SINGAPORE -- Silicon foundry supplier Chartered Semiconductor Manufacturing Pte. Ltd. here today posted sales of $76.1 million for the fourth quarter of 2001, down 76.1% from $318.7 million in the same period a year ago and a 4% sequential drop from $79.1 million in the prior quarter.
The Singapore-based company also posted a loss of $127.2 million in the quarter, compared to a profit of $77.4 million in Q4 of 2000.
The company's total fab-utilization rate improved to 25% in the quarter, up from 22% in the third period of this year. Shipments in fourth quarter were 72,100 8-inch equivalent wafers, a decrease of 70.5% compared from like period a year ago but up 12% sequentially.
Chartered also said it was cutting overall capital spending by 18.3% in 2002 to $400 million from $490 million in 2001. The world's third largest pure-play silicon foundry supplier indicated that it has pushed back the start of a planned 300-mm wafer fab in Singapore by a number of months to the end of 2003 as it waits for market demand to recover (see today's story).
For the entire year, Chartered reported sales of $462.7 million in 2001, a 58% drop from $1.1 billion in 2000. The company had a net loss of $384 million in 2001 vs. a net income of $244.8 million in 2000.
"The market environment in 2001 was the most challenging in the history of the semiconductor industry, as shipments contracted at a record pace," said Barry Waite, president and CEO of Chartered.
"Chartered revenues last year were severely affected by this general market weakness and additionally by our exposure to the communications market, an industry segment expected to have high long-term growth but one that was disproportionately impacted in this downturn," Waite said.
There were positive signs for the company during the fourth quarter of 2001. "During the fourth quarter, we were pleased to see growing signs of stabilization in our business and in the broader semiconductor market, after three quarters of sharp fall-off," he said.
"The fact that Chartered was able to meet its fourth quarter revenues and earnings guidance is also quite encouraging as we now move into a year of expected market recovery," Waite added.
For the first quarter of 2002, Chartered expects a loss of $136-to-$139 million. Sales are projected to be flat to up in the "mid-single digits," according to the company.
Its overall fab-utilization rate is expected to be in the "mid-to-high" 20-percentage range, said Chartered.
