Monday, March 5, 2012
Powertech Technology (PTI) has said that its estimated accounts receivable at Elpida Memory, a major client in bankruptcy proceedings, have been revised to about NT$2 billion (US$67.9 million) from the NT$4.5 billion previously given.
Speaking at a press event on March 1, PTI chairman DK Tsai indicated that the firm is holding more than NT$3 billion worth of Elpida's wafers which could be used to offset the receivables if they turn into bad debts. PTI has filed a lien to ensure payment of the debts, Tsai said.
Tsai also claimed that PTI is a financially healthy company with dedicated resources in manufacturing, R&D and sales. The company has also been investing in offerings for non-DRAM products such as logic and flash ICs, Tsai noted.
PTI is making efforts to minimize the impact of Elpida's bankruptcy filing, and might consider a share buyback if necessary, Tsai stated.
Orders from Elpida account for almost 50% of PTI's total sales, according to market watchers. PTI's short-term operations are unlikely to see significant impact from Elpida's bankruptcy filing, which is still shipping its products, the watchers observed.
However, over the medium to long-term, PTI could see its business hurt by future developments, the watchers said.
By: DocMemory
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