ChipMOS REPORTS SECOND QUARTER 2023 RESULTS
Revenue Increases 18.2% Compared to 1Q23
Gross Margin Increases 490 Basis Points from 1Q23 to 17.3%
Overall Utilization Rate Increased to 60% from 52% in 1Q23
Net Earnings Increase to NT$0.86 or US$0.03 per Basic Common Share or US$0.56 per Basic ADS, 207% Growth Compared to 1Q23
Strong Financial Position and Liquidity with NT$12,293.1 Million or US$394.8 Million Balance of Cash and Cash Equivalents
Distributed Cash Dividend of NT$2.3 Per Common Share on July 20, 2023 and US$1.477 Per ADS on July 27, 2023
HSINCHU, Aug. 3, 2023 /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 consolidated financial results for the second quarter ended June 30, 2023. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$31.14 against US$1.00 as of June 30, 2023.
All the figures were prepared in accordance with Taiwan-International Financial Reporting Standards ("Taiwan-IFRS").
Revenue for the second quarter of 2023 was NT$5,444.1 million or US$174.8 million, an increase of 18.2% from NT$4,605.1 million or US$147.9 million in the first quarter of 2023 and a decrease of 20.5% from NT$6,851.7 million or US$220.0 million for the same period in 2022. Revenue growth in the second quarter of 2023 was led by improvements in the Company's memory and LCD driver businesses, which drove an increase in its overall utilization rate to 60% from 52% in the first quarter of 2023.
Net non-operating income in the second quarter of 2023 was NT$222.4 million or US$7.1 million, compared to NT$43.5 million or US$1.4 million in the first quarter of 2023, and NT$308.9 million or US$9.9 million in the second quarter of 2022. The second quarter of 2023 improvement reflects the benefit of positive foreign exchange impact of NT$194 million or US$6.2 million from the foreign exchange losses of NT$44 million or US$1.4 million in the first quarter of 2023 to the foreign exchange gains of NT$150 million or US$4.8 million in the second quarter of 2023. This was partially offset by a decrease in the gain on valuation of financial assets at fair value through profit or loss of NT$21 million or US$0.7 million. The difference between the second quarter of 2022 is mainly due to a decrease of share of profit of associates accounted for using equity method of NT$94 million or US$3.0 million, a lower foreign exchange gains of NT$75 million or US$2.4 million. It was partially offset by the positive valuation of financial assets at fair value through profit or loss impact of NT$56 million or US$1.8 million from loss on valuation of financial assets at fair value through profit or loss of NT$52 million or US$1.7 million in the second quarter of 2022 to gain on valuation of financial assets at fair value through profit or loss of NT$4 million or US$0.1 million in the second quarter of 2023 and the decrease of net interest expense of NT$16 million or US$0.5 million.
Net profit attributable to equity holders of the Company for the second quarter of 2023 was NT$628.5 million or US$20.2 million, and NT$0.86 or US$0.03 per basic common share, as compared to NT$202.4 million or US$6.5 million, and NT$0.28 or US$0.01 per basic common share in the first quarter of 2023. This compares to NT$1,320.6 million or US$42.4 million, and NT$1.82 or US$0.06 per basic common share in the second quarter of 2022. Net earnings for the second quarter of 2023 were US$0.56 per basic ADS, compared to US$0.18 per basic ADS for the first quarter of 2023 and US$1.17 per basic ADS in the second quarter of 2022.
Free cash flow for the first half of 2023 was NT$1,950.0 million or US$62.6 million, with a balance of cash and cash equivalents was NT$12,293.1 million or US$394.8 million.
Second Quarter 2023 Investor Conference Call / Webcast Details
Date: Thursday, August 3, 2023
Time: 3:00PM Taiwan (3:00AM New York)
Dial-In: +886-2-33961191
Password: 9514003 #
Webcast and Replay: https://www.chipmos.com/chinese/ir/info2.aspx
Replay Starting 2 Hours After Live Call Ends
Language: Mandarin
Note: A transcript will be provided on the Company's website in English following the conference call to help ensure transparency, and to facilitate a better understanding of the Company's financial results and operating environment.
About ChipMOS TECHNOLOGIES INC.:
ChipMOS TECHNOLOGIES INC. ("ChipMOS" or the "Company") (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS is known for its track record of excellence and history of innovation. The Company provides end-to-end assembly and test services to leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries serving virtually all end markets worldwide.
Forward-Looking Statements
This press release may contain 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, strategies, goals, plans or intentions. These statements may 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. Further information regarding these risks, uncertainties and other factors are included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
Contacts: In Taiwan Jesse Huang ChipMOS TECHNOLOGIES INC. +886-6-5052388 ext. 7715 |
In the U.S. David Pasquale Global IR Partners +1-914-337-8801 |
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SOURCE ChipMOS TECHNOLOGIES INC.
