S.K. Chen, Chief Financial Officer of ChipMOS, said, "Fourth quarter revenue and gross margin were both above the high-end of our guidance, as we benefited from stable overall utilization at 65%. Fourth quarter of 2015 net earnings per common share were offset by approximately US$0.20 due to the negative impact of an additional US$2.0 million in expenses primarily related to the proposed merger of ChipMOS Bermuda and ChipMOS Taiwan; and the accrual of an additional US$6.1 million in income tax expense from unappropriated earnings at ChipMOS Taiwan. The income tax expense accrual is based on the profit from operations and the payout ratio of net income. We ended 2015 with US$369.9 million in cash and cash equivalents after generating US$164.6 million in cash from operations. As a result, our net debt to equity ratio was -34.4% as of December 31, 2015, with a net cash balance of US$135.5 million. This is after we reduced our debt by another US$4.6 million during 2015, after we paid a dividend of US$0.14 per share, after CapEx of US$111.1 million, and after we repurchased US$44.3 million in shares at ChipMOS and ChipMOS Taiwan combined."
|
Selected Operations Data |
|
|
|
|
|
|
|
|
|
|
4Q15 |
4Q14 |
FY15 |
|
Revenue by segment |
|
|
|
|
Testing |
25% |
22% |
24% |
|
Assembly |
32% |
36% |
32% |
|
LCD Driver |
28% |
25% |
27% |
|
Bumping |
15% |
17% |
17% |
|
|
|
|
|
|
Utilization by segment |
|
|
|
|
Testing |
61% |
74% |
65% |
|
Assembly |
60% |
80% |
61% |
|
LCD Driver |
75% |
89% |
75% |
|
Bumping |
63% |
81% |
67% |
|
Overall |
65% |
81% |
67% |
|
|
|
|
|
|
CapEx |
US$29.7 million |
US$48.3 million |
US$111.1 million |
|
Testing |
10% |
9% |
22% |
|
Assembly |
22% |
25% |
24% |
|
LCD Driver |
49% |
55% |
38% |
|
Bumping |
19% |
11% |
16% |
|
|
|
|
|
|
Depreciation and amortization expenses |
US$23.7 million |
US$21.7 million |
US$92.2 million |
|
Condensed consolidated statements of cash flows |
|
Year ended Dec. 31, 2015 |
|
Year ended Dec. 31, 2014 |
|
|
|
US$ million |
|
US$ million |
|
Net cash generated from (used in) operating activities |
|
164.6 |
|
183.6 |
|
Net cash generated from (used in) investing activities |
|
(137.4) |
|
(101.4) |
|
Net cash generated from (used in) financing activities |
|
(123.7) |
|
(24.2) |
|
Net increase (decrease) in cash and cash equivalents |
|
(96.5) |
|
58.0 |
|
Effect of exchange rate changes on cash |
|
0.8 |
|
(0.2) |
|
Cash and cash equivalents at beginning of period |
|
465.6 |
|
407.8 |
|
Cash and cash equivalents at end of period |
|
369.9 |
|
465.6 |
