The Company also reported the fourth quarter unaudited financial results.
For the fiscal year 2001, ended December 31, net sales were NT$21,360 million. Gross profit were NT$9,791 million, representing 45.8% gross margin. Operating income were NT$4,256 million, representing 19.9% operating margin. Non-operating expense were NT$4,206million. Income before tax were NT$50 million, income tax expense were NT$917 million. Net loss were NT$866 million, net loss per share were NT$0.26.
The Company’s net sales for the fourth quarter were NT$4,324 million, declined by 15% in comparison with previous quarter and declined by 64% in comparison with the same period last year. Gross margin was 24%, operating margin was negative 8%. Non-operating expenses reached NT$2,513 million, net loss before tax were NT$2,877 million, with income tax expense of NT$457 million, the net loss were NT$ 3,334million, representing a net loss per share of NT$0.99. The net sales declined were caused by the cyclical down turn of global semiconductor industry, the contraction of consumer’s spending and the weaker demands from major Japanese clients. The major reasons for the fourth quarter’s net loss were the non-operating expense such as investment loss and the inventory write off expenses. As of December 31, the cash balance were NT$12,295 million, net inventory were NT$7,187million, decreased by NT$1,076million from the end of September. Debt to total assets ratio maintained at 39%, representing a sound financial strength.
Even the global semiconductor market experienced a decline of 35 percent together with weaker demands and price dropping pressure, The Company kept the long turn commitment on research and development, the R&D expense reached NT$3,331 million in 2001, accounted for 15.8% of net sales. Because of the valued-added total solutions, gross margin was 45.8%, among the top of semiconductor peer companies, and maintain the income before tax of NT$50 million when most of the semiconductor peer companies experienced a loss before tax.
