Shares of ChipMos Technologies (Bermuda) Ltd. (NASDAQ: IMOS) surged more than 15% in today�s trading. The small cap stock reached a high of $1.97. At last check, it was up 13.94% to $1.88, with volume up from daily average of 1.30 million to 2.60 million. Taiwan-based ChipMOS is a provider of range of back-end testing services, which include engineering testing, wafer probing, and final testing of memory and mixed-signal semiconductors.
On Tuesday, ChipMOS reported its first quarter results. The company reported first quarter revenue of $115.7 million, up 2.3% on a sequential basis and 61% on year-over-year basis. Net income stood at $8.5 million, or $0.10 per share, in the first quarter. In the same period last year, the company reported a net loss of $8.9 million, or $0.11 per share. S.J. Cheng, Chairman and CEO of ChipMOS, said that the company�s quarterly performance was impressive in terms of revenue growth, and margin improvement. Cheng attributed the revenue growth to customer diversification and new business programs. He also said that the company has sufficient capacity at the moment to support customer forecasts. He also emphasized the fact that the restricting of balance sheet is starting to pay dividends now. Also, the broader rebound in the semiconductor sector is a positive for the company. The strong quarterly results and positive outlook resulted in the spike in the small cap stock in today�s trading.
Earlier this month, the company announced that it managed to regain compliance with the minimum bid price requirement of NASDAQ Listing Rule 5550(a) (2). The small cap stock has seen some price fluctuations in the past year. It has a 52-week range of $045-$2. The stock has a beta of 2.41, which again implies that it has been volatile. �Currently, the stock is trading above its 50-day and 200-day moving averages.
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