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SOURCE SHIEH YIH MACINERY INDUSTRY CO., LTD
SEYI announced a 15% increase in Sales and a 35% increase in Operating Income for the First Quarter ended March 31, 2014. Sales increased in both the China and overseas markets, and profits in the overseas markets were favorably impacted by higher sales of large tonnage presses.
TAIPEI, May 12, 2014 /PRNewswire/ -- SEYI (SHIEH YIH MACHINERY INDUSTRY CO., LTD) (4533 TT), one of the world's leading producers of mechanical presses, announced financial results for its first quarter ended March 31, 2014.
(Logo: http://www.prnasia.com/sa/2012/11/05/20121105191750498519.jpg )
The company reported that Net Sales Revenue of TWD 967.2 million (US$ 32.24 million) during the quarter was 15% higher than Net Sales Revenue of TWD 846.5 million (US$ 28.5 million) reported for the first quarter of 2013. The Sales increase in the China market was comparatively strong, with 24% growth versus a 10% increase in overseas markets.
Due primarily to higher sales of large presses, Operating Income increased by 35% during the quarter. SEYI's Gross Margin in Taiwan increased to 31% from 29% in the year earlier quarter, and represents a record high in recent years.
Net Income of TWD 67.1 million (US$ 2.2 million) represented a 10% increase from the TWD 60.9 million (US$ 2.0 million) earned during the first quarter of 2013. Earnings Per Share, before currency translation and other adjustments, was TWD 0.48 for the quarter versus TWD 0.43 in 2013.
"SEYI's strong performance in the first quarter, as well as the orders that SEYI China has received, are very gratifying because they demonstrate that our strategy of shifting the company's product mix to higher profit, large tonnage presses is the right one," Ms. Claire Kuo, Chairman and Chief Executive Officer, said.
After winning the Taiwan Excellence Award, SEYI SD2 Servo Press won an Award of Eminence in Other NC Machine Tools, the "Taiwan Machine Tools Industry Award 2013 for Excellence in Research and Innovation." SEYI is the only winner among press machine manufacturers.
"SEYI's SM1 series products have been honored with the Taiwan Excellence Silver Award, demonstrating that the quality and technology of SEYI's products are recognized by customers, as well as by government authorities. The first quarter was a good beginning for 2014, and we are looking forward to a prosperous year." Ms. Kuo commented.
Note: TWD 30 to US$ 1.00
Founded in 1962, SEYI has established a global leadership position in the metal forming industry over the past 50 years. SEYI manufactures mechanical presses, ranging in size from 25 to 4000 tons, at facilities located in Taiwan and mainland China.
SEYI is expanding its Total Solution Service emphasizing peripherals such as feed mechanisms, transfer equipment and other ancillaries to maximize SEYI press productivity. SEYI's servo presses are highly-integrated, exquisitely designed, durable, smart, energy efficient and environmentally friendly presses that feature the latest user-friendly interfaces, safe system designs and robust machine structures. The stylish exterior designs of SEYI's presses differentiate them in the market and communicate their quality and value.
SEYI's products are sold to customers in over 40 countries around the world and have received numerous quality and industry awards. SEYI has supplied the world's leading car companies in the automobile industry. The auto, aviation machinery and medical equipment industries are expected to be future areas of growth.
The Company completed an initial public offering of its common stock in 2002 and is traded on the Taiwanese OTC (4533 TT) market.
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