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ChipMOS REPORTS FIRST QUARTER 2013 RESULTS



                  ChipMOS REPORTS FIRST QUARTER 2013 RESULTS

PR Newswire

HSINCHU, Taiwan, May 16, 2013

HSINCHU, Taiwan, May 16, 2013 /PRNewswire-FirstCall/ --  

1Q13 Highlights (as compared to 4Q12):

  o Net Revenue Decreased 9.2% to US$148.3 Million from US$163.3 Million
  o Gross Profit Decreased to US$20.7 Million from US$25.8 Million
  o Gross Margin Declined to 13.9% from 15.8%
  o Net Earnings of US$0.42 Per Basic and US$0.41 Per Diluted Share Compared
    to US$0.26 Per Basic and US$0.25 Per Diluted Share
  o Generated US$17.3 Million of Free Cash Flow after US$20.0 Million of CapEx
  o Retained Balance of Cash and Cash Equivalents at US$310.4 Million
  o Total Debt Reduced to US$277.6 Million With Net Cash of US$32.8 Million

ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq:
IMOS) today reported unaudited consolidated financial results for the first
quarter ended March 31, 2013. All U.S. dollar figures in this release are
based on the exchange rate of NT$29.81 against US$1.00 as of March 29, 2013.

Net revenue for the first quarter of 2013 was NT$4,420.7 million or US$148.3
million, an increase of 0.8% from NT$4,384.0 million or US$147.1 million for
the same period in 2012 and a decrease of 9.2% from NT$4,867.4 million or
US$163.3 million in the fourth quarter of 2012.  The revenue decline in the
quarter was less severe than implied by the Company's guidance that revenue in
the first quarter of 2013 would be lower by approximately 9% to 13%, as
compared to the fourth quarter of 2012.

Net income for the first quarter of 2013 was NT$363.6 million or US$12.2
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, as compared to net loss for the first
quarter of 2012 of NT$169.1 million or US$5.7 million, and NT$6.26 or US$0.21
per basic and diluted common share.

The unaudited consolidated financial results of ChipMOS for the first quarter
ended March 31, 2013 included the financial results of ChipMOS TECHNOLOGIES
INC., 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, "First
quarter revenue and gross margin came in at the high-end of prior guidance. 
We delivered a 64% improvement in net earnings per diluted share, and drove
further balance sheet improvements. Results reflect the strength of our
underlying business, and favorable customer and product mix, as we were able
to improve our overall utilization rate to 75% and lessen the impact of
typical seasonality related to Chinese New Year and normal customer demand
patterns.  Finally, shares of our subsidiary, ChipMOS Taiwan, commenced
trading on Taiwan's emerging stock board of Gre Tai Securities Market under
stock code 8150 on April 19, 2013. We will continue to work towards satisfying
the eligibility requirements for listing ChipMOS Taiwan onto the Taiwan Stock
Exchange ("TSE") in the second quarter of 2014."   

S.K. Chen, Chief Financial Officer of ChipMOS, said, "We exited the first
quarter with a strong balance of cash and cash equivalents at US$310.4
million, with free cash flow of US$17.3 million in Q1 2013 after CapEx of
US$20.0 million in the quarter.  This allowed us to further reduce our total
debt by another US$35.6 million to US$277.6 million, which in turn improved
our net debt to equity ratio to -8.1% as of March 31, 2013 from 0.1% in Q4
2012.  We are encouraged by our return to a net positive cash balance and
remain committed to sustaining this important level.  Our overall blended
utilization improved to 75% in the first quarter, as we continued to meet
customer capacity demands, while focusing on our objective of regaining
greater profitability. We are confident that we are winning by prudently
adding the right capacity in support of specific customer programs, as we
focus on mutually growing in higher margin segments with the greatest growth
potential."

Selected Operation Data
                                       1Q13            4Q12
Revenue by segment
   Testing                             25%             29%
   Assembly                            32%             31%
   LCD Driver                          24%             24%
Bumping                                19%             16%
Utilization by segment
   Testing                             62%             68%
   Assembly                            81%             69%
   LCD Driver                          75%             81%
Bumping                                83%             81%
   Overall                             75%             74%
CapEx                                  US$20.0 million US$20.1 million
   Testing                             22%             23%
   Assembly                            27%             15%
LCD Driver                             45%             21%
   Bumping                             6%              41%
Depreciation and amortization expenses US$30.7 million US$32.4 million

                                                  Period ended   Period ended
Condensed consolidated statements of cash flows
                                                  Mar. 31, 2013  Mar. 31, 2012
                                                  US$ million    US$ million
Net cash generated from (used in) operating       48.4           40.3
activities
Net cash generated from (used in) investing       (20.9)         (15.1)
activities
Net cash generated from (used in) financing       (34.8)         (16.1)
activities
Effect of exchange rate changes on cash           5.1            (4.1)
Net increase (decrease) in cash and cash          (2.2)          5.0
equivalents
Cash and cash equivalents at beginning of period  312.6          246.8
Cash and cash equivalents at end of period        310.4          251.8

According to the Rule No. 0990004943 issued by the Financial Supervisory
Commission ("FSC") on February 2, 2010, companies with shares listed on the
Taiwan Stock Exchange or traded on the Gre Tai Securities Market or emerging
stock board need to prepare their consolidated financial statements in
accordance with the Guidelines Governing the Preparation of Financial Reports
by Securities Issuers, the International Financial Reporting Standards
("IFRSs"), International Accounting Standards, interpretations as well as
related guidance translated by Accounting Research and Development Foundation
and issued by the FSC for the year ending December 31, 2013. Therefore, the
Company is following its listed subsidiary, ThaiLin, and will prepare its
consolidated financial statements for the year ending December 31, 2013 in
accordance with IFRSs. The unaudited financial information for this quarter is
prepared in accordance with IFRSs. The comparative figures have been restated
in accordance with IFRSs for better comparison.

Taiwan Listing Update

ChipMOS Bermuda sold an 0.8% interest in ChipMOS Taiwan, as the Company
announced on April 18, 2013, following the subsidiary's listing application on
Taiwan's emerging stock board of the Gre Tai Securities Market.  The share
sale was made to transfer shares to ChipMOS Taiwan's listing underwriters, as
required by the listing engagement and application, and to also allow ChipMOS
Taiwan to provide equity incentive to its non-U.S. employees. 

As part of ChipMOS Taiwan's efforts in ensuring success in establishing its
eligibility for listing on the TSE, ChipMOS Bermuda will be required to reduce
its current ownership interest of 83.4% in ChipMOS Taiwan to 70% or less.  The
Company continues to work towards satisfying the eligibility requirements for
listing ChipMOS Taiwan onto the TSE in the second quarter of 2014.

Second Quarter 2013 Outlook

The Company expects revenue for second quarter of 2013 to increase by
approximately 10% to 14%, as compared to the first quarter of 2013.  The
Company expects gross margin on a consolidated basis to be in the range of
approximately 14% to 18% for the second quarter of 2013.  The Company
anticipates depreciation and amortization expenses for the second quarter of
2013 to be approximately US$29 million.  Operating expenses are expected to be
approximately 6% to 7% of revenues in the second quarter of 2013.  The Company
expects CapEx spending to be approximately US$32 million in the second quarter
of 2013, with CapEx spending for the full year 2013 to be approximately US$100
million.  Common shares at the end of the second quarter of 2013 are expected
to be approximately 29 million.

Mr. Cheng continued, "We expect a further improvement in demand across the
board as we move through 2013 and remain confident in our outlook for the
year.  We continue to gain visibility as our customers become more certain in
their operating plans for 2013."

Investor Conference Call / Webcast Details

ChipMOS will review detailed first quarter 2013 results on Thursday, May 16,
2013 at 8:00AM EDT (8:00PM, May 16, Taiwan time). 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 412908.

About ChipMOS TECHNOLOGIES (Bermuda) LTD.:

ChipMOS (http://www.chipmos.com) is a leading independent provider of
semiconductor testing and assembly services to customers in Taiwan, Japan, and
the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks
in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and
assembly services to a broad range of customers, including leading fabless
semiconductor companies, integrated device manufacturers and independent
semiconductor foundries.

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 is
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, 2013, Dec. 31, 2012 and Mar. 31, 2012
Figures in Million of U.S. dollars (USD) ^ (1)
Except for Per Share Amounts and Shares Outstanding
                                            3 months ended
                                            Mar.
                                            31,     Dec. 31, 2012  Mar. 31, 2012
                                            2013
                                            USD     USD            USD
Net Revenue                                 148.3   163.3          147.1
Cost of Revenue                             127.6   137.5          138.7
Gross Profit                                20.7    25.8           8.4
Other Income                                3.8     0.7            1.0
Operating Expenses
Research and Development                    4.1     4.1            4.4
Sales and Marketing                         0.8     0.7            0.7
General and Administrative                  4.7     5.4            5.4
Other Operating Expenses                    0.1     0.2            1.0
Total Operating Expenses                    9.7     10.4           11.5
Income (Loss) from Operations               14.8    16.1           (2.1)
Non-Operating Income (Expenses), Net        4.1     (5.4)          (6.1)
Income (Loss) before Income Tax             18.9    10.7           (8.2)
Income Tax Benefit (Expense)                (3.4)   (3.0)          0.3
Net Income (Loss)                           15.5    7.7            (7.9)
Add: Net Loss (Income) Attributable to
Non-controlling                             (3.3)   (0.5)          2.2

   Interests
Net Income (Loss) Attributable to ChipMOS - 12.2    7.2            (5.7)
Basic
Other Comprehensive Income (Loss)
Exchange Differences on Translating Foreign 0.4     (0.0)          (0.4)
Operations
Total Other Comprehensive Income (Loss)     0.4     (0.0)          (0.4)
Total Comprehensive Income (Loss)           12.6    7.2            (6.1)
Earnings (Loss) Per Share Attributable to   0.42    0.26           (0.21)
ChipMOS - Basic
Shares Outstanding (in thousands) - Basic   28,893  28,236         27,030
Net Income (Loss) Attributable to ChipMOS   12.2    7.2            (5.7)
-Diluted
Earnings (Loss) Per Share Attributable to   0.41    0.25           (0.21)
ChipMOS -Diluted
Shares Outstanding (in thousands) - Diluted 29,542  28,977         27,030
Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of
NT$29.81 against US$1.00 as of Mar. 29, 2013. 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, 2013, Dec. 31, 2012 and Mar. 31, 2012
Figures in Million of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
                                                                                                      3 months ended
                                                                                                      Mar.
                                                                                                      31,      Dec. 31, 2012  Mar. 31, 2012
                                                                                                      2013
                                                                                                      NTD      NTD            NTD
Net                                                                                                   4,420.7  4,867.4        4,384.0
Revenue                                                                                              
Cost of Revenue                                                                                       3,804.9  4,098.2        4,134.7
Gross Profit                                                                                          615.8    769.2          249.3
Other Income                                                                                          114.6    22.3           30.0
Operating Expenses
Research and Development                                                                              123.7    123.0          132.6
Sales and Marketing                                                                                   22.5     21.1           20.5
General and Administrative                                                                            141.4    161.1          161.5
Other Operating Expenses                                                                              1.4      6.2            29.7
Total Operating Expenses                                                                              289.0    311.4          344.3
Income (Loss) from Operations                                                                         441.4    480.1          (65.0)
Non-Operating Income (Expenses), Net                                                                  121.3    (162.2)        (180.7)
Income (Loss) before Income Tax                                                                       562.7    317.9          (245.7)
Income Tax Benefit (Expense)                                                                          (101.5)  (87.4)         10.3
Net Income (Loss)                                                                                     461.2    230.5          (235.4)
Add: Net Loss (Income) Attributable to Non-controlling 
                                                                                                      (97.6)   (15.6)         66.3
  Interests
Net Income (Loss) Attributable to ChipMOS - Basic                                                     363.6    214.9          (169.1)
Other Comprehensive Income (Loss)
Exchange Differences on Translating Foreign Operations                                                12.0     (0.2)          (11.0)
Total Other Comprehensive Income (Loss)                                                               12.0     (0.2)          (11.0)
Total Comprehensive Income (Loss)                                                                     375.6    214.7          (180.1)
Earnings (Loss) Per Share Attributable to ChipMOS - Basic                                             12.58    7.61           (6.26)
Shares Outstanding (in thousands) - Basic                                                             28,893   28,236         27,030
Net Income (Loss) Attributable to ChipMOS -Diluted                                                    363.6    214.9          (169.1)
Earnings (Loss) Per Share Attributable to ChipMOS -Diluted                                            12.31    7.42           (6.26)
Shares Outstanding (in thousands) - Diluted                                                           29,542   28,977         27,030

 

 

ChipMOS TECHNOLOGIES (Bermuda) LTD.
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of Mar. 31, 2013, Dec. 31, 2012 and Mar. 31, 2012
Figures in Million of U.S. dollars (USD) ^ (1)
                                     Mar. 31,    Dec. 31, 2012   Mar. 31, 2012
                                     2013
ASSETS                               USD         USD             USD
Non-Current Assets
Long-Term Investments                0.4         0.4             1.3
Property, Plant & Equipment-Net      407.9       418.5           454.8
Other Non-Current Assets             20.9        23.8            29.3
Total Non-Current Assets             429.2       442.7           485.4
Current Assets
Cash and Cash Equivalents            310.4       312.6           251.8
Accounts and Notes Receivable        131.3       138.2           121.6
Inventories                          58.2        56.6            55.0
Other Current Assets                 14.4        15.5            12.3
Total Current Assets                 514.3       522.9           440.7
Total Assets                         943.5       965.6           926.1
EQUITY AND LIABILITIES
EQUITY
Shareholders' Equity
Issued Capital                       1.3         1.3             1.3
Capital Surplus                      386.5       386.0           509.5
Retained Earnings (Accumulated       23.2        11.0            (137.2)
Losses)
Treasury Stock                       (21.3)      (21.3)          (31.0)
Other Equity                         14.4        14.0            14.2
Total Shareholders' Equity           404.1       391.0           356.8
Attributable to ChipMOS
Noncontrolling Interests             138.7       134.6           130.9
Total Equity                         542.8       525.6           487.7
LIABILITIES
Non-Current Liabilities
Long-Term Loans                      186.6       226.1           248.1
Other Non-Current Liabilities        16.0        15.8            12.6
Total Non-Current Liabilities        202.6       241.9           260.7
Current Liabilities
Short-Term Loans                     12.6        12.3            13.1
Accounts Payable and Payables to
Contractors and                      46.4        46.1            54.5

     Equipment Suppliers
Current Portion of Long-Term Debts   78.4        74.8            46.8
Other Current Liabilities            60.7        64.9            63.3
Total Current Liabilities            198.1       198.1           177.7
Total Liabilities                    400.7       440.0           438.4
Total Liabilities & Equity           943.5       965.6           926.1
Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of
NT$29.81 against US$1.00 as of Mar. 29, 2013. 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, 2013, Dec. 31, 2012 and Mar. 31, 2012
Figures in Million of U.S. dollars (NTD)
                                                   Mar. 31,  Dec. 31, 2012  Mar. 31, 2012
                                                   2013
ASSETS                                             NTD       NTD            NTD
Non-Current Assets
Long-Term Investments                              11.6      11.6           39.1
Property, Plant & Equipment-Net                    12,159.4  12,475.3       13,557.7
Other Non-Current Assets                           622.6     710.2          871.2
Total Non-Current Assets                           12,793.6  13,197.1       14,468.0
Current Assets
Cash and Cash Equivalents                          9,255.2   9,319.0        7,506.3
Accounts and Notes Receivable                      3,913.6   4,120.1        3,624.6
Inventories                                        1,734.5   1,687.9        1,638.9
Other Current Assets                               429.2     459.3          367.9
Total Current Assets                               15,332.5  15,586.3       13,137.7
Total Assets                                       28,126.1  28,783.4       27,605.7
EQUITY AND LIABILITIES
EQUITY
Shareholders' Equity
Issued Capital                                     39.0      39.0           39.5
Capital Surplus                                    11,520.8  11,506.4       15,189.8
Retained Earnings (Accumulated Losses)             692.1     328.5          (4,089.7)
Treasury Stock                                     (635.8)   (635.7)        (924.8)
Other Equity                                       428.9     416.9          422.9
Total Shareholders' Equity Attributable to ChipMOS 12,045.0  11,655.1       10,637.7
Noncontrolling Interests                           4,135.0   4,011.9        3,901.2
Total Equity                                       16,180.0  15,667.0       14,538.9
LIABILITIES
Non-Current Liabilities
Long-Term Loans                                    5,563.1   6,739.9        7,395.4
Other Non-Current Liabilities                      476.0     472.5          374.7
Total Non-Current Liabilities                      6,039.1   7,212.4        7,770.1
Current Liabilities
Short-Term Loans                                   375.4     366.5          389.8
Accounts Payable and Payables to Contractors
                                                   1,384.8   1,374.7        1,623.2
     and Equipment Suppliers
Current Portion of Long-Term Debts                 2,336.5   2,227.8        1,395.5
Other Current Liabilities                          1,810.3   1,935.0        1,888.2
Total Current Liabilities                          5,907.0   5,904.0        5,296.7
Total Liabilities                                  11,946.1  13,116.4       13,066.8
Total Liabilities & Equity                         28,126.1  28,783.4       27,605.7

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

 

SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.

Website: http://www.chipmos.com
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