Hsinchu, Taiwan, March 16, 2011 - ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (NASDAQ: IMOS) today reported unaudited consolidated financial results for the fourth quarter and full year ended December 31, 2010.  All U.S. dollar figures in this release are based on the exchange rate of NT$29.14 against US$1.00 as of December 30, 2010.

Net revenue on a US GAAP basis for the fourth quarter of 2010 was NT$4,322.6 million or US$148.3 million, an increase of 20.4% from NT$3,589.8 million or US$123.2 million for the same period in 2009 and a decrease of 8.4% from NT$4,717.2 million or US$161.9 million in the third quarter of 2010.  The fourth quarter sequential decline is in line with prior guidance and consistent with quarterly seasonal trends.

Net income on a US GAAP basis for the fourth quarter of 2010 was NT$1,346.8 million or US$46.2 million, and NT$52.39 or US$1.80 per basic common share and US$1.67 per diluted common share. Net income under US GAAP includes non-cash loss for changes in the fair value of the embedded derivative liabilities of NT$12.2 million or US$0.4 million and amortization of discount on convertible notes of NT$1.6 million or US$0.1 million for the fourth quarter of 2010. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net income for the fourth quarter of 2010 was NT$1,360.6 million or US$46.7 million, and NT$52.93 or US$1.82 per basic common share and US$1.67 per diluted common share.

Under US GAAP, net revenue for the fiscal year ended December 31, 2010 was NT$17,209.7 million or US$590.6 million, an increase of 41.6% from NT$12,150.3 million or US$417.0 million for the fiscal year ended December 31, 2009.  Under US GAAP, net income for the fiscal year ended December 31, 2010 was NT$1,616.9 million or US$55.5 million, and NT$67.45 or US$2.31 per basic common share and US$2.28 per diluted common share. Net income for the fiscal year ended December 31, 2010 under US GAAP includes non-cash loss for changes in the fair value of the embedded derivative liabilities of NT$260.7 million or US$8.9 million and amortization of discount on convertible notes of NT$11.4 million or US$0.4 million. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net income for the fiscal year ended December 31, 2010 was NT$1,889.0 million or US$64.8 million, and NT$78.80 or US$2.70 per basic common share and US$2.38 per diluted common share.

The unaudited consolidated financial results of ChipMOS for the fourth quarter and full year ended December 31, 2010 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS U.S.A., Inc., ChipMOS TECHNOLOGIES (H.K.) Limited, MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD., and ThaiLin Semiconductor Corp.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "We are pleased to report that we achieved the goals we set out for 2010, including implementing a disciplined business strategy based on high-revenue opportunities whilst simultaneously improving our financial position and generating positive cash assertively. We ended the year on a high note, with a year-over-year increase in net revenue of 41.6% and net income for the full-year 2010 of US$2.28 per diluted common share as compared to a net loss of US$8.12 per diluted common share in 2009.  We have clearly re-established ChipMOS as one of the industry's most important outsourced semiconductor assembly and testing services companies.  We are aggressively focused on building on our growth momentum and are highly optimistic for the Company's prospects in 2011."

S.K. Chen, Chief Financial Officer of ChipMOS, said, "I am pleased to add that we exited the year with a blended utilization rate of 68% in 4Q10 compared to 66% in the prior year corresponding period.  For the full year 2010, our blended utilization rate was 74%, compared to 53% for the full year 2009.  This reflects the considerable growth in our LCD driver segment, which was up 82% for the full year 2010 compared to 2009.  Our balance of cash and cash equivalents improved to US$245.1 million as of December 31, 2010, compared to US$133.3 million as of December 31, 2009.  This includes the receipt on October 13, 2010 from Citigroup Financial Products Inc. of US$67.8 million from the successful settlement of our breach of contract damage claim with Spansion LLC.  As a result, we were able to further reduce the Company's total debt by US$61.2 million in the fourth quarter of 2010.  While we had the balance sheet flexibility to reduce total debt by approximately US$100 million in the quarter, an extension of our short-term loan repayment schedule pushed the timing out slightly. We remain fully committed to actively reducing our total debt and expect to reduce this level by at least US$160 million in 2011, compared to our prior target of US$110 million to US$120 million.  As of December 31, 2010, the Company's net debt to equity ratio was reduced to 66.8% from 191.3% at the end of 2009.  By continuing to pay down our debt in 2011, we will benefit from reduced debt servicing costs, improved operating cash flows and margins, while also significantly improving the Company's financial strength."

First Quarter 2011 Outlook

Mr. Cheng continued, "The first quarter of the year is typically impacted by seasonal weakness.  With the rebound in our business, however, and our focus on an increased number of higher margin opportunities, we currently expect that revenue for the first quarter of 2011 will increase by approximately 1% to 7%, as compared to the fourth quarter 2010.   In addition, we currently expect gross margin on a consolidated basis for the first quarter of 2011 to be in the range of approximately 7% to 12%. These improvements are a reflection of the increased LCD driver business as well as our niche/mobile DRAM-focused strategy, which helped to maintain the growth rate of DRAM revenue at 74% in 2010.  To meet customer demand, we recently announced a strategic investment into 12-inch gold bump manufacturing, which should help bring in more business from smartphone and tablet PC related applications. This positive move is expected to lead to additional LCD driver IC business, as well."

Investor Conference Call / Webcast Details
ChipMOS will review detailed fourth quarter 2010 results on Wednesday, March 16, 2011 at 8:00AM ET (8:00PM, March 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 will be available in 2 hours after the conclusion of the conference call and will be accessible by dialing 1-858-384-5517.  The account number to access the replay is 3055 and the confirmation ID number is 367124.

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.

Use of Non-GAAP Information
Readers are reminded that non-GAAP numbers contained in this announcement are merely a supplement to, and not a replacement for, the GAAP financial measures. These non-GAAP numbers should be read in conjunction with the US GAAP financial measures. It should be noted as well that the non-GAAP information provided in this announcement may be different from the non-GAAP information provided by other companies.

- FINANCIAL TABLES FOLLOW BELOW -

Use of Non-GAAP Financial Information
To supplement our consolidated income statement (unaudited) for the three months and the year ended Dec. 31, 2010 on a US GAAP basis, the Company uses a non-GAAP measure of net income (loss), which is US GAAP net income (loss) adjusted to exclude two non-cash items referred to as special items.  The two non-cash items excluded are changes in the fair value of the embedded derivative liabilities and amortization of discount on convertible notes. These items are considered by the management to be outside of the Company's core operating results.  For example, changes in the fair value of the embedded derivative liabilities relate heavily to the Company's stock price, interest rate and volatility, all of which are difficult to predict and outside of the control of the Company and its management.

For these reasons, management uses non-GAAP adjusted measures of net income (loss) and non-GAAP net income (loss) per share to evaluate the performance of our core businesses and to estimate future core performance. In addition, this information facilitates our management's internal comparisons to our historical operating results as well as to the operating results of our competitors.

The Company's management finds these supplemental non-GAAP measures to be useful, and we believe these non-GAAP measures are useful to investors in enabling them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our core operating results. However, readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, US GAAP financial measures. They should be read in conjunction with the US GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$29.14 against US$1.00 as of Dec. 30, 2010. 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.

Contacts:
In Taiwan R.O.C
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
+886-6-507-7712
s.k._chen@chipmos.com

In the U.S.
Chesha Gibbons
Director of Investor Relations
+1-415-730-1307
Chesha_gibbons@chipmos.com

David Pasquale
Global IR Partners
+1-914-337-8801
dpasquale@globalirpartners.com