S.K. Chen, Chief Financial Officer of ChipMOS, said, "We generated an additional US$7.4 million of free cash flow from our operations after capital spending of US$26.6 million in the second quarter of 2014. Our operating expenses were US$15.9 million or 8.8% of our Q2 revenue compared to US$13.0 million or 7.8% of revenue for Q1. The slight increase is related to support of our higher revenue level and the accrual of salary increases. We ended the quarter with a strong balance of cash and cash equivalents at US$453.9 million, and a net cash position of US$245.8 million. Income tax provision for Q2 was US$8.5 million compared to US$8.7 million in Q1. The non-controlling interests for Q2 increased to US$9.6 million from US$4.8 million in Q1. On July 2, 2014, we put in place a NT$10 billion credit facility with favorable terms to re-finance our existing long-term debt and maintain a financial flexibility in support of general corporate purposes. This type of favorable opportunity is the direct result of our consistent financial performance and strong balance sheet. We remain focused on smart growth, being a reliable partner for quality, critical OSAT services, and executing our longer-term capacity roadmap, in order to deliver consistent financial results, with further improvement to our balance sheet and shareholder value."
Selected Operation Data |
|
|
|
|
|
|
2Q14 |
1Q14 |
Revenue by segment |
|
|
Testing |
24% |
23% |
Assembly |
35% |
34% |
LCD Driver |
22% |
24% |
Bumping |
19% |
19% |
|
|
|
Utilization by segment |
|
|
Testing |
75% |
69% |
Assembly |
76% |
77% |
LCD Driver |
73% |
75% |
Bumping |
85% |
90% |
Overall |
77% |
77% |
|
|
|
CapEx |
US$26.6 million |
US$19.1 million |
Testing |
39% |
34% |
Assembly |
23% |
29% |
LCD Driver |
9% |
9% |
Bumping |
29% |
28% |
|
|
|
Depreciation and amortization expenses |
US$24.4 million |
US$25.0 million |
Condensed consolidated statements of cash flows |
|
Period ended
|
|
Period ended
|
|
|
US$ million |
|
US$ million |
Net cash generated from (used in) operating activities |
|
89.7 |
|
112.8 |
Net cash generated from (used in) investing activities |
|
(59.8) |
|
(48.3) |
Net cash generated from (used in) financing activities |
|
(23.8) |
|
10.3 |
Net increase (decrease) in cash and cash equivalents |
|
6.1 |
|
74.8 |
Effect of exchange rate changes on cash |
|
0.1 |
|
(0.3) |
Cash and cash equivalents at beginning of period |
|
447.7 |
|
296.7 |
Cash and cash equivalents at end of period |
|
453.9 |
|
371.2 |