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ChipMOS lower following EPS beat, soft Q2 sales guidance

May 12, 2015 11:19 AM ETChipMOS TECHNOLOGIES INC. (IMOS) StockBy: Eric Jhonsa, SA News Editor
  • Though ChipMOS (NASDAQ:IMOS -2.1%) slightly beat Q1 EPS estimates (revenue was already known via monthly sales reports), it's guiding for Q2 revenue to be flat to down by a low-single digit % Q/Q. The 2-analyst consensus (possibly outdated given the Q2 guidance given by many chipmakers) is for revenue to rise 9% Q/Q to $182.2M.
  • Financials: Q1 gross margin was 23.3%, -190 bps Q/Q but +350 bps Y/Y and towards the high end of a 21%-24% guidance range (lifted EPS). Q2 GM guidance is at 20%-24%. R&D spend was flat Y/Y at $5.5M, G&A fell by $100K to $5.5M, and sales/marketing fell by $100K to $0.8M. Capex totaled $32.3M (19% of revenue)
  • Business performance: Capacity utilization fell to 72% from 81% in seasonally strong Q4 and 77$ a year ago. The chip testing ops accounted for 23% of revenue, chip assembly 31%, LCD driver test/assembly 26%, and wafer bumping 20%. Large-panel LCD driver demand was strong; small-panel driver and DRAM/flash demand was softer.
  • Also: 1) 500K shares were repurchased, and net debt cut by $7.1M. 2) ChipMOS ended Q1 with $518.4M in cash, and $273.6M in bank loans. 3) The company says it "will continue to act conservatively with regards to our inventory management, CapEx spending and our operating expenses."
  • Q1 results, PR

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