Amkor Technology Reports Financial Results for the First Quarter

Amkor Technology Reports Financial Results for the First Quarter 2014

*Advanced products include flip chip and wafer-level processing and related test services

**Mainstream products include wirebond packaging and related test services and since July 1, 2013 include the results of our newly acquired power discrete business in Malaysia which has a high volume of units relative to revenue


AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	For the Three Months Ended March 31,
	2014			2013
	(In thousands, except per share data)
Net sales	$	696,044		$	687,529
Cost of sales	567,224			572,576
Gross profit	128,820			114,953
Selling, general and administrative	62,424			59,559
Research and development	21,045			14,306
Total operating expenses	83,469			73,865
Operating income	45,351			41,088
Interest expense	23,722			22,078
Interest expense, related party	1,242			3,492
Other expense (income), net	36			(2,222		)
Total other expense, net	25,000			23,348
Income before taxes and equity in earnings of unconsolidated affiliate	20,351			17,740
Income tax expense	4,929			4,029
Income before equity in earnings of unconsolidated affiliate	15,422			13,711
Equity in earnings of J-Devices	5,761			55
Net income	21,183			13,766
Net income attributable to noncontrolling interests	(550		)	(384		)
Net income attributable to Amkor	$	20,633		$	13,382

Net income attributable to Amkor per common share:
Basic	$	0.09		$	0.09
Diluted	$	0.09		$	0.07

Shares used in computing per common share amounts:
Basic	216,757			152,411
Diluted	235,497			235,087


AMKOR TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)

	March 31, 2014			December 31, 2013
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	628,585		$	610,442
Restricted cash	2,681			2,681
Accounts receivable, net of allowances	406,797			385,542
Inventories	197,297			200,423
Other current assets	45,399			33,328
Total current assets	1,280,759			1,232,416
Property, plant and equipment, net	2,033,396			2,006,553
Investments	114,119			105,214
Restricted cash	2,193			2,234
Other assets	72,872			80,881
Total assets	$	3,503,339		$	3,427,298

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	66,350		$	61,350
Trade accounts payable	416,789			365,334
Accrued expenses	258,558			264,252
Total current liabilities	741,697			690,936
Long-term debt	1,511,252			1,516,390
Long-term debt, related party	75,000			75,000
Pension and severance obligations	168,020			165,073
Other non-current liabilities	16,010			14,959
Total liabilities	2,511,979			2,462,358

Amkor stockholders’ equity:
Preferred stock	—			—
Common stock	262			262
Additional paid-in capital	1,813,940			1,812,530
Accumulated deficit	(626,715		)	(647,348		)
Accumulated other comprehensive income (loss)	3,694			(255		)
Treasury stock	(211,571		)	(211,449		)
Total Amkor stockholders’ equity	979,610			953,740
Noncontrolling interests in subsidiaries	11,750			11,200
Total equity	991,360			964,940
Total liabilities and equity	$	3,503,339		$	3,427,298


AMKOR TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the Three Months Ended March 31,
	2014			2013
	(In thousands)
Cash flows from operating activities:
Net income	$	21,183		$	13,766
Depreciation and amortization	108,338			97,148
Other operating activities and non-cash items	(4,274		)	(840		)
Changes in assets and liabilities	6,699			(11,400		)
Net cash provided by operating activities	131,946			98,674

Cash flows from investing activities:
Purchases of property, plant and equipment	(95,999		)	(112,543		)
Proceeds from the sale of property, plant and equipment	726			24,614
Payments from J-Devices	—			8,843
Other investing activities	(266		)	(249		)
Net cash used in investing activities	(95,539		)	(79,335		)

Cash flows from financing activities:
Proceeds from issuance of long-term debt	80,000			33,000
Payments of long-term debt	(80,000		)	—
Payment of deferred consideration for an acquisition	(18,763		)	—
Proceeds from the issuance of stock through share-based compensation plans	438			—
Payments of tax withholding for restricted shares	(122		)	(90		)
Net cash (used in) provided by financing activities	(18,447		)	32,910

Effect of exchange rate fluctuations on cash and cash equivalents	183			1,405

Net increase in cash and cash equivalents	18,143			53,654
Cash and cash equivalents, beginning of period	610,442			413,048
Cash and cash equivalents, end of period	$	628,585		$	466,702

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