These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance, financial condition or results of operations of the company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements.Further information regarding these risks, uncertainties and other factors is included in the company's most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission, and in the company's other filings with the SEC. At this time, I would like to now turn the call over to Mr. S.J. Cheng. Please go ahead, sir. S.J. Cheng Yeah. Thank you, David. Welcome everyone to our second quarter 2012 conference call. Hopefully, you all had time to review our earnings release. This was another strong quarter for us. All metrics of the business show how healthy ChipMOS is. We achieved high growth in the right segment from the right customers. We feel confident in both our customer and the business segment earnings. Our effort to align ChipMOS with companies that are growing and taking market share in the LCD driver segment continue to pay off for us. Our focus on highest margin segment of our business led to revenue growth above 10% and more than covering our growth margin to nearly 13%. We continue to generate very healthy cash flow number. We remained focus on give out cost in check and CapEx an operating enable. Overall, we are very pleased with the quarter. Quarter two demonstrated the strength of our model and enables in our business, and while we are pleased with the quarter, we had not intended on letting up rather we are putting everyone across similar global organization to working harder, to sale more in order to achieve great success. Also we remain to further improve our financial performance that we work to try higher value for all our shareholders. In terms of specific results for the second quarter we achieved revenue growth of 10.2% in Q2 compared to Q1. Additionally, we further improved gross margin to 12.8% in Q2, up from 6.2% in Q1 2012.
Revenue growth in Q2 was mainly driven by our memory business. Specifically, in DRAM and flash product, which increased 8.8% and 15.8% compared to Q1, respectively.We are also pleased with the revenue growth achieved in our mixed-signal and LCD driver business compared to Q1 which also showed robust growth of 9.8% and 8.4%, respectively. Our overall utilization rate acting by quarter improved to 78%, compared to 73% in Q1 2012. Let’s turn to our Q3 outlook. Based on exiting customer focus we currently expect revenue growth of about 4% to 8% for the third quarter 2012 as compared to the second quarter, with gross margin on consolidated basis further improved to above 12% to 18%. Based on our current plan we expect strength in our LCD driver business to continue as we move through 2012. The Gold Bumping business is expected to grow 15% in Q3 with expected growth of above 6% to 8% growth for both chip-on-film and chip-on-glass, assembly and testing business is forceable. Our DRAM and mixed-single business are both expected to be up in a low single digit, while our wafer testing business of fab product is expected to be slightly softer in Q3 compared to Q2. Before I turn the call over to S.K., I want to spend couple of minutes to discuss our recent dividend announcement and business development. Firstly, there had been a lot of market uptick regarding our major U.S. DRAM customer issues from LCD sales organization team. We had received many inquiries on how our customer decision can influence our further business strategy and we make some plan. We see that longer term this can be a potential positive for ChipMOS and industry, in short-term though it is too early to know how this will be settle out and what the impact if any would be on our business with a view of combination as a positive for LCDs, micro and industry. Read the rest of this transcript for free on seekingalpha.com