The Company expects revenue for the fourth quarter of 2016 to be approximately flat to down in the low single digits, as compared to the third quarter of 2016, in-line with typical seasonality. The Company expects gross margin on a consolidated basis to be in the range of approximately 16% to 20% for the fourth quarter of 2016. The Company expects depreciation and amortization expenses for the fourth quarter of 2016 to be approximately US$24 million. Operating expenses are expected to be approximately 11% to 14% of revenues in the fourth quarter of 2016. The Company expects CapEx spending to be approximately US$35 million in the fourth quarter of 2016, as the Company continues to build-up LCD driver capacity at its Shanghai facility. The total number of the Company's outstanding common shares at the end of the fourth quarter of 2016 is expected to be approximately 856 million.
Investor Conference Call / Webcast Details
ChipMOS will review detailed third quarter 2016 results on Thursday, November 10, 2016 at 7:00 AM Eastern Time (8:00 PM Taiwan time, Thursday, November 10, 2016). 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 is scheduled to be available in 2 hours after the conclusion of the conference call and will be accessible by dialing +1-412-317-6671, with confirmation ID number 13647852.
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. ("ChipMOS") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), was established in August 1997 and is an industry leading provider of semiconductor assembly and test services. ChipMOS is a leader in Taiwan's IC packaging and testing industry as well and has one of the world's largest LCD driver capacity footprints for packaging and testing. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan and Qingpu Industrial Zone in Shanghai, ChipMOS and its subsidiaries provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries. For more details, please refer to ChipMOS' website http://www.chipmos.com.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as 'believes,' 'expects,' 'anticipates,' 'projects,' 'intends,' 'should,' 'seeks,' 'estimates,' 'future' or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors. These risks and uncertainties include those discussed under "Cautionary Statement Concerning Forward Looking Statements" and "Risk Factors" in the prospectus included in the registration statement on Form F-4 that ChipMOS Taiwan filed with the U.S. SEC.
About Non-Generally Accepted Accounting Principles ("Non-GAAP") Financial Measures
To supplement the consolidated financial results presented in accordance with the T-IFRS, ChipMOS uses non-GAAP free cash flow, non-GAAP earnings before interest, taxes, depreciation and amortization ("EBITDA") and non-GAAP net debt to equity ratio in this press release. The non-GAAP free cash flow represents operating profit plus depreciation, amortization and interest income and less capital expenditures, non-controlling interests, interest expenses, income tax expense and dividend. The non-GAAP EBITDA represents operating profit plus depreciation and amortization. The non-GAAP net debt to equity ratio represents the ratio of net debt, the sum of debt less cash and cash equivalent, divided by equity attributable to equity holders of the Company. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently.
The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the T-IFRS.
ChipMOS considers the use of non-GAAP free cash flow, non-GAAP EBITDA and non-GAAP net debt to equity ratio provides useful information to management to manage the Company's business and make financial and operational decisions and also to the investors to understand and evaluate the Company's business and operating performance. For more information on these non-GAAP financial measures, please refer to the table captioned "Reconciliations of Non-GAAP Measures to the Nearest Comparable GAAP Measures" in this press release.
- FINANCIAL TABLES FOLLOW BELOW -
|
ChipMOS TECHNOLOGIES INC. | ||||||||||
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
|
For the Three Months Ended Sep. 30, Jun. 30, 2016, and Sep. 30, 2015 | ||||||||||
|
Figures in Million of U.S. dollars (USD) (1) | ||||||||||
|
Except for Per Share Amounts and Shares Outstanding | ||||||||||
|
|
|
|
|
|
| |||||
|
|
3 months ended | |||||||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 | |||||
|
|
USD |
|
USD |
|
USD | |||||
|
Revenue |
160.4 |
|
151.2 |
|
154.4 | |||||
|
Cost of revenue |
(129.9) |
|
(125.7) |
|
(126.8) | |||||
|
Gross profit |
30.5 |
|
25.5 |
|
27.6 | |||||
|
|
|
|
|
|
| |||||
|
Research and development expenses |
(6.9) |
|
(7.0) |
|
(6.0) | |||||
|
Sales and marketing expenses |
(0.6) |
|
(0.7) |
|
(0.6) | |||||
|
Administrative and general expenses |
(7.4) |
|
(5.0) |
|
(5.2) | |||||
|
Operating expenses |
(14.9) |
|
(12.7) |
|
(11.8) | |||||
|
|
|
|
|
|
| |||||
|
Operating profit |
15.6 |
|
12.8 |
|
15.8 | |||||
|
|
|
|
|
|
| |||||
|
Non-operating income (expenses), net |
(4.9) |
|
0.7 |
|
6.8 | |||||
|
|
|
|
|
|
| |||||
|
Profit (loss) before tax |
10.7 |
|
13.5 |
|
22.6 | |||||
|
|
|
|
|
|
| |||||
|
Income tax benefit (expense) |
(2.5) |
|
(3.4) |
|
(3.9) | |||||
|
|
|
|
|
|
| |||||
|
Profit (loss) for the period |
8.2 |
|
10.1 |
|
18.7 | |||||
|
|
|
|
|
|
| |||||
|
Attributable to equity holders of the Company |
8.2 |
|
10.1 |
|
18.7 | |||||
|
|
|
|
|
|
| |||||
|
Profit (loss) for the period |
|
|
|
|
| |||||
|
Other comprehensive income (loss) |
|
|
|
|
| |||||
|
Exchange differences on translation of foreign operations |
(2.8) |
|
(2.2) |
|
2.3 | |||||
|
Total other comprehensive income (loss) |
(2.8) |
|
(2.2) |
|
2.3 | |||||
|
|
|
|
|
|
| |||||
|
Total comprehensive income (loss) |
5.4 |
|
7.9 |
|
21.0 | |||||
|
|
|
|
|
|
| |||||
|
Attributable to equity holders of the Company |
5.4 |
|
7.9 |
|
21.0 | |||||
|
|
|
|
|
|
| |||||
|
Earnings (loss) per share attributable to the Company - basic |
0.01 |
|
0.01 |
|
0.02 | |||||
|
Weighted average shares outstanding (in thousands) - basic |
851,980 |
|
861,608 |
|
893,931 | |||||
|
Net income (loss) attributable to the Company - diluted |
8.2 |
|
10.1 |
|
18.7 | |||||
|
Earnings (loss) per share attributable to the Company -diluted |
0.01 |
|
0.01 |
|
0.02 | |||||
|
Weighted average shares outstanding (in thousands) - diluted |
858,968 |
|
867,686 |
|
898,712 | |||||
|
|
|
|
|
|
| |||||
|
Note: |
|
|
|
|
| |||||
|
(1) All U.S. dollar figures in this release are based on the exchange rate of NT$31.27 against US$1.00 as of Sep. 30, 2016. 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 INC. | ||||||
|
UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
|
For the Three Months Ended Sep. 30, Jun. 30, 2016, and Sep. 30, 2015 | ||||||
|
Figures in Million of NT dollars (NTD) | ||||||
|
Except for Per Share Amounts and Shares Outstanding | ||||||
|
| ||||||
|
|
3 months ended | |||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
|
|
NTD |
|
NTD |
|
NTD |
|
|
Revenue |
5,015.6 |
|
4,727.1 |
|
4,827.1 |
|
|
Cost of revenue |
(4,061.2) |
|
(3,930.2) |
|
(3,963.1) |
|
|
Gross profit |
954.4 |
|
796.9 |
|
864.0 |
|
|
|
|
|
|
|
|
|
|
Research and development expenses |
(217.2) |
|
(217.5) |
|
(187.5) |
|
|
Sales and marketing expenses |
(19.9) |
|
(21.0) |
|
(20.0) |
|
|
Administrative and general expenses |
(229.8) |
|
(157.0) |
|
(162.6) |
|
|
Operating expenses |
(466.9) |
|
(395.5) |
|
(370.1) |
|
|
|
|
|
|
|
|
|
|
Operating profit |
487.5 |
|
401.4 |
|
493.9 |
|
|
|
|
|
|
|
|
|
|
Non-operating income (expenses), net |
(154.1) |
|
21.8 |
|
212.7 |
|
|
|
|
|
|
|
|
|
|
Profit (loss) before tax |
333.4 |
|
423.2 |
|
706.6 |
|
|
|
|
|
|
|
|
|
|
Income tax benefit (expense) |
(78.3) |
|
(108.3) |
|
(123.1) |
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
255.1 |
|
314.9 |
|
583.5 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
255.1 |
|
314.9 |
|
583.5 |
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
(87.3) |
|
(67.1) |
|
73.5 |
|
|
Total other comprehensive income (loss) |
(87.3) |
|
(67.1) |
|
73.5 |
|
|
|
|
|
|
|
|
|
|
Total comprehensive income (loss) |
167.8 |
|
247.8 |
|
657.0 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
167.8 |
|
247.8 |
|
657.0 |
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to the Company - basic |
0.30 |
|
0.37 |
|
0.65 |
|
|
Weighted average shares outstanding (in thousands) - basic |
851,980 |
|
861,608 |
|
893,931 |
|
|
Net income (loss) attributable to the Company -diluted |
255.1 |
|
314.9 |
|
583.5 |
|
|
Earnings (loss) per share attributable to the Company -diluted |
0.30 |
|
0.36 |
|
0.65 |
|
|
Weighted average shares outstanding (in thousands) - diluted |
858,968 |
|
867,686 |
|
898,712 |
|
|
ChipMOS TECHNOLOGIES INC | |||||
|
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
|
As of Sep. 30, Jun. 30, 2016, and Sep. 30, 2015 | |||||
|
Figures in Million of U.S. dollars (USD) (1) | |||||
|
| |||||
|
|
| ||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
ASSETS |
USD |
|
USD |
|
USD |
|
Current assets |
|
|
|
|
|
|
Inventories |
71.3 |
|
69.0 |
|
56.0 |
|
Accounts and notes receivable |
131.9 |
|
121.5 |
|
124.7 |
|
Short-term deposits |
2.1 |
|
2.1 |
|
2.3 |
|
Other current assets |
15.2 |
|
12.5 |
|
9.6 |
|
Cash and cash equivalents |
331.6 |
|
355.0 |
|
309.0 |
|
Total current assets |
552.1 |
|
560.1 |
|
501.6 |
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Financial assets measured by cost method |
0.3 |
|
0.3 |
|
0.6 |
|
Investment measured by equity method |
11.6 |
|
11.4 |
|
10.7 |
|
Property, plant & equipment |
480.7 |
|
463.4 |
|
449.0 |
|
Other non-current assets |
11.2 |
|
11.7 |
|
11.3 |
|
Total non-current assets |
503.8 |
|
486.8 |
|
471.6 |
|
Total assets |
1,055.9 |
|
1,046.9 |
|
973.2 |
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and payables to contractors and equipment suppliers |
52.2 |
|
41.2 |
|
38.1 |
|
Other current liabilities |
116.5 |
|
122.5 |
|
59.2 |
|
Bank loans - current portion |
0.0 |
|
- |
|
49.5 |
|
Short-term bank loans |
42.1 |
|
46.0 |
|
42.8 |
|
Total current liabilities |
210.8 |
|
209.7 |
|
189.6 |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Bank loans - non-current portion |
264.5 |
|
263.6 |
|
159.4 |
|
Other non-current liabilities |
27.2 |
|
27.8 |
|
28.4 |
|
Total non-current liabilities |
291.7 |
|
291.4 |
|
187.8 |
|
Total liabilities |
502.5 |
|
501.1 |
|
377.4 |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Issued capital |
286.8 |
|
286.9 |
|
293.0 |
|
Capital surplus |
121.3 |
|
120.8 |
|
120.8 |
|
Retained earnings |
188.7 |
|
180.5 |
|
215.8 |
|
Other component of equity |
(43.4) |
|
(42.4) |
|
(33.8) |
|
Equity attributable to equity holders of the Company |
553.4 |
|
545.8 |
|
595.8 |
|
Total equity |
553.4 |
|
545.8 |
|
595.8 |
|
Total equity and liabilities |
1,055.9 |
|
1,046.9 |
|
973.2 |
|
|
|
|
|
|
|
|
Note: (1) All U.S. dollar figures in this release are based on the exchange rate of NT$31.27 against US$1.00 as of Sep. 30, 2016. 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 INC. | |||||
|
UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||
|
As of Sep. 30, Jun. 30, 2016, and Sep. 30, 2015 | |||||
|
Figures in Million of NT dollars (NTD) | |||||
|
| |||||
|
| |||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
ASSETS |
NTD |
|
NTD |
|
NTD |
|
Current assets |
|
|
|
|
|
|
Inventories |
2,229.7 |
|
2,159.0 |
|
1,750.9 |
|
Accounts and notes receivable |
4,124.8 |
|
3,799.7 |
|
3,898.1 |
|
Short-term deposits |
66.6 |
|
66.0 |
|
71.7 |
|
Other current assets |
476.1 |
|
390.4 |
|
300.7 |
|
Cash and cash equivalents |
10,369.0 |
|
11,101.0 |
|
9,662.3 |
|
Total current assets |
17,266.2 |
|
17,516.1 |
|
15,683.7 |
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
Financial assets measured by cost method |
10.0 |
|
10.0 |
|
18.5 |
|
Investment measured by equity method |
362.2 |
|
355.1 |
|
336.0 |
|
Property, plant & equipment |
15,030.0 |
|
14,490.9 |
|
14,038.8 |
|
Other non-current assets |
349.5 |
|
364.7 |
|
355.1 |
|
Total non-current assets |
15,751.7 |
|
15,220.7 |
|
14,748.4 |
|
Total assets |
33,017.9 |
|
32,736.8 |
|
30,432.1 |
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and payables to contractors and
|
1,632.5 |
|
1,289.4 |
|
1,190.4 |
|
Other current liabilities |
3,644.5 |
|
3,830.3 |
|
1,851.6 |
|
Bank loans - current portion |
1.0 |
|
- |
|
1,548.1 |
|
Short-term bank loans |
1,315.0 |
|
1,437.3 |
|
1,339.9 |
|
Total current liabilities |
6,593.0 |
|
6,557.0 |
|
5,930.0 |
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
Bank loans - non-current portion |
8,270.5 |
|
8,242.2 |
|
4,983.1 |
|
Other non-current liabilities |
850.0 |
|
870.8 |
|
888.0 |
|
Total non-current liabilities |
9,120.5 |
|
9,113.0 |
|
5,871.1 |
|
Total liabilities |
15,713.5 |
|
15,670.0 |
|
11,801.1 |
|
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
|
Issued capital |
8,968.0 |
|
8,972.2 |
|
9,163.0 |
|
Capital surplus |
3,793.7 |
|
3,776.7 |
|
3,776.1 |
|
Retained earnings |
5,899.1 |
|
5,644.1 |
|
6,747.9 |
|
Other component of equity |
(1,356.4) |
|
(1,326.2) |
|
(1,056.0) |
|
Equity attributable to equity holders of the Company |
17,304.4 |
|
17,066.8 |
|
18,631.0 |
|
Total equity |
17,304.4 |
|
17,066.8 |
|
18,631.0 |
|
Total equity and liabilities |
33,017.9 |
|
32,736.8 |
|
30,432.1 |
|
|
|
|
|
|
|
|
RECONCILIATIONS OF NON-GAAP MEASURES TO THE NEAREST COMPARABLE GAAP MEASURES | |||||
|
|
| ||||
|
The table below sets forth a reconciliation of our operating profit to non-GAAP free cash flow for the periods indicated: | |||||
|
|
| ||||
|
|
Three months ended | ||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
|
USD |
|
USD |
|
USD |
|
Operating profit |
15.6 |
|
12.8 |
|
15.8 |
|
Add: Depreciation |
27.0 |
|
26.6 |
|
24.3 |
|
Amortization |
0.0 |
|
0.0 |
|
0.0 |
|
Interest income |
0.2 |
|
0.3 |
|
0.4 |
|
Less: Capital expenditures |
(45.9) |
|
(26.9) |
|
(30.6) |
|
Non-controlling interest |
- |
|
- |
|
- |
|
Interest expense |
(1.3) |
|
(1.1) |
|
(1.0) |
|
Income tax expense |
(2.5) |
|
(3.4) |
|
(3.9) |
|
Dividend |
- |
|
- |
|
(63.9) |
|
Non-GAAP free cash flow |
(6.9) |
|
8.3 |
|
(58.9) |
|
|
|
|
|
|
|
|
|
| ||||
|
The table below sets forth a reconciliation of our operating profit to non-GAAP EBITDA for the periods indicated: | |||||
|
|
| ||||
|
|
Three months ended | ||||
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
|
USD |
|
USD |
|
USD |
|
Operating profit |
15.6 |
|
12.8 |
|
15.8 |
|
Add: Depreciation |
27.0 |
|
26.6 |
|
24.3 |
|
Amortization |
0.0 |
|
0.0 |
|
0.0 |
|
Non-GAAP EBITDA |
42.6 |
|
39.4 |
|
40.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below sets forth a calculation of our non-GAAP net debt to equity ratio for the periods indicated: | |||||
|
|
|
|
|
|
|
|
|
Sep. 30, 2016 |
|
Jun. 30, 2016 |
|
Sep. 30, 2015 |
|
|
USD |
|
USD |
|
USD |
|
Short-term bank loans |
42.1 |
|
46.0 |
|
42.8 |
|
Long-term bank loans (including current portion) |
264.5 |
|
263.6 |
|
208.9 |
|
Less: Cash and cash equivalents |
(331.6) |
|
(355.0) |
|
(309.0) |
|
Net debt |
(25.0) |
|
(45.4) |
|
(57.3) |
|
Equity attributable to equity holders of the Company |
553.4 |
|
545.8 |
|
595.8 |
|
Net debt to equity ratio |
-4.5% |
|
-8.3% |
|
-9.6% |
|
Contact s : |
|
|
In Taiwan |
In the U.S. |
|
Dr. S.K. Chen |
David Pasquale |
|
ChipMOS TECHNOLOGIES INC. |
Global IR Partners |
|
+886-6-507-7712 |
+1-914-337-8801 |
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/chipmos-reports-third-quarter-2016-results-300360498.html
SOURCE ChipMOS TECHNOLOGIES INC.
| Contact: |
| ChipMOS TECHNOLOGIES INC.
Web: http://www.chipmos.com |
