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Sep 4, 2003
ChipMOS Bermuda Announces Unaudited Results for the Second Quarter of 2003
ChipMOS Bermuda Announces Unaudited Results for the Second Quarter of 2003
ChipMOS Bermuda Announces Unaudited Results for the Second Quarter of 2003Hsinchu, Taiwan, September 4, 2003 - ChipMOS TECHNOLOGIES (Bermuda) LTD. (Nasdaq: IMOS) ("ChipMOS Bermuda") today announced unaudited results for the quarter ended June 30, 2003.
Revenue for the quarter was NT$2,329 million, an increase of 49.1% over the same period last year and an increase of 36.7% from the first quarter of 2003. The gross margin for the quarter was 14.0% compared to the gross margin of -3.9% in the second quarter of 2002 and 3.7% in the first quarter of 2003. Net profit for the quarter was NT$76 million or NT$1.30 per common share, compared to a net loss of NT$303 million or NT$5.2 per common share in the second quarter of 2002 and a net loss of NT$197 million or NT$3.34 per common share in the first quarter of 2003.
For the first six months of 2003, ChipMOS Bermuda had a revenue of NT$4,034 million, an increase of 35.3% over the same period in 2002, and a net loss of NT$120 million, compared to a net loss of NT$571 million for the same period in 2002. The net loss per common share was NT$2.04 and NT$9.7 for the six months ended June 30, 2003 and 2002, respectively.
S.J. Cheng, Deputy Chairman and Chief Executive Officer of ChipMOS Bermuda, remarked, "We are pleased to return to profitability in the second quarter. Average selling prices for our services, which began to stabilize in the first quarter of 2003, continued to stabilize in the second quarter. Combined with increased orders for mixed-signal, LCD drivers and 12" wafer products, revenue growth picked up speed. We expect the demand from these segments continue to grow and contribute to our revenue growth in the third quarter."
Outlook
Although the market environment remains challenging, the management of ChipMOS Bermuda expects the revenue will continue to grow in the third quarter of 2003. As the market demand for DDR (Double Data Rate) memory products increases, our customers will increase their demand for hi-speed testing platforms, and ChipMOS Bermuda plans to increase its competitiveness both in technology and in capacity in Taiwan. The management also expects such demand to continue in the fourth quarter of 2003, and that ChipMOS Bermuda may benefit from the resulting service price adjustments.
To respond to the increased demand for 12" wafer products, ChipMOS Bermuda plans to expand its 12" wafer assembly capacity by 20% or more in the third quarter, from a monthly output of 25 Mpcs/month to 29 Mpcs/month. This investment is expected to generate an additional monthly revenue of NT$ 40 million for ChipMOS Bermuda .
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS Bermuda is a leading provider of semiconductor testing and assembly services to customers in Taiwan, Japan and the U.S. With advanced facilities in Hsinchu and Tainan Science-Based Industrial Parks in Taiwan and Shanghai, ChipMOS Bermuda 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. For more information, please visit its company website at http://www.chipmos.com.tw
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.
Please click here for the related Unaudited Financial Statements.
For the first six months of 2003, ChipMOS Bermuda had a revenue of NT$4,034 million, an increase of 35.3% over the same period in 2002, and a net loss of NT$120 million, compared to a net loss of NT$571 million for the same period in 2002. The net loss per common share was NT$2.04 and NT$9.7 for the six months ended June 30, 2003 and 2002, respectively.
S.J. Cheng, Deputy Chairman and Chief Executive Officer of ChipMOS Bermuda, remarked, "We are pleased to return to profitability in the second quarter. Average selling prices for our services, which began to stabilize in the first quarter of 2003, continued to stabilize in the second quarter. Combined with increased orders for mixed-signal, LCD drivers and 12" wafer products, revenue growth picked up speed. We expect the demand from these segments continue to grow and contribute to our revenue growth in the third quarter."
Outlook
Although the market environment remains challenging, the management of ChipMOS Bermuda expects the revenue will continue to grow in the third quarter of 2003. As the market demand for DDR (Double Data Rate) memory products increases, our customers will increase their demand for hi-speed testing platforms, and ChipMOS Bermuda plans to increase its competitiveness both in technology and in capacity in Taiwan. The management also expects such demand to continue in the fourth quarter of 2003, and that ChipMOS Bermuda may benefit from the resulting service price adjustments.
To respond to the increased demand for 12" wafer products, ChipMOS Bermuda plans to expand its 12" wafer assembly capacity by 20% or more in the third quarter, from a monthly output of 25 Mpcs/month to 29 Mpcs/month. This investment is expected to generate an additional monthly revenue of NT$ 40 million for ChipMOS Bermuda .
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS Bermuda is a leading provider of semiconductor testing and assembly services to customers in Taiwan, Japan and the U.S. With advanced facilities in Hsinchu and Tainan Science-Based Industrial Parks in Taiwan and Shanghai, ChipMOS Bermuda 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. For more information, please visit its company website at http://www.chipmos.com.tw
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.
Please click here for the related Unaudited Financial Statements.