TSMC 2002 Fourth Quarter Report

Taiwan Semiconductor Manufacturing Company Ltd. (TAIEX: 2330, NYSE: TSM) (TSMC) today announced its financial results for the fourth quarter of 2002. Net sales for the fourth quarter, ended December 31, 2002, reached NT$41,154 million, while net income totaled NT$2,553 million. Earnings per share for the fourth quarter of 2002 were NT$0.13 based on the current 18,580,700 thousand weighted average outstanding shares.

For fiscal year 2002, ended December 31, the Company's net sales were NT$160,961 million and net income reached NT$21,610 million. Earnings per share for the full year of 2002 were NT$1.14.

TSMC Spokesperson Mr. Harvey Chang said fourth quarter 2002 net sales grew 3.3% over the third quarter, with some fourth quarter revenues attributable to third quarter inventory. The Company’s utilization rate for the fourth quarter decreased to 61% from 79 % in the third quarter. Net income declined 19.2% in the same period.

Compared to the fourth quarter of 2001, TSMC’s net sales for the fourth quarter of 2002 grew 24.2%, while net income decreased 43.4%. Earnings per share for the fourth quarter of 2002 were NT$0.13, representing a 44.4 percent decrease from NT$ 0.24 for the fourth quarter of 2001.

Mr. Harvey Chang noted that the Company’s book-to-bill ratio was above 1.0 in both November and December 2002, indicating a steady growth in orders. This is in line with guidance made during the third quarter 2002 investor conference, whereby TSMC anticipates revenue growth will return in the second quarter of 2003.

TSMC’s 2002 audited financial results are subject to approval by the TSMC Board of Directors.

TSMC’s 2002 fourth quarter results: (Unit: NT$million, except for EPS)

 

4Q’02
Amount*

4Q’01
Amount

YoY
Change %

3Q’02
Amount

QoQ
Change %

Net sales

41,154

33,130

24.2%

39,835

3.3%

Gross profit

10,682

11,089

-3.7%

12,835

-16.8%

Income from operations

5,651

5,859

-3.5%

8,367

-32.5%

Income before tax

3,078

4,298

-28.4%

6,030

-49.0%

Net income

2,553

4,514

-43.4%

3,160

-19.2%

EPS(NT$)

0.13**

0.24***

-44.4%

0.16****

-19.9%

* 2002 fourth quarter figures have not been approved by Board of Directors
** Based on 18,580,700 thousand weighted average outstanding shares
*** Based on 18,622,887 thousand weighted average outstanding shares
****Based on 18,580,637 thousand weighted average outstanding share

TSMC’s 2002 results: (Unit: NT$million, except for EPS)

 

2002*
Amount

2001
Amount

YoY
Change %

Net sales

160,961

125,888

27.9%

Gross profit

51,967

36,381

42.8%

Income from operations

34,176

17,342

97.1%

Income before tax

27,112

10,659

154.4%

Net income

21,610

14,483

49.2%

EPS(NT$)

1.14**

0.75***

52.0%

* 2002 figures have not been approved by Board of Directors
** Based on 18,580,700 thousand weighted average outstanding shares
*** Based on 18,622,887 thousand weighted average outstanding shares