ChipMOS RETURNS TO PROFITABILITY IN 3Q10 LED BY HIGHER SALES AND GROSS MARGIN LEVELS
HSINCHU, Taiwan, Nov. 15, 2010 /PRNewswire-Asia-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today reported unaudited consolidated financial results for the third quarter ended September 30, 2010. All U.S. dollar figures in this release are based on the exchange rate of NT$31.19 to US$1.00 as of September 30, 2010.
Net revenue on a US GAAP basis for the third quarter of 2010 was NT$4,717.2 million or US$151.2 million, an increase of 4.9% from NT$4,498.4 million or US$144.2 million in the second quarter and an increase of 40.9% from NT$3,347.1 million or US$107.3 million for the same period in 2009.
Net income attributable to ChipMOS on a US GAAP basis for the third quarter of 2010 was NT$51.0 million or US$1.6 million, and NT$0.50 or US$0.02 per basic common share, compared to net loss attributable to ChipMOS of NT$49.7 million or US$1.6 million, and NT$0.51 or US$0.02 per basic common share, for the second quarter. Net income attributable to ChipMOS under US GAAP includes non-cash gain for changes in the fair value of the embedded derivative liabilities of NT$11.5 million or US$0.3 million and amortization of discount on convertible notes of NT$1.5 million or US$0.1 million for the third quarter of 2010, and non-cash loss for changes in the fair value of the embedded derivative liabilities of NT$254.4 million or US$8.2 million and amortization of discount on convertible notes of NT$2.8 million or US$0.1 million for the second quarter. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net income attributable to ChipMOS for the third quarter of 2010 was NT$41.0 million or US$1.4 million, and NT$0.40 or US$0.01 per basic common share, compared to non-GAAP adjusted net income attributable to ChipMOS of NT$207.5 million or US$6.7 million, and NT$2.14 or US$0.07 per basic common share in the second quarter.
S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "We are encouraged with our results for the third quarter as revenue increased 40.9% on a year over year basis and was 4.9% higher than the prior second quarter of 2010, while our gross margin rebounded to 9.3% in 3Q10 compared to 5.2% in 2Q10. We continue to benefit from our business and customer diversification efforts into higher margin opportunities, including flash, with Mask ROM, which achieved 26.6% revenue growth compared to 2Q10, and our LCD driver business, with gold bumping, which had 10.4% revenue growth compared to 2Q10. Reflecting broader market trends, moderate growth seen in July and August in our DRAM and mixed-signal businesses, was followed by softer demand in September from the large-screen LCD TV and corporate PC replacement market segments. The overall driver IC business appears to have bottomed and is improving going into 4Q10. Separately, demand for our chip-on-glass (COG) and gold bumping services remained strong through the end of the third quarter. The demand was led by applications, including tablet computers and smartphones, where average capacity utilization was running at approximately 88% in 3Q10."
S.K. Chen, Chief Financial Officer of ChipMOS, said, "We continue to focus on profitable revenue opportunities, cost controls, margin expansion, disciplined CapEx practices and debt reduction. While we have been running near full utilization levels, the blended rate showed a decline to 77% in 3Q10 from 81% in 2Q10. This is solely due to the additional capacity recently brought online from our strategic transaction with SPIL. This additional capacity is essential to support customer demand levels, especially in our LCD driver business. The transaction also allowed us to preserve our cash levels while we replaced certain DRAM test capacity. Our announced niche/mobile DRAM- focused strategy further helped us in the quarter to maintain memory test capacity utilization at around 80%. Our balance of cash and cash equivalents improved to US$175.8 million as of September 30, 2010. This does not include the US$67.8 million from the settlement of our breach of contract damage claim with Spansion, which was received on October 13, 2010. We intend to now reduce our total debt by approximately US$100 million in 4Q10, followed by a further reduction of approximately US$110 million to US$120 million in 2011. This will materially reduce our debt servicing costs, improve our operating cash flow and margins, while also significantly improving the Company's financial strength."
Selected Operation Data
3Q10 2Q10
Revenue by segment
Testing 35% 35%
Assembly 36% 38%
LCD Driver (including gold bumping) 29% 27%
Utilization by segment
Testing 64% 64%
Assembly 89% 94%
LCD Driver (including gold bumping) 79% 84%
Overall 77% 81%
CapEx US$39.6 million US$34.2 million
Testing 55% 21%
Assembly 22% 8%
LCD Driver (including gold bumping) 23% 71%
Depreciation and amortization
expenses (US GAAP) US$49.6 million US$50.6 million
Fourth Quarter 2010 Outlook
Mr. Cheng continued, "While we remain very confident in our business, we expect our 4Q10 results to be impacted by broader market softness. This is inline with recent reports across the overall semiconductor industry. Based on current demand levels, we currently expect revenue will decline by approximately 6% to 12% compared to 3Q10. We currently expect a 2% gross margin on a consolidated basis due to the sequentially lower revenue level. Our receipt of the Spansion damage claim payment is anticipated to significantly increase our available cash and this payment will be reflected in our fourth quarter operating results. We expect our gross margin to return to more normal historic levels in 2011."
"Importantly, we expect our revenue will resume growth in 2011 based on stabilization from our business strategy, with our focus on more profitable niche segments and de-emphasis of the commodity DRAM segment. We are also encouraged by our LCD driver and flash businesses, which are now experiencing stronger demand levels. Demand levels also continue to increase for our gold bumping services, led by small display panel applications, including smartphones."
Investor Conference Call / Webcast Details
ChipMOS will review detailed third quarter 2010 results on Monday, November 15, 2010 at 6:00 pm EDT (7:00 am, November 16, Taiwan time). The conference call-in number is 1-201-689-8562. A live webcast of the conference call will be available at ChipMOS' website at http://www.chipmos.com . The playback will be available in 2 hours after the conclusion of the conference call and will be accessible by dialing 1-858-384-5517. To access the replay use confirmation ID number 358768.
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.
The unaudited consolidated financial results of ChipMOS for the third quarter ended Sep. 30, 2010 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.
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.
Use of Non-GAAP Information
Readers are reminded that non-GAAP numbers contained in this announcement are merely a supplement to, and not a replacement for, the GAAP financial measures. These non-GAAP numbers should be read in conjunction with the US GAAP financial measures. It should be noted as well that the non-GAAP information provided in this announcement may be different from the non-GAAP information provided by other companies.
- FINANCIAL TABLES FOLLOW BELOW -
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
ROC GAAP US GAAP
3 months ended 3 months ended
Sep. 30, Jun. 30, Sep. 30, Sep. 30, Jun. 30, Sep. 30,
2010 2010 2009 2010 2010 2009
(Unaud- (Unaud- (Unaud- (Unaud- (Unaud- (Unaud-
ited) ited) ited) ited) ited) ited)
USD USD USD USD USD USD
Net Revenue 151.2 144.2 107.3 151.2 144.2 107.3
Cost of Revenue 136.7 136.2 134.6 137.1 136.7 135.0
Gross Profit (Loss) 14.5 8.0 (27.3) 14.1 7.5 (27.7)
Other Operating
Income -- -- -- 1.4 21.0 1.0
Operating Expenses
Research and
Development 3.4 3.5 3.2 3.4 3.5 3.2
Sales and Marketing 0.5 0.7 (1.8) 0.5 0.7 (1.8)
General and
Administrative 5.4 5.8 5.1 5.4 5.8 5.6
Other Operating
Expenses -- -- -- 0.5 0.1 0.6
Total Operating
Expenses 9.3 10.0 6.5 9.8 10.1 7.6
Income (Loss) from
Operations 5.2 (2.0) (33.8) 5.7 18.4 (34.3)
Non-Operating
Income (Expenses),
Net (3.3) 4.0 (3.2) (4.2) (16.8) (4.5)
Income (Loss)
before Income Tax 1.9 2.0 (37.0) 1.5 1.6 (38.8)
Income Tax Benefit
(Expense) 0.8 (0.4) 4.1 0.8 (0.4) 4.2
Net Income (Loss) 2.7 1.6 (32.9) 2.3 1.2 (34.6)
Add: Net Loss
(Income)
Attributable to
Noncontrolling
Interests (0.8) (2.9) (0.0) (0.7) (2.8) 0.1
Net Income (Loss)
Attributable to
ChipMOS 1.9 (1.3) (32.9) 1.6 (1.6) (34.5)
Earnings (Loss) Per
Share
Attributable to
ChipMOS -Basic 0.02 (0.01) (0.42) 0.02 (0.02) (0.44)
Shares Outstanding
(in thousands)-
Basic 102,693 96,900 77,905 102,693 96,900 77,905
Net Income (Loss)
Attributable to
ChipMOS-Diluted 1.6 (1.3) (32.9) 1.4 (1.6) (34.5)
Earnings (Loss) Per
Share
Attributable to
ChipMOS -Diluted 0.01 (0.01) (0.42) 0.01 (0.02) (0.44)
Shares Outstanding
(in thousands)-
Diluted 110,550 96,900 77,905 110,550 96,900 77,905
Note:
(1) All U.S. dollar figures in this release are based on the exchange rate
of NT$31.19 against US$1.00 as of Sep. 30, 2010. 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.
CONSOLIDATED INCOME STATEMENT
For the Three Months Ended Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
ROC GAAP US GAAP
3 months ended 3 months ended
Sep.30, Jun. 30, Sep. 30, Sep.30, Jun. 30, Sep.30,
2010 2010 2009 2010 2010 2009
(Unaud- (Unaud- (Unaud- (Unaud- (Unaud- (Unaud
ited) ited) ited) ited) ited) ited)
NTD NTD NTD NTD NTD NTD
Net Revenue 4,717.2 4,498.4 3,347.1 4,717.2 4,498.4 3,347.1
Cost of Revenue 4,264.2 4,249.9 4,197.0 4,277.6 4,263.3 4,210.3
Gross Profit (Loss) 453.0 248.5 (849.9) 439.6 235.1 (863.2)
Other Operating
Income -- -- -- 43.4 652.1 31.7
Operating Expenses
Research and
Development 105.3 107.8 99.8 105.3 107.8 99.8
Sales and Marketing 16.1 21.9 (56.9) 16.1 21.9 (56.9)
General and
Administrative 167.1 180.2 160.8 166.8 181.2 175.9
Other Operating
Expenses -- -- -- 16.1 3.4 18.7
Total Operating
Expenses 288.5 309.9 203.7 304.3 314.3 237.5
Income (Loss) from
Operations 164.5 (61.4)(1,053.6) 178.7 572.9 (1,069.0)
Non-Operating
Income (Expenses),
Net (103.0) 125.5 (100.5) (130.8) (523.7) (140.3)
Income (Loss)
before Income Tax 61.5 64.1 (1,154.1) 47.9 49.2 (1,209.3)
Income Tax Benefit
(Expense) 23.7 (13.0) 128.9 26.1 (11.1) 132.4
Net Income (Loss) 85.2 51.1 (1,025.2) 74.0 38.1 (1,076.9)
Add: Net Loss
(Income)
Attributable to
Noncontrolling
Interests (25.8) (90.1) (0.5) (23.0) (87.8) 1.3
Net Income (Loss)
Attributable to
ChipMOS 59.4 (39.0)(1,025.7) 51.0 (49.7)(1,075.6)
Earnings (Loss) Per
Share
Attributable to
ChipMOS-Basic 0.58 (0.40) (13.17) 0.50 (0.51) (13.81)
Shares Outstanding
(in
thousands)-Basic 102,693 96,900 77,905 102,693 96,900 77,905
Net Income (Loss)
Attributable to
ChipMOS -Diluted 51.1 (39.0)(1,025.7) 42.8 (49.7)(1,075.6)
Earnings (Loss) Per
Share
Attributable to
ChipMOS-Diluted 0.46 (0.40) (13.17) 0.39 (0.51) (13.81)
Shares Outstanding
(in
thousands)-Diluted 110,550 96,900 77,905 110,550 96,900 77,905
ChipMOS TECHNOLOGIES (Bermuda) LTD.
RECONCILIATION OF US GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS
TO NON-GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS (UNAUDITED)
For the Three Months Ended Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts
Use of Non-GAAP Financial Information
To supplement our consolidated income statement (unaudited) for the three months ended Sep. 30, 2010 on a US GAAP basis, the Company uses a non-GAAP measure of net income (loss) attributable to ChipMOS, which is US GAAP net income (loss) attributable to ChipMOS adjusted to exclude two non-cash items referred to as special items. The two non-cash items excluded are changes in the fair value of the embedded derivative liabilities and amortization of discount on convertible notes. These items are considered by the management to be outside of the Company's core operating results. For example, changes in the fair value of the embedded derivative liabilities relate heavily to the Company's stock price, interest rate and volatility, all of which are difficult to predict and outside of the control of the Company and its management.
For these reasons, management uses non-GAAP adjusted measures of net income (loss) attributable to ChipMOS and non-GAAP earnings (loss) per share attributable to ChipMOS to evaluate the performance of our core businesses and to estimate future core performance. In addition, this information facilitates our management's internal comparisons to our historical operating results as well as to the operating results of our competitors.
The Company's management finds these supplemental non-GAAP measures to be useful, and we believe these non-GAAP measures are useful to investors in enabling them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our core operating results. However, readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, US GAAP financial measures. They should be read in conjunction with the US GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
3 months ended
Sep. 30, Jun. 30, Sep. 30,
2010 2010 2009
US GAAP Net Income (Loss) Attributable to
ChipMOS-Basic 1.6 (1.6) (34.5)
US GAAP Net Income (Loss) Attributable to
ChipMOS-Diluted 1.4 (1.6) (34.5)
Special Items (in Non-Operating Income
(Expenses), Net)
Changes in the fair value of the embedded
derivative liabilities(2) (0.3) 8.2 --
Amortization of discount on convertible
notes(3) 0.1 0.1 0.8
Total Special Items (0.2) 8.3 0.8
Non-GAAP Adjusted Net Income (Loss)
Attributable to ChipMOS-Basic 1.4 6.7 (33.7)
Non-GAAP Adjusted Net Income (Loss)
Attributable to ChipMOS-Diluted(4) 1.4 6.7 (33.7)
US-GAAP Earnings (Loss) Per Share
Attributable to ChipMOS-Basic 0.02 (0.02) (0.44)
Adjustment for special items (0.01) 0.09 0.01
Non-GAAP Earnings (Loss) Per Share
Attributable to ChipMOS-Basic 0.01 0.07 (0.43)
US-GAAP Earnings (Loss) Per Share
Attributable to ChipMOS-Diluted 0.01 (0.02) (0.44)
Adjustment for special items -- 0.09 0.01
Non-GAAP Earnings (Loss) Per Share
Attributable to ChipMOS-Diluted 0.01 0.07 (0.43)
Notes:
(1) All U.S. dollar figures in this release are based on the exchange
rate of NT$31.19 against US$1.00 as of Sep. 30, 2010. 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.
(2) The Company's management believes excluding non-cash special item for
the changes in the fair value of the embedded derivative liabilities
from its non-GAAP financial measure of net income (loss) attributable
to ChipMOS is useful for itself and investors as such gain (expense)
does not have any impact on cash available to the Company.
(3) The Company's management believes excluding non-cash amortization
expense of discount on convertible notes from its non-GAAP
financial measure of net income (loss) attributable to ChipMOS is
useful for itself and investors as such expense does not have any
impact on cash available to the Company.
(4) US GAAP Net Income (Loss) Attributable to ChipMOS-Diluted for the
three months ended Sep.30, 2010 already excludes non-cash special
items for the changes in the fair value of the embedded derivative
liabilities and non-cash amortization expense of discount on
convertible notes.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
NON-GAAP CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(Excluding non-cash items for changes in the fair value of the embedded
derivative liabilities and amortization of
discount on convertible notes)
For the Three Months Ended Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
3 months ended
Sep. 30, Jun. 30, Sep. 30,
2010 2010 2009
Net Revenue 151.2 144.2 107.3
Cost of Revenue 137.1 136.7 135.0
Gross Profit (Loss) 14.1 7.5 (27.7)
Other Operating Incomes 1.4 21.0 1.0
Operating Expenses
Research and Development 3.4 3.5 3.2
Sales and Marketing 0.5 0.7 (1.8)
General and Administrative 5.4 5.8 5.6
Other Operating Expenses 0.5 0.1 0.6
Total Operating Expenses 9.8 10.1 7.6
Income (Loss) from Operations 5.7 18.4 (34.3)
Non-Operating Income (Expenses),
Net(2) (4.4) (8.5) (3.7)
Income (Loss) before Income Tax (2) 1.3 9.9 (38.0)
Income Tax Benefit (Expense) 0.8 (0.4) 4.2
Net Income (Loss)(2) 2.1 9.5 (33.8)
Add: Net Loss (Income)
Attributable to Noncontrolling
Interests (0.7) (2.8) 0.1
Net Income (Loss) Attributable to
ChipMOS-Basic (2) 1.4 6.7 (33.7)
Earnings (Loss) Per Share
Attributable to ChipMOS-
Basic(2) 0.01 0.07 (0.43)
Shares Outstanding (in
thousands)-Basic 102,693 96,900 77,905
Net Income (Loss) Attributable to
ChipMOS -Diluted(2) 1.4 6.7 (33.7)
Earnings (Loss) Per Share
Attributable to ChipMOS-
Diluted(2) 0.01 0.07 (0.43)
Shares Outstanding (in
thousands)-Diluted 110,550 96,900 77,905
Note:
(1) All U.S. dollar figures in this release are based on the exchange
rate of NT$31.19 against US$1.00 as of Sep. 30, 2010. 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.
(2) The amount presented is not prepared in accordance with US GAAP and
does not include non-cash gains for changes in the fair value of
the embedded derivative liabilities of NT$11.5 million or US$0.3
million and amortization of discount on convertible notes of NT$1.5
million or US$0.1 million for the three months ended Sep. 30, 2010,
non-cash loss for changes in the fair value of the embedded derivative
liabilities of NT$254.4 million or US$8.2 million and amortization of
discount on convertible notes of NT$2.8 million or US$0.1 million for
the three months ended Jun. 30, 2010, and amortization of discount on
convertible notes of NT$26.3 million or US$0.8 million for the three
months ended Sep. 30, 2009. Please see "Reconciliation of US GAAP Net
Income (Loss) Attributable to ChipMOS to Non-GAAP Net Income (Loss)
Attributable to ChipMOS (Unaudited)" above.
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED BALANCE SHEET
As of Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of U.S. dollars (USD) (1)
ROC GAAP US GAAP
Sep. 30, Jun. 30, Sep. 30, Sep. 30, Jun. 30, Sep. 30,
2010 2010 2009 2010 2010 2009
(Unaud- (Unaud- (Unaud- (Unaud- (Unaud- (Unaud-
ited) ited) ited) ited) ited) ited)
ASSETS USD USD USD USD USD USD
Cash and Cash
Equivalents 175.8 158.0 151.4 175.8 158.0 151.4
Financial Assets at
Fair Value Through
Profit or Loss 4.0 4.4 3.7 4.0 4.4 3.7
Available-for-Sale
Financial Assets -- -- -- -- -- 3.2
Investments with no
Active Market -- -- 3.2 -- -- --
Accounts and Notes
Receivable 109.2 112.8 73.0 109.2 112.8 73.0
Inventories 39.5 34.0 24.9 39.5 34.0 23.7
Other Current
Assets 52.9 42.3 35.1 52.7 42.2 34.9
Total Current
Assets 381.4 351.5 291.3 381.2 351.4 289.9
Long-Term
Investments 0.6 0.6 7.5 0.6 0.6 7.5
Property, Plant
& Equipment-Net 594.7 618.1 630.1 584.0 607.8 621.2
Intangible Assets 3.2 3.3 3.3 3.2 3.3 3.3
Other Assets 33.6 33.7 23.5 35.6 35.7 25.5
Total Assets 1,013.5 1,007.2 955.7 1,004.6 998.8 947.4
LIABILITIES
Current Liabilities
Short-Term Loans 76.7 79.3 86.7 76.7 79.3 86.7
Current Portion of
Long-Term Debts 137.6 115.1 104.7 137.6 115.1 104.3
Accounts Payable
and Payables to
Contractors and
Equipment
Suppliers 53.5 39.5 25.6 53.5 39.5 25.6
Current Portion of
Long-Term Lease
Payable 25.8 25.3 -- 25.8 25.3 --
Other Current
Liabilities 59.7 53.9 32.9 59.7 53.9 32.9
Total Current
Liabilities 353.3 313.1 249.9 353.3 313.1 249.5
Long-Term
Liabilities
Long-Term Debts 231.9 261.4 374.1 231.9 261.4 374.1
Long-Term Lease
Payable 27.2 34.2 -- 27.2 34.2 --
Other Liabilities 3.3 3.4 3.4 12.1 12.3 11.8
Total Liabilities 615.7 612.1 627.4 624.5 621.0 635.4
EQUITY
Shareholders' Equity
Capital Stock 1.1 1.1 0.9 1.1 1.1 0.9
Deferred
Compensation (0.1) (0.1) (0.4) (0.0) (0.1) (0.6)
Capital Surplus 449.5 448.6 411.8 440.8 439.9 403.1
Retained Earnings
(Accumulated
Losses) (164.0) (165.9) (164.0) (163.8) (165.3) (163.3)
Treasury Stock (3.7) (3.3) (2.6) (3.7) (3.3) (2.6)
Cumulated
Translation
Adjustments 12.8 13.4 13.2 12.8 13.4 13.2
Unrecognized
Pension Cost -- -- -- (6.9) (7.1) (6.6)
Total Shareholders'
Equity 295.6 293.8 258.9 280.3 278.6 244.1
Noncontrolling
Interests 102.2 101.3 69.4 99.8 99.2 67.9
Total Equity 397.8 395.1 328.3 380.1 377.8 312.0
Total Liabilities
& Equity 1,013.5 1,007.2 955.7 1,004.6 998.8 947.4
Note:
(1) All U.S. dollar figures in this release are based on the exchange rate
of NT$31.19 against US$1.00 as of Sep. 30, 2010. 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.
CONSOLIDATED BALANCE SHEET
As of Sep. 30, Jun. 30, 2010 and Sep. 30, 2009
Figures in Million of NT dollars (NTD)
ROC GAAP US GAAP
Sep. 30, Jun. 30, Sep. 30, Sep. 30, Jun. 30, Sep. 30,
2010 2010 2009 2010 2010 2009
(Unaud- (Unaud- (Unaud- (Unaud- (Unaud- (Unaud-
ited) ited) ited) ited) ited) ited)
ASSETS NTD NTD NTD NTD NTD NTD
Cash and Cash
Equivalents 5,484.0 4,928.5 4,723.0 5,484.0 4,928.5 4,723.0
Financial Assets
at Fair Value
Through Profit
or Loss 125.2 135.8 115.6 125.2 135.8 115.6
Available-for-Sale
Financial Assets -- -- -- -- -- 100.0
Investments with
no Active Market -- -- 100.0 -- -- --
Accounts and Notes
Receivable 3,406.2 3,519.7 2,278.2 3,406.2 3,519.7 2,278.2
Inventories 1,230.2 1,060.0 775.2 1,231.2 1,061.0 739.2
Other Current
Assets 1,649.1 1,319.5 1,093.8 1,642.9 1,313.3 1,087.6
Total Current
Assets 11,894.7 10,963.5 9,085.8 11,889.5 10,958.3 9,043.6
Long-Term
Investments 20.0 20.0 232.8 20.0 20.0 232.8
Property, Plant
& Equipment-Net 18,549.6 19,279.9 19,651.9 18,214.3 18,958.2 19,374.0
Intangible Assets 100.6 102.7 104.0 100.6 102.7 104.0
Other Assets 1,044.8 1,048.7 735.0 1,110.2 1,112.3 796.0
Total Assets 31,609.7 31,414.8 29,809.5 31,334.6 31,151.5 29,550.4
LIABILITIES
Current Liabilities
Short-Term Loans 2,392.6 2,473.9 2,704.1 2,392.6 2,473.9 2,704.1
Current Portion
of Long-Term
Debts 4,290.7 3,590.2 3,265.6 4,290.7 3,590.2 3,255.9
Accounts Payable
and Payables to
Contractors and
Equipment
Suppliers 1,667.4 1,232.1 799.7 1,667.4 1,232.1 799.7
Current Portion
of Long-Term
Lease Payable 805.4 788.0 -- 805.4 788.0 --
Other Current
Liabilities 1,861.2 1,681.6 1,024.5 1,861.2 1,681.6 1,024.5
Total Current
Liabilities 11,017.3 9,765.8 7,793.9 11,017.3 9,765.8 7,784.2
Long-Term
Liabilities
Long-Term Debts 7,233.8 8,154.2 11,667.2 7,233.8 8,154.2 11,667.2
Long-Term Lease
Payable 847.3 1,065.5 -- 847.3 1,065.5 --
Other Liabilities 103.2 105.5 106.2 381.4 383.9 368.2
Total
Liabilities 19,201.6 19,091.0 19,567.3 19,479.8 19,369.4 19,819.6
EQUITY
Shareholders'
Equity
Capital Stock 35.8 35.7 27.6 35.8 35.7 27.6
Deferred
Compensation (2.3) (4.0) (11.4) 0.0 (3.2) (18.0)
Capital Surplus 14,020.2 13,990.7 12,845.4 13,748.9 13,721.1 12,573.5
Retained
Earnings
(Accumulated
Losses) (5,115.5)(5,174.9)(5,113.9)(5,107.0)(5,158.0)(5,094.5)
Treasury Stock (116.2) (103.5) (81.7) (116.2) (103.5) (81.7)
Cumulated
Translation
Adjustments 397.9 418.7 411.7 397.9 418.7 411.7
Unrecognized
Pension Cost -- -- -- (216.7) (222.0) (204.9)
Total Shareholders'
Equity 9,219.9 9,162.7 8,077.7 8,742.7 8,688.8 7,613.7
Noncontrolling
Interests 3,188.2 3,161.1 2,164.5 3,112.1 3,093.3 2,117.1
Total Equity 12,408.1 12,323.8 10,242.2 11,854.8 11,782.1 9,730.8
Total
Liabilities
& Equity 31,609.7 31,414.8 29,809.5 31,334.6 31,151.5 29,550.4
Contacts:
In Taiwan
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
Tel: +886-6-507-7712
Email: [email protected]
In the U.S.
Chesha Gibbons
Director of Investor Relations
Tel: +415-730-1307
Email: [email protected]
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
Email: [email protected]
SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.
Share this article