SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September, 2003
ChipMOS TECHNOLOGIES (Bermuda) LTD.
(Translation of Registrant’s Name Into English)
No. 1, R&D Road 1
Science-Based Industrial Park
Hsinchu, Taiwan
Republic of China
(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.) Form 20-F x Form 40-F ¨
(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes ¨ No x
(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ChipMOS TECHNOLOGIES (Bermuda) LTD. (Registrant) | ||||||||
| Date: September 4, 2003 | By: | /s/ S.J. Cheng | ||||||
| Name: S. J. Cheng Title: Deputy Chairman & Chief Executive Officer | ||||||||
2
EXHIBITS
| Exhibit Number | ||
| 1.1 | Earnings Release for the Second Quarter of 2003 | |
3
Exhibit 1.1
For Immediate Release
Contact:
Investor Relations/Media Relations
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
886-6-507-7712
s.k._chen@chipmos.com.tw
ChipMOS Bermuda Announces Unaudited Results for the Second Quarter of 2003
Hsinchu, 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$9.7 for the six months ended June 30, 2003 and 2002, respectively.
S.J. Cheng, Deputy Chairman and Chief Executive Officer of ChipMOS Bermuda, remarked, “We are pleased to return to profitability in the second quarter. Average selling prices for our services, which began to stabilize in the first quarter of 2003, continued to stabilize in the second quarter. Combined with increased orders for mixed-signal, LCD drivers and 12” wafer products, revenue growth picked up speed. We expect the demand from these segments continue to grow and contribute to our revenue growth in the third quarter.”
4
Outlook
Although the market environment remains challenging, the management of ChipMOS Bermuda expects the revenue will continue to grow in the third quarter of 2003. As the market demand for DDR (Double Data Rate) memory products increases, our customers will increase their demand for hi-speed testing platforms, and ChipMOS Bermuda plans to increase its competitiveness both in technology and in capacity in Taiwan. The management also expects such demand to continue in the fourth quarter of 2003, and that ChipMOS Bermuda may benefit from the resulting service price adjustments.
To respond to the increased demand for 12” wafer products, ChipMOS Bermuda plans to expand its 12” wafer assembly capacity by 20% or more in the third quarter, from a monthly output of 25 Mpcs/month to 29 Mpcs/month. This investment is expected to generate an additional monthly revenue of NT$ 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.
5
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED BALANCE SHEET (UNAUDITED)
As of June 30, 2003
Figures in Thousand of Local Currency (NTD) and U.S. dollars (USD) (1)
| Jun-03 |
Jun-02 |
YOY |
Mar-03 |
QOQ | ||||||||||||||||||
| ASSETS |
USD |
NTD |
% |
NTD |
% |
Chg % |
NTD |
% |
Chg % | |||||||||||||
| Cash & Cash Equivalents |
23,078 | 798,733 | 5% | 938,090 | 6% | -15% | 2,006,899 | 11% | -60% | |||||||||||||
| Short Term Investment |
57,488 | 1,989,642 | 11% | 1,501,215 | 10% | 33% | 742,521 | 4% | 168% | |||||||||||||
| Accounts Receivable |
63,990 | 2,214,703 | 13% | 1,735,758 | 11% | 28% | 2,360,923 | 13% | -6% | |||||||||||||
| Inventories |
7,300 | 252,657 | 1% | 236,464 | 1% | 7% | 182,627 | 1% | 38% | |||||||||||||
| Other Current Assets |
19,516 | 675,461 | 4% | 129,306 | 1% | 422% | 515,128 | 3% | 31% | |||||||||||||
| Total Current Assets |
171,372 | 5,931,196 | 34% | 4,540,833 | 29% | 31% | 5,808,098 | 32% | 2% | |||||||||||||
| Investment in affiliates |
33,528 | 1,160,420 | 7% | 419,888 | 3% | 176% | 1,423,244 | 8% | -18% | |||||||||||||
| Net Property, Plant & Equipment |
277,199 | 9,593,846 | 55% | 10,398,275 | 67% | -8% | 10,290,127 | 56% | -7% | |||||||||||||
| Intangible Assets |
4,623 | 160,001 | 1% | 64,201 | 0% | 149% | 154,025 | 1% | 4% | |||||||||||||
| Other Assets |
16,361 | 566,245 | 3% | 173,225 | 1% | 227% | 506,629 | 3% | 12% | |||||||||||||
| Total Assets |
503,083 | 17,411,708 | 100% | 15,596,422 | 100% | 12% | 18,182,123 | 100% | -4% | |||||||||||||
| LIABILITIES |
||||||||||||||||||||||
| Current Liabilities |
100,480 | 3,477,600 | 20% | 3,528,124 | 23% | -1% | 4,174,344 | 23% | -17% | |||||||||||||
| Long Term Liabilities |
110,671 | 3,830,343 | 22% | 1,690,799 | 11% | 127% | 4,017,450 | 22% | -5% | |||||||||||||
| Other Liabilities |
17,827 | 616,995 | 4% | 238,226 | 1% | 159% | 623,735 | 3% | -1% | |||||||||||||
| Total Liabilities |
228,978 | 7,924,938 | 46% | 5,457,149 | 35% | 45% | 8,815,529 | 48% | -10% | |||||||||||||
| Minority Interest |
83,520 | 2,890,620 | 16% | 3,102,587 | 20% | -7% | 2,849,057 | 16% | 1% | |||||||||||||
| SHAREHOLDERS' |
||||||||||||||||||||||
| Capital Stock |
556 | 19,233 | 0% | 19,048 | 0% | 1% | 19,233 | 0% | ||||||||||||||
| Common Stock Option Warrants |
2,552 | 88,334 | 1% | 65,782 | 0% | 34% | 52,213 | 0% | 69% | |||||||||||||
| Deferred Compensation |
(1,557 | ) | (53,868 | ) | 0% | (57,216 | ) | 0% | -6% | (25,019 | ) | 0% | 115% | |||||||||
| Capital Surplus |
220,918 | 7,645,967 | 44% | 7,582,172 | 49% | 1% | 7,645,967 | 42% | ||||||||||||||
| Legal Surplus |
5,416 | 187,434 | 1% | 187,434 | 1% | 187,434 | 1% | |||||||||||||||
| Retained Earnings |
(37,110 | ) | (1,284,380 | ) | -8% | (760,280 | ) | -5% | 69% | (1,360,860 | ) | -7% | -6% | |||||||||
| Treasury Stock-Subsidiaries |
12 | 421 | 0% | (1,852 | ) | 0% | -123% | |||||||||||||||
| Cumulated Translation Adjustment |
(202 | ) | (6,991 | ) | 0% | (254 | ) | 0% | 2652% | 421 | 0% | -1761% | ||||||||||
| Total Equity |
190,585 | 6,596,150 | 38% | 7,036,686 | 45% | -6% | 6,517,537 | 36% | 1% | |||||||||||||
| Total Liabilities & Shareholders' Equity |
503,083 | 17,411,708 | 100% | 15,596,422 | 100% | 12% | 18,182,123 | 100% | -4% | |||||||||||||
Note (1) : Local currency amounts have been translated into U.S. dollars at the rate of 34.61 per U.S. dollar at the end of June, 2003.
6
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)
For the Three Months Ended June 30, 2003 and 2003
Expressed in Thousand of Local Currency (NTD) and U.S. Dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
| 3 months ended on June 30 |
Sequential Comparison | |||||||||||||||||||||||||||
| 2Q 2003 | % of Sales |
2Q 2002 | % of Sales |
YOY | 2Q 2003 | % of | 1Q 2003 | QOQ | ||||||||||||||||||||
| USD |
NTD |
NTD |
Chg % |
USD |
NTD |
Sales |
NTD |
Chg % | ||||||||||||||||||||
| Net Revenues |
67,305 | 2,329,438 | 100% | 1,561,842 | 100% | 49% | 67,305 | 2,329,438 | 100% | 1,704,516 | 37% | |||||||||||||||||
| Cost of Sales |
57,869 | 2,002,859 | 86% | 1,623,448 | 104% | 23% | 57,869 | 2,002,859 | 86% | 1,641,551 | 22% | |||||||||||||||||
| Gross Profits |
9,436 | 326,579 | 14% | (61,606 | ) | -4% | -630% | 9,436 | 326,579 | 14% | 62,965 | 419% | ||||||||||||||||
| Operating Expenses |
4,878 | 168,836 | 7% | 181,239 | 11% | -7% | 4,878 | 168,836 | 7% | 220,107 | -23% | |||||||||||||||||
| Total Operating Expenses |
4,878 | 168,836 | 7% | 181,239 | 11% | -7% | 4,878 | 168,836 | 7% | 220,107 | -23% | |||||||||||||||||
| Income from Operations |
4,558 | 157,743 | 7% | (242,845 | ) | -15% | -165% | 4,558 | 157,743 | 7% | (157,142 | ) | -200% | |||||||||||||||
| Non-Operating Income |
1,989 | 68,830 | 3% | 38,091 | 2% | 81% | 1,989 | 68,830 | 3% | 116,633 | -41% | |||||||||||||||||
| Non-Operating Expenses |
3,643 | 126,074 | 6% | 191,920 | 12% | -34% | 3,643 | 126,074 | 6% | 168,196 | -25% | |||||||||||||||||
| Net Non-Operating Income |
(1,654 | ) | (57,244 | ) | -3% | (153,829 | ) | -10% | -63% | (1,654 | ) | (57,244 | ) | -3% | (51,563 | ) | 11% | |||||||||||
| Income before Income Tax and Minority Interest |
2,904 | 100,499 | 4% | (396,674 | ) | -25% | -125% | 2,904 | 100,499 | 4% | (208,705 | ) | -148% | |||||||||||||||
| Income Tax Credit (Expenses) |
521 | 18,048 | 1% | (30,654 | ) | -2% | -159% | 521 | 18,048 | 1% | (25,857 | ) | -170% | |||||||||||||||
| Income before Minority Interest |
3,425 | 118,547 | 5% | (427,328 | ) | -27% | -128% | 3,425 | 118,547 | 5% | (234,562 | ) | -151% | |||||||||||||||
| Minority Interest |
(1,215 | ) | (42,066 | ) | -2% | 123,887 | 8% | -134% | (1,215 | ) | (42,066 | ) | -2% | 38,053 | -211% | |||||||||||||
| Net income |
2,210 | 76,481 | 3% | (303,441 | ) | -19% | -125% | 2,210 | 76,481 | 3% | (196,509 | ) | -139% | |||||||||||||||
| Earnings Per Share |
0.04 | 1.30 | (5.20 | ) | 0.04 | 1.30 | (3.34 | ) | ||||||||||||||||||||
| Shares Outstanding ('K) |
58,873 | 58,873 | 58,342 | 58,873 | 58,873 | 58,873 | ||||||||||||||||||||||
Note (1) : Local currency values have been translated into U.S. dollars at the weighted average rate of 34.61 per U.S. dollar for the second quarter of 2002.
7