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%
Hsinchu, Taiwan, August 17, 2012 - 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."
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 -
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
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