ChipMOS REPORTS SECOND QUARTER 2012 RESULTS

(PRNewswire) —

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


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