RFM’s PSi Tech posts record sales, profit

Nasdaq-listed PSi Technologies Holdings Inc., an affiliate of RFM Corp. engaged in providing assembly and test services to the power semiconductor industry, reported a 39-percent growth in net sales for the third quarter of 2000 compared to the same period last year.

Net sales reached $20.6 million from last year’s $14.8 million, driven by PSi’s expansion of business with its top five customers — ST Microelectronics, Fairchild Semiconductor, ON Semiconductor, Linfinity Microelectronics, and Power Integrations.

Net income also went up 131 percent to a record $2.6 million from $1.1 million recorded in the third quarter of 1999 Diluted earnings per share (EPS) reached $0.20 per share, representing a 67-percent appreciation from $0.12 recorded in the same quarter last year.

Summing up PSi’s first nine months of the year, net sales increased to $55.2 million, up 49 percent from $37 million in 1999, while net income amounted to $6.5 million for a 163 percent increase from last year’s $2.5 million.

RFM president and chief executive officer Jose A. Concepcion III said the excellent performance of PSi amidst the prevailing financial difficulties in the country can be attributed to highly competent management, strong partnership with its major clients and the robust growth in the power semiconductor industry, which is one of the Philippines’ major export revenue generators.

Meanwhile, PSi president and CEO Arthur J. Young reported that the company has started work on its third facility under a manufacturing agreement with ON Semiconductor. The new facility is currently being built in Camelray Industrial Park II in Laguna, and is expected to be operational by the first quarter of 2001.

"We face some very exciting prospects even as we see a lot of consolidation taking place in our space in the future. Out customers are looking for fewer but bigger and better-equipped packaging partners," Young said.

"This is a good sign for PSi since we are well-positioned as the only listed independent assembly and test company on the discrete side of the business," he added.