Ltd. reported an unaudited $156,000 profit for the first quarter of fiscal 1994 - a 15 percent increase over the same period last year.

For the same quarter last fiscal year, ending December 31, 1992, Chips recorded a $133,000 profit.

The company, which traded on the Bermuda Stock Exchange for the first time last week, reported a $801,000 profit for fiscal 1993 last year -- an increase of 29 percent over the previous financial year.

"The good performance so far in Chips' first quarter is the result of our ability to answer to our clients' needs with quality products and service, and to stand by our motto `We deliver''', said Mr. William Gresham, Chip's president and CEO.

Chips is presently offering 340,000 common shares at $6.10 per share through Gulf Stream Securities and other agents.

The offering closes at 3 p.m. on February 18, 1994, or until the full subscription of offered shares is filled.