Chartered Updates Guidance for Second Quarter
June 11 2009 - 6:00PM
Business Wire
Today, in its scheduled mid-quarter update, Chartered
Semiconductor Manufacturing Ltd. (Nasdaq:CHRT) (SGX:CHARTEREDSC)
revised its second quarter 2009 guidance, which was originally
provided on April 24, 2009.
�Compared to our expectation in April, we are seeing incremental
improvement in our business, mainly coming from our mature
technologies. Therefore, we are now revising our revenue guidance
upward. Based on the mid-point of our revised guidance for revenues
including our share of SMP revenues, wafer shipments are now
expected to increase approximately 60 percent compared to first
quarter of 2009. In line with higher revenues, we expect net loss
to improve approximately $10 million compared to our previous
guidance,� said George Thomas, senior vice president & CFO of
Chartered.
Chartered plans to release its second quarter 2009 results on
Friday, July 24, 2009, Singapore time, before the Singapore market
opens. Chartered�s original guidance for second quarter 2009 was
published in the Company�s first quarter 2009 earnings release
dated April 24, 2009, which can be found on Chartered�s Web site at
www.charteredsemi.com, under Investor Relations, Earnings Releases
section.
The revised outlook for second quarter 2009 is as follows:
� 1Q 2009 � 2Q 2009 � � Actual � April 24 Guidance
Midpoint/Range
� Revised Guidance
Midpoint/Range
Revenues � $243.9M �
$327M, +/- $6M
� $343M, +/- $5M Revenues including Chartered�s share of SMP �
$253.5M � $346M, +/- $7M � $361M, +/- $5M ASP (a) � $928 � $918,
+/- $20 � $912, +/- $15 ASP including Chartered�s share of SMP (a)
� $927 � $907, +/- $25 � $902, +/- $20 Utilization � 38% � 58%, +/-
3% � 61%, +/- 2% Gross profit (loss) � ($27.5M) � $17M, +/- $6M �
$28M, +/- $5M Net income (loss) � ($98.8M) � ($59M), +/- $5M �
($49M), +/- $4M
� � ADS used in calculation of basic earnings (loss) per ADS
(adjusted for rights offering and
share consolidation)
� 38.4M � 83.6M � 83.6M Basic earnings (loss) per ADS (b) � ($2.64)
� ($0.74), +/- $0.06 � ($0.62), +/- $0.05
(a) Eight-inch equivalent wafers.
(b) Basic earnings (loss) per ADS is computed by deducting from
net income or adding to net (loss) the accretion to redemption
value of the convertible redeemable preference shares, projected to
be approximately $2.6 million in second quarter 2009. Share count
used to calculate earnings or loss per ADS for all periods
presented has been adjusted for rights offering and share
consolidation in accordance with US GAAP reporting.
About Chartered
Chartered Semiconductor Manufacturing Ltd. (Nasdaq:CHRT, SGX-ST:
CHARTEREDSC), one of the world�s top dedicated semiconductor
foundries, offers leading-edge technologies down to 40/45 nanometer
(nm), enabling today�s system-on-chip designs. The company further
serves its customers� needs through a collaborative, joint
development approach on a technology roadmap that extends to 22nm.
Chartered�s strategy is based on open and comprehensive design
enablement solutions, manufacturing enhancement strategies, and a
commitment to flexible sourcing. In Singapore, the company operates
a 300mm fabrication facility and five 200mm facilities. Information
about Chartered can be found at www.charteredsemi.com.
Safe Harbor Statement under the provisions of the United
States Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements, as
defined in the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements, including without limitation, statements relating to
the incremental improvement in our business, increase in wafer
shipments in second quarter and the revision of our guidance for
2Q09 results reflect our current views with respect to future
events and financial performance and are subject to certain risks
and uncertainties, which could cause actual results to differ
materially from historical results or those anticipated. Among the
factors that could cause actual results to differ materially are
decreased consumer confidence, credit crisis, financial market
turmoil and the deteriorating global economic conditions; changes
in the demands from our customers; demand and supply outlook in the
semiconductor market; competition from existing foundries and new
foundry companies resulting in pricing pressures; excess inventory,
life cycle, market outlook and trends for specific products;
products mix; unforeseen delays, interruptions, performance level
of our fabrication facilities; our progress on leading-edge
products; changes in capacity plans, allocation and process
technology mix; unavailability of materials, equipment, manpower
and expertise; access to or delays in technological advances or our
development of process technologies; the successful implementation
of our partnership, technology and supply alliances (including our
joint development agreements with IBM and the other joint
development partners); the growth rate of fabless companies, the
outsourcing strategy of integrated device manufacturers (�IDM�) and
our expectation that IDMs will utilize foundry capacity more
extensively. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
we can give no assurance that our expectations will be attained. In
addition to the foregoing factors, a description of certain other
risks and uncertainties which cause actual results to differ
materially can be found in "Item 3. Key Information � D. Risk
Factors" in our 2008 annual report on Form 20-F filed with the US
SEC. You are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's current
analysis of future events. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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