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ChipMOS REPORTS MARCH 2017 AND 1Q17 REVENUE

2017-04-10 18:00
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HSINCHU, Taiwan, Apr. 10, 2017 /PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services ("OSAT"), today reported its unaudited consolidated revenue for the month of March 2017 and for the first quarter ended March 31, 2017.

Revenue for the first quarter of 2017, excluding revenue from ChipMOS TECHNOLOGIES (Shanghai) LTD. ("ChipMOS Shanghai"), was NT$4,560.3 million or US$150.1 million, representing a decrease of 2.3% from the fourth quarter of 2016, and an increase of 2.5% from the first quarter of 2016. Revenue for the first quarter of 2017 was above the Company's prior guidance which called for a decline of approximately 4% to 8%, as compared to the fourth quarter of 2016. The better than expected results reflect further strength from diverse applications, including handsets and computing, and an improvement in the Company's LCD driver and memory businesses.

Revenue for the month of March 2017, excluding revenue from ChipMOS Shanghai, was NT$1,582.8 million or US$52.1 million, an increase of 11.4% from the month of February 2017 and an increase of 3.6% from the same period in 2016. The figures noted below in Table 1 exclude revenue from ChipMOS Shanghai under International Financial Reporting Standards Note (1). The figures referenced in Table 2 below reflect the inclusion of revenue from ChipMOS Shanghai.

All U.S. figures in this release are based on the exchange rate of NT$30.38 to US$1.00 as of March 31, 2017.

Table 1: Consolidated Monthly Revenues (Unaudited; Excludes ChipMOS Shanghai Revenue) Note (1)


March 2017

February 2017

March 2016

MoM Change

YoY Change

Revenues

(NT$ million)

1,582.8

1,421.0

1,527.3

11.4%

3.6%

Revenues

(US$ million)

52.1

46.8

50.3

11.4%

3.6%

Table 1: Consolidated Quarterly Revenues (Unaudited; Excludes ChipMOS Shanghai Revenue) Note (1))


First Quarter 2017

Fourth Quarter 2016

First Quarter 2016

QoQ Change

YoY Change

Revenues

(NT$ million)

4,560.3

4,667.1

4,447.5

-2.3%

2.5%

Revenues

(US$ million)

150.1

153.6

146.4

-2.3%

2.5%

Note (1):

On November 30, 2016, the Company held a meeting of its Board of Directors and approved the authorization of its subsidiary, ChipMOS TECHNOLOGIES (BVI) LTD., to sell and transfer 54.98% equity interests of the wholly-owned subsidiary ChipMOS Shanghai. As of December 31, 2016, the Company had not yet transferred the equity interest to the transaction counterparties. As a result, ChipMOS Shanghai was classified under International Financial Reporting Standards as a discontinued operation of ChipMOS and the revenue generated by ChipMOS Shanghai was excluded from the revenue disclosed above as it will be on an ongoing basis. The Company will, however, recognize 45.02% of the net income generated from ChipMOS Shanghai upon closure of its proposed joint-venture agreement. The transaction was completed in March, 2017.

Below table reflects monthly revenue including revenue generated by ChipMOS Shanghai.

Table 2: Consolidated Monthly Revenues (Unaudited; Includes ChipMOS Shanghai Revenue)


March 2017

February 2017

March 2016

MoM Change

YoY Change

Revenues

(NT$ million)

1,666.2

1,486.0

1,626.0

12.1%

2.5%

Revenues

(US$ million)

54.8

48.9

53.5

12.1%

2.5%

Table 2: Consolidated Quarterly Revenues (Unaudited; Includes ChipMOS Shanghai Revenue)


First Quarter 2017

Fourth Quarter 2016

First Quarter 2016

QoQ Change

YoY Change

Revenues

(NT$ million)

4,787.4

4,925.9

4,724.1

-2.8%

1.3%

Revenues

(US$ million)

157.6

162.1

155.5

-2.8%

1.3%

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (http://www.chipmos.com) is an industry leading provider of semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

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 filed with the U.S. SEC.

Contacts:

In Taiwan

Dr. S.K. Chen

ChipMOS TECHNOLOGIES INC.

+886-6-507-7712

s.k._chen@chipmos.com

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

dpasquale@globalirpartners.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chipmos-reports-march-2017-and-1q17-revenue-300437051.html

Source: ChipMOS TECHNOLOGIES INC.

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