Amkor Technology Reports Financial Results for the Second Quarter 2015

Net income for the three and six months ended June 30, 2014 includes a net gain of $18 million ($0.08 per diluted share) related to the sale of Amkor's Japanese subsidiary to J-Devices, its joint venture in Japan. In connection with the sale, Amkor recognized $9 million principally from the realization of accumulated foreign currency translation gains (reflected in Other expense (income), net) and an additional $9 million from its equity interest in the gain realized by J-Devices on the transaction (reflected in Equity in earnings of J-Devices).

 

AMKOR TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 
   

June 30,
2015

 

December 31,
2014

(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 442,297 $ 449,946
Restricted cash 2,682 2,681
Accounts receivable, net of allowances 438,494 469,683
Inventories 219,993 223,379
Other current assets 48,912   52,259  
Total current assets 1,152,378 1,197,948
Property, plant and equipment, net 2,229,022 2,206,476
Investments 140,396 117,733
Restricted cash 2,306 2,123
Other assets 120,126   111,125  
Total assets $ 3,644,228   $ 3,635,405  
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ $ 5,000
Trade accounts payable 280,677 309,025
Capital expenditures payable 210,319 127,568
Accrued expenses 226,402   258,997  
Total current liabilities 717,398 700,590
Long-term debt 1,415,528 1,450,824
Long-term debt, related party 75,000 75,000
Pension and severance obligations 158,041 152,673
Other non-current liabilities 109,068   125,382  
Total liabilities 2,475,035   2,504,469  
 
Amkor stockholders’ equity:
Preferred stock
Common stock 283 282
Additional paid-in capital 1,881,713 1,878,810
Accumulated deficit (478,603 ) (516,962 )
Accumulated other comprehensive loss (36,985 ) (32,867 )
Treasury stock (213,455 ) (213,028 )
Total Amkor stockholders’ equity 1,152,953 1,116,235
Noncontrolling interests in subsidiaries 16,240   14,701  
Total equity 1,169,193   1,130,936  
Total liabilities and equity $ 3,644,228   $ 3,635,405  
 
 

AMKOR TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

For the Six Months Ended
June 30,

2015   2014
(In thousands)
Cash flows from operating activities:
Net income $ 39,898 $ 71,589
Depreciation and amortization 248,716 220,389
Loss on debt retirement 2,530
Gain on sale of subsidiary to J-Devices (9,155 )
Other operating activities and non-cash items (14,179 ) (24,000 )
Changes in assets and liabilities (48,684 ) (23,570 )
Net cash provided by operating activities 228,281   235,253  
 
Cash flows from investing activities:
Payments for property, plant and equipment (194,360 ) (230,392 )
Proceeds from sale of property, plant and equipment 4,069 1,634
Cash received (transferred) on sale of subsidiary to J-Devices, net 8,355 (15,774 )
Investment in J-Devices (12,908 )
Other investing activities (1,315 ) (353 )
Net cash used in investing activities (196,159 ) (244,885 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 180,000
Payments under revolving credit facilities (30,000 )
Proceeds from issuance of long-term debt 340,000 80,000
Payments of long-term debt (530,000 ) (140,000 )
Payment of deferred consideration for an acquisition (18,763 )
Proceeds from the issuance of stock through share-based compensation plans 656 4,826
Payments of tax withholding for restricted shares (427 ) (1,006 )
Net cash used in financing activities (39,771 ) (74,943 )
 
Effect of exchange rate fluctuations on cash and cash equivalents

68

 
Net decrease in cash and cash equivalents (7,649 ) (84,507 )
Cash and cash equivalents, beginning of period 449,946   610,442  
Cash and cash equivalents, end of period $ 442,297   $ 525,935  
 
 

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