ChipMOS REPORTS SECOND QUARTER 2013 RESULTS

(PRNewswire) —

HSINCHU, Aug. 15, 2013 /PRNewswire-FirstCall/ --

2Q13 Highlights (as compared to 1Q13):

  • Net Revenue Increased 11.7% to US$164.9 Million from US$147.6 Million
  • Gross Profit Increased to US$25.4 Million from US$20.6 Million
  • Gross Margin Increased to 15.4% from 13.9%
  • Operating Profit Increased to US$20.5 Million from US$14.8 Million
  • Net Earnings of US$0.41 Per Basic Common Share and US$0.40 Per Diluted Common Share Compared to US$0.42 Per Basic Common Share and US$0.41 Per Diluted Common Share
  • Generated US$13.0 Million of Free Cash Flow after US$25.7 Million of CapEx
  • Retained Balance of Cash and Cash Equivalents at US$370.1 Million

ChipMOS TECHNOLOGIES (Bermuda) LTD. (" ChipMOS" or the "Company") (Nasdaq: IMOS), a leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported unaudited consolidated financial results for the second quarter ended June 30, 2013. All U.S. dollar figures in this release are based on the exchange rate of NT$29.96 against US$1.00 as of June 28, 2013.

Net revenue for the second quarter of 2013 was NT$4,939.2 million or US$164.9 million, an increase of 11.7% from NT$4,420.7 million or US$147.6 million in the first quarter of 2013 and an increase of 2.3% from NT$4,829.3 million or US$161.2 million for the same period in 2012.

Net income for the second quarter of 2013 was NT$358.5 million or US$12.0 million, and NT$12.28 or US$0.41 per basic common share and NT$12.00 or US$0.40 per diluted common share, as compared to net income for the first quarter of 2013 of NT$363.6 million or US$12.1 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, and compared to net income in the second quarter of 2012 of NT$291.4 million or US$9.7 million, and NT$10.67 or US$0.36 per basic common share and NT$10.36 or US$0.35 per diluted common share.

The unaudited consolidated financial results of ChipMOS for the second quarter ended June 30, 2013 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, "This was another strong quarter for us. We believe that we continue to outperform the industry due to our differentiated end market exposure and customer alignment within our target markets.  Our second quarter results further reflect the success of our integrated assembly and test business strategy, as our overall utilization rate reached 79%.  Demand is so strong in our LCD driver business that our Board of Directors has authorized an increase in our FY13 CapEx budget, allowing us to pull-in 6 months of planned CapEx investments from FY14.  The strategic decision to increase our CapEx now is due in part to strong customer demand and end production requirement for UHD TVs (4K/2K TVs), Smartphones and Tablet PCs.  We expect that preparing additional capacity earlier than planned will allow us to capture new growth opportunities we are seeing in our higher margin LCD driver business from both existing and new customers."

S.K. Chen, Chief Financial Officer of ChipMOS, said, "We generated US$13.0 million of free cash flow in Q2, and ended the quarter with a strong balance of cash and cash equivalents at US$370.1 million.  This is after Q2 CapEx of US$25.7 million. As a result, we improved our net cash position to US$59.4 million and improved our net debt to equity ratio to -14.1% as of June 30, 2013.  Our short-term loan balance increased to US$46.8 million from US$12.5 million in 1Q13 as we partially drew down credit lines denominated in U.S. dollars to deploy a hedge position to offset currency volatility.  We remain focused on balancing customer capacity demands and planned demand levels, with our objective of further strengthening our market position, and improving profitability and our balance sheet strength."

Selected Operation Data







2Q13

1Q13

Revenue by segment



   Testing

24%

25%

   Assembly

32%

32%

   LCD Driver 

25%

24%

Bumping

19%

19%




Utilization by segment



   Testing

64%

62%

   Assembly

79%

81%

   LCD Driver

88%

75%

Bumping

87%

83%

   Overall

79%

75%




CapEx

US$25.7 million

US$19.9 million

   Testing

10%

22%

   Assembly

16%

27%

LCD Driver

62%

45%

   Bumping

12%

6%




Depreciation and amortization expenses

US$28.5 million

US$30.5 million




Condensed consolidated statements of cash flows


Period ended
Jun. 30, 2013


Period ended
Jun. 30, 2012



US$ million


US$ million

Net cash generated from (used in) operating activities


105.4


32.7

Net cash generated from (used in) investing activities


(48.1)


(48.9)

Net cash generated from (used in) financing activities


10.3


(5.6)

Effect of exchange rate changes on cash


6.7


(2.2)

Net increase (decrease) in cash and cash equivalents


74.3


(24.0)

Cash and cash equivalents at beginning of period


295.8


241.9

Cash and cash equivalents at end of period


370.1


217.9


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