ChipMOS TECHNOLOGIES (Bermuda) LTD. News
ChipMOS REPORTS FIRST QUARTER 2008 RESULTS
HSINCHU,
Net revenue on a US GAAP basis for the first quarter of 2008 was
Net income on a US GAAP basis for the first quarter of 2008 was
The unaudited consolidated financial results of ChipMOS for the first quarter ended
Selected Operation Data 1Q08 4Q07 Revenue by segment Testing 51% 50% Assembly 32% 34% LCD Driver 17% 16% Utilization by segment Testing 72% 81% Assembly 68% 86% LCD Driver 61% 69% Overall 69% 81% CapEx US$36.1 million US$39.8 million Testing 44% 52% Assembly 24% 42% LCD Driver 32% 6% Depreciation and amortization Expenses (US GAAP) US$59.4 million US$59.4 million
Second Quarter 2008 Outlook
Mr. Cheng continued, ''The overall DRAM market visibility in following quarters remains limited. However, as we currently expect introduction of new 1Gbit DDR II by our customers in May or
Considering the overall market situation among our product segments, we currently expect that Q2 revenue will be in the range of approximately
Investor Conference Call / Webcast Details
ChipMOS will review detailed first quarter 2008 results on
About ChipMOS TECHNOLOGIES (
ChipMOS ( http://www.chipmos.com/ ) is a leading independent provider of semiconductor testing and assembly services to customers in
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 (UNAUDITED) For the Three Months Ended Mar. 31, 2008, 2007 and Dec. 31, 2007 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 Mar. 31, Dec. 31, Mar. 31, Mar. 31, Dec. 31, Mar. 31, 2008 2007 2007 2008 2007 2007 USD USD USD USD USD USD Net Revenue 157.4 200.9 188.4 157.4 200.9 188.4 Cost of Revenue 142.5 150.5 137.1 143.0 151.6 137.2 Gross Profit 14.9 50.4 51.3 14.4 49.3 51.2 Operating Expenses Research and Development 3.5 2.8 2.4 3.5 2.8 2.4 Sales and Marketing 0.4 0.8 0.9 0.4 0.8 0.9 General and Administrative 7.4 9.0 8.8 7.5 14.8 14.3 Total Operating Expenses 11.3 12.6 12.1 11.4 18.4 17.6 Income from Operations 3.6 37.8 39.2 3.0 30.9 33.6 Non-Operating Income (Expenses), Net (9.5) (7.6) (5.8) 3.7 11.0 (8.3) Income (Loss) before Income Tax and Minority Interests (5.9) 30.2 33.4 6.7 41.9 25.3 Income Tax Benefit (Expense) (0.1) 0.7 (4.3) 0.0 (0.4) (4.2) Income (Loss) before Minority Interests (6.0) 30.9 29.1 6.7 41.5 21.1 Minority Interests 0.1 (1.5) (13.8) 0.2 (0.9) (12.4) Net Income (Loss) (5.9) 29.4 15.3 6.9 40.6 8.7 Earnings (Loss) Per Share -Basic (0.07) 0.35 0.22 0.08 0.48 0.12 Shares Outstanding (in thousands)- Basic 83,845 83,821 71,107 83,845 83,821 71,107 Net Income (Loss) - Diluted (10.1) 33.6 17.0 (4.5) 26.1 8.7 Earnings (Loss) Per Share - Diluted (0.11) 0.30 0.20 (0.04) 0.24 0.12 Shares Outstanding (in thousands)- Diluted 94,036 111,045 85,085 109,287 111,045 73,779 Note (1): All U.S. dollar figures in this release are based on the exchange rate of NT$30.37 against US$1.00 as of Mar. 31, 2008. 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 (UNAUDITED) For the Three Months Ended Mar. 31, 2008, 2007 and Dec. 31, 2007 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 Mar. 31, Dec. 31, Mar. 31, Mar. 31, Dec. 31, Mar. 31, 2008 2007 2007 2008 2007 2007 NTD NTD NTD NTD NTD NTD Net Revenue 4,779.0 6,101.6 5,723.0 4,779.0 6,101.6 5,723.0 Cost of Revenue 4,328.2 4,569.0 4,163.6 4,342.5 4,603.0 4,168.2 Gross Profit 450.8 1,532.6 1,559.4 436.5 1,498.6 1,554.8 Operating Expenses Research and Development 104.8 85.3 74.4 104.8 85.3 74.4 Sales and Marketing 11.6 24.2 26.1 11.6 24.2 26.1 General and Administrative 224.3 273.9 266.5 230.8 451.6 433.2 Total Operating Expenses 340.7 383.4 367.0 347.2 561.1 533.7 Income from Operations 110.1 1,149.2 1,192.4 89.3 937.5 1,021.1 Non-Operating Income (Expenses), Net (288.3) (231.8) (176.8) 113.4 333.6 (250.7) Income (Loss) before Income Tax and Minority Interests (178.2) 917.4 1,015.6 202.7 1,271.1 770.4 Income Tax Benefit (Expense) (3.4) 21.1 (130.7) 0.4 (10.9) (128.3) Income (Loss) before Minority Interests (181.6) 938.5 884.9 203.1 1,260.2 642.1 Minority Interests 3.6 (45.8) (419.8) 5.9 (28.4) (376.4) Net Income (Loss) (178.0) 892.7 465.1 209.0 1,231.8 265.7 Earnings (Loss) Per Share -Basic (2.12) 10.65 6.54 2.49 14.70 3.74 Shares Outstanding (in thousands)- Basic 83,845 83,821 71,107 83,845 83,821 71,107 Net Income (Loss)- Diluted (307.9) 1,019.4 515.4 (135.2) 792.6 265.7 Earnings (Loss) Per Share -Diluted (3.27) 9.18 6.06 (1.24) 7.14 3.60 Shares Outstanding (in thousands)- Diluted 94,036 111,045 85,085 109,287 111,045 73,779 ChipMOS TECHNOLOGIES (Bermuda) LTD. RECONCILIATION OF US GAAP NET INCOME TO NON-GAAP NET INCOME (UNAUDITED) For the Three Months Ended Mar. 31, 2008, 2007 and Dec. 31, 2007 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
For these reasons, management uses non-GAAP adjusted measures of net income and non-GAAP net income per share to evaluate the performance of our core businesses, to estimate future core performance and to compensate employees. 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 Mar. 31, Dec. 31, Mar. 31, 2008 2007 2007 US GAAP Net Income (Basic) 6.9 40.6 8.7 Special Items (in Non-Operating Income (Expenses), Net) Changes in the fair value of the embedded derivative liabilities(2) (4.3) (18.3) 0.4 Amortization of discount on convertible notes(3) 2.9 2.8 3.0 Total Special Items (1.4) (15.5) 3.4 Non-GAAP Adjusted Net Income (Basic) 5.5 25.1 12.1 US-GAAP Net Income Per Share (Basic) 0.08 0.48 0.12 Adjustment for special items (0.02) (0.18) 0.05 Non-GAAP Net Income Per Share (Basic) 0.06 0.30 0.17 US-GAAP Net Income (Loss) Per Share (0.04) 0.24 0.12 (Diluted) Adjustment for special items — — 0.05 Non-GAAP Net Income (Loss) Per Share (Diluted)(4) (0.04) 0.24 0.17 Notes: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$30.37 against US$1.00 as of Mar. 31, 2008. 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 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 is useful for itself and investors as such expense does not have any impact on cash available to the Company. (4) Non-GAAP diluted net loss per share for the first quarter of 2008 is US$0.04, and Non-GAAP diluted net income per share for the fourth quarter of 2007 is US$0.24, same as those under US GAAP since US GAAP adjusted diluted net income (loss) has excluded the two non-cash special items for non-GAAP reconciliation. 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 Mar. 31, 2008, 2007 and Dec. 31, 2007 Figures in Million of U.S. dollars (USD) (1) Except for Per Share Amounts and Shares Outstanding 3 months ended Mar. 31, Dec. 31, Mar. 31, 2008 2007 2007 Net Revenue 157.4 200.9 188.4 Cost of Revenue 143.0 151.6 137.2 Gross Profit 14.4 49.3 51.2 Operating Expenses Research and Development 3.5 2.8 2.4 Sales and Marketing 0.4 0.8 0.9 General and Administrative 7.5 14.8 14.3 Total Operating Expenses 11.4 18.4 17.6 Income from Operations 3.0 30.9 33.6 Non-Operating Income (Expenses), Net(2) 2.3 (4.5) (4.9) Income before Income Tax and Minority Interests(2) 5.3 26.4 28.7 Income Tax Benefit (Expense) 0.0 (0.4) (4.2) Income before Minority Interests(2) 5.3 26.0 24.5 Minority Interests 0.2 (0.9) (12.4) Net Income(2) 5.5 25.1 12.1 Earnings Per Share - Basic(2) 0.06 0.30 0.17 Shares Outstanding (in thousands) - Basic 83,845 83,821 71,107 Earnings (Loss) Per Share - Diluted(2) (0.04) 0.24 0.17 Shares Outstanding (in thousands) - Diluted 109,287 111,045 73,779 Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$30.37 against US$1.00 as of Mar. 31, 2008. 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$129.6 million, or US$4.3 million, and amortization of discount on convertible notes of NT$86.7 million, or US$2.9 million, for the three months ended Mar. 31, 2008 and non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$554.4 million or US$18.3 million and amortization of discount on convertible notes of NT$84.2 million or US$2.8 million for the three months ended Dec. 31, 2007, and non-cash charges for changes in the fair value of the embedded derivative liabilities of NT$11.8 million or US$0.4 million and amortization of discount on convertible notes of NT$91.1 million or US$3.0 million for the three months ended Mar. 31, 2007 Please see \"Reconciliation of US GAAP Net Income to Non-GAAP Net Income (Unaudited)\" above. ChipMOS TECHNOLOGIES (Bermuda) LTD. CONSOLIDATED BALANCE SHEET (UNAUDITED) As of Mar. 31, 2008 and Dec. 31, 2007 Figures in Million of U.S. dollars (USD) (1) ROC GAAP US GAAP Mar. 31, Dec. 31, Mar. 31, Dec. 31, 2008 2007 2008 2007 ASSETS USD USD USD USD Cash and Cash Equivalents 118.3 169.0 118.3 169.0 Financial Assets at Fair Value Through Profit or Loss 43.2 18.3 43.2 18.3 Accounts and Notes Receivable 134.7 175.3 134.7 175.3 Inventories 32.5 34.4 32.6 34.4 Other Current Assets 51.5 18.1 51.5 18.0 Total Current Assets 380.2 415.1 380.3 415.0 Long-term Investments 11.8 11.8 11.8 11.8 Property, Plant & Equipment-Net 956.5 988.5 950.6 983.3 Intangible Assets 5.8 5.9 5.8 5.9 Other Assets 58.7 70.8 62.2 74.5 Total Assets 1,413.0 1,492.1 1,410.7 1,490.5 LIABILITIES Current Liabilities Short-Term Bank Loans 10.9 41.1 10.9 41.1 Current Portion of Long-Term Debts 225.5 223.8 214.0 224.8 Accounts Payable and Payables to Contractors and Equipment Suppliers 33.7 47.1 33.7 47.1 Other Current Liabilities 49.2 62.5 63.5 76.8 Total Current Liabilities 319.3 374.5 322.1 389.8 Long-Term Liabilities Long-Term Debts 358.3 372.9 352.7 368.1 Other Liabilities 17.4 12.2 24.8 19.7 Total Liabilities 695.0 759.6 699.6 777.6 SHAREHOLDERS' EQUITY Capital Stock 0.9 0.9 0.9 0.9 Deferred Compensation (1.8) (2.3) (3.0) (4.1) Capital Surplus 410.6 410.8 399.2 400.0 Retained Earnings 200.5 207.1 215.2 209.1 Cumulated Translation Adjustments 6.6 9.1 6.6 9.1 Unrecognized Pension Cost — — (6.8) (6.8) Minority Interests 101.2 106.9 99.0 104.7 Total Equity 718.0 732.5 711.1 712.9 Total Liabilities & Shareholders' Equity 1,413.0 1,492.1 1,410.7 1,490.5 Note (1): All U.S. dollar figures in this release are based on the exchange rate of NT$30.37 against US$1.00 as of Mar. 31, 2008. 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 (UNAUDITED) As of Mar. 31, 2008 and Dec. 31, 2007 Figures in Million of NT dollars (NTD) ROC GAAP US GAAP Mar. 31, Dec. 31, Mar. 31, Dec. 31, 2008 2007 2008 2007 ASSETS NTD NTD NTD NTD Cash and Cash Equivalents 3,592.8 5,133.6 3,592.8 5,133.6 Financial Assets at Fair Value Through Profit or Loss 1,312.4 555.6 1,312.4 555.6 Accounts and Notes Receivable 4,091.8 5,322.7 4,091.8 5,322.7 Inventories 988.4 1,043.6 989.1 1,044.3 Other Current Assets 1,565.4 549.7 1,563.5 547.2 Total Current Assets 11,550.8 12,605.2 11,549.6 12,603.4 Long-term Investments 358.0 358.0 358.0 358.0 Property, Plant & Equipment-Net 29,047.8 30,020.4 28,870.7 29,861.6 Intangible Assets 175.2 180.4 175.2 180.4 Other Assets 1,782.3 2,152.1 1,888.8 2,262.6 Total Assets 42,914.1 45,316.1 42,842.3 45,266.0 LIABILITIES Current Liabilities Short-Term Bank Loans 332.5 1,249.2 332.5 1,249.2 Current Portion of Long-Term Debts 6,849.4 6,797.1 6,499.4 6,828.0 Accounts Payable and Payables to Contractors and Equipment Suppliers 1,024.0 1,430.2 1,024.0 1,430.2 Other Current Liabilities 1,494.5 1,897.7 1,928.8 2,331.9 Total Current Liabilities 9,700.4 11,374.2 9,784.7 11,839.3 Long-Term Liabilities Long-Term Debts 10,880.3 11,323.7 10,709.7 11,179.3 Other Liabilities 527.5 370.1 752.3 596.5 Total Liabilities 21,108.2 23,068.0 21,246.7 23,615.1 SHAREHOLDERS' EQUITY Capital Stock 27.5 27.5 27.5 27.5 Deferred Compensation (55.3) (69.4) (90.9) (125.0) Capital Surplus 12,471.1 12,475.9 12,124.6 12,147.3 Retained Earnings 6,088.1 6,291.0 6,535.0 6,350.8 Cumulated Translation Adjustments 199.7 277.5 199.7 277.5 Unrecognized Pension Cost — — (205.8) (205.8) Minority Interests 3,074.8 3,245.6 3,005.5 3,178.6 Total Equity 21,805.9 22,248.1 21,595.6 21,650.9 Total Liabilities & Shareholders' Equity 42,914.1 45,316.1 42,842.3 45,266.0 Contacts: In Taiwan Dr. S.K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. +886-6-507-7712 s.k._chen@chipmos.com In the U.S. Joseph Villalta The Ruth Group 646-536-7003 jvillalta@theruthgroup.com
SOURCE ChipMOS TECHNOLOGIES (
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