Amkor Reports First Quarter 2008 Results

*We define free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. Free cash flow is not defined by generally accepted accounting principles. However, we believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital expenditures. However, this measure should be considered in addition to, and not as a substitute for, or superior to, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles, and our definition of free cash flow may not be comparable to similarly titled measures reported by other companies.

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
       
For the Three Months Ended
March 31,
2008 2007
   
(in thousands, except per share data)
 
Net sales $ 699,483 $ 650,988
Cost of sales   523,331     503,650  
Gross profit   176,152     147,338  
 
Operating expenses:
Selling, general and administrative 65,449 62,667
Research and development   13,856     9,625  
Total operating expenses   79,305     72,292  
Operating income   96,847     75,046  
Other (income) expense:
Interest expense, net 27,433 35,160
Interest expense, related party 1,563 1,563
Foreign currency gain (9,477 ) (15 )
Other (income) expense, net     (806 )   (686 )
Total other expense, net     18,713     36,022  
Income before income taxes and minority interests
78,134 39,024
Income tax expense   5,940     4,107  
Income before minority interests 72,194 34,917
Minority interests, net of tax   (198 )   (327 )
Net income $ 71,996   $ 34,590  
 
Net income per common share:
Basic $ 0.40   $ 0.19  
Diluted $ 0.36   $ 0.18  
 
Shares used in computing net income per common share:
 
Basic   182,134     178,513  
Diluted   209,396     206,540  
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
       
March 31, December 31,
  2008     2007  
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 411,713 $ 410,070
Restricted cash 2,635 2,609
Accounts receivable:
Trade, net of allowances 362,879 393,493
Other 5,813 4,938
Inventories 151,480 149,014
Other current assets   36,265     27,290  
Total current assets 970,785 987,414
 
Property, plant and equipment, net 1,492,455 1,455,111
Goodwill 682,725 673,385
Intangibles, net 18,574 20,321
Restricted cash 1,859 1,725
Other assets   55,479     54,650  
Total assets $ 3,221,877   $ 3,192,606  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 64,308 $ 152,489
Trade accounts payable 378,858 359,313
Accrued expenses   170,204     165,271  
Total current liabilities 613,370 677,073
 
Long-term debt 1,502,549 1,511,570
Long-term debt, related party 100,000 100,000
Pension and severance obligations 202,578 208,387
Other non-current liabilities   30,765     33,935  
Total liabilities   2,449,262     2,530,965  
 
Minority interests   7,945     7,022  
 
Stockholders equity:
Preferred stock - -
Common stock, $0.001 par value, 500,000 shares authorized, issued and outstanding of 182,573 in 2008 and 181,799 in 2007
183 182
Additional paid-in capital 1,489,626 1,482,186
Accumulated deficit (749,530 ) (821,526 )
Accumulated other comprehensive income (loss)   24,391     (6,223 )
Total stockholders equity   764,670     654,619  
Total liabilities and stockholders equity $ 3,221,877   $ 3,192,606  
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Three Months Ended
March 31,
  2008         2007  
(In thousands)
Cash flows from operating activities:
Net income $ 71,996 $ 34,590
Depreciation and amortization 73,517 71,364
Other operating activities and non-cash items 3,798 (1,298 )
Changes in assets and liabilities   31,905     18,793  
Net cash provided by operating activities   181,216     123,449  
 
Cash flows from investing activities:
Purchases of property, plant and equipment (88,839 ) (51,386 )
Proceeds from the sale of property, plant and equipment 339 3,945
Other investing activities   (277 )   (1,177 )
Net cash used in investing activities   (88,777 )   (48,618 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 619 35,221
Payments under revolving credit facilities - (45,272 )
Payments of long-term debt (101,086 ) (145,149 )
Payments for debt issuance costs - (351 )
Proceeds from issuance of stock through stock compensation plans   6,088     12,524  
Net cash used in financing activities   (94,379 )   (143,027 )
 
Effect of exchange rate fluctuations on cash and cash equivalents   3,583     640  
 
Net increase (decrease) in cash and cash equivalents 1,643 (67,556 )
Cash and cash equivalents, beginning of period   410,070     244,694  
Cash and cash equivalents, end of period $ 411,713   $ 177,138  

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