7/23/2013
Inotera Reports Second Quarter 2013 Results


Taoyuan, Taiwan (R.O.C.), July 23rd, 2013 – Inotera Memories, Inc. (TWSE: 3474) today announced results for the second quarter of its fiscal year 2013, which ended on June 30th, 2013. Inotera achieved a record-high of NTD 12,747 million in sales revenues and an operating income of NTD 3,476 million. The net income of NTD 3,472 million recorded for the quarter is equal to earnings per share of NTD 0.62. Cost of goods sold for the second quarter include a reversal of previous write-downs for the carrying value of work-in-process inventories in the amount of approximately NTD 83 million. All numbers are un-audited, and the earnings-per-share calculation is based on weighted average outstanding shares of 5,642 million.

The 48% increase in sales revenues quarter-on-quarter was mainly a result of a 34% increase in average sales revenue per wafer and a 10% growth in wafer shipments for the second quarter of 2013. The company’s gross margin and operating margin reached 28% and 27%, respectively, a significant improvement over the negative 3% and negative 5%, respectively, recorded in the previous quarter.

Inotera raised approximately NTD 6 billion by issuing 634 million new common shares to Nanya Technology Corp. and Nan Ya Plastic Corp. via private placement in May, 2013. The profits for the second quarter in combination with the completion of private placement have brought up the company’s book value per share to NTD 5.07 as of June 30th, 2013.

Inotera has completed its full conversion to 30nm technology. Bit shipments in the second quarter of 2013 were up 19% quarter-on-quarter. The company expects its sequential bit shipments growth in the third quarter to be in the single-digit percent range. Moreover, Inotera is continuously optimizing its manufacturing efficiency to meet new products’ requirements, and expects to introduce two to three more DRAM products in the second half year of 2013.

Capital expenditures on a book-entry basis were NTD 2.6 billion for the first half year. In order to enhance 30nm-capability for broad applications and commence early 20nm-preparation, Inotera raises the capital expenditure estimate for 2013 from the previous guidance of NTD 4.5 billion to NTD 8 billion.


About Inotera
Inotera Memories, Inc. was incorporated on January 23rd, 2003. Inotera's production facilities are designed to manufacture high-density and high-performance DRAM(Dynamic Random Access Memory)products using state-of-the-art technology. The combination of world-leading technology transferred from its technology partners and local cost-efficiency in mass production has resulted in an innovative company that is highly productive, highly competitive and at the leading edge in the DRAM industry. For more information, please visit Inotera's IR Website:http://ir.inotera.com


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Spokesperson Charles Kau, Chairman         

Press Contact Ivy Hung, IR / PR Department
Tel. 03-327-2988 Ext. 3371 E-mail:ivyhung@inotera.com

Disclaimer

This press release contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate," “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” forecast,” “project,” “predict,” “potential,” “continue,” “may,” “should,” “will” and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events, and actual results may differ materially from those expressed or implied by such statements. The forward-looking statements in this press release include, but are not limited to, growth rates for various markets estimated by a third party source, future products and technology development, widespread market acceptance of the hosted delivery model, future revenue growth and profitability. You should be cautioned that the forward-looking statements are not the guarantees of our future performance. The forward-looking statements contained in this press release are made only as of the date of this press release and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.

This press release and the information contained herein are the property of Inotera Memories, Inc.

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