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Quarterly Sales Report-First Quarter 2004
Hsinchu, Taiwan, April 23, 2004- Vanguard International Semiconductor Corporation (VIS) today announced its financial results for the first quarter of 2004. Net sales of NT$3,732M were 13% more than the level recorded in the fourth quarter of 2003 or 66% growth on a year-over-year basis. Net income were NT$1,092M, a remarkable increase of 212% from NT$350M in the fourth quarter of 2003. Earnings per share for the first quarter of 2004 were NT$0.39, up 200% as compared to NT$0.13 in the fourth quarter of 2003.

Mr. Daniel S. Chen, spokesman and vice president of Vanguard International Semiconductor Corporation, noted that the increase in first quarter revenue resulted from more logic wafer shipments and improved average selling price (ASP) of SDRAM. The gross margin improved to 25% in the first quarter from 14% in the previous quarter; the average utilization rate for our fabs increased to 103%, compared to 92% of the fourth quarter of 2003; wafer shipments were 146 thousand wafers, representing a 13% increase over the forth quarter of 2003, and an increase of 46% compared to the first quarter of 2003.

Mr. Chen added, ¡§VIS monthly revenue has kept continuous growth from last September. Our improved performance reflects the progress we are making in executing the transformation to a dedicated foundry company. In terms of revenue, logic foundry has contributed about 70% of total revenue now. VIS will become a pure customized IC foundry company from the third quarter. We expect our fab utilization rate of the coming quarters will continue to remain high along with the strengthening global semiconductor market.¡¨