Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2014

In the press release above we provide non-GAAP gross margin, non-GAAP net income, and non-GAAP earnings per diluted share for the years ended December 31, 2014 and 2013, respectively. We also provide non-GAAP gross margin, non-GAAP net income and non-GAAP earnings per diluted share for the quarter ended December 31, 2014. We present these non-GAAP amounts to demonstrate the impact of the charges we recognized related to the settlement of our litigation with Tessera. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). These measures have limitations, including that they exclude the charges for the settlement payments, which are amounts that the company will ultimately have to pay in cash, and should be considered in addition to, and not as a substitute for, or superior to, gross margin, net income and earnings per diluted share prepared in accordance with U.S. GAAP. Below is the reconciliation of non-GAAP gross margin, non-GAAP net income and non-GAAP earnings per diluted share to U.S. GAAP gross margin, net income and earnings per diluted share.

 
Non-GAAP Financial Measures Reconciliation:
                      Q4 2014                                                                     2014     2013  
Gross margin 14.1 % 17.7   % 18.4   %
Plus: Litigation settlement charges divided by net sales 8.8   % 2.4   % 0.4   %
Non-GAAP gross margin 22.9   % 20.1   % 18.8   %
 
Net income (In millions) $ 13 $ 130 $ 109
Plus: Litigation settlement charges, net of tax (In millions) 77   78   10  
Non-GAAP net income (In millions) $ 90   $ 208   $ 119  
 
Earnings per diluted share $ 0.06 $ 0.55 $ 0.50
Plus: Litigation settlement charges per diluted share 0.32   0.33   0.04  
Non-GAAP earnings per diluted share $ 0.38   $ 0.88   $ 0.54  
 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
   

For the Three Months Ended
December 31,

For the Year Ended
December 31,

2014   2013 2014   2013
(In thousands, except per share data)
Net sales $ 853,113 $ 754,875 $ 3,129,440 $ 2,956,450
Cost of sales 733,042   604,702   2,576,618   2,411,937  
Gross profit 120,071   150,173   552,822   544,513  
Selling, general and administrative 62,800 58,255 254,498 247,779
Research and development 17,303   17,364   76,864   64,625  
Total operating expenses 80,103   75,619   331,362   312,404  
Operating income 39,968   74,554   221,460   232,109  
Interest expense 34,917 24,818 104,956 96,739
Interest expense, related party 1,242 1,242 4,969 9,169
Other (income) expense, net (9,254 ) (4,112 ) (24,543 ) 2,214  
Total other expense, net 26,905   21,948   85,382   108,122  
Income before taxes and equity in earnings of unconsolidated affiliate 13,063 52,606 136,078 123,987
Income tax expense 1,420   16,685   33,845   22,646  
Income before equity in earnings of unconsolidated affiliate 11,643 35,921 102,233 101,341
Equity in earnings of J-Devices 2,485   5,637   31,654   10,316  
Net income 14,128 41,558 133,887 111,657
Net income attributable to noncontrolling interests (993 ) (720 ) (3,501 ) (2,361 )
Net income attributable to Amkor $ 13,135   $ 40,838   $ 130,386   $ 109,296  
 
Net income attributable to Amkor per common share:
Basic $ 0.06   $ 0.19   $ 0.56   $ 0.58  
Diluted $ 0.06   $ 0.18   $ 0.55   $ 0.50  
Shares used in computing per common share amounts:
Basic 236,578 216,598 230,710 187,032
Diluted 236,937 235,297 236,731 235,330
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
December 31,
2014   2013
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 449,946 $ 610,442
Restricted cash 2,681 2,681
Accounts receivable, net of allowances 469,683 385,542
Inventories 223,379 200,423
Other current assets 52,259   33,328  
Total current assets 1,197,948 1,232,416
Property, plant and equipment, net 2,206,476 2,006,553
Investments 117,733 105,214
Restricted cash 2,123 2,234
Other assets 111,125   80,881  
Total assets $ 3,635,405   $ 3,427,298  
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 5,000 $ 61,350
Trade accounts payable 309,025 260,534
Capital expenditures payable 127,568 104,800
Accrued expenses 258,997   264,252  
Total current liabilities 700,590 690,936
Long-term debt 1,450,824 1,516,390
Long-term debt, related party 75,000 75,000
Pension and severance obligations 152,673 165,073
Other non-current liabilities 125,382   14,959  
Total liabilities 2,504,469   2,462,358  
 
Amkor stockholders’ equity:
Preferred stock
Common stock 282 262
Additional paid-in capital 1,878,810 1,812,530
Accumulated deficit (516,962 ) (647,348 )
Accumulated other comprehensive loss (32,867 ) (255 )
Treasury stock (213,028 ) (211,449 )
Total Amkor stockholders’ equity 1,116,235 953,740
Noncontrolling interests in subsidiaries 14,701   11,200  
Total equity 1,130,936   964,940  
Total liabilities and equity $ 3,635,405   $ 3,427,298  
 
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 

For the Year Ended
December 31,

2014   2013
(In thousands)
Cash flows from operating activities:
Net income $ 133,887 $ 111,657
Depreciation and amortization 464,706 410,346
Loss on debt retirement 11,619
Gain on sale of subsidiary to J-Devices (9,155 )
Other operating activities and non-cash items (40,762 ) (15,978 )
Changes in assets and liabilities 65,233   39,892  
Net cash provided by operating activities 613,909   557,536  
 
Cash flows from investing activities:
Payments for property, plant and equipment (681,120 ) (566,256 )
Proceeds from sale of property, plant and equipment 2,815 27,209
Acquisition of business, net of cash acquired (41,865 )
Cash transferred on sale of subsidiary to J-Devices, net of proceeds (15,774 )
Payments from J-Devices 8,843
Investment in J-Devices (67,372 )
Other investing activities (399 ) (1,053 )
Net cash used in investing activities (694,478 ) (640,494 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 5,000
Payments under revolving credit facilities (5,000 )
Proceeds from issuance of long-term debt 80,000 375,000
Payments of long-term debt (145,000 ) (80,000 )
Payments for debt issuance costs (903 ) (3,216 )
Payments for retirement of debt (11,619 )
Payment of deferred consideration for an acquisition (18,763 )
Proceeds from issuance of stock through share-based compensation plans 6,250 446
Payments of tax withholding for restricted shares (1,579 ) (466 )
Net cash (used in) provided by financing activities (79,995 ) 280,145  
 
Effect of exchange rate fluctuations on cash and cash equivalents 68   207  
 
Net (decrease) increase in cash and cash equivalents (160,496 ) 197,394
Cash and cash equivalents, beginning of period 610,442   413,048  
Cash and cash equivalents, end of period $ 449,946   $ 610,442  
 

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