CHARTERED
IMPROVES FIRST QUARTER REVENUE AND EARNINGS OUTLOOK
SINGAPORE - March 1, 2002 - Today, in its scheduled mid-quarter update, Chartered
Semiconductor Manufacturing (Nasdaq: CHRT and SGX-ST: CHARTERED) improved its
first-quarter revenue and earnings guidance, which was originally provided on
January 29, 2002.
Chartered's current assessment is that both revenues
and earnings will be at the high end of the previously provided guidance range.
Revenues are now expected to be up mid-single digits from fourth quarter 2001.
This compares to prior guidance of "flat to up mid-single digits." Loss per American
Depositary Share (ADS) is now expected to be approximately $0.98, compared to
prior guidance of a $0.98 to $1.00 loss. Average Selling Price (ASP), previously
expected to be "down mid-single digits" from prior quarter, is now expected to
be flat to down a few percentage points. Utilization is still expected to be in
the mid-to-high-20s.
"We are encouraged by the trends in our business
this quarter and by the continuing signs of improved confidence we are seeing
within our customer base," said Chia Song Hwee, senior vice president, CFO & CAO
of Chartered. "While modest, the improvement in our guidance does tend to substantiate
our expectation that the industry is in the early stages of recovery and that
Chartered's revenue growth should gain momentum as we move through the year."
Chartered
plans to release its first-quarter 2002 earnings on Friday, April 19, 2002, Singapore
time, before the Singapore market opens.
Chartered's original guidance
for first quarter 2002 was published in the company's fourth-quarter 2001 earnings
release which can be found at http://www.charteredsemi.com.
About Chartered
Chartered Semiconductor Manufacturing, one of the world's
top three silicon foundries, is forging a customized approach to outsourced semiconductor
manufacturing by building lasting and collaborative partnerships with its customers.
The Company provides flexible and cost-effective manufacturing solutions for customers,
enabling the convergence of communications, computing and consumer applications.
In Singapore, Chartered operates five fabrication facilities and has a sixth fab
in the process of being developed as a 300mm facility.
A company with
both global presence and perspective, Chartered is traded on both the Nasdaq Stock
Market (Nasdaq: CHRT) and on the Singapore Exchange (SGX-ST: CHARTERED). Chartered's
4,000 employees are based at 12 locations around the world. 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 our near term outlook for the year 2002 including projected revenues, loss
per American Depositary Share, average selling price, utilization, and our expectation
of the market recovery 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: the successful implementation of our partnership, technology and
supply alliances; unforeseen delays or interruptions in our plans for our fabrication
facilities, including Fab 7; the performance level of our fabrication facilities;
changes in market outlook and trends, specifically in the foundry services and
communications segments; economic conditions in the United States as well as globally;
customer demands; availability of materials, equipment, manpower and timely regulatory
approvals; commitments to purchase certain equipment based on a particular technology
mix; availability of financings and terms thereof; changes in interest rates and
continued success in our business strategies and technological advances. 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 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.
