S.K. Chen, Chief Financial Officer of ChipMOS, said, "The fourth quarter developed as expected, with revenue and our gross margin coming in at the high end of the guidance range. Net income for the fourth quarter was negatively impacted by higher income tax expenses and non-controlling interests compared to the prior quarter. The increase in consolidated income taxes is due to the higher amount paid by ThaiLin for the gain recognized on the share sales related to the Company's efforts in enabling ChipMOS Taiwan to meet the listing eligibility requirements for TSE. We expect the higher consolidated income taxes will continue for the gain of share sale in ThaiLin in the first quarter of 2014 and our consolidated income tax rate will revert to a normalized level in the second quarter of 2014. Our overall utilization level was 76% in the fourth quarter compared to 81% in the third quarter. This reflects the absorption of our increased CapEx in support of growth opportunities we previously outlined in our higher margin LCD driver business as we continue to support and mutually work to growth with leaders in the LCDD segment. Based on our current market view, we would expect our blended utilization level to be higher in the first quarter of 2014, even with seasonality, as we completed the planned pull-in of CapEx in the fourth quarter. We expect CapEx for the full year 2014 will be less than US$80 million compared to US$121.5 million for 2013. For the full year 2013, gross profit increased to US$115.3 million compared to US$82.2 million in 2012, resulting in an expansion of our 2013 earnings, on a diluted common share basis, to US$1.48 per share from US$0.75 per share in 2012. We ended 2013 with US$448.3 million in cash and cash equivalents, after generating US$208.6 million in cash from operations. As a result, we improved our net debt to equity ratio to -42.9% as of December 31, 2013 compared to 4.1% at the end of 2012, with a net cash balance of US$195.1 million on our balance sheet as of December 31, 2013."
Selected Operation Data |
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|
|
|
|
|
|
|
4Q13 |
3Q13 |
FY13 |
Revenue by segment |
|
|
|
Testing |
24% |
22% |
24% |
Assembly |
33% |
33% |
32% |
LCD Driver |
25% |
25% |
25% |
Bumping |
18% |
20% |
19% |
|
|
|
|
Utilization by segment |
|
|
|
Testing |
70% |
63% |
65% |
Assembly |
75% |
85% |
80% |
LCD Driver |
76% |
83% |
81% |
Bumping |
87% |
93% |
87% |
Overall |
76% |
81% |
78% |
|
|
|
|
CapEx |
US$41.2 million |
US$34.4 million |
US$121.5 million |
Testing |
6% |
7% |
10% |
Assembly |
20% |
23% |
21% |
LCD Driver |
65% |
50% |
57% |
Bumping |
9% |
20% |
12% |
|
|
|
|
Depreciation and amortization expenses |
US$25.0 million |
US$26.1 million |
US$110.5 million |