Chartered Reports Results for Third Quarter 2004.MILPITAS Milpitas (mĭl'pē`təs), city (1990 pop. 50,686), Santa Clara co., W Calif., a suburb of San Jose, southeast of San Francisco; inc. 1954. Manufactures include computers and paint. , Calif. -- Chartered Semiconductor Manufacturing Chartered Semiconductor Manufacturing SGX: C27 NASDAQ: CHRT (abbreviated CSM) is the world's fourth largest dedicated independent semiconductor foundry, with its headquarters and main operations located in the Woodlands Industrial Park, Kranji Singapore. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHRT CHRT Canadian Human Rights Tribunal CHRT Chert (lithological term) CHRT Consolidated Human Resource Technology ) (SGX-ST:CHARTERED)
-- Revenues of $257.3 million, up 87 percent from 3Q 2003 and up
1 percent sequentially, in line with guidance of up
approximately 1 percent to down 1 percent.
-- Net income of $16.2 million, compared to net loss of $75.9
million in 3Q 2003 and guidance of a profit of $5.5 million to
$13.5 million.
-- Earnings per ADS of $0.06, compared to loss of $0.30 in 3Q
2003.
-- Earnings per ordinary share of $0.01, compared to loss of
$0.03 in 3Q 2003.
Chartered Semiconductor Manufacturing (NASDAQ:CHRT)(SGX-ST:CHARTERED), one of the world's top three dedicated foundries, today announced results for third quarter 2004. "Revenues in third quarter 2004 were up 87 percent from the year-ago quarter, largely due to an increase in business from mature technologies and volume shipment of our leading-edge 0.13-micron offering which increased four-fold Adj. 1. four-fold - having four units or components; "quadruple rhythm has four beats per measure"; "quadruplex wire" quadruple, quadruplex, quadruplicate, fourfold ," said George Thomas George Thomas may refer to:
tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es To put into a category or categories; classify. cat into changes in product mix and inventory build-up build·up also build-up n. 1. The act or process of amassing or increasing: a military buildup; a buildup of tension during the strike. 2. related to specific customers. The quarter ended essentially flat with the previous one, with the area of strength being the computer sector. Revenue growth of the computer sector mostly offset a significant decline in the communications sector and to a lesser extent in the consumer sector." Summary of Third Quarter 2004 Performance --Revenues were $257.3 million in third quarter 2004, up 86.9 percent from $137.7 million in the year-ago quarter. Revenues including Chartered's share of Silicon Manufacturing Partners (SMP (Symmetric MultiProcessing) A multiprocessing architecture in which multiple CPUs, residing in one cabinet, share the same memory. SMP systems provide scalability. As business increases, additional CPUs can be added to absorb the increased transaction volume. or Fab 5) were $306.5 million, up 65.4 percent from $185.3 million in third quarter 2003, due to increases in all major market sectors with the largest contribution coming from the communications sector followed closely by the computer sector. Compared to second quarter 2004, Chartered revenues and revenues including Chartered's share of SMP were essentially flat in third quarter 2004. --Gross profit was $57.5 million, or 22.4 percent of revenues, an improvement from a loss of $21.7 million, or negative 15.8 percent of revenues in the year-ago quarter, primarily due to significantly higher revenues. Gross profit was down 4.1 percent sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen from $60.0 million, or 23.4 percent of revenues in second quarter 2004, primarily due to Fab 6 capacity ramp and lower utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be in Fab 6. --Research and development (R&D) expenses were $28.4 million, compared to $30.3 million in the year-ago quarter and $32.9 million in second quarter 2004, primarily due to lower R&D expenditure related to 0.13-micron process. --Pre-production fab start-up Start-up The earliest stage of a new business venture. costs, all related to Fab 7, were $11.6 million compared to $2.5 million in the year-ago quarter and $8.1 million in second quarter 2004, as the activity level increased in support of the Company's plan to begin pilot production by the end of 2004. --Sales & marketing expenses were $9.2 million, up 11.2 percent compared to $8.3 million in the year-ago quarter, primarily due to higher financial support for customer prototyping (1) Creating a demo of a new system. Prototyping is essential for clarifying information requirements. The design of a system (functional specs) must be finalized before the system can be built. activities. --General and administrative (G&A) expenses were $9.1 million, a decrease of 15.7 percent compared to $10.8 million in the year-ago quarter, primarily due to a gain of $1.1 million in third quarter 2004, associated with the resolution of a supplier advance that was previously considered doubtful of recovery. Compared to second quarter 2004, G&A expenses decreased 25.1 percent from $12.2 million, primarily due to an impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge of $1.7 million in second quarter 2004 resulting from the migration to an enhanced manufacturing system, and a gain of $1.1 million in third quarter 2004 associated with the resolution of a supplier advance that was previously considered doubtful of recovery. --Other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were a net credit of $4.5 million primarily related to resolution of a goods and services tax The Goods and Services Tax is a Value-added tax that exists in a number of countries. Please see:
--Equity in income of Chartered's minority-owned joint-venture fab, SMP (Fab 5), was an income of $16.1 million compared to an income of $8.8 million in the year-ago quarter, primarily due to lower depreciation and no interest cost in third quarter 2004 as a result of early repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of outstanding bank loans by SMP in second quarter 2004. Equity in income of SMP increased 53.7 percent from $10.4 million in second quarter 2004, primarily due to no interest cost in third quarter 2004, lower depreciation and Chartered's $1.8 million share of cost associated with termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of interest rate swaps Interest Rate Swap A deal between banks or companies where borrowers switch floating-rate loans for fixed rate loans in another country. These can be either the same or different currencies. and other related cost on early repayment of outstanding bank loans by SMP in second quarter 2004. --Other income was $2.8 million compared to $4.6 million in the year-ago quarter and $17.0 million in the previous quarter. Compared to the year-ago quarter, the decline was primarily due to lower grant income in third quarter 2004. Second quarter 2004 other income included the recognition of an income of $10.1 million and a previously deferred income of $6.0 million arising from the closure of a pending grant claim associated with a previously terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: joint technology development agreement. --Net interest expense was $3.6 million, down 59.9 percent from $9.0 million in the year-ago quarter primarily due to higher interest capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. associated with capital expenditures related to Fab 7 and Fab 6. --None of the losses in Chartered's consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: joint-venture fab, Chartered Silicon Partners (CSP (1) (Certified Systems Professional) An earlier award for successful completion of an ICCP examination in systems development. See ICCP. (2) (Commerce Service P or Fab 6), were allocated to the minority interest in third quarter 2004. CSP remained in a negative net worth position in third quarter 2004; therefore, Chartered continued to recognize 100 percent of the joint venture's results, which were a loss of $32.2 million in the quarter, compared with a loss of $17.2 million in the previous quarter. CSP's loss increased in third quarter 2004 compared to the previous quarter primarily due to reduction in utilization and to a lesser extent, from an increase in depreciation resulting from capacity addition. At the end of third quarter 2004, CSP's net worth was negative $225.1 million. --Net income was $16.2 million, or 6.3 percent of revenues, an improvement of $92.1 million, compared to a net loss of $75.9 million or negative 55.1 percent of revenues in the year-ago quarter. Compared to second quarter 2004, net income increased 6.1 percent from $15.3 million. Excluding the gain of $4.9 million associated with the resolution of a goods and services tax matter, third quarter 2004 net income would have been $11.3 million. Second quarter 2004 included an income of $10.1 million resulting from the closure of a pending grant income matter and expense of $1.7 million related to an impairment charge resulting from the migration to an enhanced manufacturing system. Excluding these items, second quarter 2004 net income would have been $6.9 million. --Earnings per American Depositary Share American Depositary Share (ADS) Foreign stock issued in the US and registered in the ADR system. (ADS) and earnings per share in third quarter 2004 were $0.06 and $0.01 respectively, compared with a loss per ADS and loss per share of $0.30 and $0.03 respectively in third quarter 2003. Wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. Shipments and Average Selling Prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. --Shipments in third quarter 2004 were 252.4 thousand wafers wafers compressed roughage in flat plates useful for feeding to animals in transit. (eight-inch equivalent), an increase of 64.2 percent compared to 153.7 thousand wafers (eight-inch equivalent) in third quarter 2003, and an increase of 3.4 percent compared to 244.0 thousand wafers (eight-inch equivalent) shipped in second quarter 2004. Shipments including Chartered's share of SMP in third quarter 2004 were 287.1 thousand wafers (eight-inch equivalent), an increase of 55.2 percent compared to 185.0 thousand wafers (eight-inch equivalent) in third quarter 2003 and an increase of 2.8 percent compared to 279.2 thousand wafers (eight-inch equivalent) in second quarter 2004. --Average selling price (ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). ) was $1,019 per wafer in third quarter 2004, a decrease of 2.8 percent from $1,048 per wafer in second quarter 2004, primarily due to changes in customer and product mix. ASP including Chartered's share of SMP was $1,068 per wafer in third quarter 2004 compared to $1,103 per wafer in second quarter 2004. Capacity and Utilization --Capacity utilization in third quarter 2004 was 89 percent compared to 59 percent in the year-ago quarter, and 90 percent in second quarter 2004. Capacity in third quarter 2004 was up approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 3 percent compared to third quarter 2003 and up approximately 5 percent from second quarter 2004. Capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. is based on total shipments and total capacity, both of which include Chartered's share of SMP.
Utilization Table
Data including Chartered's share of SMP
----------------------------------------------------------------------
Thousand 8" equivalent 3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Total wafers shipped 185.0 235.0 268.4 279.2 287.1
----------------------------------------------------------------------
Total capacity 313.7 332.8 331.8 308.0 322.5
----------------------------------------------------------------------
Utilization 59% 71% 81% 90% 89%
----------------------------------------------------------------------
Capacity by Fab
(Thousand 8" 3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004 Est 4Q
equivalent wafers) 2004
----------------------------------------------------------------------
Fab 1(a) 44.6 45.5 45.2 - - -
----------------------------------------------------------------------
Fab 2 128.8 131.2 129.8 129.8 131.2 131.8
----------------------------------------------------------------------
Fab 3 56.7 60.2 61.6 64.4 73.0 73.0
----------------------------------------------------------------------
Fab 5 (Chartered's
share) 33.6 34.4 34.4 36.3 37.2 37.0
----------------------------------------------------------------------
Fab 6 50.0 61.5 60.8 77.5 81.1 85.2
----------------------------------------------------------------------
Total 313.7 332.8 331.8 308.0 322.5 327.0
----------------------------------------------------------------------
(a) Fab 1 ceased operations as of March 31, 2004
Market Dynamics
The following business statistics tables provide information on
revenues including Chartered's share of SMP by market sector, region
and technology.
Breakdown by Market Sector
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Communications 49% 47% 55% 55% 48%
----------------------------------------------------------------------
Computer 33% 32% 28% 29% 36%
----------------------------------------------------------------------
Consumer 15% 18% 14% 13% 12%
----------------------------------------------------------------------
Other 3% 3% 3% 3% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Breakdown by Region
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Americas 62% 61% 66% 64% 61%
----------------------------------------------------------------------
Europe 18% 16% 13% 14% 15%
----------------------------------------------------------------------
Asia-Pacific 15% 19% 18% 18% 20%
----------------------------------------------------------------------
Japan 5% 4% 3% 4% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Breakdown by Technology (micron)
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
0.13 and below 8% 10% 12% 17% 16%
----------------------------------------------------------------------
Up to 0.15 15% 16% 13% 8% 5%
----------------------------------------------------------------------
Up to 0.18 16% 20% 20% 21% 18%
----------------------------------------------------------------------
Up to 0.25 20% 16% 16% 19% 20%
----------------------------------------------------------------------
Up to 0.35 23% 20% 22% 24% 28%
----------------------------------------------------------------------
Above 0.35 18% 18% 17% 11% 13%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Recent Highlights and Events --During the quarter, Chartered demonstrated continued progress in readying production at Fab 7, its first 300-mm facility. Chartered achieved functional 0.13-micron 300-mm wafers within five months of the first equipment installation in Fab 7, and launched engineering wafers for its 0.11-micron process and the 90-nanometer (nm) cross-foundry platform which is jointly developed with IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . Additionally, Fab 7 remains on schedule to manufacture 90nm silicon-on-insulator products for IBM in mid- mid- pref. Middle: midbrain. 2005, a capability that will position Chartered as the only dedicated foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. to have advanced SOI (Silicon On Insulator) A chip architecture that increases transistor switching speed by reducing capacitance (build-up of electrical charges in the transistor's elements), and thus reducing the discharge time. The power requirement is also reduced in some designs. capabilities in volume production. --In July July: see month. , Chartered announced the formation of a collaborative col·lab·o·rate intr.v. col·lab·o·rat·ed, col·lab·o·rat·ing, col·lab·o·rates 1. To work together, especially in a joint intellectual effort. 2. network with four incubation incubation /in·cu·ba·tion/ (in?ku-ba´shun) 1. the provision of proper conditions for growth and development, as for bacterial or tissue cultures. 2. and service centers in China. This network is being established to nurture NURTURE. The act of taking care of children and educating them: the right to the nurture of children generally belongs to the father till the child shall arrive at the age of fourteen years, and not longer. Till then, he is guardian by nurture. Co. Litt. 38 b. the growth of local integrated circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for (IC) design startup companies The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. . The incubation and services network includes Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Research Centre for IC Design, Shenzhen Shenzhen (shĕn`jŭn`), city (1994 est. pop. 695,600), S Guangdong prov., China, on the South China Sea, N of Hong Kong. Designated a special economic zone in 1979, the city's spectacular economic growth led China to create over a dozen more IC Design Incubation Co. Ltd, EDA (1) (Electronic Design Automation) Using the computer to design, lay out, verify and simulate the performance of electronic circuits on a chip or printed circuit board. Centre of Chinese Academy of Sciences The Chinese Academy of Sciences (CAS) (Simplified Chinese: 中国科学院; Pinyin: Zhōngguó Kēxuéyuàn), formerly known as Academia Sinica , and Xi'an Xi'an (shē`än`) or Sian (shē`än`, sē`–), city (1994 est. pop. 2,114,900), capital of Shaanxi prov., China, in the Wei River valley. IC Design Industrialization industrialization Process of converting to a socioeconomic order in which industry is dominant. The changes that took place in Britain during the Industrial Revolution of the late 18th and 19th century led the way for the early industrializing nations of western Europe and Base of China. These centers serve to extend Chartered's enablement network in China by providing startups access to Chartered's proven manufacturing processes and design-enablement solutions which include design rules, electrical test specifications, spice spice, aromatic vegetable product used as a flavoring or condiment. The term was formerly applied also to pungent or aromatic foods (e.g., gingerbread and currants), to ingredients of incense or perfume (e.g., myrrh), and to embalming agents. models, technology files, libraries, silicon-validated IP, and process design kits. In addition, these startups are provided with access to Chartered's multi-project wafer program for product prototyping. --In August, Chartered entered into a bilateral bilateral /bi·lat·er·al/ (-lat´er-al) having two sides, or pertaining to both sides. bi·lat·er·al adj. 1. Having or formed of two sides; two-sided. 2. option transaction with Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. International as counter-party, to proactively manage its $575 million 2.5% Senior Convertible Notes Due 2006 (Notes). The option transaction, which is contractually con·trac·tu·al adj. Of, relating to, or having the nature of a contract. con·trac  tu·al·ly adv.Adv. 1. separate from the Notes, has the effect of reducing substantially the conversion premium of the existing Notes. Under the multi-scenario transaction, the counter-party has the option to purchase 214.8 million Chartered shares at US$0.93 a share - a premium of about 50 percent to Chartered's closing price quoted on the Singapore Exchange “SGX” redirects here. For other uses, see SGX (disambiguation). Singapore Exchange Limited SGX: S68 (SGX) is the stock exchange in Singapore. SGX was formed on December 1 1999, following the merger of two established and well-respected financial on August 11, 2004. The option transaction, if completed, has the effect of strengthening Chartered's equity base by selling shares at a premium instead of a discount, while providing the flexibility of avoiding additional dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. to shareholders beyond what was originally contemplated when the Notes were issued in 2001. --Also during the quarter, Chartered garnered top awards from the Singapore Singapore (sĭng`gəpôr, sĭng`ə–, sĭng'gəpôr`), officially Republic of Singapore, republic (2005 est. pop. 4,426,000), 240 sq mi (625 sq km). Ministry of Manpower at the Annual Safety Performance Awards in Singapore. Chartered was recognized for its commitment to environment, safety and health, and recognized for the effectiveness of its safety management systems and support of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. environmental sustainability programs by the Singapore Ministry of Manpower. Chartered's Fab 3 and Fab 6 both won the prestigious Occupational Safety and Health Excellence Awards in the top award category, after achieving Gold Award status for three consecutive years. Review and Outlook "As we go into the fourth quarter, we are seeing significant change in the outlook from our customers," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs . "The market weakness that we started seeing since the second half of June has deepened as customers in the supply chain reassessed their inventory positions and slowed orders due to the softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in their end markets. As a result of this, and consistent with the business outlook of five of our larger customers, Chartered's outlook for the fourth quarter 2004 is now considerably weaker than the projections we had earlier in the year. "Based on our current outlook, we expect revenues including our share of SMP to be down approximately 32 percent in the fourth quarter 2004. In comparison to the third quarter, we see significant weakness in communications followed by the computer and consumer sectors. The weakness is concentrated in our 0.18-micron and 0.25-micron capacity and attributed to five of our larger customers, even though our engagements with these customers are in diverse end markets. We recognized that the customer concentration was high in these technologies. However, we were not able to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. the customer base sufficiently due to the high level of demand from the top customers during the last four to five quarters. We expect our revenues from leading-edge 0.13-micron copper technology to increase sequentially. We also expect our overall 0.13-micron revenues to grow slightly in dollar terms and represent over 20 percent of our total business base revenues."
The outlook for the fourth quarter 2004 is as follows:
3Q 2004 4Q 2004 Guidance
-------------------------------------------
Actual Midpoint Sequential
and range change
----------------------------------------------------------------------
Revenues $257.3M $193.0M, +/- $3M Down 24% to 26%
----------------------------------------------------------------------
Revenues including Down 31% to 33%
Chartered's share of SMP $306.5M $208.0M, +/- $4M
----------------------------------------------------------------------
ASP $1,019 $994, +/- $20 Flat to down 4%
----------------------------------------------------------------------
ASP including Chartered's Down 2% to 7%
share of SMP $1,068 $1,018, +/- $25
----------------------------------------------------------------------
Utilization 89% 62%, +/- 2% points -
----------------------------------------------------------------------
Gross profit $57.5M $11.0M, +/- $4M -
----------------------------------------------------------------------
Net income (loss) (b) $16.2M ($49.0)M, +/- $5M -
----------------------------------------------------------------------
Earnings (loss) per ADS $0.06 ($0.19), +/- $0.02 -
----------------------------------------------------------------------
(b) Net income (loss) includes the negative profit impact from CSP
accounting treatment, which was $15.8 million in third quarter
2004, and is projected to be approximately $17.0 million in fourth
quarter 2004.
CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Closing Comments "There are near-term near-term adj. Of, for, or involving a short period of time in the near future. challenges we need to address, but our direction remains unchanged. As we enhance our market reach through engagements in leading-edge technologies and address utilization of 0.25-micron and 0.18-micron technologies, we have also set internal goals to bring down our breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations utilization rate. Our goal is to reduce our breakeven point by around 10 percentage points from the current level by fourth quarter 2005, based on our pricing expectation and Fab 7 achieving close to breakeven or breakeven in fourth quarter 2005 at approximately 9,000 wafers per month (12-inch) capacity. This will of course be supported by reduction in depreciation costs across Fabs 2, 3 and 5, and continuing the efforts in productivity improvements, reduction of input costs and process rationalization rationalization, in psychology: see defense mechanism. ," said Chia Song Hwee, president & CEO of Chartered. "On the advanced technology, increasing customer acceptance of the Chartered-IBM technology platform and the market gains we have made in our 0.13-micron offering, including first-time entry into the graphics space, reinforce re·in·force v. 1. To give more force or effectiveness to something; strengthen. 2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance. 3. our confidence that we will be able to further engage with customers in areas we have never been able to tap before in our history. We have already demonstrated success in customer diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and product life cycle management in our 0.35-micron technologies. Fab 2 today has a line-up line-up Noun 1. people or things assembled for a particular purpose: Christmas TV line-up 2. of over 90 customers and was running at slightly over 100 percent utilization in third quarter 2004, with gross margin of over 50 percent. Even as we go into the fourth quarter, we expect Fab 2 utilization to be significantly higher than the company average. Going forward, we want to replicate rep·li·cate v. 1. To duplicate, copy, reproduce, or repeat. 2. To reproduce or make an exact copy or copies of genetic material, a cell, or an organism. n. A repetition of an experiment or a procedure. this success in our 0.25-micron and 0.18-micron technologies. We have a number of efforts ongoing in this direction including introduction of value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: technologies such as OTP (1) (One Time Programmable) Refers to programming content or logic into chips such as EPROMs and EEPROMs, which cannot be reversed. See antifuse. (2) (One Time P , eFLASH, high voltage The term high voltage characterizes electrical circuits, in which the voltage used is the cause of particular safety concerns and insulation requirements. High voltage is used in electrical power distribution, in cathode ray tubes, to generate X-rays and particle beams, to and RF technologies, in addition to securing volume sourcing agreements with customers. We will focus on addressing the near-term challenges as we continue to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution on our strategy to enhance Chartered's profitability," concluded Chia. Webcast Conference Call Today Chartered will be discussing its third quarter 2004 results and fourth quarter 2004 outlook on a conference call today, October October: see month. 29, 2004, at 8:30 a.m. Singapore time (US time 5:30 p.m. PT/8:30 p.m. ET, October 28, 2004). A webcast of the conference call will be available to all interested parties on Chartered's Web site at www.charteredsemi.com, under Investor Relations Investor relations The process by which the corporation communicates with its investors. , or at http://ir.charteredsemi.com. Mid-Quarter Guidance The Company provides a guidance update midway Midway, island group (2 sq mi/5.2 sq km), central Pacific, c.1,150 mi (1,850 km) NW of Honolulu, comprising Sand and Eastern islands with the surrounding atoll. Discovered by Americans in 1859, Midway was annexed in 1867. A cable station was opened in 1903. through each quarter. For fourth quarter 2004, the Company anticipates issuing its mid-quarter guidance update, via news release, on Wednesday Wednesday: see week. , December December: see month. 15, 2004, Singapore time.
APPENDIX A
Reconciliation Table
In order to provide investors additional information regarding the
company's financial results as determined in accordance with US GAAP,
in this report Chartered also provides information on its total
business base revenues, which include the Company's share of Silicon
Manufacturing Partners ("Revenues including Chartered's share of
SMP"). SMP is a minority-owned joint-venture company and under US GAAP
reporting, SMP revenues are not consolidated into Chartered's revenues
("Revenues"). References to revenues including Chartered's share of
SMP in this report are therefore not in accordance with US GAAP. To
ensure clarity, the tables below provide a reconciliation.
3Q 2003 2Q 2004 3Q 2004 4Q04
Actual Actual Actual Guidance
Midpoint
----------------------------------------------------------------------
Revenues (a) $137.7M $255.8M $257.3M $193.0M
----------------------------------------------------------------------
Chartered's share of SMP revenues $47.6M $52.3M $49.2M $15.0M
----------------------------------------------------------------------
Revenues including Chartered's share
of SMP $185.3M $308.1M $306.5M $208.0M
----------------------------------------------------------------------
----------------------------------------------------------------------
ASP (a) $896 $1,048 $1,019 $994
----------------------------------------------------------------------
ASP of Chartered's share
of SMP revenues $1,552 $1,485 $1,419 $1,474
----------------------------------------------------------------------
ASP including Chartered's
share of SMP $1,002 $1,103 $1,068 $1,018
----------------------------------------------------------------------
(a) Determined in accordance with US GAAP
Breakdown by Market Sector
Revenues (US GAAP) Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Communications 45% 46% 52% 55% 47%
----------------------------------------------------------------------
Computer 33% 31% 27% 26% 36%
----------------------------------------------------------------------
Consumer 18% 20% 17% 15% 13%
----------------------------------------------------------------------
Other 4% 3% 4% 4% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Chartered's share of SMP revenues Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Communications 58% 51% 64% 52% 54%
----------------------------------------------------------------------
Computer 33% 36% 31% 44% 40%
----------------------------------------------------------------------
Consumer 8% 11% 3% 2% 3%
----------------------------------------------------------------------
Other 1% 2% 2% 2% 3%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 20042Q 2004 3Q 2004
----------------------------------------------------------------------
Communications 49% 47% 55% 55% 48%
----------------------------------------------------------------------
Computer 33% 32% 28% 29% 36%
----------------------------------------------------------------------
Consumer 15% 18% 14% 13% 12%
----------------------------------------------------------------------
Other 3% 3% 3% 3% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Breakdown by Region
Revenues (US GAAP) Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 20043Q 2004
----------------------------------------------------------------------
Americas 64% 65% 69% 68% 65%
----------------------------------------------------------------------
Europe 13% 11% 9% 9% 9%
----------------------------------------------------------------------
Asia-Pacific 19% 20% 19% 20% 22%
----------------------------------------------------------------------
Japan 4% 4% 3% 3% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Chartered's share of SMP Revenues Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Americas 55% 47% 56% 44% 40%
----------------------------------------------------------------------
Europe 33% 34% 30% 42% 46%
----------------------------------------------------------------------
Asia-Pacific 4% 14% 10% 11% 12%
----------------------------------------------------------------------
Japan 8% 5% 4% 3% 2%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
Americas 62% 61% 66% 64% 61%
----------------------------------------------------------------------
Europe 18% 16% 13% 14% 15%
----------------------------------------------------------------------
Asia-Pacific 15% 19% 18% 18% 20%
----------------------------------------------------------------------
Japan 5% 4% 3% 4% 4%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Breakdown by Technology (micron)
Revenues (US GAAP) Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
0.13 and below 10% 13% 15% 18% 17%
----------------------------------------------------------------------
Up to 0.15 0% 0% 0% 0% 0%
----------------------------------------------------------------------
Up to 0.18 8% 17% 17% 18% 13%
----------------------------------------------------------------------
Up to 0.25 27% 21% 20% 21% 21%
----------------------------------------------------------------------
Up to 0.35 31% 26% 27% 30% 33%
----------------------------------------------------------------------
Above 0.35 24% 23% 21% 13% 16%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Chartered's share of SMP Revenues Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
0.13 and below 0% 0% 2% 8% 9%
----------------------------------------------------------------------
Up to 0.15 58% 69% 67% 48% 34%
----------------------------------------------------------------------
Up to 0.18 40% 30% 30% 35% 42%
----------------------------------------------------------------------
Up to 0.25 2% 1% 1% 9% 15%
----------------------------------------------------------------------
Up to 0.35 0% 0% 0% 0% 0%
----------------------------------------------------------------------
Above 0.35 0% 0% 0% 0% 0%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
Revenues including Chartered's share of SMP Percentage of Total
----------------------------------------------------------------------
3Q 2003 4Q 2003 1Q 2004 2Q 2004 3Q 2004
----------------------------------------------------------------------
0.13 and below 8% 10% 12% 17% 16%
----------------------------------------------------------------------
Up to 0.15 15% 16% 13% 8% 5%
----------------------------------------------------------------------
Up to 0.18 16% 20% 20% 21% 18%
----------------------------------------------------------------------
Up to 0.25 20% 16% 16% 19% 20%
----------------------------------------------------------------------
Up to 0.35 23% 20% 22% 24% 28%
----------------------------------------------------------------------
Above 0.35 18% 18% 17% 11% 13%
----------------------------------------------------------------------
Total 100% 100% 100% 100% 100%
----------------------------------------------------------------------
About Chartered Chartered Semiconductor Manufacturing, one of the world's top three dedicated foundries, is forging a customized approach to outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, semiconductor manufacturing by building lasting and collaborative partnerships with its customers. The Company provides flexible and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. manufacturing solutions for customers, enabling the convergence convergence Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite. of communications, computing computing - computer and consumer markets. In Singapore, Chartered operates four fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. facilities with a fifth fab, the Company's first 300mm facility, expected to begin pilot production by the end of 2004. A company with both global presence and perspective, Chartered is traded on both the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (NASDAQ:CHRT) and on the Singapore Exchange (SGX-ST:CHARTERED). Information about Chartered can be found at www.charteredsemi.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the provisions of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our outlook for the fourth quarter of 2004; projected revenues and average selling prices (including Chartered's share of SMP); utilization rate, gross profit, net income and earnings per ADS; the 90-nm SOI manufacturing capability; the collaboration Working together on a project. See collaborative software. network with incubation and service centers in China, the transaction to reduce the conversion premium of the Notes; the market weakness, the efforts to enhance our market reach through engagements in leading-edge technologies and the utilization of 0.25-micron and 0.18-micron technologies; our goals to reduce our breakeven utilization rate and our expectation of Fab 7 achieving close to breakeven or breakeven in fourth quarter 2005 at approximately 9,000 wafers per month (12-inch) capacity, 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: changes in market outlook and trends, specifically in the foundry services and communications and computer markets; demands from our major customers; the growth rate of fabless companies Fabless Company The Fabless Semiconductor Association (FSA) defines fabless as follows: Fabless (without fab) refers to the business methodology of outsourcing the manufacturing of silicon wafers, which hundreds of semiconductor companies have adopted. and the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. strategy of integrated device manufacturers See IDM. ; the rate of the semiconductor market recovery; economic conditions in the United States as well as globally; unforeseen delays or interruptions in our plans for our fabrication facilities; the performance level of and technology mix in our fabrication facilities; our progress on leading edge products; the successful implementation of our partnership, technology and supply alliances and competition. 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 at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . In addition to the foregoing factors, a description of certain other risks and uncertainties which could cause actual results to differ materially can be found in the section captioned "Risk Factors" in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of management on 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.
CHARTERED SEMICONDUCTOR MANUFACTURING LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US Dollars, except share and per share data)
Determined in accordance with US GAAP
Three Months Ended Nine Months Ended
September 30, September 30,
2003 2004 2003 2004
-------------------------------------------------
Net revenue $137,673 $257,283 $ 369,159 $741,523
Cost of revenue 159,359 199,772 476,675 579,462
-------------------------------------------------
Gross profit (loss) (21,686) 57,511 (107,516) 162,061
-------------------------------------------------
Operating expenses:
Research and
development 30,287 28,427 93,397 91,447
Fab start-up costs 2,535 11,550 6,927 23,257
Sales and marketing 8,262 9,188 28,432 27,201
General and
administrative 10,803 9,109 25,156 27,530
Other operating
expenses 3,309 (4,499) (17,654) (677)
-------------------------------------------------
Total operating
expenses 55,196 53,775 136,258 168,758
-------------------------------------------------
Operating income
(loss) (76,882) 3,736 (243,774) (6,697)
Equity in income of
SMP 8,794 16,057 8,512 37,969
Other income 4,642 2,825 18,014 27,532
Interest income 2,696 2,646 9,729 8,100
Interest expense (11,682) (6,252) (31,889) (25,439)
Exchange gain (loss) 363 (273) 150 22
-------------------------------------------------
Income (loss) before
income taxes (72,069) 18,739 (239,258) 41,487
Income tax expense (3,820) (2,512) (11,809) (8,088)
-------------------------------------------------
Income (loss) before
minority interest (75,889) 16,227 (251,067) 33,399
Minority interest in
loss of CSP - - 9,491 -
-------------------------------------------------
Net income (loss)
prior to cumulative
effect adjustment (75,889) 16,227 (241,576) 33,399
Cumulative effect
adjustment - - (6,421) -
-------------------------------------------------
Net income (loss) $(75,889) $ 16,227 $(247,997) $ 33,399
=================================================
Net earnings (loss) per share and ADS
Basic and diluted
net earnings (loss)
per share:
Prior to cumulative
effect adjustment $(0.03) $ 0.01 $ (0.10) $ 0.01
Cumulative effect
adjustment - - - -
-------------------------------------------------
Net income (loss)
per share $(0.03) $ 0.01 $ (0.10) $ 0.01
=================================================
Basic and diluted
net earnings (loss)
per ADS:
Prior to cumulative
effect adjustment $(0.30) $ 0.06 $ (0.97) $ 0.13
Cumulative effect
adjustment - - (0.02) -
-------------------------------------------------
Net income (loss)
per ADS $(0.30) $ 0.06 $ (0.99) $ 0.13
=================================================
Number of shares (in
millions) used in
computing :
Basic net earnings
(loss) per share 2,503.0 2,509.0 2,501.3 2,508.1
Effect of dilutive
options - 7.2 - 10.3
-------------------------------------------------
Diluted net earnings
(loss) per share 2,503.0 2,516.2 2,501.3 2,518.4
=================================================
Number of ADS (in
millions) used in
computing :
Basic net earnings
(loss) per ADS 250.3 250.9 250.1 250.8
Effect of dilutive
options - 0.7 - 1.0
-------------------------------------------------
Diluted net earnings
(loss) per ADS 250.3 251.6 250.1 251.8
=================================================
CHARTERED SEMICONDUCTOR MANUFACTURING LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of US Dollars)
Determined in accordance
with US GAAP
----------------------
As of
December 31,September 30,
2003 2004
----------------------
ASSETS
Cash and cash equivalents $ 905,472 $ 631,268
Receivables, net 176,788 168,025
Inventories 56,433 84,032
Other current assets 20,264 8,647
----------------------
Total current assets 1,158,957 891,972
Investment in SMP 62,257 104,162
Property, plant and equipment, net 1,539,440 1,962,783
Technology licenses, net 126,713 126,644
Other non-current assets 133,660 163,480
----------------------
Total assets $3,021,027 $3,249,041
======================
LIABILITIES AND SHAREHOLDERS' EQUITY
Payables $ 71,543 $ 253,885
Accrued operating expenses 115,520 102,534
Current installments of long-term debt 223,660 351,428
Other current liabilities 65,912 51,628
----------------------
Total current liabilities 476,635 759,475
Long-term debt, excluding current installments 989,092 886,577
Other non-current liabilities 60,745 70,317
----------------------
Total liabilities 1,526,472 1,716,369
Shareholders' equity 1,494,555 1,532,672
----------------------
Total liabilities and shareholders' equity $3,021,027 $3,249,041
======================
CHARTERED SEMICONDUCTOR MANUFACTURING LTD AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US Dollars)
Determined in accordance
with US GAAP
For The Nine Months
Ended September 30,
2003 2004
----------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ (247,997) $ 33,399
Adjustment to reconcile net income (loss) to
net cash provided by operating activities:
Cumulative effect adjustment 6,421 -
Equity in income of SMP (8,512) (37,969)
Depreciation and amortization 331,042 327,819
Foreign exchange loss 319 111
Minority interest in loss of CSP (9,491) -
Gain on disposal of property, plant and
equipment (5,542) (1,180)
Cancellation of employee bonus award plan (27,531) -
Other (3,310) 5,451
Changes in operating working capital:
Receivables (25,582) (15,806)
Inventories (19,728) (27,599)
Other current assets (2,725) (2,009)
Payables and accrued operating expenses 15,799 (24,630)
Other current liabilities 15,018 (7,504)
-------------------------
Net cash provided by operating activities 18,181 250,083
-------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant,
equipment and other assets 2,397 45,847
Purchase of property, plant and equipment (188,623) (537,034)
Payment for technology licenses (33,950) (35,119)
Payment for other investments and deposits,
net (70,000) (32,695)
-------------------------
Net cash used in investing activities (290,176) (559,001)
-------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Debt
Borrowings 47,000 318,000
Repayments (65,033) (287,312)
Issuance of ordinary shares 2,710 3,687
Customer deposits, net (10,117) 450
-------------------------
Net cash provided by (used in) financing
activities (25,440) 34,825
-------------------------
Net decrease in cash and cash equivalents (297,435) (274,093)
Effect of exchange rate changes on cash and
cash equivalents (319) (111)
Cash and cash equivalents at the beginning
of the period 1,210,925 905,472
-------------------------
Cash and cash equivalents at the end of the
period $ 913,171 $ 631,268
=========================
All currency figures stated in this report are in US dollars. The financial statement amounts in this report are determined in conformance con·for·mance n. Conformity. Noun 1. conformance - correspondence in form or appearance conformity agreement, correspondence - compatibility of observations; "there was no agreement between theory and with US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . In order to provide investors additional information regarding the Company's financial results as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with US GAAP, in this report Chartered also provides information on its total business base revenues, which include the Company's share of Silicon Manufacturing Partners ("Revenues including Chartered's share of SMP"). Silicon Manufacturing Partners (SMP or Fab 5) is a minority-owned joint-venture company and under US GAAP reporting, SMP revenues are not consolidated into Chartered's revenues ("Revenues"). References to revenues including Chartered's share of SMP in this report are therefore not in accordance with US GAAP. To ensure clarity Clarity is the property of being clear or transparent. Clarity can refer to one's ability to clearly visualize an object or concept, as in thought, understanding, and the "mind's eye", as well as the traditional notion of visual perception, that is, with the , in Appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. A of this report we have included a reconciliation table which provides comparable data based on revenues determined in accordance with US GAAP, which do not include the Company's share of SMP. |
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