ChipMOS REPORTS THIRD QUARTER 2015 RESULTS

3Q15 Highlights (as compared to 2Q15):

(PRNewswire) —

HSINCHU, Taiwan, Nov. 12, 2015 /PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported unaudited consolidated financial results for the third quarter ended September 30, 2015. All U.S. dollar figures in this release are based on the exchange rate of NT$32.98 against US$1.00 as of September 30, 2015.

Net revenue for the third quarter of 2015 was NT$4,827.1 million or US$146.4 million, a decrease of 4.8% from NT$5,069.1 million or US$153.7 million in the second quarter of 2015 and a decrease of 16.9% from NT$5,806.3 million or US$176.1 million for the same period in 2014. This is in-line with the Company's guidance, which called for revenue to decrease approximately 2% to 7%, as compared to the second quarter of 2015.

Net income for the third quarter of 2015 was NT$454.4 million or US$13.8 million, and NT$16.11 or US$0.49 per basic common share and NT$15.85 or US$0.48 per diluted common share, as compared to net income for the second quarter of 2015 of NT$72.3 million or US$2.2 million, and NT$2.54 or US$0.08 per basic common share and NT$2.49 or US$0.08 per diluted common share, and compared to net income in the third quarter of 2014 of NT$573.2 million or US$17.4 million, and NT$19.37 or US$0.59 per basic common share and NT$18.92 or US$0.57 per diluted common share. Net earnings benefitted from a US$10.0 million foreign exchange gain, or approximately US$0.35 per basic common share and US$0.35 per diluted common share.

The unaudited consolidated financial results of ChipMOS for the third quarter ended September 30, 2015 included the financial results of ChipMOS TECHNOLOGIES INC. ("ChipMOS Taiwan"), ChipMOS U.S.A., Inc. 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, "The third quarter developed as expected with results inline with our guidance. The first half of the 2015 was stronger than the developing second half in large part due to an inventory correction in the later part of the year.  Inventory continues to be digested in the channel but it will take time to get to a healthy level as LCD panel companies balance lower panel ASPs. The market situation has resulted in some idle capacity in our Taiwan facilities, which we plan to use to support demand that would have required a more immediate expansion of our Shanghai facility. We are continuing discussions around a potential expanded business venture in China but with more of a longer-term focus as we monitor the market inventory correction and existing capacity levels. This will allow management to focus our time on our ongoing corporate streamlining process. The Special Committee has made considerable progress since its formation a few months ago by the Board of Directors. Resolution of the final step in the streamlining of the Company is a top priority for both management and the Board. Overall, we continue to execute on our business strategy and our strategic goals. We anticipate that revenue for the fourth quarter, while lower sequentially, will come in better than typical Q4 seasonality, despite the market weakness, as we benefit from customer demand moving toward larger panels and higher resolution, driven by smartphones and 4K2K TVs."

S.K. Chen, Chief Financial Officer of ChipMOS, said, "We were able to deliver an 18.1% gross margin on a consolidated basis in the third quarter on a lower revenue level, while generating US$118.7 million cash from our operations and reducing our non-GAAP net debt to equity ratio to -27.5% as of September 30, 2015 compared to -41.4% as of June 30, 2015.  This is after we paid US$44.2 million in cash related to the share repurchase of ChipMOS Bermuda and ChipMOS Taiwan, after paying a US$25.5 million cash dividend in ChipMOS Taiwan, after paying a withholding tax of US$7.0 million, after a US$17.5 million debt repayment and after investing US$29.0 million in 3Q15 CapEx.  Our non-GAAP EBITDA of 3Q15 was US$38.3 million, 26.2% of our revenue."

Selected Operation Data



3Q15

2Q15

Revenue by segment



   Testing

26%

24%

   Assembly

32%

31%

   LCD Driver 

27%

27%

Bumping

15%

18%




Utilization by segment



   Testing

65%

65%

   Assembly

61%

62%

   LCD Driver

73%

75%

Bumping

59%

71%

   Overall

65%

68%




CapEx

US$29.0 million

US$21.4 million

   Testing

30%

22%

   Assembly

32%

29%

LCD Driver

19%

30%

   Bumping

19%

19%




Depreciation and amortization expenses

US$23.0 million

US$22.8 million


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