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A- Data 2009Q1 After-Tax Income NTD362 million with EPS of NT$2.11


Q109 Result

1. A-DATA first quarter revenue of 2009 came to NT$5,812 million. Decreased 3.76% sequentially.
2. Gross profit was NT$642 million. Gross margin rate was 11%.
3. Operating profit was NT$394 million.
4. Non-operating loss was NT$87 million.
5. Income before tax was NT$307 million. Net income was NTD$362 million.
6. Earnings per share is NT$2.11, based on 171.3 million weighted average outstanding share.
7. Cash and Cash equivalent was NT$1,053 million.
8. Net inventories was NT$2,135 million.

Revenue was NT$5,812 million for the first quarter of fiscal year 2009 ended March 31, 2009, down 3.76% QoQ and 27.70% YoY, respectively. DRAM ASP was increased 22% and NAND 9% in comparison with previous quarter. Q109 Revenue slipped from previous quarter given decreased shipments.

NAND product revenue was NT$3,561 million in Q109, which account for 61.30% of total revenue. DRAM product revenue was NT$2,251 million, which account for another 38.70%.

Gross Profit
Gross profit of the quarter was NT$642 million. The increase of gross margin was mainly due to ASP improvement. In previous quarter, it was a gross loss that totaled at NT$1,118 million due to early implementation of SAFS no.10. Gross margin of Q109 was 11%, while previous quarter was -18.5%. On year over year basis, gross profit in Q109 was improved 830.43% from NT$69 million in Q108.

Operating Expense and Loss
Operating expenses for the quarter were NT$247 million (4.25% of revenue), decreased from NT$277 million (4.59% of revenue) in Q408 and from NT$344 million (4.28% of revenue) in 1Q08.

Operating profit of Q109 was NT$642 million. In Q408 and Q108, they were operating loss that totaled at NT$1,395 million and NT$275 million, respectively.

Non-Operating Income/ Loss

1. Net non-operating items generated loss of NT$87 million for Q109. We recognized NT$120 million Financial Instrument loss in accordance with SAFS no.36. All the loss resulted from the convertible bonds launched on December 29th, 2008. Majority of the bond holders have converted to common stock in Q109. Accordingly, such loss will decrease in next quarter.

Balance Sheet Item

* Cash and short-term investments at the end of quarter amounted to NT$1,053 million, decreased from NT$1,219 million of 4Q08 but increased from NT$900 million of 1Q08.
* Net notes & account receivables were NT$1,858 million
* Net notes & account payables were NT$2,256 million
* Short-term loan was NT$473 million. Long-term debt was less NT$330 million. Debt to asset ratio was decreased to 44% from 57% in Q408.
* Net inventory was NT$2,135 million, which represented turnover of 49 days. It was lengthened from 39 days in 4Q08.


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