ChipMOS REPORTS FIRST QUARTER 2013 RESULTS

(PRNewswire) —

HSINCHU, Taiwan, May 16, 2013 /PRNewswire-FirstCall/ --  

1Q13 Highlights (as compared to 4Q12):

  • Net Revenue Decreased 9.2% to US$148.3 Million from US$163.3 Million
  • Gross Profit Decreased to US$20.7 Million from US$25.8 Million
  • Gross Margin Declined to 13.9% from 15.8%
  • Net Earnings of US$0.42 Per Basic and US$0.41 Per Diluted Share Compared to US$0.26 Per Basic and US$0.25 Per Diluted Share
  • Generated US$17.3 Million of Free Cash Flow after US$20.0 Million of CapEx
  • Retained Balance of Cash and Cash Equivalents at US$310.4 Million
  • Total Debt Reduced to US$277.6 Million With Net Cash of US$32.8 Million

ChipMOS TECHNOLOGIES (Bermuda) LTD. (" ChipMOS" or the "Company") (Nasdaq: IMOS) today reported unaudited consolidated financial results for the first quarter ended March 31, 2013. All U.S. dollar figures in this release are based on the exchange rate of NT$29.81 against US$1.00 as of March 29, 2013.

Net revenue for the first quarter of 2013 was NT$4,420.7 million or US$148.3 million, an increase of 0.8% from NT$4,384.0 million or US$147.1 million for the same period in 2012 and a decrease of 9.2% from NT$4,867.4 million or US$163.3 million in the fourth quarter of 2012.  The revenue decline in the quarter was less severe than implied by the Company's guidance that revenue in the first quarter of 2013 would be lower by approximately 9% to 13%, as compared to the fourth quarter of 2012.

Net income for the first quarter of 2013 was NT$363.6 million or US$12.2 million, and NT$12.58 or US$0.42 per basic common share and NT$12.31 or US$0.41 per diluted common share, as compared to net loss for the first quarter of 2012 of NT$169.1 million or US$5.7 million, and NT$6.26 or US$0.21 per basic and diluted common share.

The unaudited consolidated financial results of ChipMOS for the first quarter ended March 31, 2013 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS U.S.A., Inc., ThaiLin Semiconductor Corp. ("ThaiLin") and MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "First quarter revenue and gross margin came in at the high-end of prior guidance.  We delivered a 64% improvement in net earnings per diluted share, and drove further balance sheet improvements. Results reflect the strength of our underlying business, and favorable customer and product mix, as we were able to improve our overall utilization rate to 75% and lessen the impact of typical seasonality related to Chinese New Year and normal customer demand patterns.  Finally, shares of our subsidiary, ChipMOS Taiwan, commenced trading on Taiwan's emerging stock board of Gre Tai Securities Market under stock code 8150 on April 19, 2013. We will continue to work towards satisfying the eligibility requirements for listing ChipMOS Taiwan onto the Taiwan Stock Exchange ("TSE") in the second quarter of 2014."   

S.K. Chen, Chief Financial Officer of ChipMOS, said, "We exited the first quarter with a strong balance of cash and cash equivalents at US$310.4 million, with free cash flow of US$17.3 million in Q1 2013 after CapEx of US$20.0 million in the quarter.  This allowed us to further reduce our total debt by another US$35.6 million to US$277.6 million, which in turn improved our net debt to equity ratio to -8.1% as of March 31, 2013 from 0.1% in Q4 2012.  We are encouraged by our return to a net positive cash balance and remain committed to sustaining this important level.  Our overall blended utilization improved to 75% in the first quarter, as we continued to meet customer capacity demands, while focusing on our objective of regaining greater profitability. We are confident that we are winning by prudently adding the right capacity in support of specific customer programs, as we focus on mutually growing in higher margin segments with the greatest growth potential."


Selected Operation Data







1Q13

4Q12

Revenue by segment



   Testing

25%

29%

   Assembly

32%

31%

   LCD Driver 

24%

24%

Bumping

19%

16%




Utilization by segment



   Testing

62%

68%

   Assembly

81%

69%

   LCD Driver

75%

81%

Bumping

83%

81%

   Overall

75%

74%




CapEx

US$20.0 million

US$20.1 million

   Testing

22%

23%

   Assembly

27%

15%

LCD Driver

45%

21%

   Bumping

6%

41%




Depreciation and amortization expenses

US$30.7 million

US$32.4 million


Condensed consolidated statements of cash flows


Period ended

Mar. 31, 2013


Period ended

Mar. 31, 2012



US$ million


US$ million

Net cash generated from (used in) operating activities


48.4


40.3

Net cash generated from (used in) investing activities


(20.9)


(15.1)

Net cash generated from (used in) financing activities


(34.8)


(16.1)

Effect of exchange rate changes on cash


5.1


(4.1)

Net increase (decrease) in cash and cash equivalents


(2.2)


5.0

Cash and cash equivalents at beginning of period


312.6


246.8

Cash and cash equivalents at end of period


310.4


251.8


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