TSMC 2002 First Quarter Report

Hsinchu,Taiwan, April 25, 2002– Taiwan Semiconductor Manufacturing Company Ltd. (“ TSMC” or “ the Company” ) (TAIEX: 2330, NYSE: TSM), today announced its financial results for the first quarter of 2002. First quarter net sales reached NT$35,790 million, net income totaled NT$6,588 million, and earnings per share were NT$0.39, based on the current 16,794 million weighted average outstanding shares.

Mr. Harvey Chang, TSMC spokesperson and senior vice president noted, “Compared to the same period a year ago, before the industry experienced a serious decline, the Company's 2002 first quarter net sales decreased 9.4%, while net income declined 21.8%.” “Despite the fact that the first quarter is typically the low point of the year for semiconductor sales, TSMC’s revenues continued to grow for the third consecutive quarter. Net sales and net income in the first quarter of 2002 grew 8.0% and 46.0%, respectively, over the previous quarter. In addition, operating income for the first quarter of 2002 increased to NT$8,182 million from NT$5,859 million for the fourth quarter of 2001, representing a 39.6% growth. Operating margin for the first quarter of 2002 grew to 22.86% from 17.68% for the fourth quarter of 2001.”

Mr. Chang also stated that orders from customers for the second quarter of 2002 are expected to exceed those of the first quarter of 2002. Revenues and profits for the second quarter of 2002 are expected to move upward as well.

Table 1: TSMC’s 2002 first quarter results
(Unit: NT$million, except for EPS)

 

1Q’02 Amount*

1Q’01 Amount

YoY Change %

4Q’01 Amount

QoQ Change %

Net sales

35,790

39,521

-9.4%

33,130

8.0%

Gross profit

12,027

13,528

-11.1%

11,089

8.5%

Income from operations

8,182

9,257

-11.6%

5,859

39.6%

Income before tax

7,018

7,430

-5.5%

4,298

63.3%

Net income

6,588

8,420

-21.8%

4,514

46.0%

EPS(NT$)