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 March, 2009
ChipMOS TECHNOLOGIES (Bermuda) LTD.
(Translation of Registrant’s Name Into English)
No. 1, R&D Rd. 1, Hsinchu Science 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 ü 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 ü
(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: March 24, 2009 | By | /S/ S. J. Cheng | ||
| Name: | S. J. Cheng | |||
| Title: | Chairman & Chief Executive Officer | |||
| Contacts: | ||
| In Taiwan Dr. S.K. Chen ChipMOS TECHNOLOGIES (Bermuda) LTD. +886-6-507-7712 s.k._chen@chipmos.com |
In the U.S. Joseph Villalta The Ruth Group +1-646-536-7003 jvillalta@theruthgroup.com |
ChipMOS REPORTS FOURTH QUARTER AND FULL YEAR 2008 RESULTS
Hsinchu, Taiwan, March 24, 2009 – 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, 2008. All U.S. dollar figures in this release are based on the exchange rate of NT$32.76 against US$1.00 as of December 31, 2008.
Net revenue on a US GAAP basis for the fourth quarter of 2008 was NT$3,052.6 million or US$93.2 million, a decrease of 50.0% from NT$6,101.6 million or US$186.3 million for the same period in 2007 and a decrease of 30.0% from NT$4,361.5 million or US$133.1 million in the third quarter of 2008. Under US GAAP, the gross margin for the fourth quarter of 2008 was -28.0%, compared to 24.6% for the same period in 2007 and 0.3% for the third quarter of 2008.
Net loss on a US GAAP basis for the fourth quarter of 2008 was NT$5,838.6 million or US$178.2 million, and NT$69.54 or US$2.12 per basic common share, compared to net loss of NT$873.6 million or US$26.7 million, and NT$10.41 or US$0.32 per basic common share, for the third quarter of 2008. Net loss under US GAAP includes non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$8.6 million or US$0.3 million and amortization of discount on convertible notes of NT$27.9 million or US$0.9 million for the fourth quarter of 2008 and non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$21.9 million or US$0.7 million and amortization of discount on convertible notes of NT$77.0 million or US$2.4 million for the third quarter of 2008. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net loss for the fourth quarter of 2008 was NT$5,819.3 million or US$177.6 million, and NT$69.31 or US$2.12 per basic common share, compared to non-GAAP adjusted net loss of NT$818.5 million or US$25.0 million, and NT$9.75 or US$0.30 per basic common share in the third quarter of 2008.
Under US GAAP, net revenue for the fiscal year ended December 31, 2008 was NT$17,010.2 million or US$519.2 million, a decrease of 27.9% from NT$23,597.6 million or US$720.3 million for the fiscal year ended December 31, 2007. Under US GAAP, net loss for the fiscal year ended December 31, 2008 was NT$7,177.7 million or US$219.1 million, and NT$85.56 or US$2.61 per common share, compared to net income of NT$2,901.7 million or US$88.6 million, and NT$36.13 or US$1.10 per common share, for the fiscal year ended December 31, 2007. Net loss for the fiscal year ended December 31, 2008 under US GAAP includes non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$191.4 million or US$5.8 million and amortization of discount on convertible notes of NT$277.1 million or US$8.4 million. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net loss for the fiscal year ended December 31, 2008 was NT$7,092.0 million or US$216.5 million, and NT$84.54 or US$2.58 per basic common share.
The unaudited consolidated financial results of ChipMOS for the fourth quarter ended December 31, 2008 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS Japan 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, “Despite continued market weakness, we achieved revenue of US$93.2 million in the fourth quarter. In light of the global financial climate, we faced similar challenges that every player in the semiconductor supply chain faced in the fourth quarter. The difficulties were not simply a temporary irregular market condition nor seasonality issue as we encounter on an annual basis in the past, but an economic downturn that may last for years under the current market outlook consensus.
The challenging global economic environment, credit crisis and slowing of consumer spending, significantly reduced DRAM demand in Q4, worsening the financial situation of DRAM makers across the space. As a result of this harsh financial climate, our DRAM
revenue experienced a 38.5% sequential decline in Q4 resulting from a significant reduction in demand coming from our Taiwan customers. Given the current weakness in the macroeconomic environment, our LCD business dropped significantly with deterioration in consumer demand. Even after quarters of inventory correction in the LCD panel industry, panel makers continued their efforts to aggressively reduce their outputs to counter slowing orders. Rather than implementing continuous capacity services, our LCD driver customers placed rush orders to avoid inventory accumulations. This trend, coupled with weak momentum in the LCD industry, depressed the overall business activity in the supply chain resulting in our LCD driver revenue decline of 50.6% in the fourth quarter on a quarter-over-quarter basis. Additionally, we experienced significant revenue declines in both Flash and mixed-signal segments in Q4 as compared to Q3.”
S.K. Chen, Chief Financial Officer of ChipMOS, said, “The Company started to take action to deal with the business down cycle at a very early stage. We launched our cost saving programs in early 2008, which was a couple of quarters ahead of the global recession. During past two years, we also managed to reduce CapEx and took other measures for improving of our financial condition. These activities helped us maintain our cash position at a level which allowed us to sustain our operations in this unpredictable environment. To face this down cycle, we continue to work to readjust our financial resources and minimize cash outflow. The future business will be maintained based on the payment policy of cash-on-delivery for customers with financial problems. Management is confident that through its solid operation and diligent cost planning will ensure its continuous operation and improve performance even at down times like now. We are well prepared for the next dawn of the semiconductor industry.”
Selected Operation Data
| 4Q08 | 3Q08 | FY08 | ||||||||||
| Revenue by segment |
||||||||||||
| Testing |
57 | % | 51 | % | 52 | % | ||||||
| Assembly |
31 | % | 31 | % | 32 | % | ||||||
| LCD Driver |
12 | % | 18 | % | 16 | % | ||||||
| Utilization by segment |
||||||||||||
| Testing |
55 | % | 67 | % | 65 | % | ||||||
| Assembly |
48 | % | 64 | % | 63 | % | ||||||
| LCD Driver |
29 | % | 54 | % | 52 | % | ||||||
| Overall |
50 | % | 64 | % | 62 | % | ||||||
| CapEx |
US$ | 19.3 million | US$ | 9.1 million | US$ | 66.8 million | ||||||
| Testing |
75 | % | 32 | % | 56 | % | ||||||
| Assembly |
25 | % | 49 | % | 34 | % | ||||||
| LCD Driver |
0 | % | 19 | % | 10 | % | ||||||
| Depreciation and amortization expenses (US GAAP) |
US$ | 54.9 million | US$ | 55.8 million | US$ | 221.6 million | ||||||
First Quarter 2009 Outlook
Mr. Cheng continued, “Looking into the first quarter of 2009, the overall DRAM backend market continues to experience weak demand. This is primarily the result of substantial cut backs in output from Taiwan DRAM makers for cash outflow considerations. The LCD driver business seems to be in the best shape in the short-term among all our business sectors attributable to Chinese stimulus programs and US LCD TV demand. The flash and Mask ROM business from our Taiwan customers also picked up very well beginning in March. Following the LCD market trend, our mixed-signal business has some growth potential after mid-Q1. Most orders are coming from the urgent demands in the supply chain. In our view, January is confirmed to be the bottom of this down cycle for all of our business sectors. Currently, we expect month over month growth until May. However, the market visibility is still limited after May.
Considering the overall market weakness and the financial difficulty of our major customers, we currently expect that first quarter revenue will be in the range of approximately US$67 million to US$72 million, which is a decrease of 23% to 28% as compared to the fourth quarter 2008. The revenue forecast is based on the exchange rate of NT$32.76 to the USD as of December 31, 2008. The reported Q1 revenue in US dollars may vary from our guidance due to a different exchange rate at the end of the first quarter. Finally, we currently expect gross margin on a consolidated basis for the first quarter of 2009 to be in the range of approximately -55% to -60% due to low utilization rate.”
Investor Conference Call / Webcast Details
ChipMOS will review detailed fourth quarter 2008 results on Tuesday, March 24, 2008 at 7:00PM ET (7:00AM, March 25, 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 1-201-612-7415. The account number to access the replay is 3055 and the confirmation ID number is 313353.
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 –
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED INCOME STATEMENT
For the Three Months and the Year Ended December 31, 2008, 2007
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
| ROC GAAP | US GAAP | |||||||||||||||||
| 3 months ended | Year ended | 3 months ended | Year ended | |||||||||||||||
| Dec. 31, 2008 (Unaudited) |
Dec. 31, 2007 (Unaudited) |
Dec. 31, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
Dec. 31, 2008 (Unaudited) |
Dec. 31, 2008 (Unaudited) |
|||||||||||||
| USD | USD | USD | USD | USD | USD | |||||||||||||
| Net Revenue |
93.2 | 186.3 | 519.2 | 720.3 | 93.2 | 519.2 | ||||||||||||
| Cost of Revenue |
117.6 | 139.5 | 518.0 | 532.5 | 119.3 | 521.0 | ||||||||||||
| Gross Profit (Loss) |
(24.4 | ) | 46.8 | 1.2 | 187.8 | (26.1 | ) | (1.8 | ) | |||||||||
| Operating Expenses |
||||||||||||||||||
| Research and Development |
3.4 | 2.6 | 13.3 | 9.8 | 3.4 | 13.3 | ||||||||||||
| Sales and Marketing |
70.3 | 0.7 | 72.1 | 3.0 | 70.3 | 72.1 | ||||||||||||
| General and Administrative |
5.3 | 8.4 | 27.0 | 32.7 | 8.6 | 35.2 | ||||||||||||
| Total Operating Expenses |
79.0 | 11.7 | 112.4 | 45.5 | 82.3 | 120.6 | ||||||||||||
| Income (Loss) from Operations |
(103.4 | ) | 35.1 | (111.2 | ) | 142.3 | (108.4 | ) | (122.4 | ) | ||||||||
| Non-Operating Income (Expenses), Net |
(80.2 | ) | (7.1 | ) | (100.3 | ) | (20.4 | ) | (82.6 | ) | (98.9 | ) | ||||||
| Income (Loss) before Income Tax, Minority Interests and Interest in Bonuses Paid by Subsidiaries |
(183.6 | ) | 28.0 | (211.5 | ) | 121.9 | (191.0 | ) | (221.3 | ) | ||||||||
| Income Tax Benefit (Expense) |
7.7 | 0.6 | (3.7 | ) | (23.5 | ) | 8.1 | (2.5 | ) | |||||||||
| Income (Loss) before Minority Interests and Interest in Bonuses Paid by Subsidiaries |
(175.9 | ) | 28.6 | (215.2 | ) | 98.4 | (182.9 | ) | (223.8 | ) | ||||||||
| Minority Interests |
4.5 | (1.4 | ) | 4.4 | (22.0 | ) | 4.7 | 4.7 | ||||||||||
| Interest in Bonuses Paid by Subsidiaries |
— | — | (11.1 | ) | (8.7 | ) | — | — | ||||||||||
| Net Income (Loss) |
(171.4 | ) | 27.2 | (221.9 | ) | 67.7 | (178.2 | ) | (219.1 | ) | ||||||||
| Earnings (Loss) Per Share -Basic |
(2.04 | ) | 0.32 | (2.65 | ) | 0.84 | (2.12 | ) | (2.61 | ) | ||||||||
| Shares Outstanding (in thousands) -Basic |
83,964 | 83,821 | 83,894 | 80,305 | 83,964 | 83,894 | ||||||||||||
| Net Income (Loss) -Diluted |
(171.4 | ) | 31.1 | (221.9 | ) | 80.1 | (178.2 | ) | (219.1 | ) | ||||||||
| Earnings (Loss) Per Share -Diluted |
(2.04 | ) | 0.28 | (2.65 | ) | 0.74 | (2.12 | ) | (2.61 | ) | ||||||||
| Shares Outstanding (in thousands) -Diluted |
83,964 | 111,045 | 83,894 | 108,207 | 83,964 | 83,894 | ||||||||||||
Note (1): All U.S. dollar figures in this release are based on the exchange rate of NT$32.76 against US$1.00 as of Dec. 31, 2008. 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.
CONSOLIDATED INCOME STATEMENT
For the Three Months and the Year Ended December 31, 2008, 2007
Figures in Million of NT dollars (NTD)
Except for Per Share Amounts and Shares Outstanding
| ROC GAAP | US GAAP | |||||||||||||||||
| 3 months ended | Year ended | 3 months ended | Year ended | |||||||||||||||
| Dec. 31, 2008 (Unaudited) |
Dec. 31, 2007 (Unaudited) |
Dec. 31, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
Dec. 31, 2008 (Unaudited) |
Dec. 31, 2008 (Unaudited) |
|||||||||||||
| NTD | NTD | NTD | NTD | NTD | NTD | |||||||||||||
| Net Revenue |
3,052.6 | 6,101.6 | 17,010.2 | 23,597.6 | 3,052.6 | 17,010.2 | ||||||||||||
| Cost of Revenue |
3,851.1 | 4,569.0 | 16,969.9 | 17,444.1 | 3,909.2 | 17,068.3 | ||||||||||||
| Gross Profit (Loss) |
(798.5 | ) | 1,532.6 | 40.3 | 6,153.5 | (856.6 | ) | (58.1 | ) | |||||||||
| Operating Expenses |
||||||||||||||||||
| Research and Development |
112.1 | 85.3 | 435.6 | 322.3 | 112.1 | 435.6 | ||||||||||||
| Sales and Marketing |
2,302.2 | 24.2 | 2,362.7 | 98.3 | 2,302.2 | 2,362.7 | ||||||||||||
| General and Administrative |
174.5 | 273.9 | 885.6 | 1,070.5 | 283.0 | 1,154.9 | ||||||||||||
| Total Operating Expenses |
2,588.8 | 383.4 | 3,683.9 | 1,491.1 | 2,697.3 | 3,953.2 | ||||||||||||
| Income (Loss) from Operations |
(3,387.3 | ) | 1,149.2 | (3,643.6 | ) | 4,662.4 | (3,553.9 | ) | (4,011.3 | ) | ||||||||
| Non-Operating Income (Expenses), Net |
(2,626.4 | ) | (231.8 | ) | (3,286.8 | ) | (669.2 | ) | (2,704.9 | ) | (3,240.1 | ) | ||||||
| Income (Loss) before Income Tax, Minority Interests and Interest in Bonuses Paid by Subsidiaries |
(6,013.7 | ) | 917.4 | (6,930.4 | ) | 3,993.2 | (6,258.8 | ) | (7,251.4 | ) | ||||||||
| Income Tax Benefit (Expense) |
251.7 | 21.1 | (120.8 | ) | (768.2 | ) | 266.6 | (80.4 | ) | |||||||||
| Income (Loss) before Minority Interests and Interest in Bonuses Paid by Subsidiaries |
(5,762.0 | ) | 938.5 | (7,051.2 | ) | 3,225.0 | (5,992.2 | ) | (7,331.8 | ) | ||||||||
| Minority Interests |
146.5 | (45.8 | ) | 143.3 | (720.0 | ) | 153.6 | 154.1 | ||||||||||
| Interest in Bonuses Paid by Subsidiaries |
— | — | (362.4 | ) | (285.8 | ) | — | — | ||||||||||
| Net Income (Loss) |
(5,615.5 | ) | 892.7 | (7,270.3 | ) | 2,219.2 | (5,838.6 | ) | (7,177.7 | ) | ||||||||
| Earnings (Loss) Per Share - Basic |
(66.88 | ) | 10.65 | (86.66 | ) | 27.63 | (69.54 | ) | (85.56 | ) | ||||||||
| Shares Outstanding (in thousands) - Basic |
83,964 | 83,821 | 83,894 | 80,305 | 83,964 | 83,894 | ||||||||||||
| Net Income (Loss) - Diluted |
(5,615.5 | ) | 1,019.4 | (7,270.3 | ) | 2,622.5 | (5,838.6 | ) | (7,177.7 | ) | ||||||||
| Earnings (Loss) Per Share - Diluted |
(66.88 | ) | 9.18 | (86.66 | ) | 24.24 | (69.54 | ) | (85.56 | ) | ||||||||
| Shares Outstanding (in thousands) - Diluted |
83,964 | 111,045 | 83,894 | 108,207 | 83,964 | 83,894 | ||||||||||||
ChipMOS TECHNOLOGIES (Bermuda) LTD.
RECONCILIATION OF US GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) (UNAUDITED)
For the Three Months Ended Dec. 31, 2008 and Year Ended Dec. 31, 2008
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts
Use of Non-GAAP Financial Information
To supplement our consolidated income statement (unaudited) for the three months and the year ended Dec. 31, 2008 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.
| 3 months ended Dec. 31, 2008 |
Year ended Dec. 31, 2008 |
|||||
| US GAAP Net Income (Loss) (Basic) |
(178.2 | ) | (219.1 | ) | ||
| Special Items (in Non-Operating Income (Expenses), Net) |
||||||
| Changes in the fair value of the embedded derivative liabilities(2) |
(0.3 | ) | (5.8 | ) | ||
| Amortization of discount on convertible notes(3) |
0.9 | 8.4 | ||||
| Total Special Items |
0.6 | 2.6 | ||||
| Non-GAAP Adjusted Net Income (Loss) (Basic) |
(177.6 | ) | (216.5 | ) | ||
| US-GAAP Net Income (Loss) Per Share (Basic) |
(2.12 | ) | (2.61 | ) | ||
| Adjustment for special items |
— | 0.03 | ||||
| Non-GAAP Net Income (Loss) Per Share (Basic) |
(2.12 | ) | (2.58 | ) | ||
| US-GAAP Net Income (Loss) Per Share (Diluted) |
(2.12 | ) | (2.61 | ) | ||
| Adjustment for special items |
— | 0.03 | ||||
| Non-GAAP Net Income (Loss) Per Share (Diluted) |
(2.12 | ) | (2.58 | ) | ||
Notes:
| (1) | All U.S. dollar figures in this release are based on the exchange rate of NT$32.76 against US$1.00 as of Dec. 31, 2008. 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. |
| (2) | The Company’s management believes excluding non-cash special item for the changes in the fair value of the embedded derivative liabilities from its non-GAAP financial measure of net income is useful for itself and investors as such gain (expense) does not have any impact on cash available to the Company. |
| (3) | The Company’s management believes excluding non-cash amortization expense of discount on convertible notes from its non-GAAP financial measure of net income (loss) is useful for itself and investors as such expense does not have any impact on cash available to the Company. |
ChipMOS TECHNOLOGIES (Bermuda) LTD.
NON-GAAP CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
(Excluding non-cash items for changes in the fair value of the embedded derivative liabilities and amortization of
discount on convertible notes)
For the Three Months Ended Dec. 31, 2008 and Year Ended Dec. 31, 2008
Figures in Million of U.S. dollars (USD) (1)
Except for Per Share Amounts and Shares Outstanding
| 3 months ended Dec. 31, 2008 |
Year ended Dec. 31, 2008 |
|||||
| Net Revenue |
93.2 | 519.2 | ||||
| Cost of Revenue |
119.3 | 521.0 | ||||
| Gross Profit (Loss) |
(26.1 | ) | (1.8 | ) | ||
| Operating Expenses |
||||||
| Research and Development |
3.4 | 13.3 | ||||
| Sales and Marketing |
70.3 | 72.1 | ||||
| General and Administrative |
8.6 | 35.2 | ||||
| Total Operating Expenses |
82.3 | 120.6 | ||||
| Income (Loss) from Operations |
(108.4 | ) | (122.4 | ) | ||
| Non-Operating Income (Expenses), Net(2) |
(82.0 | ) | (96.3 | ) | ||
| Income (Loss) before Income Tax and Minority Interests(2) |
(190.4 | ) | (218.7 | ) | ||
| Income Tax Benefit (Expense) |
8.1 | (2.5 | ) | |||
| Income (Loss) before Minority Interests(2) |
(182.3 | ) | (221.2 | ) | ||
| Minority Interests |
4.7 | 4.7 | ||||
| Net Income (Loss) (2) |
(177.6 | ) | (216.5 | ) | ||
| Earnings (Loss) Per Share -Basic(2) |
(2.12 | ) | (2.58 | ) | ||
| Shares Outstanding (in thousands)-Basic |
83,964 | 83,894 | ||||
| Earnings (Loss) Per Share -Diluted(2) |
(2.12 | ) | (2.58 | ) | ||
| Shares Outstanding (in thousands)-Diluted |
83,964 | 83,894 | ||||
Note:
| (1) | All U.S. dollar figures in this release are based on the exchange rate of NT$32.76 against US$1.00 as of Dec. 31, 2008. 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. |
| (2) | The amount presented is not prepared in accordance with US GAAP and does not include non-cash income for changes in the fair value of the embedded derivative liabilities of NT$8.6 million or US$0.3 million and amortization of discount on convertible notes of NT$27.9 million or US$0.9 million for the three months ended Dec. 31, 2008 and non-cash income for changes in the fair value of the embedded derivative liabilities of NT$191.4 million or US$5.8 million, and the amortization of discount on convertible notes of NT$277.1 million or US$8.4 million for the year ended Dec 31, 2008. Please see “Reconciliation of US GAAP Net Income (Loss) to Non-GAAP Net Income (Loss) (Unaudited)” above. |
ChipMOS TECHNOLOGIES (Bermuda) LTD.
CONSOLIDATED BALANCE SHEET
As of Dec. 31, Sep. 30, 2008 and Dec. 31, 2007
Figures in Million of U.S. dollars (USD) (1)
| ROC GAAP | US GAAP | |||||||||||||||||
| Dec. 31, 2008 (Unaudited) |
Sep. 30, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
Dec. 31, 2008 (Unaudited) |
Sep. 30, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
|||||||||||||
| USD | USD | USD | USD | USD | USD | |||||||||||||
| ASSETS | ||||||||||||||||||
| Cash and Cash Equivalents |
203.0 | 118.3 | 156.7 | 203.0 | 118.3 | 156.7 | ||||||||||||
| Financial Assets at Fair Value Through Profit or Loss |
3.1 | 14.2 | 17.0 | 3.1 | 14.2 | 17.0 | ||||||||||||
| Available-for-Sale Financial Assets |
— | — | — | 3.1 | — | — | ||||||||||||
| Held-to-Maturity Financial Assets |
7.6 | 7.6 | — | 7.6 | 7.6 | — | ||||||||||||
| Investments with no Active Market |
3.1 | — | — | — | — | — | ||||||||||||
| Accounts and Notes Receivable |
46.0 | 144.2 | 162.5 | 46.0 | 144.2 | 162.5 | ||||||||||||
| Inventories |
30.6 | 26.3 | 31.8 | 29.5 | 26.4 | 31.8 | ||||||||||||
| Other Current Assets |
26.9 | 30.4 | 16.8 | 26.8 | 30.2 | 16.7 | ||||||||||||
| Total Current Assets |
320.3 | 341.0 | 384.8 | 319.1 | 340.9 | 384.7 | ||||||||||||
| Long-Term Investments |
13.4 | 7.9 | 10.9 | 13.4 | 7.9 | 10.9 | ||||||||||||
| Property, Plant & Equipment-Net |
722.0 | 806.2 | 916.4 | 715.1 | 799.7 | 911.5 | ||||||||||||
| Intangible Assets |
3.3 | 5.6 | 5.5 | 3.3 | 5.6 | 5.5 | ||||||||||||
| Other Assets |
22.8 | 50.4 | 65.7 | 22.3 | 51.5 | 69.1 | ||||||||||||
| Total Assets |
1,081.8 | 1,211.1 | 1,383.3 | 1,073.2 | 1,205.6 | 1,381.7 | ||||||||||||
| LIABILITIES | ||||||||||||||||||
| Current Liabilities |
||||||||||||||||||
| Short-Term Bank Loans |
83.8 | 30.5 | 38.1 | 83.8 | 30.5 | 38.1 | ||||||||||||
| Current Portion of Long-Term Debts |
187.6 | 122.5 | 207.5 | 184.9 | 122.5 | 208.4 | ||||||||||||
| Accounts Payable and Payables to Contractors and Equipment Suppliers |
22.3 | 25.4 | 43.7 | 22.3 | 25.4 | 43.7 | ||||||||||||
| Other Current Liabilities |
33.6 | 37.6 | 57.9 | 33.6 | 37.6 | 71.2 | ||||||||||||
| Total Current Liabilities |
327.3 | 216.0 | 347.2 | 324.6 | 216.0 | 361.4 | ||||||||||||
| Long-Term Liabilities |
||||||||||||||||||
| Long-Term Debts |
300.1 | 362.3 | 345.7 | 300.1 | 358.8 | 341.2 | ||||||||||||
| Other Liabilities |
10.5 | 10.5 | 11.3 | 16.4 | 16.6 | 18.2 | ||||||||||||
| Total Liabilities |
637.9 | 588.8 | 704.2 | 641.1 | 591.4 | 720.8 | ||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||||||||
| Capital Stock |
0.8 | 0.8 | 0.8 | 0.8 | 0.8 | 0.8 | ||||||||||||
| Deferred Compensation |
(0.7 | ) | (1.0 | ) | (2.1 | ) | (1.2 | ) | (1.7 | ) | (3.8 | ) | ||||||
| Capital Surplus |
390.2 | 388.1 | 380.8 | 381.1 | 375.8 | 370.8 | ||||||||||||
| Retained Earnings (Accumulated Loss) |
(30.4 | ) | 140.2 | 192.0 | (25.2 | ) | 151.6 | 193.9 | ||||||||||
| Treasury Stock |
(0.1 | ) | — | — | (0.1 | ) | — | — | ||||||||||
| Cumulated Translation Adjustments |
13.2 | 14.3 | 8.5 | 13.2 | 14.3 | 8.5 | ||||||||||||
| Unrecognized Pension Cost |
— | — | — | (6.2 | ) | (6.3 | ) | (6.3 | ) | |||||||||
| Minority Interests |
70.9 | 79.9 | 99.1 | 69.7 | 79.7 | 97.0 | ||||||||||||
| Total Equity |
443.9 | 622.3 | 679.1 | 432.1 | 614.2 | 660.9 | ||||||||||||
| Total Liabilities & Shareholders’ Equity |
1,081.8 | 1,211.1 | 1,383.3 | 1,073.2 | 1,205.6 | 1,381.7 | ||||||||||||
Note (1): All U.S. dollar figures in this release are based on the exchange rate of NT$32.76 against US$1.00 as of Dec. 31, 2008. 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.
CONSOLIDATED BALANCE SHEET
As of Dec. 31, Sep. 30, 2008 and Dec. 31, 2007
Figures in Million of NT dollars (NTD)
| ROC GAAP | US GAAP | |||||||||||||||||
| Dec. 31, 2008 (Unaudited) |
Sep. 30, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
Dec. 31, 2008 (Unaudited) |
Sep. 30, 2008 (Unaudited) |
Dec. 31, 2007 (Audited) |
|||||||||||||
| NTD | NTD | NTD | NTD | NTD | NTD | |||||||||||||
| ASSETS | ||||||||||||||||||
| Cash and Cash Equivalents |
6,651.9 | 3,874.7 | 5,133.6 | 6,651.9 | 3,874.7 | 5,133.6 | ||||||||||||
| Financial Assets at Fair Value Through Profit or Loss |
102.1 | 465.2 | 555.6 | 102.1 | 465.2 | 555.6 | ||||||||||||
| Available-for-Sale Financial Assets |
— | — | — | 100.0 | — | — | ||||||||||||
| Held-to-Maturity Financial Assets |
250.0 | 250.0 | — | 250.0 | 250.0 | — | ||||||||||||
| Investments with no Active Market |
100.0 | — | — | — | — | — | ||||||||||||
| Accounts and Notes Receivable |
1,506.1 | 4,724.2 | 5,322.7 | 1,506.1 | 4,724.2 | 5,322.7 | ||||||||||||
| Inventories |
1,001.5 | 862.1 | 1,043.6 | 966.1 | 862.8 | 1,044.3 | ||||||||||||
| Other Current Assets |
882.7 | 994.4 | 549.7 | 876.4 | 990.0 | 547.2 | ||||||||||||
| Total Current Assets |
10,494.3 | 11,170.6 | 12,605.2 | 10,452.6 | 11,166.9 | 12,603.4 | ||||||||||||
| Long-Term Investments |
437.8 | 258.0 | 358.0 | 437.8 | 258.0 | 358.0 | ||||||||||||
| Property, Plant & Equipment-Net |
23,654.9 | 26,410.7 | 30,020.4 | 23,427.2 | 26,199.6 | 29,861.6 | ||||||||||||
| Intangible Assets |
107.8 | 183.7 | 180.4 | 107.8 | 183.7 | 180.4 | ||||||||||||
| Other Assets |
746.8 | 1,651.3 | 2,152.1 | 731.6 | 1,688.7 | 2,262.6 | ||||||||||||
| Total Assets |
35,441.6 | 39,674.3 | 45,316.1 | 35,157.0 | 39,496.9 | 45,266.0 | ||||||||||||
| LIABILITIES | ||||||||||||||||||
| Current Liabilities |
||||||||||||||||||
| Short-Term Bank Loans |
2,745.4 | 999.9 | 1,249.2 | 2,745.4 | 999.9 | 1,249.2 | ||||||||||||
| Current Portion of Long-Term Debts |
6,145.3 | 4,011.3 | 6,797.1 | 6,056.6 | 4,011.3 | 6,828.0 | ||||||||||||
| Accounts Payable and Payables to Contractors and Equipment Suppliers |
729.4 | 833.3 | 1,430.2 | 729.4 | 833.3 | 1,430.2 | ||||||||||||
| Other Current Liabilities |
1,101.5 | 1,231.3 | 1,897.7 | 1,101.5 | 1,231.3 | 2,331.9 | ||||||||||||
| Total Current Liabilities |
10,721.6 | 7,075.8 | 11,374.2 | 10,632.9 | 7,075.8 | 11,839.3 | ||||||||||||
| Long-Term Liabilities |
||||||||||||||||||
| Long-Term Debts |
9,832.6 | 11,867.5 | 11,323.7 | 9,832.6 | 11,752.9 | 11,179.3 | ||||||||||||
| Other Liabilities |
344.6 | 345.2 | 370.1 | 537.3 | 544.6 | 596.5 | ||||||||||||
| Total Liabilities |
20,898.8 | 19,288.5 | 23,068.0 | 21,002.8 | 19,373.3 | 23,615.1 | ||||||||||||
| SHAREHOLDERS’ EQUITY | ||||||||||||||||||
| Capital Stock |
27.6 | 27.6 | 27.5 | 27.6 | 27.6 | 27.5 | ||||||||||||
| Deferred Compensation |
(26.0 | ) | (32.9 | ) | (69.4 | ) | (40.9 | ) | (55.3 | ) | (125.0 | ) | ||||||
| Capital Surplus |
12,784.1 | 12,713.8 | 12,475.9 | 12,485.5 | 12,309.7 | 12,147.3 | ||||||||||||
| Retained Earnings (Accumulated Loss) |
(998.3 | ) | 4,592.3 | 6,291.0 | (826.8 | ) | 4,967.8 | 6,350.8 | ||||||||||
| Treasury Stock |
(1.8 | ) | — | — | (1.8 | ) | — | — | ||||||||||
| Cumulated Translation Adjustments |
433.7 | 469.4 | 277.5 | 433.7 | 469.4 | 277.5 | ||||||||||||
| Unrecognized Pension Cost |
— | — | — | (204.8 | ) | (205.8 | ) | (205.8 | ) | |||||||||
| Minority Interests |
2,323.5 | 2,615.6 | 3,245.6 | 2,281.7 | 2,610.2 | 3,178.6 | ||||||||||||
| Total Equity |
14,542.8 | 20,385.8 | 22,248.1 | 14,154.2 | 20,123.6 | 21,650.9 | ||||||||||||
| Total Liabilities & Shareholders’ Equity |
35,441.6 | 39,674.3 | 45,316.1 | 35,157.0 | 39,496.9 | 45,266.0 | ||||||||||||