ChipPAC, Inc., a Santa Clara, Calif.-based provider of semiconductor packaging, test and distribution services, today announced net revenues for the first quarter ended March 31, were $89.9 million compared to $97.5 million in the same period a year ago.
The pro-forma net loss for the quarter was $7.3 million or 11 cents per share, 3 cents better than analysts' consensus, compared to a net loss of $600,000 or 1 cent per share in the year ago period.
First quarter 2001 pro-forma results exclude a previously announced one-time charge of $3.0 million related to the restructuring of the company's labor force.
"We are seeing positive signs that some segments, mainly computing and wireless, are working through inventories quicker than others," the company said. "Power packages have been relatively stable in comparison to other end markets. This resiliency and the prospects for the second half are encouraging based on the new customer qualifications and production ramps being forecasted.
"In general, though, our visibility remains limited as both end markets and our customers are keeping inventories and forecasts at cautious levels. Given current forecasts from customers andour internal estimates we expect revenue in the second quarter to be down 5% to 10% compared to the first quarter of 2001, with a reduced net loss of $0.08 to $0.11 per share."