ChipMOS REPORTS FOURTH QUARTER AND FULL YEAR 2015 RESULTS

 

First Quarter and Full Year 2016 Outlook

The Company expects revenue for the first quarter of 2016 to be approximately down in the low single digits, as compared to the fourth quarter of 2015. The Company expects gross margin on a consolidated basis to be in the range of approximately 17% to 21% for the first quarter of 2016.  The Company expects depreciation and amortization expenses for the first quarter of 2016 to be approximately US$25 million.  Operating expenses are expected to be approximately 9% to 11% of revenues in the first quarter of 2016 primarily resulting from the lower revenue.  The Company expects CapEx spending to be approximately US$39 million in the first quarter of 2016.  The total number of the Company's outstanding common shares at the end of the first quarter of 2016 is expected to be approximately 27 million.

The Company prudently expects revenue for the full year 2016 to be approximately flat to up in the single digits, as compared to the full year 2015.  The Company expects gross margin on a consolidated basis to be in the range of approximately 16% to 20% for the full year 2016.  The Company expects depreciation and amortization expenses for the full year 2016 to be approximately US$105 million.  Operating expenses are expected to be approximately 10% to 12% of revenues for the full year 2016, with total CapEx spending to be approximately US$129 million for the full year 2016, including LCD driver bumping assembly and test capacity expansion, in ChipMOS Shanghai.

Investor Conference Call / Webcast Details

ChipMOS will review detailed fourth quarter 2015 results on Thursday, March 10, 2016 at 7:00 PM Eastern Time (8:00 AM Taiwan time, Friday, March 11, 2016). The conference call-in number is +1-201-689-8562.  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, with confirmation ID number 13630759.

About ChipMOS TECHNOLOGIES (Bermuda) LTD.:

ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (NASDAQ: IMOS) ( http://www.chipmos.com) is an industry leading provider of semiconductor assembly and test services. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, China, ChipMOS and its subsidiaries provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. The Company's majority-owned subsidiary, ChipMOS Taiwan, is listed on TWSE under Stock Ticker 8150.

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 are 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.

About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures

To supplement the consolidated financial results presented in accordance with International Financial Reporting Standards ("IFRS"), ChipMOS uses non-GAAP free cash flow, non-GAAP earnings before interest, taxes, depreciation and amortization ("EBITDA") and non-GAAP net debt to equity ratio in this press release. The non-GAAP free cash flow represents operating profit plus depreciation, amortization and interest income and less capital expenditures, non-controlling interests, interest expenses, income tax expense and dividend. The non-GAAP EBITDA represents operating profit plus depreciation and amortization. The non-GAAP net debt to equity ratio represents the ratio of net debt, the sum of debt less cash and cash equivalent, divided by equity attributable to equity holders of the Company.  These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently.

The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS.

ChipMOS considers the use of non-GAAP free cash flow, non-GAAP EBITDA and non-GAAP net debt to equity ratio provides useful information to management to manage the Company's business and make financial and operational decisions and also to the investors to understand and evaluate the Company's business and operating performance. For more information on these non-GAAP financial measures, please refer to the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in this press release.

- FINANCIAL TABLES FOLLOW BELOW -

 


ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the Three Months and the Year Ended Dec. 31, 2015 and Dec. 31, 2014

Figures in Million of U.S. dollars (USD) (1)

Except for Per Share Amounts and Weighted Average Shares Outstanding



3 months ended


Year ended


Dec. 31, 2015


Dec. 31, 2014


Dec. 31, 2015


Dec. 31, 2014


USD


USD


USD


USD

Revenue

145.0


176.8


606.0


671.1

Cost of revenue

(117.2)


(132.2)


(479.9)


(511.8)

Gross profit

27.8


44.6


126.1


159.3









Other operating income

1.9


2.9


3.8


5.5

Research and development expenses        

(6.7)


(5.4)


(22.8)


(20.7)

Sales and marketing expenses

(0.6)


(0.7)


(2.9)


(3.1)

Administrative and general expenses

(8.0)


(5.9)


(25.0)


(23.0)

Other operating expenses

(0.1)


0.0


(0.3)


(4.4)









Operating profit

14.3


35.5


78.9


113.6









Non-operating income (expenses), net

(0.2)


5.0


6.8


7.6









Profit (loss) before tax

14.1


40.5


85.7


121.2









Income tax benefit (expense)

(9.1)


(9.8)


(28.5)


(31.6)









Profit (loss) for the year

5.0


30.7


57.2


89.6









Attributable to:








Equity holders of the Company

2.0


18.0


29.6


50.7

  Non-controlling interests

3.0


12.7


27.6


38.9


5.0


30.7


57.2


89.6









Profit (loss) for the year

5.0


30.7


57.2


89.6

Other comprehensive income (loss)








Exchange differences on translation of 
  foreign operations

(1.6)


0.7


0.8


0.9

Net actuarial losses

(1.2)


(0.5)


(1.2)


(0.4)

Income tax effect

0.2


0.1


0.2


0.1

Total other comprehensive income (loss)

(2.6)


0.3


(0.2)


0.6









Total comprehensive income (loss)

2.4


31.0


57.0


90.2









Attributable to:








Equity holders of the Company

0.5


18.0


29.1


51.0

  Non-controlling interests

1.9


13.0


27.9


39.2


2.4


31.0


57.0


90.2









Earnings (loss) per share attributable to the
  Company - basic

0.07


0.62


1.05


1.72

Weighted Average Shares outstanding (in
  thousands) - basic

27,252


29,003


28,128


29,527

Net income (loss) attributable to the
  Company - diluted

2.0


18.0


29.6


50.7

Earnings (loss) per share attributable to the
  Company - diluted

0.07


0.61


1.04


1.68

Weighted Average Shares outstanding (in
  thousands) - diluted

27,653


29,627


28,575


30,244









Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$32.79 against US$1.00 as of Dec. 31, 2015. 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.










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