Form 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of August, 2009

 

 

ChipMOS TECHNOLOGIES (Bermuda) LTD.

(Translation of Registrant’s Name Into English)

 

 

No. 1, R&D Rd. 1, Hsinchu Science Park

Hsinchu, Taiwan

Republic of China

(Address of Principal Executive Offices)

 

 

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F      ü            Form 40-F              

(Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

Yes                      No      ü    

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .)

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  ChipMOS TECHNOLOGIES (Bermuda) LTD.
 

(Registrant)

Date: August 19, 2009   By  

/S/ S. J. Cheng

  Name:   S. J. Cheng
  Title:   Chairman & Chief Executive Officer


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Contacts:   
In Taiwan    In the U.S.
Dr. S.K. Chen    David Pasquale
ChipMOS TECHNOLOGIES (Bermuda) LTD.    Global IR Partners
+886-6-507-7712    +1-914-337-8801
s.k._chen@chipmos.com    dpasquale@globalirpartners.com

ChipMOS REPORTS SECOND QUARTER 2009 RESULTS

Hsinchu, Taiwan, August 19, 2009 – ChipMOS TECHNOLOGIES (Bermuda) LTD. (“ChipMOS” or the “Company”) (NASDAQ: IMOS) today reported unaudited consolidated financial results for the second quarter ended June 30, 2009. All U.S. dollar figures in this release are based on the exchange rate of NT$32.77 against US$1.00 as of June 30, 2009.

Net revenue on a US GAAP basis for the second quarter of 2009 was NT$2,932.7 million or US$89.5 million, a decrease of 39.1% from NT$4,817.1 million or US$147.0 million for the same period in 2008 and an increase of 28.6% from NT$2,280.7 million or US$69.6 million in the first quarter of 2009.

Net loss attributable to ChipMOS on a US GAAP basis for the second quarter of 2009 was NT$1,208.2 million or US$36.9 million, and NT$15.46 or US$0.47 per basic common share, compared to net loss attributable to ChipMOS of NT$1,984.0 million or US$60.5 million, and NT$23.99 or US$0.73 per basic common share, for the first quarter of 2009. Net loss attributable to ChipMOS under US GAAP includes amortization of discount on convertible notes of NT$26.3 million or US$0.8 million for the second quarter of 2009 and amortization of discount on convertible notes of NT$26.3 million or US$0.8 million for the first quarter of 2009. Excluding the above special items regarding the convertible notes, non-GAAP adjusted net loss attributable to ChipMOS for the second quarter of 2009 was NT$1,181.9 million or US$36.1 million, and NT$15.13 or US$0.46 per basic common share, compared to non-GAAP adjusted net loss attributable to ChipMOS of NT$1,957.7 million or US$59.7 million, and NT$23.67 or US$0.72 per basic common share in the first quarter of 2009.

The unaudited consolidated financial results of ChipMOS for the second quarter ended June 30, 2009 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS Japan Inc., ChipMOS U.S.A., Inc., ChipMOS TECHNOLOGIES (H.K.) Limited, MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD., and ThaiLin Semiconductor Corp.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, “Despite encouraging results in our LCD drivers and mixed signal products assembly and test business in the quarter, total second quarter revenues remained lower on a year over year basis. This is a direct result of our DRAM business, which still remains far behind what we have seen from other products in the semiconductor industry and well behind historic DRAM volume levels. We do not have any certainty as to when DRAM volumes and pricing will improve but expect to see earlier and more improvement in the niche DRAM category. Overall, our mandate remains clear. We are focused on strengthening the company’s financial position and flexibility. We have made considerable progress this year and expect further progress as we move forward. As a result, after two quarters of cash outflows, we achieved US$5.8 million of positive free cash flow from operations in the second quarter. Our excellent customer service combined with our strict cost controls and our conservative capital expenditure approach is clearly paying off for ChipMOS.”

S.K. Chen, Chief Financial Officer of ChipMOS, said, “Capital expenditures in the second quarter were US$8.3 million compared to US$14.1 million in the year-ago period, and US$1.5 million in the prior quarter. We reduced our net loss in the second quarter by 39 percent compared to the first quarter. We are encouraged by this trend but fully understand there is much more progress to be made in order to return to the company’s prior healthy and strong financial performance. Earlier in the year we secured repayment extensions and modifications that deferred about 77% of the 2009 loan repayment obligation of ChipMOS. We are optimistic we can build on that success by reaching more favorable agreements with other ChipMOS investors, in line with our efforts to improve the company’s financial strength.”


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Selected Operation Data

    
     2Q09     1Q09  

Revenue by segment

    

Testing

   40   61

Assembly

   35   26

LCD Driver

   25   13

Utilization by segment

    

Testing

   42   47

Assembly

   59   33

LCD Driver

   58   26

Overall

   52   40

CapEx

   US$8.3 million      US$1.5 million   

Testing

   64   54

Assembly

   31   32

LCD Driver

   5   14

Depreciation and amortization expenses (US GAAP)

   US$50.9 million      US$51.2 million   

Third Quarter 2009 Outlook

Mr. Cheng continued, “Overall, our business situation continues to improve and we continue to manage and adjust inline with the market changes. We entered the second half of 2009 in an improved position. Revenue is stable in our LCD and mixed signal markets. We have lowered our cost base and continue to make progress, including our conservative capital expenditures. Even though we have made progress, there is still much more to be done as we work to ensure ChipMOS’ long-tem industry leadership.”

Considering the overall market situation and customer forecasts, we currently expect a high single digit percentage revenue growth for the third quarter as compared to the second quarter due to the increased utilization rate and higher ASP in the Company’s LCD business. Finally, we currently expect gross margin on a consolidated basis for the third quarter of 2009 to be in the range of approximately negative 25% to negative 32% primarily due to the continued impact of the low utilization rate in DRAM final test capacity.

Investor Conference Call / Webcast Details

ChipMOS will review detailed second quarter 2009 results on Wednesday, August 19, 2009 at 7:00PM ET (7:00AM, August 20, Taiwan time). 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 will be available in 2 hours after the conclusion of the conference call and will be accessible by dialing 1-201-612-7415. The account number to access the replay is 3055 and the confirmation ID number is 328888.

About ChipMOS TECHNOLOGIES (Bermuda) LTD.:

ChipMOS (http://www.chipmos.com) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

Certain statements contained in this announcement may be viewed as “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 (the “SEC”) and in the Company’s other filings with the SEC.

Use of Non-GAAP Information

Readers are reminded that non-GAAP numbers contained in this announcement are merely a supplement to, and not a replacement for, the GAAP financial measures. These non-GAAP numbers should be read in conjunction with the US GAAP financial measures. It should be noted as well that the non-GAAP information provided in this announcement may be different from the non-GAAP information provided by other companies.

– FINANCIAL TABLES FOLLOW BELOW –


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ChipMOS TECHNOLOGIES (Bermuda) LTD.

CONSOLIDATED INCOME STATEMENT

For the Three Months Ended Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of U.S. dollars (USD) (1)

Except for Per Share Amounts and Shares Outstanding

 

     ROC GAAP     US GAAP(2)  
     3 months ended     3 months ended  
     Jun. 30,
2009

(Unaudited)
    Mar. 31,
2009
(Unaudited)
    Jun. 30,
2008

(Unaudited)
    Jun. 30,
2009

(Unaudited)
    Mar. 31,
2009
(Unaudited)
    Jun. 30,
2008

(Unaudited)
 
     USD     USD     USD     USD     USD     USD  

Net Revenue

   89.5      69.6      147.0      89.5      69.6      147.0   

Cost of Revenue

   119.7      105.7      136.0      120.1      106.1      136.4   
                                    

Gross Profit (Loss)

   (30.2   (36.1   11.0      (30.6   (36.5   10.6   
                                    

Other Operating Income

   —        —        —        2.1      0.6      1.1   

Operating Expenses

            

Research and Development

   2.8      2.5      3.3      2.8      2.5      3.3   

Sales and Marketing

   (0.4   21.7      0.5      (0.4   21.7      0.5   

General and Administrative

   4.8      5.3      7.7      5.5      5.6      9.6   

Other Operating Expenses

   —        —        —        0.3      0.2      0.9   
                                    

Total Operating Expenses

   7.2      29.5      11.5      8.2      30.0      14.3   
                                    

Income (Loss) from Operations

   (37.4   (65.6   (0.5   (36.7   (65.9   (2.6
                                    

Non-Operating Income (Expenses), Net

   (0.3   (1.4   (1.2   (2.9   (2.6   (6.5
                                    

Income (Loss) before Income Tax

   (37.7   (67.0   (1.7   (39.6   (68.5   (9.1

Income Tax Benefit (Expense)

   2.7      3.1      (11.1   2.7      3.2      (10.9
                                    

Net Income (Loss)

   (35.0   (63.9   (12.8   (36.9   (65.3   (20.0

Add: Net Loss (Income) Attributable to Noncontrolling Interests

   (0.1   4.7      (0.6   (0.0   4.8      (0.6

Interest in Bonuses Paid by Subsidiaries

   —        —        (11.0   —        —        —     
                                    

Net Income (Loss) Attributable to ChipMOS

   (35.1   (59.2   (24.4   (36.9   (60.5   (20.6
                                    

Earnings (Loss) Per Share Attributable to ChipMOS -Basic

   (0.45   (0.72   (0.29   (0.47   (0.73   (0.25
                                    

Shares Outstanding (in thousands)-Basic

   78,133      82,692      83,860      78,133      82,692      83,860   
                                    

Net Income (Loss) Attributable to ChipMOS -Diluted

   (35.1   (59.2   (24.4   (36.9   (60.5   (20.6
                                    

Earnings (Loss) Per Share Attributable to ChipMOS -Diluted

   (0.45   (0.72   (0.29   (0.47   (0.73   (0.25
                                    

Shares Outstanding (in thousands)-Diluted

   78,133      82,692      83,860      78,133      82,692      83,860   
                                    

 

Note:

 

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$32.77 against US$1.00 as of Jun. 30, 2009. 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.
(2) Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51,” the provisions of which, among others, requires that minority interests be renamed noncontrolling interests and that a company present a consolidated net income (loss) measure that includes the amount attributable to such noncontrolling interests for all periods presented.


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ChipMOS TECHNOLOGIES (Bermuda) LTD.

CONSOLIDATED INCOME STATEMENT

For the Three Months Ended Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of NT dollars (NTD)

Except for Per Share Amounts and Shares Outstanding

 

     ROC GAAP     US GAAP(1)  
     3 months ended     3 months ended  
     Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
    Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
 
     NTD     NTD     NTD     NTD     NTD     NTD  

Net Revenue

   2,932.7      2,280.7      4,817.1      2,932.7      2,280.7      4,817.1   

Cost of Revenue

   3,923.5      3,464.8      4,455.4      3,936.9      3,477.8      4,468.4   
                                    

Gross Profit (Loss)

   (990.8   (1,184.1   361.7      (1,004.2   (1,197.1   348.7   
                                    

Other Operating Income

   —        —        —        67.7      18.9      36.5   

Operating Expenses

            

Research and Development

   92.0      82.9      108.2      92.0      82.9      108.2   

Sales and Marketing

   (13.6   710.0      17.1      (13.6   710.0      17.1   

General and Administrative

   157.2      173.1      253.4      179.0      181.9      313.4   

Other Operating Expenses

   —        —        —        8.7      5.8      31.3   
                                    

Total Operating Expenses

   235.6      966.0      378.7      266.1      980.6      470.0   
                                    

Income (Loss) from Operations

   (1,226.4   (2,150.1   (17.0   (1,202.6   (2,158.8   (84.8
                                    

Non-Operating Income (Expenses), Net

   (9.6   (45.5   (37.8   (95.5   (85.4   (212.2
                                    

Income (Loss) before Income Tax

   (1,236.0   (2,195.6   (54.8   (1,298.1   (2,244.2   (297.0

Income Tax Benefit (Expense)

   87.7      101.1      (363.1   90.5      103.0      (356.5
                                    

Net Income (Loss)

   (1,148.3   (2,094.5   (417.9   (1,207.6   (2,141.2   (653.5

Add: Net Loss (Income) Attributable to Noncontrolling Interests

   (2.4   155.4      (20.5   (0.6   157.2      (21.0

Interest in Bonuses Paid by Subsidiaries

   —        —        (362.4   —        —        —     
                                    

Net Income (Loss) Attributable to ChipMOS

   (1,150.7   (1,939.1   (800.8   (1,208.2   (1,984.0   (674.5
                                    

Earnings (Loss) Per Share Attributable to ChipMOS-Basic

   (14.73   (23.45   (9.55   (15.46   (23.99   (8.04
                                    

Shares Outstanding (in thousands)-Basic

   78,133      82,692      83,860      78,133      82,692      83,860   
                                    

Net Income (Loss) Attributable to ChipMOS -Diluted

   (1,150.7   (1,939.1   (800.8   (1,208.2   (1,984.0   (674.5
                                    

Earnings (Loss) Per Share Attributable to ChipMOS-Diluted

   (14.73   (23.45   (9.55   (15.46   (23.99   (8.04
                                    

Shares Outstanding (in thousands)-Diluted

   78,133      82,692      83,860      78,133      82,692      83,860   
                                    

 

(1) Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51,” the provisions of which, among others, requires that minority interests be renamed noncontrolling interests and that a company present a consolidated net income (loss) measure that includes the amount attributable to such noncontrolling interests for all periods presented.


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ChipMOS TECHNOLOGIES (Bermuda) LTD.

RECONCILIATION OF US GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS

TO NON-GAAP NET INCOME (LOSS) ATTRIBUTABLE TO CHIPMOS (UNAUDITED)

For the Three Months Ended Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of U.S. dollars (USD) (1)

Except for Per Share Amounts

Use of Non-GAAP Financial Information

To supplement our consolidated income statement (unaudited) for the three months ended Jun. 30, 2009 on a US GAAP basis, the Company uses a non-GAAP measure of net income (loss) attributable to ChipMOS, which is US GAAP net income (loss) attributable to ChipMOS adjusted to exclude two non-cash items referred to as special items. The two non-cash items excluded are changes in the fair value of the embedded derivative liabilities and amortization of discount on convertible notes. These items are considered by the management to be outside of the Company’s core operating results. For example, changes in the fair value of the embedded derivative liabilities relate heavily to the Company’s stock price, interest rate and volatility, all of which are difficult to predict and outside of the control of the Company and its management.

For these reasons, management uses non-GAAP adjusted measures of net income (loss) attributable to ChipMOS and non-GAAP earnings (loss) per share attributable to ChipMOS to evaluate the performance of our core businesses and to estimate future core performance. In addition, this information facilitates our management’s internal comparisons to our historical operating results as well as to the operating results of our competitors.

The Company’s management finds these supplemental non-GAAP measures to be useful, and we believe these non-GAAP measures are useful to investors in enabling them to perform additional analyses of past, present and future operating performance and as a supplemental means to evaluate our core operating results. However, readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, US GAAP financial measures. They should be read in conjunction with the US GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.

 

     3 months ended  
     Jun. 30, 2009     Mar. 31, 2009     Jun. 30, 2008  

US GAAP Net Income (Loss) Attributable to ChipMOS-Basic

   (36.9   (60.5   (20.6

US GAAP Net Income (Loss) Attributable to ChipMOS-Diluted

   (36.9   (60.5   (20.6

Special Items (in Non-Operating Income (Expenses), Net)

      

Changes in the fair value of the embedded derivative liabilities(2)

   —        —        (1.0

Amortization of discount on convertible notes(3)

   0.8      0.8      2.6   
                  

Total Special Items

   0.8      0.8      1.6   
                  

Non-GAAP Adjusted Net Income (Loss) Attributable to ChipMOS-Basic

   (36.1   (59.7   (19.0
                  

Non-GAAP Adjusted Net Income (Loss) Attributable to ChipMOS-Diluted(4)

   (36.1   (59.7   (19.0
                  

US-GAAP Earnings (Loss) Per Share Attributable to ChipMOS-Basic

   (0.47   (0.73   (0.25
                  

Adjustment for special items

   0.01      0.01      0.02   
                  

Non-GAAP Earnings (Loss) Per Share Attributable to ChipMOS-Basic

   (0.46   (0.72   (0.23
                  

US-GAAP Earnings (Loss) Per Share Attributable to ChipMOS-Diluted

   (0.47   (0.73   (0.25
                  

Adjustment for special items

   0.01      0.01      0.02   
                  

Non-GAAP Earnings (Loss) Per Share Attributable to ChipMOS-Diluted

   (0.46   (0.72   (0.23
                  

 

Notes:

 

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$32.77 against US$1.00 as of Jun. 30, 2009. 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.
(2) The Company’s management believes excluding non-cash special item for the changes in the fair value of the embedded derivative liabilities from its non-GAAP financial measure of net income (loss) attributable to ChipMOS is useful for itself and investors as such gain (expense) does not have any impact on cash available to the Company.
(3) The Company’s management believes excluding non-cash amortization expense of discount on convertible notes from its non-GAAP financial measure of net income (loss) attributable to ChipMOS is useful for itself and investors as such expense does not have any impact on cash available to the Company.


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ChipMOS TECHNOLOGIES (Bermuda) LTD.

NON-GAAP CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

(Excluding non-cash items for changes in the fair value of the embedded derivative liabilities and amortization of discount

on convertible notes)

For the Three Months Ended Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of U.S. dollars (USD) (1)

Except for Per Share Amounts and Shares Outstanding

 

     3 months ended  
     Jun. 30, 2009     Mar. 31, 2009     Jun. 30, 2008  

Net Revenue

   89.5      69.6      147.0   

Cost of Revenue

   120.1      106.1      136.4   
                  

Gross Profit (Loss)

   (30.6   (36.5   10.6   
                  

Other Operating Incomes

   2.1      0.6      1.1   

Operating Expenses

      

Research and Development

   2.8      2.5      3.3   

Sales and Marketing

   (0.4   21.7      0.5   

General and Administrative

   5.5      5.6      9.6   

Other Operating Expenses

   0.3      0.2      0.9   
                  

Total Operating Expenses

   8.2      30.0      14.3   
                  

Income (Loss) from Operations

   (36.7   (65.9   (2.6
                  

Non-Operating Income (Expenses), Net(2)

   (2.1   (1.8   (4.9
                  

Income (Loss) before Income Tax(2)

   (38.8   (67.7   (7.5

Income Tax Benefit (Expense)

   2.7      3.2      (10.9
                  

Net Income (Loss)(2)

   (36.1   (64.5   (18.4

Add: Net Loss (Income) Attributable to Noncontrolling Interests

   (0.0   4.8      (0.6
                  

Net Income (Loss) Attributable to ChipMOS-Basic(2)

   (36.1   (59.7   (19.0
                  

Earnings (Loss) Per Share Attributable to ChipMOS-Basic(2)

   (0.46   (0.72   (0.23
                  

Shares Outstanding (in thousands)-Basic

   78,133      82,692      83,860   
                  

Net Income (Loss) Attributable to ChipMOS -Diluted(2)

   (36.1   (59.7   (19.0
                  

Earnings (Loss) Per Share Attributable to ChipMOS-Diluted(2)

   (0.46   (0.72   (0.23
                  

Shares Outstanding (in thousands)-Diluted

   78,133      82,692      83,860   
                  

 

Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$32.77 against US$1.00 as of Jun. 30, 2009. 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.
(2) The amount presented is not prepared in accordance with US GAAP and does not include amortization of discount on convertible notes of NT$26.3 million or US$0.8 million for the three months ended Jun. 30, 2009, amortization of discount on convertible notes of NT$26.3 million, or US$0.8 million, for the three months ended Mar. 31, 2009 and non-cash gains for changes in the fair value of the embedded derivative liabilities of NT$31.3 million or US$1.0 million and amortization of discount on convertible notes of NT$85.5 million or US$2.6 million for the three months ended Jun. 30, 2008. Please see “Reconciliation of US GAAP Net Income (Loss) Attributable to ChipMOS to Non-GAAP Net Income (Loss) Attributable to ChipMOS (Unaudited)” above.


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ChipMOS TECHNOLOGIES (Bermuda) LTD.

CONSOLIDATED BALANCE SHEET

As of Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of U.S. dollars (USD) (1)

 

     ROC GAAP     US GAAP(2)  
     Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
    Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
 
     USD     USD     USD     USD     USD     USD  

ASSETS

            

Cash and Cash Equivalents

   157.4      191.4      154.6      157.4      191.4      154.6   

Financial Assets at Fair Value Through Profit or Loss

   2.9      3.0      19.6      2.9      3.0      19.6   

Available-for-Sale Financial Assets

   —        —        —        3.1      3.1      —     

Held-to-Maturity Financial Assets

   7.6      7.6      —        7.6      7.6      —     

Investments with no Active Market

   3.1      3.1      —        —        —        —     

Accounts and Notes Receivable

   59.1      39.8      149.4      59.1      39.8      149.4   

Inventories

   23.7      25.8      27.1      22.6      24.8      27.1   

Other Current Assets

   40.0      29.9      20.3      39.8      29.9      20.1   
                                    

Total Current Assets

   293.8      300.6      371.0      292.5      299.6      370.8   
                                    

Long-Term Investments

   10.3      13.4      10.9      10.3      13.4      10.9   

Property, Plant & Equipment-Net

   633.7      674.7      846.2      625.7      667.2      840.3   

Intangible Assets

   3.3      3.4      5.3      3.3      3.4      5.3   

Other Assets

   19.9      22.0      51.4      20.8      21.5      54.1   
                                    

Total Assets

   961.0      1,014.1      1,284.8      952.6      1,005.1      1,281.4   
                                    

LIABILITIES

            

Current Liabilities

            

Short-Term Loans

   92.2      89.0      65.0      92.2      89.0      65.0   

Current Portion of Long-Term Debts

   97.1      199.2      179.4      96.0      197.3      174.7   

Accounts Payable and Payables to Contractors and Equipment Suppliers

   19.8      15.0      25.8      19.8      15.0      25.8   

Other Current Liabilities

   27.8      30.8      52.9      27.8      30.8      52.9   
                                    

Total Current Liabilities

   236.9      334.0      323.1      235.8      332.1      318.4   

Long-Term Liabilities

            

Long-Term Debts

   377.2      291.0      313.1      377.2      291.0      308.2   

Other Liabilities

   4.2      7.6      12.3      11.3      13.6      18.9   
                                    

Total Liabilities

   618.3      632.6      648.5      624.3      636.7      645.5   
                                    

EQUITY

            

Shareholders’ Equity

            

Capital Stock

   0.8      0.8      0.8      0.8      0.8      0.8   

Deferred Compensation

   (0.5   (0.6   (1.2   (0.8   (1.2   (2.1

Capital Surplus

   391.4      390.7      381.9      382.9      381.9      371.3   

Retained Earnings (Accumulated Losses)

   (124.7   (89.6   160.8      (122.6   (85.8   178.3   

Treasury Stock

   (3.7   (0.5   —        (3.7   (0.5   —     

Cumulated Translation Adjustments

   13.4      14.8      8.0      13.4      14.8      8.0   

Unrecognized Pension Cost

   —        —        —        (6.3   (6.2   (6.3
                                    

Total Shareholders’ Equity

   276.7      315.6      550.3      263.7      303.8      550.0   
                                    

Noncontrolling Interests

   66.0      65.9      86.0      64.6      64.6      85.9   
                                    

Total Equity

   342.7      381.5      636.3      328.3      368.4      635.9   
                                    

Total Liabilities & Equity

   961.0      1,014.1      1,284.8      952.6      1,005.1      1,281.4   
                                    

 

Note:

(1) All U.S. dollar figures in this release are based on the exchange rate of NT$32.77 against US$1.00 as of Jun. 30, 2009. 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.
(2) Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51,” the provisions of which, among others, requires that minority interests be renamed noncontrolling interests and that a company present such noncontrolling interests as equity for all periods presented.


LOGO

 

ChipMOS TECHNOLOGIES (Bermuda) LTD.

CONSOLIDATED BALANCE SHEET

As of Jun. 30, Mar. 31, 2009, and Jun. 30, 2008

Figures in Million of NT dollars (NTD)

 

     ROC GAAP     US GAAP(1)  
     Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
    Jun. 30, 2009
(Unaudited)
    Mar. 31, 2009
(Unaudited)
    Jun. 30, 2008
(Unaudited)
 
     NTD     NTD     NTD     NTD     NTD     NTD  
ASSETS             

Cash and Cash Equivalents

   5,158.5      6,273.3      5,066.8      5,158.5      6,273.3      5,066.8   

Financial Assets at Fair Value Through Profit or Loss

   94.0      98.3      640.9      94.0      98.3      640.9   

Available-for-Sale Financial Assets

   —        —        —        100.0      100.0      —     

Held-to-Maturity Financial Assets

   250.0      250.0      —        250.0      250.0      —     

Investments with no Active Market

   100.0      100.0      —        —        —        —     

Accounts and Notes Receivable

   1,935.9      1,304.1      4,895.1      1,935.9      1,304.1      4,895.1   

Inventories

   776.4      846.8      887.8      740.6      811.4      888.4   

Other Current Assets

   1,311.7      981.3      665.0      1,305.5      979.2      661.2   
                                    

Total Current Assets

   9,626.5      9,853.8      12,155.6      9,584.5      9,816.3      12,152.4   
                                    

Long-Term Investments

   337.8      437.8      358.0      337.8      437.8      358.0   

Property, Plant & Equipment-Net

   20,767.7      22,110.2      27,731.4      20,506.6      21,865.8      27,537.3   

Intangible Assets

   106.6      110.8      173.3      106.6      110.8      173.3   

Other Assets

   652.5      720.8      1,683.7      682.8      705.1      1,772.0   
                                    

Total Assets

   31,491.1      33,233.4      42,102.0      31,218.3      32,935.8      41,993.0   
                                    
LIABILITIES             

Current Liabilities

            

Short-Term Loans

   3,020.5      2,915.0      2,129.9      3,020.5      2,915.0      2,129.9   

Current Portion of Long-Term Debts

   3,182.3      6,528.9      5,878.1      3,146.3      6,466.6      5,725.8   

Accounts Payable and Payables to Contractors and Equipment Suppliers

   648.3      490.9      844.3      648.3      490.9      844.3   

Other Current Liabilities

   913.2      1,010.3      1,734.8      913.2      1,010.4      1,734.8   
                                    

Total Current Liabilities

   7,764.3      10,945.1      10,587.1      7,728.3      10,882.9      10,434.8   

Long-Term Liabilities

            

Long-Term Debts

   12,360.1      9,535.2      10,261.4      12,360.1      9,535.2      10,100.0   

Other Liabilities

   136.4      249.5      402.3      370.8      444.3      617.3   
                                    

Total Liabilities

   20,260.8      20,729.8      21,250.8      20,459.2      20,862.4      21,152.1   
                                    
EQUITY             

Shareholders’ Equity

            

Capital Stock

   27.6      27.6      27.5      27.6      27.6      27.5   

Deferred Compensation

   (15.6   (20.7   (41.7   (27.5   (39.3   (69.1

Capital Surplus

   12,825.9      12,804.7      12,515.7      12,547.7      12,515.0      12,169.0   

Retained Earnings (Accumulated Losses)

   (4,088.2   (2,937.4   5,268.3      (4,019.0   (2,810.8   5,841.4   

Treasury Stock

   (121.0   (15.7   —        (121.0   (15.7   —     

Cumulated Translation Adjustments

   437.7      483.6      263.0      437.7      483.6      263.0   

Unrecognized Pension Cost

   —        —        —        (204.8   (204.8   (205.8
                                    

Total Shareholders’ Equity

   9,066.4      10,342.1      18,032.8      8,640.7      9,955.6      18,026.0   
                                    

Noncontrolling Interests

   2,163.9      2,161.5      2,818.4      2,118.4      2,117.8      2,814.9   
                                    

Total Equity

   11,230.3      12,503.6      20,851.2      10,759.1      12,073.4      20,840.9   
                                    

Total Liabilities & Equity

   31,491.1      33,233.4      42,102.0      31,218.3      32,935.8      41,993.0   
                                    

 

(1) Statement of Financial Accounting Standards No. 160, “Noncontrolling Interests in Consolidated Financial Statements – an amendment of ARB No. 51,” the provisions of which, among others, requires that minority interests be renamed noncontrolling interests and that a company present such noncontrolling interests as equity for all periods presented.