Chartered Reports Results for First Quarter 2009

Recent Highlights

  • On March 9, 2009, Chartered announced a 27-for-10 rights offering to existing shareholders. The rights offering was oversubscribed, with subscriptions and excess applications totaling approximately 144 percent of the total number of rights shares offered. The offering was completed on April 15, 2009 and net proceeds from the offering were approximately $300 million.

Review and Outlook

“As we go into the second quarter, we are seeing a significant increase in orders from our customers with the bulk of the increase coming from our leading-edge 65nm technology node followed by 0.11 and 0.18-micron nodes. We believe this is mainly driven by introduction of new products by our customers and to lesser extent, inventory re-stocking. Based on our current outlook, we expect total business base shipments to increase approximately 52 percent and result in an approximately 20 percentage point improvement in utilization compared to the previous quarter. This translates to sequential revenue growth of approximately 36 percent including our share of SMP. In line with the strength we are seeing at the leading-edge technologies, we expect revenues from 65nm and below technologies to increase approximately 72 percent sequentially and represent approximately 30 percent of our total business base revenues in the second quarter,” said Thomas.

The outlook for second quarter 2009 is as follows:

  1Q 2009   2Q 2009 Guidance
  Actual

Midpoint and range

  Sequential change

Revenues

$243.9M

$327M, +/- $6M

Up 32% to Up 37%

Revenues including Chartered’s share of SMP $253.5M

$346M, +/- $7M

Up 34% to Up 39%
ASP (b) $928 $918, +/- $20 Down 3% to Up 1%
ASP including Chartered’s share of SMP (b)

 

$927

$907, +/- $25 Down 5% to Up 1%
Utilization 38% 58%, +/- 3% -
Gross profit (loss) ($27.5M) $17M, +/- $6M -
Net income (loss) attributable to Chartered ($98.8M) ($59M), +/- $5M -
Basic earnings (loss) per ADS (c) ($0.26) ($0.07), +/- $0.02 -

(b) Eight-inch equivalent wafers.

(c) Basic earnings (loss) per ADS is computed by deducting from net income or adding to net (loss) the accretion to redemption value of the convertible redeemable preference shares, projected to be approximately $2.6 million in second quarter 2009. 1Q 2009 share count used to calculate earnings or loss per ADS includes a retroactive adjustment due to the rights offering, as required under US GAAP reporting.


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