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ChipMOS Posts Q4 Figures

HSINCHU, Taiwan — ChipMOS TECHNOLOGIES (Bermuda) LTD. (“ChipMOS” or the “Company”) (Nasdaq: IMOS) today reported unaudited consolidated financial results for the fourth quarter ended December 31, 2011 and full year 2011. All U.S. dollar figures in this release are based on the exchange rate of NT$30.27 against US$1.00 as of December 30, 2011.

Net revenue on a US GAAP basis for the fourth quarter of 2011 was NT$4,608.8 million or US$152.3 million, an increase of 6.6% from NT$4,322.6 million or US$142.8 million for the same period in 2010 and an increase of 3.3% from NT$4,461.5 million or US$147.4 million in the third quarter of 2011. The 2011 fourth quarter over third quarter sequential growth is at the high-end of prior guidance.

Net income on a US GAAP basis for the fourth quarter of 2011 was NT$29.1 million or US$1.0 million, and NT$1.08 or US$0.04 per basic common share and NT$1.07 or US$0.04 per diluted common share.

Under US GAAP, net revenue for the fiscal year ended December 31, 2011 was NT$18,210.9 million or US$601.6 million, an increase of 5.8% from NT$17,209.7 million or US$568.5 million for the fiscal year ended December 31, 2010. Under US GAAP, net income for the fiscal year ended December 31, 2011 was NT$46.1 million or US$1.5 million, and NT$1.73 or US$0.06 per basic and NT$1.71 or US$0.06 per diluted common share. Net income for the fiscal year ended December 31, 2011 under US GAAP includes non-cash loss for changes in the fair value of the embedded derivative liabilities of NT$57.1 million or US$1.9 million and amortization of discount on convertible notes of NT$1.3 million or US$0.04 million.

Excluding the above special items regarding the convertible notes, non-GAAP adjusted net income for the fiscal year ended December 31, 2011 was NT$104.5 million or US$3.4 million, and NT$3.93 or US$0.13 per basic common share and NT$3.88 or US$0.13 per diluted common share.

The unaudited consolidated financial results of ChipMOS for the year ended December 31, 2011 included the financial results of ChipMOS TECHNOLOGIES INC., ChipMOS U.S.A., Inc., MODERN MIND TECHNOLOGY LIMITED and its wholly-owned subsidiary ChipMOS TECHNOLOGIES (Shanghai) LTD., and ThaiLin Semiconductor Corp.

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, “We are pleased to report that we exited 2011 with increased momentum in our revenue and profitability growth, an improved financial position, and positive business prospects. We believe that our strategic focus on higher revenue and higher margin opportunities helped drive this growth, and helped us to further strengthen our balance sheet. We ended 2011 with US$243.1 million in cash and cash equivalents, after having reduced total debt by US$134.5 million in 2011. We believe that we have firmly established ChipMOS as one of the industry's most important outsourced semiconductor assembly and testing services companies. We are aggressively focused on building on our position in key markets, including our LCD assembly and test business and are highly optimistic for the Company's prospects in 2012. We continue to expect revenue growth of approximately 10% in 2012.”

S.K. Chen, Chief Financial Officer of ChipMOS, said, “Gross profit for the full year 2011 increased to US$52.8 million compared to US$19.0 million in 2010. For the full year 2011, our blended utilization rate was 75%, with an increase to 72% in 4Q11 compared to 68% in the same period 2010. The improvement reflects the considerable growth in our LCD driver segment, which was up 25% for the full year 2011 compared to 2010, representing 22% of total revenue in 2011 compared to 19% in 2010. The growth in our bumping segment was also significant, which was up 48% for the full year 2011 compared to 2010, representing 13% of total revenue in 2011 compared to 9% in 2010. Our balance of cash and cash equivalents was improved to US$243.1 million as of December 31, 2011, compared to US$236.0 million as of December 31, 2010. We reduced the Company's total debt by US$134.5 million in 2011, resulting in an improvement of our net debt to equity ratio to 22.6% as of December 31, 2011 compared to 66.8% at the end of 2010. Finally, we have repurchased approximately 47,100 shares valued at approximately US$362.0 thousand under our share repurchase program as of March 15, 2012. With a continued disciplined business and capital expense strategy, we expect to generate positive free cash flow for the full year 2012.”

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