FREMONT, Calif. -- ChipPAC Inc. here today reported sales of $76.8 million for its fourth quarter ended Dec. 31, a 41.9% decline from $132.2 million in the period a year ago but up 3% from $79.1 million in the previous quarter.
The company also posted a net loss of $60.1 million, or minus $0.87 a share, in the quarter, compared to a profit of $2.7 million, or $0.04 a share, a year ago.
It also reported revenues of $328.7 million for 2001, down 33.5% from 2001. It posted a loss of $93.7 million in 2001, compared to a profit of $12.1 million in 2000.
"2001 was the worst year in the history of the semiconductorindustry," said Dennis McKenna, chairman and CEO of ChipPAC.
"The combination of a sequential improvement in revenue, reduced operating expenses, and stability in average selling prices
enabled ChipPAC to beat its initial guidance for the fourth quarter," he said.
"Overall, we believe 2002 will be significantly better for the industry and ChipPAC in particular," he said. "Based on our strategic success in our targeted markets and design win momentum with customers in 2001 we expect annual revenue growth of approximately 11% for 2002 with our profitability
improving sequentially through the year."
Revenues in the first quarter are expected to be in the range of $77-to-$74 million, with a reduced net loss from the prior quarter, in the range of minus $0.18 to $0.22 per diluted share.