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Exhibit 99.1
N E W S R E L E A S E
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MEDIA CONTACTS:
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Chartered Singapore: For Chartered:
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Rita Srinivasan Laurie Stanley, Wired
(65) 360.4368 Island, Ltd.
[email protected] (1) 510.656.0999
[email protected]
INVESTOR CONTACTS:
Larry James Suresh Kumar
(1) 408.941.1110 (65) 360.4060
[email protected] [email protected]
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CHARTERED ADOPTS NEW DISCLOSURE POLICY
REITERATES FOURTH QUARTER GUIDANCE
ISSUES COMMENTS ON 2001 OUTLOOK
SINGAPORE - December 21, 2000 -- Chartered Semiconductor Manufacturing
(Nasdaq: CHRT and SGX-ST: CHARTERED) today reiterated its earlier earnings
guidance for the fourth quarter 2000. Assuming that recent trends continue, the
Company expects that fourth quarter earnings per American Depositary Share (ADS)
will be approximately US$0.50 to US$0.52, and earnings per share (EPS) will be
approximately US$0.05, all figures on a diluted basis. The Company expects that
sequential revenue growth in the fourth quarter will be in the mid-single
digits.
Visibility into 2001 is less clear at this stage, given the turbulence in many
of the Company's end product markets and the evolving near term economic
outlook. If recent market trends continue, it appears likely that Chartered will
need to lower its prior guidance for year 2001 revenue and earnings. Also, based
on the most recent trends, sequential revenue growth in the first quarter 2001
is likely to be down instead of up 5% as the Company had previously expected.
The Company will be completing its normal planning process over the coming weeks
and will be providing updated guidance for 2001 when it reports its fourth
quarter and year 2000 earnings results on January 30, 2001, Singapore time.
In commenting on the current outlook, Barry Waite, president & CEO of Chartered
said, "While it appears that near term demand in many of the Company's end
markets is being adversely impacted by inventory corrections, we believe that
the long term
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outlook for the foundry services market has never been brighter due primarily to
the compelling economics of outsourcing and the high growth rate of fabless
semiconductor companies. Chartered will continue to focus its actions in such a
way to take maximum advantage of this opportunity."
This update is being issued consistent with the policy the Company has chosen to
adopt in light of the new US Securities and Exchange Commission Regulation FD
(Fair Disclosure). Under its new practice, the Company anticipates issuing a
mid-quarter guidance update, via news release, once each quarter on an on-going
basis.
The Company plans to issue its fourth quarter and year 2000 earnings release on
January 30, 2001, before the Singapore market open (January 29, 2001, after the
U.S. market close). The release will be available on Chartered's website, First
Call and other news wire services. The Company will also webcast its earnings
conference call live at http://www.charteredsemi.com/investor/index_investor.htm
on January 30, 2001 at 8:30am, Singapore time (January 29, 2001 at 4:30pm
PT/7:30pm ET, U.S. time). The replay will be available on the website for one
week.
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 sixth fab under construction.
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 1999 revenues of US$694.3 million. More than 3400 Chartered employees
are based at 11 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 Company's performance in the near term, the statements
relating to the near term and longer term market outlook and the appropriateness
of the Company's business model and strategy, 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: the successful
implementation of our partnership, technology and supply alliances; unforeseen
delays or interruptions in the construction and ramp up of our fabrication
facilities; the performance level of our fabrication facilities; changes in
market outlook and trends; changes in economic fundamentals; customer demands;
availability of materials, equipment, manpower and timely regulatory approvals,
availability of financing and terms thereof and continued success in
technological advances; unforeseen delays or difficulties in the implementation
of the Company's technology roadmap. Although the Company believes the
expectations reflected in such forward looking statements are based upon
reasonable
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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 current view of management on 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.
