1934 Act Registration No. 1-14700

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

Taiwan Semiconductor Manufacturing Company Ltd.

(Translation of Registrant’s Name Into English)

No. 8, Li-Hsin Rd. 6,
Hsinchu Science Park,
Taiwan
(Address of Principal Executive Offices)

     (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F þ          Form 40-F o

     (Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes o          No þ

(If “Yes” is marked, indicated below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82:                     .)

 

 

FOR IMMEDIATE RELEASE

		1Q08		Quarterly Management Report April 29, 2008

CONTACT

Elizabeth Sun / Harrison Hsueh

Investor Relations Division
TSMC
invest@tsmc.com
886-3-568-2085/ 2088

Topics in This Report

•		Revenue Analysis
•		Profit & Expense Analysis
•		Financial Condition Review
•		Cash Flow
•		CapEx & Capacity
•		Recap of Recent Important Events & Announcements

Operating Results Review:

Summary:

(Amounts are on consolidated basis and are in NT billions except otherwise noted)		1Q08				4Q07				1Q07				QoQ				YoY
EPS (NT$ per common share)			1.10				1.31				0.71				(16.4	%)			54.0	%
(US$ per ADR unit)			0.17				0.20				0.11
Consolidated Net Sales			87.48				93.86				64.90				(6.8	%)			34.8	%
Gross Profit			38.24				44.84				24.61				(14.7	%)			55.4	%
Gross Margin			43.7	%			47.8	%			37.9	%
Operating Expense			(9.12	)			(8.08	)			(6.73	)			12.9	%			35.4	%
Operating Income			29.12				36.76				17.88				(20.8	%)			62.9	%
Operating Margin			33.3	%			39.2	%			27.5	%
Non-Operating Items			2.45				2.57				2.19				(4.9	%)			11.8	%
Net Income			28.14				34.48				18.84				(18.4	%)			49.4	%
Net Profit Margin			32.2	%			36.7	%			29.0	%
Wafer Shipment (kpcs 8 inch-equiv.)			2,196				2,357				1,566				(6.8	%)			40.3	%

Remarks:

The first quarter diluted earnings per share were NT$1.10, representing an increase of 54.0% over the same period last year and a decline of 16.4% from the previous quarter. The consolidated operating results of 1Q08 are summarized below:

Net sales in the first quarter were NT$87.5 billion, up 34.8% from NT$64.9 billion in 1Q07 and down 6.8% from NT$93.9 billion in 4Q07.

Gross profit for the quarter was NT$38.2 billion with gross margin of 43.7%, 4.1 percentage points lower than the 47.8% gross margin in 4Q07, mainly due to accrued expenses of employee profit sharing and negative impact of a higher than forecast appreciation of the NT dollar.

Operating expenses, including expenses accrued for employee profit sharing, were NT$9.1 billion or 10.4% of net sales. The combined result from non-operating income and long-term investments was a gain of NT$2.4 billion.

Consolidated net income attributable to shareholders of the parent company, including an accrual of employee profit sharing, was NT$28.1 billion, up 49.4% from a year ago level and down 18.4% from the previous quarter. Net profit margin was 32.2% for 1Q08.

TSMC
April 29, 2008		Page 2

I. Revenue Analysis

     I. Wafer Sales Analysis

By Application		1Q08				4Q07				1Q07
Computer			34	%			35	%			30	%
Communication			42	%			42	%			42	%
Consumer			17	%			15	%			17	%
Industrial/Others			5	%			5	%			7	%
Memory			2	%			3	%			4	%

By Technology		1Q08				4Q07				1Q07
65nm and below			15	%			10	%			1	%
90nm			28	%			29	%			22	%
0.11/0.13um			20	%			20	%			26	%
0.15/0.18um			23	%			27	%			30	%
0.25/0.35um			10	%			10	%			15	%
0.50um+			4	%			4	%			6	%

By Customer Type		1Q08				4Q07				1Q07
Fabless/System			71	%			68	%			65	%
IDM			29	%			32	%			35	%

By Geography		1Q08				4Q07				1Q07
North America			76	%			79	%			77	%
Asia Pacific			12	%			11	%			11	%
Europe			9	%			8	%			7	%
Japan			3	%			2	%			5	%

Revenue Analysis:

In-line with our guidance, first quarter 2008 revenue reached NT$87.5 billion. 1Q08 business followed a normal seasonal pattern but revenue was negatively impacted by a 2.6% appreciation in the NT dollar. Demand from consumer related applications grew but communication and computer applications declined during the quarter. On a sequential basis, revenue from consumer applications increased 3%, while revenues for communication and computer applications declined 9% and 12%, respectively.

As a result of continued strong ramp for our 65nm technology, revenue from 65nm reached 15% of total wafer sales during the quarter, up from 10% in the previous quarter. Meanwhile, revenue from 90nm remained strong and accounted for 28% of total wafer sales. Overall, revenues from advanced technologies (0.13-micron and below) accounted for 63% of total wafer sales, up four percentage points from the 4Q07.

Revenues from IDM customers accounted for 29% of total wafer sales in 1Q08, compared to 32% in 4Q07.

From a geographic perspective, revenues from customers based in North America accounted for 76% of total wafer sales. Meanwhile, sales from customers in Asia Pacific, Europe and Japan accounted for 12%, 9% and 3% of wafer sales, respectively.

II. Profit & Expense Analysis

     II — 1. Gross Profit Analysis

(In NT billions)		1Q08				4Q07				1Q07
COGS			49.2				49.0				40.3
Depreciation			18.1				18.5				18.5
Other MFG Cost			31.1				30.5				21.8
Gross Profit			38.2				44.8				24.6
Gross Margin			43.7	%			47.8	%			37.9	%

Gross Profit Analysis:

Gross margin in 1Q08 was 43.7%, down 4.1 percentage points from the previous quarter, reflecting the expensing of employee profit sharing (2.5 percentage points), an appreciation of NT dollar (1.0 percentage point), and a lower level of capacity utilization, partially offset by cost improvements.

TSMC
April 29, 2008		Page 3

     II — 2. Operating Expenses

(In NT billions)		1Q08				4Q07				1Q07
Total Operating Exp.			9.12				8.08				6.73
SG&A			3.85				3.07				2.79
Research & Development			5.27				5.01				3.94
Total Operating Exp. as a % of Sales			10.4	%			8.6	%			10.4	%

Operating Expenses:

Total operating expenses for 1Q08, including the accrued expenses of employee profit sharing (2.3 percentage points), increased by 12.9% sequentially to reach NT$9.1 billion, or 10.4% of net sales, compared with 8.6% of net sales in the previous quarter.

Research and development expenditures increased by NT$258 million quarter-over-quarter, mainly due to expensing of employee profit sharing, offset partially by cost improvement due to the maturity of 65nm technologies.

SG&A expenses increased by NT$780 million from the previous quarter, mostly due to expensing of employee profit sharing.

     II — 3. Non-Operating Items

(In NT billions)		1Q08				4Q07				1Q07
Non-Operating Inc./(Exp.)			1.8				1.7				1.8
Net Interest Income/(Exp.)			1.2				1.2				1.2
Other Non-Operating			0.6				0.5				0.6
L-T Investments			0.6				0.9				0.4
SSMC			0.4				0.5				0.1
Others			0.2				0.4				0.3
Total Non-Operating Items			2.4				2.6				2.2

Non-Operating Items:

Combined result from non-operating income and long-term investments was a gain of NT$2.4 billion for first quarter 2008.

Non-operating income was NT$1.8 billion, up from NT$1.7 billion in the previous quarter, primarily due to lower hedging costs.

Net investment income decreased by NT$300 million in the quarter to NT$577 million.

     II — 4. PSE Impact

		1Q08				4Q07				1Q07
Gross Margin w/ PSE			43.7	%			43.2	%			34.3	%
Gross Margin w/o PSE			46.2	%			47.8	%			37.9	%
PSE Impact			-2.5	%			-4.6	%			-3.6	%
Operating Margin w/ PSE			33.3	%			30.2	%			20.4	%
Operating Margin w/o PSE			38.1	%			39.2	%			27.5	%
PSE Impact			-4.8	%			-9.0	%			-7.1	%

The Impact of Employee Profit Sharing:

Total impact from employee profit sharing expensing (PSE) on gross margin in 1Q08 was 2.5 percentage points. If we use 12/31/2007 market price, adjusted for dividends, to reflect PSE’s impact in 2007, gross margin in 1Q08 would represent an improvement of 50 basis points from 4Q07.

Similarly, total PSE impact on operating margin was 4.8 percentage points in 1Q08, which was 4.2 percentage points less than that of 4Q07.

TSMC April 29, 2008		Page 4

III. Financial Condition Review

III — 1.		Liquidity Analysis (Selected Balance Sheet Items)

(In NT billions)		1Q08				4Q07				1Q07
Cash & Marketable Securities			210.3				174.8				217.4
Accounts Receivable — Trade			38.0				42.4				33.1
Inventory			21.9				23.9				22.3
Total Current Assets			281.5				249.8				286.1
Accounts Payable			22.6				19.3				19.2
Current Portion of Bonds Payable			8.0				0.0				4.5
Accrued Liabilities and Others			31.4				29.4				21.4
Total Current Liabilities			62.0				48.7				45.1
Current Ratio (x)			4.5				5.1				6.3
Net Working Capital			219.4				201.1				241.0

Liquidity Analysis:

At the end of 1Q08, total cash and marketable securities increased by NT$35.5 billion, as we generated $42.0 billion free cash flow during the quarter. TSMC ended the quarter with total current assets of NT$281.5 billion.

Total current liabilities increased by NT$13.3 billion in 1Q08, primarily due to increases in payables to equipment suppliers, accrual of employee profit sharing, and reclassification of corporate bonds.

Net working capital was NT$219.4 billion at the end of the quarter, current ratio declined slightly to 4.5.

III — 2.		Receivable/Inventory Days

(In Number of Days)

		1Q08				4Q07				1Q07
Days of Receivable			43				42				47
Days of Inventory			46				48				52

Receivable and Inventory Days:

Sequentially, days of receivable increased by one day to 43 days in 1Q08 while days of inventory declined by two days to 46 days.

IlI — 3.		Debt Service

(In NT billions)		1Q08				4Q07				1Q07
Cash & Marketable Securities			210.3				174.8				217.4
Interest-Bearing Debt			22.9				23.1				26.2
Net Cash Reserves			187.4				151.7				191.2

Debt Service:

Net cash reserves — defined as the excess of cash and short-term marketable securities over interest-bearing debt — increased by NT$35.7 billion to NT$187.4 billion at the end of 1Q08. Interest-bearing debt declined slightly due to the appreciation of NT dollar.

TSMC April 29, 2008		Page 5

IV. Cash Flow

     IV — 1. Cash Flow Analysis

(In NT billions)		1Q08				4Q07				1Q07
Net Income			28.1				34.5				18.8
Depreciation & Amortization			19.8				20.3				20.3
Other Operating Sources/(Uses)			9.4				5.0				(1.0	)
Total Operating Sources/(Uses)			57.3				59.8				38.1
Capital Expenditure			(15.3	)			(19.8	)			(14.0	)
Marketable Financial Instruments			12.9				8.2				3.5
Other Investing Sources/(Uses)			(0.7	)			(1.1	)			(2.9	)
Net Investing Sources/(Uses)			(3.1	)			(12.7	)			(13.4	)
Repayment of Bonds Payable			0.0				(4.5	)			(2.5	)
Repurchase of Treasury Stock			(3.1	)			(45.4	)			0.0
Other Financing Sources/(Uses)			(0.2	)			(0.2	)			(0.3	)
Net Financing Sources/(Uses)			(3.3	)			(50.1	)			(2.8	)
Net Cash Position Changes			50.9				(3.0	)			21.9
Exchange Rate Changes & Others			(1.6	)			(0.3	)			0.6
Ending Cash Balance			144.3				95.0				140.3

Summary of Cash Flow:

Cash generated from operating activities totaled NT$57.3 billion during the quarter, down from NT$59.8 billion in 4Q07.

Net cash used in investing activities was NT$3.1 billion in 1Q08, reflecting capital expenditure of NT$15.3 billion and a net decrease of NT$12.9 billion in marketable financial instruments.

Net cash used in financing activities was NT$3.3 billion during the quarter, as we spent NT$3.1 billion in share buybacks.

As a result, TSMC ended the quarter with a cash balance of NT$144.3 billion.

     IV—2. Operating and Free Cash Flows

Operating and Free Cash Flows:

Cash flows generated from operating activities were NT$57.3 billion during the quarter. Free cash flow, defined as the excess of operating cash flows over capital expenditures, totaled NT$42.0 billion in 1Q08, compared to NT$40.0 billion in 4Q07.

TSMC April 29, 2008		Page 6

V. CapEx & Capacity

     V — 1. Capital Expenditures

(In US millions)		1Q08				4Q07
TSMC			452				577
XinTec and GUC			13				16
TSMC Shanghai & WaferTech			18				17
Other TSMC Subsidiaries			1				1
Total TSMC			484				611

Capital Expenditures:

Capital expenditures for TSMC on a consolidated basis totaled US$484 million during the quarter.

For year 2008, total capital expenditures for TSMC is expected to be around US$1.8 billion, compared with US$2.6 billion spent in 2007.

     V—2. Capacity

		1Q08				2Q08				3Q08				4Q08				2008
Fab / (Wafer size)		(A)				(F)				(F)				(F)				(F)
Fab-2 (6")1			248				267				269				272				1,056
Fab-3 (8")			277				283				274				274				1,109
Fab-5 (8")			163				165				167				167				662
Fab-6 (8")			265				272				280				277				1,094
Fab-8 (8")			262				275				278				278				1,094
Fab-12 (12")2			197				206				210				214				828
Fab-14 (12")2			167				185				225				229				806
WaferTech (8")			105				105				106				106				420
TSMC (Shanghai) (8")			88				110				128				128				453
TSMC total capacity (8" equiv. Kpcs)			2,117				2,241				2,363				2,380				9,101
SSMC (8")			63				67				69				73				272
Total managed capacity (8" equiv. Kpcs)			2,180				2,308				2,433				2,454				9,374

Capacity:

Total TSMC managed capacity was 2,180K 8-inch equivalent wafers in the first quarter, 4% lower than 4Q07, mostly due to scheduled fab maintenance and less working days.

TSMC managed capacity in 2Q08 will increase by 6% to reach 2,308K 8-inch equivalent wafers.

Total managed capacity for 2008 is expected to reach 9,374K 8-inch equivalent wafers, representing an increase of 13% from 8,290K 8-inch equivalent wafers in 2007, while capacity for 12-inch wafer fabs will increase by 25%.

TSMC April 29, 2008		Page 7

VI. Recap of Recent Important Events & Announcements

•

TSMC First to Deliver 40nm Process Technology, including Embedded DRAM, Mixed Signal & RF and Regular MPW Prototyping Service (2008/03/24)

•

TSMC Announces Reorganization of Advanced and Mainstream Business Units to Improve Structural Profitability and Strengthen Customer Partnership (2008/02/29)

•

TSMC Board Proposes Dividend of NT$3.0 Cash and 0.5% Stock Per Share (2008/02/19)

•		TSMC Board Approves The Cancellation of 800 million Treasury Shares Purchased from The Open Market and Reduction of Capital Stock by NT$8,000 million. (2008/02/19)
•		Sun Selects TSMC to Fab 45-nanometer and Future Generation Processors (2008/02/19)

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) (1)

		March 31, 2008 (unaudited)												December 31, 2007 (audited)								March 31, 2007 (unaudited)								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Assets
Current Assets
Cash and Cash Equivalents		$	4,745			$	144,277				24.2			$	94,986				16.6			$	140,274				23.0			$	49,291				51.9			$	4,003				2.9
Investments in Marketable Financial Instruments			2,172				66,034				11.1				79,848				14.0				77,096				12.7				(13,814	)			(17.3	)			(11,062	)			(14.3	)
Accounts Receivable — Trade			1,248				37,950				6.3				42,424				7.4				33,094				5.4				(4,474	)			(10.5	)			4,856				14.7
Inventories, Net			720				21,890				3.7				23,862				4.2				22,259				3.7				(1,972	)			(8.3	)			(369	)			(1.7	)
Other Current Assets			372				11,304				1.9				8,702				1.5				13,356				2.2				2,602				29.9				(2,052	)			(15.4	)
Total Current Assets			9,257				281,455				47.2				249,822				43.7				286,079				47.0				31,633				12.7				(4,624	)			(1.6	)
Long-Term Investments			1,108				33,693				5.6				36,461				6.4				52,185				8.6				(2,768	)			(7.6	)			(18,492	)			(35.4	)
Property, Plant and Equipment			26,886				817,464				136.9				800,352				140.2				734,182				120.6				17,112				2.1				83,282				11.3
Less: Accumulated Depreciation			(18,282	)			(555,854	)			(93.1	)			(540,100	)			(94.6	)			(483,834	)			(79.5	)			(15,754	)			2.9				(72,020	)			14.9
Property, Plant and Equipment, Net			8,604				261,610				43.8				260,252				45.6				250,348				41.1				1,358				0.5				11,262				4.5
Other Assets			667				20,285				3.4				24,330				4.3				20,159				3.3				(4,045	)			(16.6	)			126				0.6
Total Assets		$	19,636			$	597,043				100.0			$	570,865				100.0			$	608,771				100.0			$	26,178				4.6				($11,728	)			(1.9	)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Short-Term Bank Loans		$	—			$	—				—			$	—				—			$	79				—			$	—				—				($79	)			(100.0	)
Accounts Payables			340				10,338				1.7				13,078				2.3				10,129				1.7				(2,740	)			(21.0	)			209				2.1
Payables to Contractors and Equipment Suppliers			403				12,256				2.1				6,257				1.1				9,094				1.5				5,999				95.9				3,162				34.8
Accrued Expenses and Other Current Liabilities			1,025				31,162				5.2				29,090				5.1				21,101				3.4				2,072				7.1				10,061				47.7
Current Portion of Bonds Payable and Long-Term liabilities			272				8,280				1.4				281				—				4,714				0.8				7,999				2,848.4				3,566				75.6
Total Current Liabilities			2,040				62,036				10.4				48,706				8.5				45,117				7.4				13,330				27.4				16,919				37.5
Bonds Payable			148				4,500				0.8				12,500				2.2				12,500				2.1				(8,000	)			(64.0	)			(8,000	)			(64.0	)
Other Long-Term Liabilities			577				17,537				2.9				18,973				3.3				19,415				3.2				(1,436	)			(7.6	)			(1,878	)			(9.7	)
Total Liabilities			2,765				84,073				14.1				80,179				14.0				77,032				12.7				3,894				4.9				7,041				9.1
Shareholders’ Equity Attributable to Shareholders of the Parent
Capital Stock			8,429				256,292				42.9				264,271				46.3				258,330				42.4				(7,979	)			(3.0	)			(2,038	)			(0.8	)
Capital Surplus			1,700				51,696				8.7				53,733				9.4				54,231				8.9				(2,037	)			(3.8	)			(2,535	)			(4.7	)
Retained Earnings			6,862				208,633				34.9				218,864				38.3				215,963				35.5				(10,231	)			(4.7	)			(7,330	)			(3.4	)
Treasury Stock			(30	)			(918	)			(0.2	)			(49,385	)			(8.7	)			(918	)			(0.2	)			48,467				(98.1	)			—				—
Others			(211	)			(6,410	)			(1.0	)			(391	)			0.0				1,020				0.2				(6,019	)			1,535.8				(7,430	)			(728.7	)
Total Equity Attributable to Shareholders of the Parent			16,750				509,293				85.3				487,092				85.3				528,626				86.8				22,201				4.6				(19,333	)			(3.7	)
Minority Interest			121				3,677				0.6				3,594				0.7				3,113				0.5				83				2.3				564				18.1
Total Shareholders’ Equity			16,871				512,970				85.9				490,686				86.0				531,739				87.3				22,284				4.5				(18,769	)			(3.5	)
Total Liabilities & Shareholders’ Equity		$	19,636			$	597,043				100.0			$	570,865				100.0			$	608,771				100.0			$	26,178				4.6				($11,728	)			(1.9	)

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Unaudited Consolidated Condensed Income Statements
		For the Three Months Ended March 31, 2008, December 31, 2007, and March 31, 2007
		(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”) (1) Except for Per Share Amounts and Shares Outstanding)

		Q1 2008												Q4 2007								Q1 2007								QoQ								YoY
		USD				NTD				%				NTD				%				NTD				%				Amount				%				Amount				%
Net Sales		$	2,767			$	87,480				100.0			$	93,860				100.0			$	64,897				100.0				($6,380	)			(6.8	)		$	22,583				34.8
Cost of Sales			(1,557	)			(49,241	)			(56.3	)			(49,024	)			(52.2	)			(40,287	)			(62.1	)			(217	)			0.4				(8,954	)			22.2
Gross Profit			1,210				38,239				43.7				44,836				47.8				24,610				37.9				(6,597	)			(14.7	)			13,629				55.4
Operating Expenses
Research and Development Expenses			(167	)			(5,270	)			(6.0	)			(5,012	)			(5.3	)			(3,942	)			(6.1	)			(258	)			5.1				(1,328	)			33.7
General and Administrative Expenses			(84	)			(2,662	)			(3.0	)			(2,039	)			(2.2	)			(1,902	)			(2.9	)			(623	)			30.6				(760	)			40.0
Sales and Marketing Expenses			(37	)			(1,184	)			(1.4	)			(1,027	)			(1.1	)			(889	)			(1.4	)			(157	)			15.2				(295	)			33.1
Total Operating Expenses			(288	)			(9,116	)			(10.4	)			(8,078	)			(8.6	)			(6,733	)			(10.4	)			(1,038	)			12.9				(2,383	)			35.4
Income from Operations			922				29,123				33.3				36,758				39.2				17,877				27.5				(7,635	)			(20.8	)			11,246				62.9
Non-Operating Income, Net			59				1,872				2.1				1,697				1.8				1,830				2.8				175				10.3				42				2.3
Investment Gains			18				577				0.7				877				0.9				361				0.6				(300	)			(34.1	)			216				60.1
Income before Income Tax			999				31,572				36.1				39,332				41.9				20,068				30.9				(7,760	)			(19.7	)			11,504				57.3
Income Tax (Expenses) Benefits			(106	)			(3,336	)			(3.8	)			(4,608	)			(4.9	)			(1,107	)			(1.7	)			1,272				(27.6	)			(2,229	)			201.3
Net Income			893				28,236				32.3				34,724				37.0				18,961				29.2				(6,488	)			(18.7	)			9,275				48.9
Minority Interest			(3	)			(93	)			(0.1	)			(239	)			(0.3	)			(122	)			(0.2	)			146				(61.2	)			29				(24.1	)
Net Income Attributable to Shareholders of the Parent			890				28,143				32.2				34,485				36.7				18,839				29.0				(6,342	)			(18.4	)			9,304				49.4
Earnings per Share — Diluted		$	0.03			$	1.10							$	1.31							$	0.71								($0.22	)			(16.4	)		$	0.39				54.0
Earnings per ADR — Diluted (2)		$	0.17			$	5.49							$	6.57							$	3.57								($1.08	)			(16.4	)		$	1.93				54.0
Weighted Average Outstanding Shares — Diluted (‘M)(3)							25,610								26,243								26,406

		TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED AND SUBSIDIARIES Consolidated Condensed Statements of Cash Flows
		For the The Three Months Ended March 31, 2008, December 31, 2007, and March 31, 2007
		(Expressed in Millions of New Taiwan Dollars (“NTD”) and U.S. Dollars (“USD”)) (1)

		1Q 2008								4Q 2007				1Q 2007
		(Unaudited)								(Unaudited)				(Unaudited)
		USD				NTD				NTD				NTD
Cash Flows from Operating Activities:
Net Income		$	890			$	28,143			$	34,485			$	18,839
Net Income Attributable to Minority Interest			3				93				239				122
Depreciation & Amortization			627				19,831				20,281				20,251
Deferred Income Tax			14				435				877				(972	)
Equity in Earnings of Equity Method Investees, Net			(18	)			(577	)			(877	)			(361	)
Changes in Working Capital & Others			296				9,370				4,754				265
Net Cash Provided by Operating Activities			1,812				57,295				59,759				38,144
Cash Flows from Investing Activities:
Acquisitions of:
Marketable Financial Instruments			(440	)			(13,902	)			(32,478	)			(15,796	)
Investments Accounted for Using Equity Method			—				—				6				—
Property, Plant and Equipment			(484	)			(15,313	)			(19,781	)			(13,959	)
Financial Assets Carried at Cost			(7	)			(213	)			(103	)			(212	)
Proceeds from Disposal or maturity of:
Marketable Financial Instruments			848				26,816				40,680				19,259
Property, Plant and Equipment			—				1				34				1
Financial Assets Carried at Cost			3				93				141				14
Others			(19	)			(607	)			(1,160	)			(2,717	)
Net Cash Used In Investing Activities			(99	)			(3,125	)			(12,661	)			(13,410	)
Cash Flows from Financing Activities:
Increase (Decrease) in Guarantee Deposits			(12	)			(371	)			(321	)			(388	)
Proceeds from Exercise of Stock Options			3				81				35				122
Repayment of Long-Term Bonds Payable			—				—				(4,500	)			(2,500	)
Repurchase of Treasury Stock			(97	)			(3,054	)			(45,413	)			—
Others			2				58				90				(28	)
Net Cash Used in Financing Activities			(104	)			(3,286	)			(50,109	)			(2,794	)
Net Increase (Decrease) in Cash and Cash Equivalents			1,609				50,884				(3,011	)			21,940
Effect of Exchange Rate Changes and Others			(50	)			(1,593	)			(331	)			497
Cash and Cash Equivalents at Beginning of Period			3,005				94,986				98,328				117,837
Cash and Cash Equivalents at End of Period		$	4,564			$	144,277			$	94,986			$	140,274