2014

ChipMOS REPORTS SECOND QUARTER 2012 RESULTS

HSINCHU, Taiwan, Aug. 17, 2012 /PRNewswire-Asia-FirstCall/ -- 

Highlights:

  • 2Q12 Net Revenue Increases 10.2% Compared to 1Q12
  • 2Q12 Net Income of US$0.37 per Basic Share Compared to a Net Loss of US$0.21 in 1Q12
  • 2Q12 Gross Margin More than Doubled to 12.8% Compared to 6.2% in 1Q12
  • Company Generates US$16.0 Million of Free Cash Flow in 2Q12
  • Board Authorizes Management to Determine Whether to Enter into a New Repurchase Program
  • Company Expects 3Q12 Revenue Growth of 4% to 8% Compared to 2Q12, with Gross Margin on a Consolidated Basis in the Range of Approximately 12% to 18%

ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today reported unaudited consolidated financial results for the second quarter ended June 30, 2012.  All U.S. dollar figures in this release are based on the exchange rate of NT$29.80 against US$1.00 as of June 29, 2012.

Net revenue on a US GAAP basis for the second quarter of 2012 was NT$4,829.3 million or US$162.1 million, an increase of 10.2% from NT$4,384.0 million or US$147.1 million in the first quarter of 2012 and an increase of 3.4% from NT$4,671.0 million or US$156.7 million for the second quarter of 2011.

Net income on a US GAAP basis for the second quarter of 2012 was NT$300.4 million or US$10.1 million, and NT$11.00 or US$0.37 per basic and NT$10.68 or US$0.36 per diluted common share, which compares to net loss of NT$170.0 million or US$5.7 million, and NT$6.29 or US$0.21 per basic and diluted common share, for the first quarter of 2012 and to a net loss of NT$4.1 million or US$0.1 million and NT$0.15 or US$0.01 per basic and diluted common share, for the second quarter of 2011. 

The unaudited consolidated financial results of ChipMOS for the second quarter ended June 30, 2012 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS U.S.A., Inc., MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD., and ThaiLin Semiconductor Corp.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "This was another strong quarter for us.  Gross margin more than doubled in 2Q12 to 12.8% from 6.2% in 1Q12, underscoring the considerable leverage in our model.  We expect a further improvement in 3Q12 as we continue to increase our utilization levels by focusing on supporting customers gaining share in their respective markets.  Our overall utilization rate exiting the quarter improved to 78% compared to 73% in Q1'12.  Revenue growth in Q2 was mainly driven by our memory business, which benefitted from growth in DRAM, flash and SRAM.  We are also pleased with the robust revenue growth achieved in our mixed-signal and LCDD businesses.  We expect strength in our LCDD and memory business to continue as we move through 2012.  All of the above positive trends give us confidence in our business prospects."

S.K. Chen, Chief Financial Officer of ChipMOS, said, "Our revenue growth, profitability and operating expenses were all in-line with expectations.  Capital expenditures in the second quarter were US$34.4 million, also in-line with our plan of spending approximately 60% of our annual capex budget in the first half of 2012 in support of the customer program and end markets key to our growth and improved profitability.  Depreciation and amortization expenses in Q2 2012 came in at US$42.4 million, a US$3.1 million reduction compared to Q1 2012. We expect a further reduction in depreciation expenses in second half of 2012.  Our balance sheet continues to improve as we generated free cash flow of US$16.0 million in Q2 2012.  We exited the quarter with a balance of cash and cash equivalents of US$221.4 million.  Given our business and balance sheet strength, the Company's Board has authorized management in its discretion to determine whether to enter into a new share repurchase plan on behalf of the Company, to replace the repurchase plan adopted in 2011.  The authorization includes determining the maximum repurchase price per share and establishing plan terms and conditions with a designated broker.  A new plan has not been entered into as of the date of this release.  The Company will make a disclosure to the market at such time that a new plan is entered into."

Selected Operation Data







2Q12

1Q12

Revenue by segment



   Testing

30%

28%

   Assembly

34%

36%

   LCD Driver 

22%

22%

Bumping

14%

14%




Utilization by segment



   Testing

73%

61%

   Assembly

82%

81%

   LCD Driver

75%

75%

Bumping

85%

77%

   Overall

78%

73%




CapEx

US$34.4 million

US$19.7 million

   Testing

16%

10%

   Assembly

14%

13%

LCD Driver

48%

47%

   Bumping

22%

30%




Depreciation and amortization expenses (US GAAP)

US$42.4 million

US$45.5 million

 

Condensed consolidated statements of cash flows


Six months ended

Jun. 30, 2012


Six months ended 

    Jun. 30, 2011



US$ million


US$ million

Net cash provided by (used in) operating activities


28.8


80.8

Net cash provided by (used in) investing activities


(49.1)


(55.7)

Net cash provided by (used in) financing activities


(5.0)


(94.1)

Effect of exchange rate changes on cash


(0.2)


0.1

Net increase (decrease) in cash and cash equivalents


(25.5)


(68.9)

Cash and cash equivalents at beginning of period


246.9


239.7

Cash and cash equivalents at end of period


221.4


170.8

Third Quarter 2012 Outlook

The Company expects revenue growth of approximately 4% to 8% for the third quarter 2012, as compared to the second quarter of 2012, with a further improvement in gross margin on a consolidated basis in the range of approximately 12% to 18%.

This press release, to be filed on Form 6-K, will be hereby incorporated by reference into the registration statements on Form F-3 of the Company (File Nos. 333-181367) and will be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

Investor Conference Call / Webcast Details

ChipMOS will review detailed second quarter 2012 results on Friday, August 17, 2012 at 8:00AM ET (8:00PM, August 17, Taiwan time). The conference call-in number is 1-201-689-8562, with confirmation ID number 397426.  A live webcast of the conference call will be available at ChipMOS' website at http://www.chipmos.com.  The playback is scheduled to be available in 2 hours after the conclusion of the conference call and will be accessible by dialing 1-858-384-5517.  The account number to access the replay is 3055 and the confirmation ID number is 397426.

About ChipMOS TECHNOLOGIES (Bermuda) LTD.:

ChipMOS (http://www.chipmos.com) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.

- FINANCIAL TABLES FOLLOW BELOW -

ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED INCOME STATEMENT

For the Three Months Ended Jun. 30, Mar. 31, 2012  and Jun. 30, 2011

Figures in Millions of U.S. dollars (USD) (1)

Except for Per Share Amounts and Shares Outstanding




ROC GAAP


US GAAP



3 months ended


3 months ended



 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011



USD


USD


USD


USD


USD


USD

Net Revenue


162.1


147.1


156.7


162.1


147.1


156.7

Cost of Revenue


141.9


138.1


140.2


141.2


138.0


140.6

Gross Profit (Loss)


20.2


9.0


16.5


20.9


9.1


16.1














Other Operating Income


-


-


-


1.4


1.0


1.7

Operating Expenses













Research and Development


3.4


4.4


3.5


3.4


4.4


3.5

Sales and Marketing


0.6


0.7


0.6


0.6


0.7


0.6

General and Administrative


4.7


5.4


6.0


4.3


5.1


5.7

Other Operating Expenses


-


-


-


1.5


1.1


0.2

Total Operating Expenses


8.7


10.5


10.1


9.8


11.3


10.0














Income (Loss) from Operations


11.5


(1.5)


6.4


12.5


(1.2)


7.8














Non-Operating Income (Expenses), Net


0.9


(6.8)


(4.1)


0.4


(6.1)


(5.5)














Income (Loss) before Income Tax


12.4


(8.3)


2.3


12.9


(7.3)


2.3














Income Tax Benefit (Expense)


(1.9)


0.2


(3.2)


(1.9)


0.1


(3.2)














Net Income (Loss)


10.5


(8.1)


(0.9)


11.0


(7.2)


(0.9)














Add: Net Loss (Income) Attributable 

  to Noncontrolling Interests


(0.8)


2.3


0.7


(0.9)


1.5


0.8














Net Income (Loss) Attributable to

  ChipMOS


9.7


(5.8)


(0.2)


10.1


(5.7)


(0.1)

Earnings (Loss) Per Share

  Attributable to ChipMOS -Basic


0.36


(0.22)


(0.01)


0.37


(0.21)


(0.01)

Shares Outstanding (in thousands)-

  Basic


27,308


27,030


26,760


27,308


27,030


26,760

Net Income (Loss) Attributable to

  ChipMOS -Diluted


9.7


(5.8)


(0.2)


10.1


(5.7)


(0.1)

Earnings (Loss) Per Share

  Attributable to ChipMOS -Diluted


0.34


(0.22)


(0.01)


0.36


(0.21)


(0.01)

Shares Outstanding (in thousands)-

  Diluted


28,134


27,030


26,760


28,134


27,030


26,760














Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.80 against US$1.00 as of Jun. 29, 2012. The convenience translation

should not be construed as representations that the NT dollar amounts have been, or could be in the future be, converted into US dollars at this or any

other exchange rate.

 


 

ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED INCOME STATEMENT

For the Three Months Ended Jun. 30, Mar. 31, 2012 and Jun. 30, 2011

Figures in Millions of NT dollars (NTD)

Except for Per Share Amounts and Shares Outstanding




ROC GAAP


US GAAP



3 months ended


3 months ended



 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011



NTD


NTD


NTD


NTD


NTD


NTD

Net Revenue


4,829.3


4,384.0


4,671.0


4,829.3


4,384.0


4,671.0

Cost of Revenue


4,226.8


4,115.9


4,178.2


4,209.0


4,112.4


4,191.1

Gross Profit (Loss)


602.5


268.1


492.8


620.3


271.6


479.9














Other Operating Income


-


-


-


41.0


30.0


52.7

Operating Expenses













Research and Development


100.0


132.5


105.3


100.0


132.5


105.3

Sales and Marketing


18.4


20.4


17.1


18.4


20.4


17.1

General and Administrative


141.7


161.1


177.6


127.9


153.0


171.3

Other Operating Expenses


-


-


-


44.0


32.6


7.3

Total Operating Expenses


260.1


314.0


300.0


290.3


338.5


301.0














Income (Loss) from Operations


342.4


(45.9)


192.8


371.0


(36.9)


231.6














Non-Operating Income (Expenses),

  Net


27.1


(202.7)


(123.0)


13.3


(180.7)


(165.0)














Income (Loss) before Income Tax


369.5


(248.6)


69.8


384.3


(217.6)


66.6














Income Tax Benefit (Expense)


(55.4)


7.1


(95.9)


(57.6)


3.4


(94.3)














Net Income (Loss)


314.1


(241.5)


(26.1)


326.7


(214.2)


(27.7)














Add: Net Loss (Income) Attributable

  to Noncontrolling Interests


(24.8)


67.5


20.7


(26.3)


44.2


23.6














Net Income (Loss) Attributable to

  ChipMOS


289.3


(174.0)


(5.4)


300.4


(170.0)


(4.1)

Earnings (Loss) Per Share Attributable to ChipMOS-Basic


10.59


(6.44)


(0.20)


11.00


(6.29)


(0.15)

Shares Outstanding (in thousands)-

  Basic


27,308


27,030


26,760


27,308


27,030


26,760

Net Income (Loss) Attributable to

  ChipMOS -Diluted


289.3


(174.0)


(5.4)


300.4


(170.0)


(4.1)

Earnings (Loss) Per Share

  Attributable to ChipMOS-Diluted


10.28


(6.44)


(0.20)


10.68


(6.29)


(0.15)

Shares Outstanding (in thousands)-

  Diluted


28,134


27,030


26,760


28,134


27,030


26,760












 


ChipMOS TECHNOLOGIES (Bermuda) LTD.


UNAUDITED CONSOLIDATED BALANCE SHEET

As of Jun. 30, Mar. 31, 2012 and Jun. 30, 2011

Figures in Millions of U.S. dollars (USD) (1)





ROC GAAP


US GAAP




 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


ASSETS


USD


USD


USD


USD


USD


USD


Cash and Cash Equivalents


221.4


251.9


170.8


221.4


251.9


170.8


Financial Assets at Fair Value Through

  Profit or Loss


33.6


-


-


33.6


-


-


Accounts and Notes Receivable


132.9


117.6


117.1


132.9


117.6


117.1


Inventories


53.0


55.0


54.8


53.0


55.0


54.8


Other Current Assets


16.9


14.0


39.9


16.9


14.0


39.7


Total Current Assets


457.8


438.5


382.6


457.8


438.5


382.4
















Long-Term Investments


1.3


1.3


0.3


1.3


1.3


0.3
















Property, Plant & Equipment-Net


434.4


440.2


524.0


420.3


426.6


511.5


Intangible Assets


3.3


3.3


3.2


3.3


3.3


3.2


Other Assets


35.7


38.6


43.6


38.1


41.6


46.2


Total Assets


932.5


921.9


953.7


920.8


911.3


943.6
















LIABILITIES














Current Liabilities














Short-Term Loans


21.5


13.1


32.3


21.5


13.1


32.3


Current Portion of Long-Term Debts


47.7


46.8


142.8


47.7


46.8


142.8


Accounts Payable and Payables to Contractors and Equipment Suppliers


49.4


54.4


44.3


49.4


54.4


44.3


Current Portion of Long-Term Lease Payable


-


-


27.0


-


-


27.0


Other Current Liabilities


53.2


59.4


62.5


53.2


59.4


62.5


Total Current Liabilities


171.8


173.7


308.9


171.8


173.7


308.9


Long-Term Liabilities














Long-Term Debts


249.2


248.2


139.7


249.2


248.2


139.7


Long-Term Lease Payable


-


-


8.7


-


-


8.7


Other Liabilities


3.3


3.3


3.3


13.8


15.1


16.3


Total Liabilities


424.3


425.2


460.6


434.8


437.0


473.6
















EQUITY














Shareholders' Equity














Capital Stock


1.3


1.3


1.3


1.3


1.3


1.3


Deferred Compensation


-


-


-


-


-


-


Capital Surplus


513.1


512.3


515.3


499.9


499.3


505.2


Retained Earnings (Accumulated Losses)


(123.3)


(132.9)


(130.8)


(120.3)


(130.3)


(130.3)


Treasury Stock


(30.9)


(31.0)


(37.4)


(30.9)


(31.0)


(37.4)


Cumulated Translation Adjustments


14.4


14.2


11.3


14.4


14.2


11.3


Unrecognized Pension Cost


-


-


-


(7.9)


(7.8)


(8.9)


Total Shareholders' Equity


374.6


363.9


359.7


356.5


345.7


341.2


Noncontrolling Interests


133.6


132.8


133.4


129.5


128.6


128.8


Total Equity


508.2


496.7


493.1


486.0


474.3


470.0


Total Liabilities & Equity


932.5


921.9


953.7


920.8


911.3


943.6


Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.80 against US$1.00 as of Jun. 29, 2012. The convenience translation should

not be construed as representations that the NT dollar amounts have been, or could be in the future be, converted into US dollars at this or any other exchange

rate.


 


ChipMOS TECHNOLOGIES (Bermuda) LTD.


UNAUDITED CONSOLIDATED BALANCE SHEET

As of Jun. 30, Mar. 31, 2012 and Jun. 30, 2011

Figures in Millions of NT dollars (NTD)





ROC GAAP


US GAAP




 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


 

Jun. 30, 2012


Mar. 31, 2012


Jun. 30, 2011


ASSETS


NTD


NTD


NTD


NTD


NTD


NTD


Cash and Cash Equivalents


6,596.6


7,506.3


5,088.5


6,596.6


7,506.3


5,088.5


Financial Assets at Fair Value Through Profit

  or Loss


1,000.7


-


-


1,000.7


-


-


Accounts and Notes Receivable


3,962.1


3,506.0


3,490.2


3,962.1


3,506.0


3,490.2


Inventories


1,579.6


1,638.9


1,632.7


1,580.4


1,639.7


1,633.9


Other Current Assets


504.3


417.9


1,190.6


504.3


417.9


1,184.4


Total Current Assets


13,643.3


13,069.1


11,402.0


13,644.1


13,069.9


11,397.0
















Long-Term Investments


39.1


39.1


10.5


39.1


39.1


10.5
















Property, Plant & Equipment-Net


12,943.6


13,117.7


15,614.1


12,525.6


12,712.9


15,242.3


Intangible Assets


97.8


97.5


94.1


97.8


97.5


94.1


Other Assets


1,064.0


1,150.1


1,299.2


1,131.9


1,236.5


1,376.1


Total Assets


27,787.8


27,473.5


28,419.9


27,438.5


27,155.9


28,120.0
















LIABILITIES














Current Liabilities














Short-Term Loans


641.8


389.8


963.7


641.8


389.8


963.7


Current Portion of Long-Term Debts


1,420.5


1,395.5


4,255.9


1,420.5


1,395.5


4,255.9


Accounts Payable and Payables to Contractors and Equipment Suppliers


1,472.4


1,622.5


1,318.7


1,472.4


1,622.5


1,318.7


Current Portion of Long-Term Lease Payable


-


-


804.9


-


-


804.9


Other Current Liabilities


1,585.0


1,771.0


1,863.1


1,585.0


1,771.0


1,863.1


Total Current Liabilities


5,119.7


5,178.8


9,206.3


5,119.7


5,178.8


9,206.3


Long-Term Liabilities














Long-Term Debts


7,424.2


7,395.4


4,161.6


7,424.2


7,395.4


4,161.6


Long-Term Lease Payable


-


-


260.6


-


-


260.6


Other Liabilities


99.2


98.5


95.9


411.9


450.8


486.6


Total Liabilities


12,643.1


12,672.7


13,724.4


12,955.8


13,025.0


14,115.1
















EQUITY














Shareholders' Equity














Capital Stock


39.5


39.5


39.0


39.5


39.5


39.0


Deferred Compensation


-


-


(0.4)


-


-


-


Capital Surplus


15,290.3


15,267.3


15,356.5


14,898.9


14,880.6


15,055.0


Retained Earnings (Accumulated Losses)


(3,674.0)


(3,961.4)


(3,896.8)


(3,585.5)


(3,884.1)


(3,883.1)


Treasury Stock


(919.8)


(924.8)


(1,115.0)


(919.8)


(924.8)


(1,115.0)


Cumulated Translation Adjustments


426.8


422.9


337.2


426.8


422.9


337.2


Unrecognized Pension Cost


-


-


-


(235.7)


(235.6)


(265.0)


Total Shareholders' Equity


11,162.8


10,843.5


10,720.5


10,624.2


10,298.5


10,168.1


Noncontrolling Interests


3,981.9


3,957.3


3,975.0


3,858.5


3,832.4


3,836.8


Total Equity


15,144.7


14,800.8


14,695.5


14,482.7


14,130.9


14,004.9


Total Liabilities & Equity


27,787.8


27,473.5


28,419.9


27,438.5


27,155.9


28,120.0



Contacts:

In Taiwan

Dr. S.K. Chen

ChipMOS TECHNOLOGIES (Bermuda) LTD.

+886-6-507-7712

s.k._chen@chipmos.com

 

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com 

SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.



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