|
|
 |
|
|
-
CHARTERED
REITERATES REVENUE AND EARNINGS GUIDANCE FOR FOURTH
QUARTER 2001
SINGAPORE
- December 12, 2001 - In its scheduled mid-quarter update
today, Chartered Semiconductor Manufacturing (Nasdaq:
CHRT and SGX-ST: CHARTERED) reaffirmed its fourth-quarter
revenue and earnings guidance, which was originally
provided on October 23, 2001.
"The quarter is progressing much as we had expected,
and we remain on track to achieve our revenue guidance
of 'flat to down 5%, compared to the third quarter,'
and our EPS guidance of 'a loss per ADS of approximately
95 to 97 cents,' respectively," said Chia Song Hwee,
senior vice president, CFO & CAO of Chartered. "In addition,
we expect shipments and the resultant utilization to
be somewhat better than previously projected, and therefore
our utilization guidance has improved to 'mid-20s' compared
to the prior guidance of 'low to mid-20s,' and compared
to the third quarter's 22% utilization level.
"We are also making good progress this quarter in enriching
the technology mix of our shipments," said Chia. "We
expect the percentage of revenues attributable to 0.18-micron
product to more than double this quarter, compared to
the third-quarter level of 4%. Primarily due to variations
in customer and product mix this quarter, we now expect
that our average selling price (ASP) will decline approximately
5-10% from third quarter. This compares to our original
guidance of 'down 5%.' We still anticipate being within
the range of our original third-quarter gross profit
margin guidance which was 'a loss of approximately $79
million to $81 million,' as operational improvements
are expected to offset the impact of additional price
decline."
"Although the quarter is not yet over and the near-term
economic outlook remains unclear, we are encouraged
by the early signs of stability that we are beginning
to see in our business and in the industry," said Barry
Waite, president & CEO. "We believe that the coming
upturn will further strengthen the outsourcing trend
and reinforce the validity of the fabless business model.
With our leading-edge technology, capacity and service
infrastructure, we expect to be better positioned than
ever before to win during the next phase of foundry
growth."
Chartered plans to release its fourth quarter and year-end
earnings on Tuesday, January 29, 2002, Singapore time.
Chartered's original guidance for fourth quarter was
published in the company's third-quarter earnings release
which can be found at http://www.charteredsemi.com
About Chartered
Chartered Semiconductor Manufacturing is one of the
world's top three silicon foundries. The Company's business
model is distinguished by its strategy to build trusted
long-term relationships, where manufacturing is part
of a larger customer-service focus that includes joint
development and implementation of new process technologies
supporting novel applications within the broad communications
market. Chartered operates five semiconductor fabrication
facilities at its Singapore headquarters, with a substantially
completed sixth fab that is in the process of being
equipped as a 300mm facility.
A Company with both global presence and perspective,
Chartered is traded on both the Nasdaq Stock Market
in the United States (Nasdaq: CHRT) and on the Singapore
Exchange Securities Trading Limited in Singapore (SGX-ST:
CHARTERED). The Company reported 2000 revenues of over
US$1.1 billion. More than 4,300 Chartered employees
are based at 12 locations around the world. Information
about Chartered Semiconductor Manufacturing 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 United
States Private Securities Litigation Reform Act of 1995.
These forward-looking statements, including without
limitation, statements relating to the Company's projected
revenues, average selling price, utilization, gross
profit margin, loss per ADS and technology mix, reflect
the Company's 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 and economic conditions; customer
demands; the successful implementation of our partnership,
technology and supply alliances; unforeseen delays or
interruptions in the equipping of our fabrication facilities;
the performance level of our fabrication facilities;
availability of materials, equipment, manpower and timely
regulatory approvals, the availability of financing
and terms thereof and the continued success in technological
advances. Although the Company believes the expectations
reflected in such forward looking statements are based
upon reasonable assumptions, it can give no assurance
that these expectations will be attained. 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 the Company's 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 management's
current view of future events. The Company undertakes
no obligation to publicly update or revise any forward
looking statements, whether as a result of new information,
future events or otherwise.
|
|
|
|
