All currency figures stated in this report are in US dollars.
The financial statement amounts in this report are determined in accordance with US GAAP.
In order to provide investors additional information regarding the Company's financial results as determined in accordance with US GAAP, in this report Chartered also provides information on its total business base revenues, which include the Company's share of Silicon Manufacturing Partners ("Revenues including Chartered's share of SMP"). Silicon Manufacturing Partners (SMP or Fab 5) is a minority-owned joint-venture company and under US GAAP reporting, SMP revenues are not consolidated into Chartered's revenues ("Revenues"). References to revenues including Chartered's share of SMP in this report are therefore not in accordance with US GAAP. To ensure clarity, in Appendix A of this report we have included a reconciliation table which provides comparable data based on revenues determined in accordance with US GAAP, which do not include the Company's share of SMP.
CHARTERED SEMICONDUCTOR MANUFACTURING LTD AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of US Dollars, except share and per share data) Determined in accordance with US GAAP Three Months Ended March 31, ---------------------------- 2006 2007 ----------- ------------ Net revenue $ 355,231 $ 323,796 Cost of revenue 262,453 252,217 ----------- ------------ Gross profit 92,778 71,579 ----------- ------------ Other revenue 5,021 5,622 Operating expenses: Research and development 34,879 37,857 Sales and marketing 13,571 14,245 General and administrative 9,678 9,916 Other operating (income) expense, net (674) 4,782 ----------- ------------ Total operating expenses 57,454 66,800 ----------- ------------ Equity in income of SMP 10,170 5,278 Other loss, net (7,339) (1,051) Interest expense, net (14,699) (8,070) ----------- ------------ Income before income taxes 28,477 6,558 Income tax expense 6,502 1,219 ----------- ------------ Net income 21,975 5,339 ----------- ------------ Less: Accretion to redemption value of convertible redeemable preference shares 2,424 2,381 ----------- ------------ Net income available to ordinary shareholders $ 19,551 $ 2,958 =========== ============ Net earnings (loss) per ordinary share and ADS Basic net earnings per ordinary share $ 0.01 $ 0.00 Diluted net earnings per ordinary share $ 0.01 $ 0.00 Basic net earnings per ADS $ 0.08 $ 0.01 Diluted net earnings per ADS $ 0.08 $ 0.01 Number of ordinary shares (in millions) used in computing: Basic net earnings per ordinary share 2,513.9 2,536.8 Effect of dilutive options 350.3 7.0 ----------- ------------ Diluted net earnings per ordinary share 2,864.2 2,543.8 =========== ============ Number of ADS (in millions) used in computing: Basic net earnings per ADS 251.4 253.7 Effect of dilutive options 35.0 0.7 ----------- ------------ Diluted net earnings per ADS 286.4 254.4 =========== ============