase in trade and capital liabilities.
Non-current liabilities account includes the carrying amount of $7.1 million Exchangeable Notes issued in July 2003 and June 2005, net of discount representing the embedded conversion feature of the Note.
Business Outlook
Arthur J. Young, Jr., Chairman and CEO said,
the first quarter of 2008 was a very challenging period as inventory adjustments and weaknesses in demand from some of our key customers drove down our overall business. On the positive side, we have started the quarter with a healthier
loading plan and continue to see month-to-month improvements. Moreover, we have positive developments in our new power management package portfolio, such as our QFN and Single Gauge DPAK. Our recent successful qualifications for Four Taiwan-based
companies indicate that we are on the right track towards customer base diversity and better package mix. Although we are enthusiastic and optimistic with regards to the improving business environment, we remain cautious and focused on improving our
customer base and enhancing our margins.
George A. Shaw, COO said,
for the first quarter of 2008, several customers started the new
year with caution that led to lower production volumes. During the same period, we completed the qualification phase of the Single Gauge DPAK for several new customers and initiated development programs for new customers for custom power packages,
with expected production in the third and fourth quarters of 2008. With regards to our existing packages, our continuous improvement activities led to new low-cost versions for our volume runners. We are also continuing our focus on the Quality
First initiative, and both of our factories continue to show improvement in operating metrics as a result. We started the second quarter with much better loading, and we are seeing an improved market situation as compared to the first quarter.
About PSi Technologies
PSi Technologies is a focused
independent semiconductor assembly and test service provider to the power semiconductor market. The Company provides comprehensive package design, assembly and test services for power semiconductors used in telecommunications and networking systems,
computers and computer peripherals, consumer electronics, electronic office equipment, automotive systems and industrial products. Their customers include most of the major power semiconductor manufacturers in the world such as Infineon
Technologies, ON Semiconductor, Philips Semiconductor, and ST Microelectronics. For more information, visit the Companys web site at
www.psitechnologies.com
or call:
PSi Technologies Holdings, Inc.
First Quarter 2008 Results
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At PSi Technologies Holdings, Inc.:
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At Financial Relations Board:
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Larry Cajucom
(63 2) 838 4489
lvcajucomjr@psitechnologies.com.ph
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Lasse Glassen
(213) 486 6546
lglassen@financialrelationsboard.com
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This press release contains forward-looking statements that involve risks and uncertainties. Actual results and
outcomes may differ materially. Factors that might cause a difference include, but are not limited to, those relating to the pace of development and market acceptance of PSis products and the power semiconductor market generally,
commercialization and technological delays or difficulties, the impact of competitive products and technologies, competitive pricing pressures, manufacturing risks, the possibility of our products infringing patents and other intellectual property
of third parties, product defects, costs of product development, manufacturing and government regulation, risks inherent in emerging markets, including but not limited to, currency volatility and depreciation, restricted access to financing and
political and social unrest and the possibility that the initiatives described herein may not produce the intended results. PSi undertakes no responsibility to update these forward-looking statements to reflect events or circumstances after the date
hereof. More detailed information about potential factors that could affect PSis financial results is included in the documents PSi files from time to time with the Securities and Exchange Commission.
-Financial Tables Follow-
PSi Technologies Holdings, Inc.
First Quarter 2008 Results
PSi Technologies Holdings, Inc.
Unaudited Income Statement
(In US Dollars)
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For the Three Months Ended
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31-Mar-08
Unaudited
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31-Dec-07
Unaudited
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31-Mar-07
Unaudited
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REVENUES
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$
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21,458,501
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$
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23,460,578
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$
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24,678,665
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COST OF SALES
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21,104,906
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22,674,157
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23,365,970
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GROSS PROFIT
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353,595
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786,422
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1,312,695
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OPERATING EXPENSES
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Research and development
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330,709
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374,991
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251,799
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Administrative expenses
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1,986,388
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1,996,723
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1,677,232
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Marketing expenses
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196,380
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200,582
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229,475
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Total Operating Expenses
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2,513,477
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2,572,296
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2,158,506
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LOSS FROM CONTINUING OPERATIONS
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(2,159,882
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)
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(1,785,874
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)
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(845,811
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)
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Interest and bank charges-net
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(235,157
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)
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(221,217
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(252,664
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Foreign exchange gains(losses)-net
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(153,964
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)
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(665,472
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(133,033
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Lease income
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41,370
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41,370
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41,370
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Exchangeable Note interest and financing charges
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(716,049
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)
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(657,283
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)
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(616,929
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)
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Gain on disposal of assets
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3,900
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8,811
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Miscellaneous
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19,258
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34,508
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12,263
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Net Other Expense
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(1,040,642
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)
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(1,459,283
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(948,993
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)
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NET LOSS FROM CONTINUING OPERATIONS
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(3,200,524
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)
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(3,245,157
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)
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(1,794,804
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NET LOSS FROM DISCONTINUED OPERATIONS
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66,000
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0
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NET LOSS
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$
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(3,200,524
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)
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$
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(3,311,157
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)
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$
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(1,794,804
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)
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No. of Shares Outstanding
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13,289,525
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13,289,525
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13,289,525
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EPS- based on Outstanding Shares
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(0.24
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(0.25
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)
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(0.14
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PSi Technologies Holdings, Inc.
First Quarter 2008 Results
PSi Technologies Holdings, Inc.
Unaudited Consolidated Balance Sheet
(In US Dollars)
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31-Mar-08
Unaudited
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31-Dec-07
Unaudited
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ASSETS
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Current Assets
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Cash
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$
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4,568,700
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$
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5,861,426
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Accounts receivable-net
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12,098,019
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12,263,943
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Inventories-net
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5,270,129
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4,823,987
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Other current assets-net
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1,106,145
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777,141
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Total Current Assets
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23,042,993
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23,726,497
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Noncurrent Assets
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Property, plant and equipment-net
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24,718,654
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26,380,350
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Other noncurrent assets-net
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1,007,367
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970,568
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Total Noncurrent Assets
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25,726,021
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27,350,918
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$
|
48,769,014
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$
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51,077,415
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LIABILITIES AND STOCKHOLDERS EQUITY
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Current Liabilities
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|
|
|
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|
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Accounts payable and accrued expenses
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$
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23,476,811
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|
$
|
22,407,087
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Accounts payable CAPEX
|
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|
734,979
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|
|
|
427,200
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Loans Payable
|
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|
9,980,000
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|
|
|
10,020,000
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Advance from customer
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|
|
|
|
|
466,503
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Trust receipts payable
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|
|
|
|
52,520
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|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
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|
34,191,790
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|
|
|
33,373,310
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|
|
|
|
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Noncurrent Liabilities
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|
|
|
|
|
|
|
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Exchangeable Note
|
|
|
7,126,917
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|
|
|
6,843,695
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Accrued retirement benefit cost
|
|
|
3,870,446
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|
|
|
4,081,877
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|
|
|
|
|
|
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Total Noncurrent Liabilities
|
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|
10,997,363
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|
|
|
10,925,572
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|
|
|
|
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Stockhoders Equity
|
|
|
|
|
|
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Capital stock-Philippine peso 1-2/3 par value
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|
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Authorized-37,058,100 shares
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Issued and outstanding-13,289,525 shares
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|
590,818
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|
|
|
590,818
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Additional paid-in capital
|
|
|
79,694,777
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|
|
|
79,692,925
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Other comprehensive loss
|
|
|
(1,807,801
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)
|
|
|
(1,807,801
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)
|
Deficit
|
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|
(74,897,933
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)
|
|
|
(71,697,409
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)
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|
|
|
|
|
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Total Stockholders Equity
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|
3,579,861
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|
|
|
6,778,533
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|
|
|
|
|
|
|
|
|
|
|
$
|
48,769,014
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|
|
$
|
51,077,415
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|
|
|
|
|
|
|
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PSi Technologies Holdings, Inc.
First Quarter 2008 Results
PSi Technologies Holdings, Inc
Unaudited Consolidated Statement of Cash Flows
(In US Dollars)
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For the Three Months
Ended March 31, 2008
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CASH FLOWS FROM OPERATING ACTIVITIES
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|
|
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Net loss
|
|
$
|
(3,200,524
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)
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Adjustments to reconcile net loss to net cash provided by operating activities:
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|
|
|
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Depreciation
|
|
|
2,898,325
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Stock compensation costs
|
|
|
1,853
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|
Amortization of debt issuance costs and discount
|
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|
289,065
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Unrealized foreign exchange losses
|
|
|
(16,149
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)
|
Provision for pension expense
|
|
|
98,427
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|
Loss on disposal of assets
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|
70,362
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Changes in operating assets and liabilities:
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|
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Decrease (increase) in:
|
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|
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Trade and other receivables
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|
|
(306,055
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)
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Inventories
|
|
|
(510,786
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)
|
Other current assets
|
|
|
(330,988
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)
|
Decrease in trade and other payables
|
|
|
365,058
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
(641,412
|
)
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
Acquisitions of property and equipment
|
|
|
(507,369
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)
|
Decrease (increase) in other noncurrent assets
|
|
|
(48,661
|
)
|
|
|
|
|
|
Net cash used in investing activities
|
|
|
(556,030
|
)
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
Net proceeds from (payments of) trust receipts payable
|
|
|
(52,520
|
)
|
Net proceeds from (payments of) loans payable
|
|
|
(40,000
|
)
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
(92,520
|
)
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH
|
|
|
(2,764
|
)
|
|
|
|
|
|
NET INCREASE (DECREASE) IN CASH
|
|
|
(1,292,726
|
)
|
CASH, BEGINNING OF PERIOD
|
|
|
5,861,426
|
|
|
|
|
|
|
CASH, END OF PERIOD
|
|
$
|
4,568,700
|
|
|
|
|
|
|
SUPPLEMENTAL INFORMATION ON NONCASH INVESTING AND FINANCING ACTIVITIES
|
|
|
|
|
Property and equipment acquired on account under accounts payable
|
|
$
|
734,979
|
|
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