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ChipMOS REPORTS FIRST QUARTER 2015 RESULTS

(PRNewswire) —

HSINCHU, May 11, 2015 /PRNewswire-FirstCall/ --

1Q15 Highlights (as compared to 4Q14):

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 first quarter ended March 31, 2015. All U.S. dollar figures in this release are based on the exchange rate of NT$31.24 against US$1.00 as of March 31, 2015.

Net revenue for the first quarter of 2015 was NT$5,218.1 million or US$167.0 million, a decrease of 10.0% from NT$5,796.4 million or US$185.5 million in the fourth quarter of 2014 and an increase of 4.6% from NT$4,989.0 million or US$159.7 million for the same period in 2014. This is in-line with the Company's guidance, which called for revenue to decrease approximately 8% to 12%, as compared to the fourth quarter of 2014.

Net income for the first quarter of 2015 was NT$377.6 million or US$12.1 million, and NT$13.23 or US$0.42 per basic common share and NT$12.96 or US$0.42 per diluted common share, as compared to net income for the fourth quarter of 2014 of NT$589.1 million or US$18.8 million, and NT$20.31 or US$0.65 per basic common share and NT$19.88 or US$0.64 per diluted common share, and compared to net income in the first quarter of 2014 of NT$331.1 million or US$10.6 million, and NT$11.14 or US$0.36 per basic common share and NT$10.87 or US$0.35 per diluted common share.

The unaudited consolidated financial results of ChipMOS for the first quarter ended March 31, 2015 included the financial results of ChipMOS TECHNOLOGIES INC. ("ChipMOS Taiwan"), 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, "The first quarter developed as expected and was in-line with our prior guidance. This is normally a seasonal lower quarter for the industry, with the volumes typically ramping as we move into the second half of the year.   Demand strength continued for large panels in our LCD driver business, which was offset by seasonally softer demand in our small panel LCD drivers and in memory products.  In memory, revenue in our DRAM business, led by softness in commodity DRAM demand, decreased 12.6% in the first quarter compared to the prior quarter.  Our flash business, including Mask ROM, declined approximately 27.0% over prior quarter.  Revenues from mixed-signal and gold bumping remained flat.  One bright spot was our WLSCP revenue, which grew 10.9% in the first quarter compared to the fourth quarter.  Reflecting the seasonally lower demand level, our overall capacity utilization rate declined to 72% in the first quarter compared to 81% in the prior fourth quarter and 77% in the same period last year.  Based on our outlook, we expect weakness from the first quarter to carry over to the second quarter.  We will continue to act conservatively with regards to our inventory management, CapEx spending and our operating expenses.  This is evidenced by our commitment and success at lowering our debt levels and fortifying our cash position and balance sheet.  We remain optimistic about our business focus and growth strategy, our CapEx plan and our continued corporate streamlining initiatives." 

S.K. Chen, Chief Financial Officer of ChipMOS, said, "The positive operating leverage in our business is seen by our gross margin which held at 23.3% on the lower quarterly revenue.  We ended the first quarter with US$518.4 million in cash and cash equivalents, after generating US$66.2 million in cash from operations.  As a result, we improved our net debt to equity ratio to -52.3% as of March 31, 2015 compared to -50.8% at the end of 2014, with a net cash balance of US$244.8 million as of March 31, 2015.  This is after we reduced our net debt by another US$7.1 million during the first quarter and after US$32.3 million of CapEx in the quarter.  On April 22, 2015, all of the necessary regulatory approvals for ThaiLin merger were rendered with no further comments.  The effective date of ThaiLin merger is expected to be on June 17, 2015.  This gives us added confidence as we move through the year, and pursue both corporate growth opportunities and catalysts around our restructuring efforts that can build further shareholder value."

Selected Operation Data







1Q15

4Q14

Revenue by segment



   Testing

23%

22%

   Assembly

31%

36%

   LCD Driver 

26%

25%

Bumping

20%

17%




Utilization by segment



   Testing

68%

74%

   Assembly

64%

80%

   LCD Driver

78%

89%

Bumping

82%

81%

   Overall

72%

81%




CapEx

US$32.3 million

US$50.7 million

   Testing

24%

9%

   Assembly

17%

25%

LCD Driver

50%

55%

   Bumping

9%

11%




Depreciation and amortization expenses

US$23.4 million

US$22.8 million

 

 

Condensed consolidated statements of cash flows


Period ended

Mar. 31, 2015


Period ended

Mar. 31, 2014



US$ million


US$ million

Net cash generated from (used in) operating activities


66.2


45.4

Net cash generated from (used in) investing activities


(58.5)


(34.8)

Net cash generated from (used in) financing activities


22.0


(44.7)

Net increase (decrease) in cash and cash equivalents


29.7


(34.1)

Effect of exchange rate changes on cash


0.1


0.0

Cash and cash equivalents at beginning of period


488.6


428.1

Cash and cash equivalents at end of period


518.4


394.0

 

Second Quarter 2015 Outlook

The Company expects second quarter of 2015 revenue to be flat to down in the low single digits as compared to the first quarter of 2015. The Company expects gross margin on a consolidated basis to be in the range of approximately 20% to 24% for the second quarter of 2015.  The Company anticipates depreciation and amortization expenses for the second quarter of 2015 to be approximately US$24 million.  Operating expenses are expected to be approximately 6% to 8% of revenues in the second quarter of 2015.  The Company expects CapEx spending to be approximately US$28 million in the second quarter of 2015, with CapEx spending for the full year 2015 to be less than US$125 million.  The total number of the Company's outstanding common shares at the end of the second quarter of 2015 is expected to be approximately 29 million.

Investor Conference Call / Webcast Details

ChipMOS will review detailed first quarter 2015 results on Monday, May 11, 2015 at 7:00 PM Eastern Time (7:00 AM Taiwan time, Tuesday, May 12, 2015). 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 13606725.

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, 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.

- FINANCIAL TABLES FOLLOW BELOW -



ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

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

Except for Per Share Amounts and Shares Outstanding



3 months ended


Mar. 31, 2015


Dec. 31, 2014


Mar. 31, 2014


USD


USD


USD

Revenue

167.0


185.5


159.7

Cost of revenue

(128.2)


(138.8)


(128.1)

Gross profit

38.8


46.7


31.6







Other operating income

0.8


3.1


0.6

Research and development expenses

(5.5)


(5.6)


(5.5)

Sales and marketing expenses

(0.8)


(0.7)


(0.9)

Administrative and general expenses

(5.5)


(6.3)


(5.6)

Other operating expenses

0.0


(0.0)


(0.5)







Operating profit

27.8


37.2


19.7







Non-operating income (expenses), net

(1.0)


5.3


3.8







Profit (loss) before tax

26.8


42.5


23.5







Income tax benefit (expense)

(4.9)


(10.3)


(8.3)







Profit (loss) for the year

21.9


32.2


15.2







Attributable to:






Equity holders of the Company

12.1


18.8


10.6

  Non-controlling interests

9.8


13.4


4.6


21.9


32.2


15.2







Profit (loss) for the year

21.9


32.2


15.2

Other comprehensive income (loss)






Exchange differences on translation of  foreign operations

(0.2)


0.8


0.1

Net actuarial losses

-


(0.5)


-

Income tax effect

-


0.1


-

Total other comprehensive income (loss)

(0.2)


0.4


0.1







Total comprehensive income (loss)

21.7


32.6


15.3







Attributable to:






Equity holders of the Company

12.0


19.0


10.6

  Non-controlling interests

9.7


13.6


4.7


21.7


32.6


15.3







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

0.42


0.65


0.36

Shares outstanding (in thousands) - basic

28,549


29,003


29,727

Net income (loss) attributable to the Company - diluted

12.1


18.8


10.6

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

0.42


0.64


0.35

Shares outstanding (in thousands) - diluted

29,125


29,627


30,467







Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$31.24 against US$1.00 as of Mar. 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.


 



 

ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

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

Figures in Million of NT dollars (NTD)

Except for Per Share Amounts and Shares Outstanding



3 months ended


Mar. 31, 2015


Dec. 31, 2014


Mar. 31, 2014


NTD


NTD


NTD

Revenue

5,218.1


5,796.4


4,989.0

Cost of revenue

(4,004.3)


(4,336.1)


(4,003.0)

Gross profit

1,213.8


1,460.3


986.0







Other operating income

24.9


96.4


19.2

Research and development expenses

(170.9)


(175.8)


(170.0)

Sales and marketing expenses

(25.5)


(23.3)


(27.3)

Administrative and general expenses

(172.7)


(193.6)


(176.1)

Other operating expenses

(0.5)


0.8


(15.6)







Operating profit

869.1


1,164.8


616.2







Non-operating income (expenses), net

(33.4)


165.5


118.6







Profit (loss) before tax

835.7


1,330.3


734.8







Income tax benefit (expense)

(151.9)


(323.2)


(258.9)







Profit (loss) for the year

683.8


1,007.1


475.9







Attributable to:






Equity holders of the Company

377.6


589.1


331.1

  Non-controlling interests

306.2


418.0


144.8


683.8


1,007.1


475.9







Profit (loss) for the year

683.8


1,007.1


475.9

Other comprehensive income (loss)






Exchange differences on translation of  foreign operations          

(6.9)


22.8


2.3

Net actuarial losses

-


(14.5)


-

Income tax effect

-


2.5


-

Total other comprehensive income (loss)

(6.9)


10.8


2.3







Total comprehensive income (loss)

676.9


1,017.9


478.2







Attributable to:






Equity holders of the Company

373.4


591.9


332.5

  Non-controlling interests

303.5


426.0


145.7


676.9


1,017.9


478.2







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

13.23


20.31


11.14

Shares outstanding (in thousands) - basic

28,549


29,003


29,727

Net income (loss) attributable to the Company - diluted

377.6


589.1


331.1

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

12.96


19.88


10.87

Shares outstanding (in thousands) - diluted

29,125


29,627


30,467







 


 



ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of Mar. 31, 2015, Dec. 31, and Mar. 31, 2014

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





Mar. 31, 2015


Dec. 31, 2014


Mar. 31, 2014

ASSETS

USD


USD


USD

Non-current assets






Available-for-sale financial assets

0.6


7.0


0.3

Investment in associates

10.2


-


-

Property, plant & equipment

440.7


432.0


404.3

Other non-current assets

10.2


10.1


10.3

Total non-current assets

461.7


449.1


414.9







Current assets






Inventories

56.5


54.6


48.1

Accounts and notes receivable

135.9


156.1


133.2

Short-term deposits

3.3


8.6


8.9

Other current assets

11.0


26.2


8.3

Cash and cash equivalents

518.4


488.6


394.0

Total current assets

725.1


734.1


592.5

Total assets

1,186.8


1,183.2


1,007.4







EQUITY AND LIABILITIES






EQUITY






Issued capital

1.1


1.1


1.1

Capital surplus

369.0


374.4


377.4

Treasury stock

-


(1.7)


-

Retained earnings

83.6


79.5


52.0

Other component of equity

14.5


14.6


14.1

Equity attributable to equity holders of the Company

468.2


467.9


444.6

Non-controlling interests

280.6


271.1


231.5

Total equity

748.8


739.0


676.1







LIABILITIES






Non-current liabilities






Bank loans - non-current portion

185.0


146.0


95.0

Other non-current liabilities

18.7


18.8


18.8

Total non-current liabilities

203.7


164.8


113.8







Current liabilities






Accounts payable and payables to contractors and equipment suppliers

47.6


76.2


40.3

Other current liabilities

98.1


98.3


74.0

Bank loans - current portion

48.4


48.3


72.4

Short-term bank loans

40.2


56.6


30.8

Total current liabilities

234.3


279.4


217.5

Total liabilities

438.0


444.2


331.3

Total equity and liabilities

1,186.8


1,183.2


1,007.4







Note:

(8)    All U.S. dollar figures in this release are based on the exchange rate of NT$31.24 against US$1.00 as of Mar. 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.

 

 

 

 


ChipMOS TECHNOLOGIES (Bermuda) LTD.

UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of Mar. 31, 2015, Dec. 31, and Mar. 31, 2014

Figures in Million of NT dollars (NTD)




Mar. 31, 2015


Dec. 31, 2014


Mar. 31, 2014

ASSETS

NTD


NTD


NTD

Non-current assets






Available-for-sale financial assets

18.5


217.7


8.6

Investment in associates

319.3


-


-

Property, plant & equipment

13,767.4


13,494.9


12,630.1

Other non-current assets

318.7


315.9


323.4

Total non-current assets

14,423.9


14,028.5


12,962.1







Current assets






Inventories

1,765.0


1,704.7


1,503.5

Accounts and notes receivable

4,247.2


4,876.7


4,162.9

Short-term deposits

102.7


269.4


277.3

Other current assets

342.4


819.1


258.8

Cash and cash equivalents

16,194.7


15,265.2


12,307.8

Total current assets

22,652.0


22,935.1


18,510.3

Total assets

37,075.9


36,963.6


31,472.4







EQUITY AND LIABILITIES






EQUITY






Issued capital

33.4


34.0


34.8

Capital surplus

11,526.9


11,695.2


11,789.2

Treasury stock

-


(52.5)


-

Retained earnings

2,611.6


2,483.5


1,625.6

Other component of equity

452.4


456.6


440.1

Equity attributable to equity holders of the Company

14,624.3


14,616.8


13,889.7

Non-controlling interests

8,767.5


8,470.2


7,233.2

Total equity

23,391.8


23,087.0


21,122.9







LIABILITIES






Non-current liabilities






Bank loans - non-current portion

5,780.0


4,560.0


2,968.2

Other non-current liabilities

583.9


586.9


585.6

Total non-current liabilities

6,363.9


5,146.9


3,553.8







Current liabilities






Accounts payable and payables to contractors and equipment suppliers

1,486.7


2,382.4


1,259.1

Other current liabilities

3,064.8


3,070.8


2,311.3

Bank loans - current portion

1,510.6


1,508.2


2,263.1

Short-term bank loans

1,258.1


1,768.3


962.2

Total current liabilities

7,320.2


8,729.7


6,795.7

Total liabilities

13,684.1


13,876.6


10,349.5

Total equity and liabilities

37,075.9


36,963.6


31,472.4








Contacts:

In Taiwan

In the U.S.

Dr. S.K. Chen

David Pasquale

ChipMOS TECHNOLOGIES (Bermuda) LTD.

Global IR Partners

+886-6-507-7712

+1-914-337-8801

s.k._chen@chipmos.com 

dpasquale@globalirpartners.com

To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/chipmos-reports-first-quarter-2015-results-300080774.html

SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.

Contact:
ChipMOS TECHNOLOGIES (Bermuda) LTD.
ChipMOS TECHNOLOGIES INC.
ChipMOS U.S.A., Inc.
ThaiLin Semiconductor Corp.
MODERN MIND TECHNOLOGY LIMITED
ChipMOS TECHNOLOGIES (Shanghai) LTD
Web: http://www.chipmos.com