Macronix: Fiscal 1Q20 Financial Results

Macronix International Co., Ltd. announced its financial results for the first quarter ended Mar. 31, 2020.
 
Summary of 1FQ20:
• Net sales was NT$9,415 million ($311.5 million – all in US$).
• Gross profit was NT$2,945 million ($97.4 million) with 31% gross margin.
• Operating income was NT$1,166 million ($38.6 million) with 12% operating margin.
• Income before tax was NT$1,226 million ($40.6 million); net income was NT$1,222 million ($40.4 million).
• EPS was NT$0.67; book value per share was NT$18.07.

The company announced 1FQ20 sales of NT$9,415 million ($311.5 million), a 2% decrease Q/Q and a 56% increase Y/Y.

Gross profit and gross margin for this quarter was NT$2,945 million ($97.4 million) and 31%, respectively. Gross profit increased 18% Q/Q and increased 92% Y/Y.
 
Operating expenses for this quarter were NT$1,779 million ($58.9 million), an increase of 2% Q/Q and an increase of 23% Y/Y. Operating income for this quarter was NT$1,166 million ($38.6 million), an increase of 53% Q/Q and an increase of 1,262% Y/Y.
 
For 1FQ20, income before taxes was NT$1,226 million ($40.6 million), an increase of 106% Q/Q and an increase of 751% Y/Y.

For this quarter, the income tax expense was NT$4 million ($0.1 million), the net income after tax was NT$1,222 million ($40.4 million).

EPS was NT$0.67 ($0.02), an increase of 63% Q/Q and an increase of 738% Y/Y.

For 1FQ20, the book value was NT$18.07 per share.
 
As of March 31, 2020, the debt-to-asset ratio was 43.4% which was lower than 46.4% on December 31, 2019.
 
For 1FQ20, the company had NT$9,059 million ($299.7 million) in cash and cash equivalents.
 
As of March 31, 2020, net inventory was NT$10,776 million ($356.5 million), compared to NT$12,810 million on December 31, 2019, a decrease of NT$2,034 million.
 
For 1FQ20, the total liabilities was NT$25,435 million ($841.5million), compared to NT$28,164 million on December 31, 2019, a decrease of NT$2,729 million. Shareholders’ equity was NT$33,210 million ($1,098.8 million).
 
Depreciation and amortization expenses were NT$823 million ($27.2 million) for this quarter. Net cash flow from operating activities was NT$1,876 million ($62.1 million) for this quarter. Capital expenditure for this quarter was NT$849 million ($28.1 million) mainly for the procurement of production related equipment.
 
1FQ20 Highlights

• NAND flash, NOR flash and ROM represent 11%, 45% and 38% of net sales, respectively.
• NAND flash products accounted for 11% of net sales, a Q/Q increase of 24% and 20% Y/Y.
• NOR flash products accounted for 45% of net sales, a Q/Q increase of 6% and 26% Y/Y.
• ROM revenue accounted for 38% of net sales, a Q/Q decrease of 11% and an increase of 183% Y/Y.
• FBG products accounted for 6% of net sale, a Q/Q increase of 13% and 24% Y/Y.