IMOS

ChipMOS TECHNOLOGIES (Bermuda) LTD. (IMOS)

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ChipMOS TECHNOLOGIES (Bermuda) LTD. (REGI)

Q4 2012 Results Earnings Call

March 18, 2013 08:00 PM ET

Executives

David Pasquale - Global IR Partners, IR

S.J. Cheng - Chairman and CEO

S.K. Chen - Chief Financial Officer

Analysts

Ken Lee - Cowen and Company

Scott Bishins - Caffeine Holdings

Richard Shannon - Craig Hallum Capital

Brian Grad - DLS Capital Management

Brad Adams - Chilton Investment Company

Presentation

Operator

Greetings and welcome to ChipMOS Bermuda Ltd. Fourth Quarter and Fiscal Year 2012 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce David Pasquale of Global IR Partners. Thank you Mr. Pasquale, you may begin.

David Pasquale

Thank you, operator. Welcome everyone to ChipMOS' fourth quarter 2012 results conference call. Joining us today from the company are Mr. S.J. Cheng, Chairman and Chief Executive Officer; and Mr. S.K. Chen, Chief Financial Officer.

S.J. will review highlights from the quarter and then provide ChipMOS' business outlook, S.K. will then review the company's key financial results. We will then have time for any questions.

If you have not yet received a copy of today's results release, please email Global IR Partners at imos@globalirpartners.com, or you can get a copy of the release off of ChipMOS' website, www.chipmos.com.

Before we begin, we must make a disclaimer regarding forward-looking statements. During this call, management may make 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, and in the company's other filings with the SEC.

I would like to now turn the call over to Mr. S.J. Cheng. Please go ahead, sir.

S.J. Cheng

Yeah, thank you, David. Welcome everyone to our fourth quarter 2012 conference call. Hopefully, you've all had time to review our earnings release. We are pleased with the performance we met in 2012, we continue to execute our higher margin opportunity, including our leading position in the LCD driver, assembly and test market. We continued to grow by increased share with leading DRAM companies, while maintaining a disciplined CapEx approach.

We accomplished a great amount in 2012, and are optimistic about 2013. As we continue to strive for improvement in the business fundamentals, and the capacity enhancements to secure our long-term success.

I will review -- we have high confidence in our outlook given our market leading position and financial strength. We tend to benefit from (inaudible) direct to our business, and from [further] market improvements. Overall, we in fact want to be the (inaudible) from a revenue standpoint. We expect to see sequential improvement in the quarterly revenue, as we move through the year, with the full year 2013 coming in higher revenue than in fiscal year 2012.

Other high points, including our famous positive net cash position in January. This is the first time in the company history, to reach such an important milestone of the financial health.

In terms of our specific results, revenue for the whole quarter was US$167.6 million, down 5.3% again to Q3 '12. Gross margin for the whole quarter was 15.3% in Q4, as compared to 18.6% in Q3. Revenue for the full year 2012 was [US$331.6] million, an increase of 5.5% compared to 2011. Gross margins was increased to 13.6% for the full year 2012, as compared to 8.8% in 2011.

In terms of the product segments, our LCD driver IC business was flat in Q4, compared to Q3, and bumping business was up 0.8%. Our DRAM and Flash business decreased 8.9% and 5.6% respectively in Q4, as compared to Q3. Our mixed-signal business was down 18.8% in Q4, as compared to Q3. This (inaudible) continued to make headwinds in the semi industry.

The one effect is the (inaudible) demand, which is expected to continue to grow into Q1. Of note, we end the year with US$320.8 million in cash and cash equivalents. This is up from US$253.3 million in 2011, and also we're repurchasing US$10.4 million of our share and paid our first annual dividend in Q4 of US$0.14 per share for a total cash cost of US$4.0 million. We also further paid our debt down by another US$13.1 million. And in 2012 we paid total tax of US$321.3 million, as a result, we improved our net debt to equity ratio to 0.1% as at year-end as compared to 22.6% at the end of 2011. We remain committed to delivering further improvement in 2013. As we remain focused on strengthening our financial health and overall business trends.

Let me now turn to our first quarter outlook. As I noted a minute ago, we expect revenue in Q1 to be [positive] with sequential quarterly growth through the balance of 2013. Specifically, we expect revenue for the first quarter of 2013 to be down 9% to 10%; to 13% as compared to fourth quarter of 2012, with the gross margin on a consolidated basis in the range of 10% to 14%.

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