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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
MEDIA CONTACTS: INVESTOR CONTACTS:
Rita Srinivasan Larry James
+65.9674.1520 +1.408.941.1110
[email protected] [email protected]
Maggie Tan Suresh Kumar
+65.360.4705 +65.360.4060
[email protected] [email protected]
Barbara Kalkis
Maestro Public Relations
+1.408.996.9975
[email protected]
CHARTERED SEMICONDUCTOR EXPECTS SIGNIFICANT IMPROVEMENT IN SECOND QUARTER 2000
PROFITS AND IN FULL YEAR 2000 PROFITS
SINGAPORE - June 30, 2000 -- Chartered Semiconductor Manufacturing (Nasdaq: CHRT
and SGX-ST: CHARTERED) has announced that revenues in the second quarter ending
June 30, 2000 are anticipated to be above expectations and profits are
anticipated to be substantially above expectations. The improved outlook is due
primarily to a combination of accelerated productivity improvements in
manufacturing operations, a higher average selling price due to better mix and
enhanced pricing, and higher wafer shipments.
Based on available information, the company anticipates that revenues in the
second quarter will be up approximately ten percentage points from the first
quarter level and net income as a percent of revenue will be up four to five
percentage points from the first quarter level. Gross profit margin, which
originally had been expected to be down sharply from the first quarter level due
primarily to the impact of the Fab 6 start-up, is now expected to be down
approximately two percentage points.
Based on current trends and visibility with regard to market demand and
operational performance, the company now anticipates that earnings per share in
the third quarter and
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fourth quarter of 2000 will approximate the level currently expected for the
second quarter, despite the burden of the Fab 6 and Fab 7 start-ups.
Chartered plans to report final results for the second quarter on Friday, July
21 Singapore time, before the Singapore market opens, which is Thursday July 20
U.S. time, after the U.S. market closes. Further details of the reporting
schedule may be found on the company's website at www.charteredsemi.com
ABOUT CHARTERED
Chartered Semiconductor Manufacturing (Nasdaq:CHRT and SGX-ST:Chartered) is one
of the world's top three independent foundries providing wafer fabrication
services. Guided by the tenets of trust, service, partnership, advanced
technology and stability, the Company aims to provide world-class semiconductor
foundry services that enable customers to create and deliver market-leading
system-level solutions. Chartered operates five fabrication facilities that
serve high-growth, technologically advanced applications such as communications
and networking. Headquartered in Singapore, Chartered employs approximately 3400
people at its 11 locations in North America, Asia and Europe.
Chartered is traded in the United States on Nasdaq and in Singapore on the
Singapore Exchange Securities Trading Limited (SGX-ST). The Company reported
1999 revenues of US $694.3 million. For more information, visit the Company's
website 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 relate to the Company's anticipated
results for the second quarter ending June 30, 2000 and for the Company's
anticipated earnings per share for the third and fourth quarters of 2000, and
reflect the Company's current views with respect to these results, and are
subject to certain risks and uncertainties, which could cause actual results to
differ materially from those anticipated. For example, the Company's anticipated
results for the second quarter ending June 30, 2000 could vary from current
estimates. Additionally, changes in market outlook, customer demand and the
Company's ability to achieve its capacity acceleration plans could affect the
Company's anticipated earnings per share for the third and fourth quarters of
2000. Although the Company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be attained. A description of certain of
the risks and uncertainties which could cause actual results to differ
materially from those indicated in the forward-looking statements 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. The Company
undertakes no obligation to publicly
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update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
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