Hsinchu, Taiwan, October 28, 2003 - Taiwan Semiconductor Manufacturing Company Ltd. (TAIEX: 2330, NYSE: TSM) (“TSMC”) today announced its financial results for the third quarter of 2003. Net sales for its third quarter reached a new record high of NT$54,877 million, while net income totaled NT$15,169 million. Earnings per share were NT$0.75 based on the current 20,226,848 thousand weighted average outstanding shares.
For the nine months ended September 30, 2003, the Company's net sales were NT$144,125 million, while net income reached NT$31,256 million. Earnings per share for the nine months ended September 30, 2003 were NT$1.54.
On a sequential basis, the Company’s 2003 third quarter net sales grew 9.9 percent, net income increased 29.3 percent, and earnings per share grew 29.5 percent.
Compared to the same period for last year, TSMC 2003 third quarter net sales grew 37.8 percent. Net income and earnings per share grew substantially by 380.0 percent and 395.4 percent, respectively, over 2002 third quarter.
Ms. Lora Ho, TSMC spokesperson and vice president, noted that, “Due to growth in customer demand, TSMC’s 2003 third quarter wafer shipments continued to increase, reaching 992,000 eight-inch-equivalent wafers, for a 12 percent increase over last quarter. On a sequential basis, average selling price (ASP) remained flat. However, the exchange rate between US dollars and NT dollars was weaker in 2003 third quarter. As a result, total net sales for the third quarter of 2003 grew 9.9 percent sequentially.”
Ms. Ho added that, “Revenues from TSMC’s advanced process technologies, including 0.18-micron and below process technologies accounted for 66 percent of total wafer sales in the third quarter of 2003. The 0.13-micron process technology alone accounted for 19 percent of our total sales. In addition, the average utilization rate for the third quarter of 2003 increased to 98 percent as compared to 88 percent for the second quarter of 2003. As a result, gross margin for the third quarter of 2003 improved to 39.1 percent versus 36.8 percent in the previous quarter.”