Cirtek to issue $1.2 million dividends

SEMICONDUCTOR assembly and test company Cirtek Holdings Philippines Corp. is appropriating $1.2 million for distribution next month to stockholders as cash dividends.

The company’s board of directors approved on Wednesday the issuance of a cash dividend of $0.00428 each share for all stock owners on record as of February 13, payable on February 25.

The total amount, which is based on the company’s 280,217,654 outstanding shares of stock, will be sourced from its retained earrings.

This will be settled in Philippine peso at the exchange rate of the Bangko Sentral ng Pilipinas a day prior to payment date.

In the first three quarters of 2013, Cirtek Holdings’s combined revenue grew by 9 percent to $32.4 million, from $29.8 million for the same period in 2012.

It was attributed to the strong sales performance of the firm’s new products, integrated circuit and discrete divisions.

The company’s cost of sales increased by 11 percent from $25.3 million to $28.1 million, while gross margin declined by 2 percent to 13 percent from 15 percent, year-on-year.

Laguna-based Cirtek Holdings is into subcontract manufacturing of semiconductor devices and provides turnkey solutions, such as package design and development, wafer probing, wafer back grinding, assembly and packaging, final testing of semiconductor devices, as well as delivery and shipment. It has two subsidiaries, Cirtek Electronics Corp. and Cirtek Electronics International Corp.