Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of
semiconductor packaging and test services, today announced financial
results for the first quarter ended March 31, 2013, with net sales of
$688 million, net income of $13 million, and earnings per diluted share
of $0.07.
"Driven by our strong performance in mobile communications, first
quarter sales and earnings came in at the high end of our expectations,"
said Ken Joyce, Amkor's president and chief executive officer. "Our
investments in the advanced technologies and production capacity in
support of the fast-growing market for smartphones and tablets are
paying off with notable improvement over the first quarter 2012."
Selected financial information for the first quarter 2013 is as follows:
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Net Sales: $688 million, down 5% from $723 million in the prior
quarter, and up 5% from $655 million in the first quarter of 2012
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Gross Margin: 17%, compared to adjusted gross margin of 18% in the
prior quarter, and 16% in the first quarter of 2012
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Net Income: $13 million, down from adjusted net income of $27 million
in the prior quarter, and up from $12 million in the first quarter of
2012
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Earnings Per Diluted Share: $0.07, down from adjusted earnings per
diluted share of $0.13 in the prior quarter, and up from $0.06 in the
first quarter of 2012
The adjusted gross margin, adjusted net income and adjusted earnings per
diluted share presented above for the fourth quarter 2012 exclude a loss
contingency of $22 million ($20 million, net of tax) relating to our
pending patent license arbitration with Tessera, Inc. and are non-GAAP
measures. Selected operating data for the first quarter 2013, and a
reconciliation of the fourth quarter 2012 non-GAAP measures presented
above to the comparable GAAP measures, are included in a section below
before the financial statements.
“Capital additions were $124 million during the first quarter, primarily
in support of customers in mobile communications,” said Joanne Solomon,
Amkor's executive vice president and chief financial officer.
Cash and cash equivalents were $467 million, and total debt was $1.6
billion, at March 31, 2013.
Business Outlook
"To support the growth opportunities we see in mobile communications, we
are revising our estimate of 2013 capital additions from around $450
million to around $525 million," noted Joyce.
Based upon currently available information, we have the following
expectations for the second quarter 2013:
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Net sales of $730 million to $780 million, up 6% to 13% from the prior
quarter
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Gross margin of 17% to 20%
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Net income of $18 million to $41 million, or $0.09 to $0.19 per
diluted share
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Capital additions of around $170 million
Based upon currently available information, we have the following
expectations for the full year 2013:
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Capital additions of around $525 million
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An additional $150 million of spending for the acquisition of land and
construction relating to our previously announced new factory and R&D
center in South Korea
Conference Call Information
Amkor will conduct a conference call on Thursday, April 25, 2013, at
5:00 p.m. Eastern Time. This call may include material information not
included in this press release. This call is being webcast and can be
accessed at Amkor's website: www.amkor.com.
You may also access the call by dialing 1-888-561-1721 or
1-480-629-9724. A replay of the call will be made available at Amkor's
website or by dialing 1-800-406-7325 or 1-303-590-3030 (access pass code
#4614651). The webcast is also being distributed over Thomson Reuters'
Investor Distribution Network to both institutional and individual
investors. Individual investors can listen to the call through Thomson
Reuters' individual investor center at www.companyboardroom.com
or by visiting any of the investor sites in Thomson Reuters' Individual
Investor Network. Institutional investors can access the call via
Thomson Reuters' password-protected event management site, Street Events
(www.streetevents.com).
About Amkor
Amkor is a leading provider of semiconductor packaging and test services
to semiconductor companies and electronics OEMs. More information about
Amkor is available from the company's filings with the Securities and
Exchange Commission and at Amkor's website: www.amkor.com.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the
meaning of federal securities laws. All statements other than statements
of historical fact are considered forward-looking statements including,
without limitation, statements regarding our expectations for the
growing market for smartphones and tablets, and all of the statements
made under "Business Outlook" above. These forward-looking statements
involve a number of risks, uncertainties, assumptions and other factors
that could affect future results and cause actual results and events to
differ materially from historical and expected results and those
expressed or implied in the forward-looking statements, including, but
not limited to, the following:
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the highly unpredictable nature and costs of litigation and other
legal activities and the risk of adverse results of such matters,
including the final ruling in the Tessera arbitration and the impact
of other proceedings involving Tessera, Inc.;
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the highly unpredictable nature of the semiconductor industry;
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the effect of the global economy on credit markets, financial
institutions, customers, suppliers and consumers, including the
increasingly uncertain macroeconomic environment;
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timing and volume of orders relative to production capacity and
inability to achieve high capacity utilization rates;
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volatility of consumer demand and weakness in forecasts from our
customers for products incorporating our semiconductor packages;
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dependence on key customers;
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the performance of our business, economic and market conditions, the
cash needs and investment opportunities for the business, the need for
additional capacity and facilities to service customer demand and the
availability of cash flow from operations or financing;
-
customer modification of and follow through with respect to forecasts
provided to us, including delays in forecasts with respect to
smartphones and tablets;
-
changes in tax rates and taxes as a result of changes in tax law, the
jurisdictions in which our income is determined to be earned and
taxed, the outcome of tax audits and tax ruling requests, our ability
to realize deferred tax assets and the expiration of tax holidays;
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curtailment of outsourcing by our customers;
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our substantial indebtedness and restrictive covenants;
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failure to realize sufficient cash flow or access to other sources of
liquidity to fund capital additions;
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the effects of a recession or other downturn in the U.S. and other
economies worldwide;
-
disruptions in our business or deficiencies in our controls resulting
from the implementation and security of, and changes to, our
enterprise resource planning and other management information systems;
-
economic effects of terrorist attacks, natural disasters and military
conflict;
-
our ability to control costs and improve profitability;
-
competition, competitive pricing and declines in average selling
prices;
-
fluctuations in manufacturing yields;
-
dependence on international operations and sales;
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dependence on raw material and equipment suppliers and changes in raw
material and precious metal costs;
-
exchange rate fluctuations;
-
dependence on key personnel;
-
difficulties in managing growth;
-
enforcement of and compliance with intellectual property rights;
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environmental and other governmental regulations; and
-
technological challenges.
Other important risk factors that could affect the outcome of the events
set forth in these statements and that could affect our operating
results and financial condition are discussed in the company's Annual
Report on Form 10-K for the year ended December 31, 2012 and in the
company's subsequent filings with the Securities and Exchange Commission
made prior to or after the date hereof. Amkor undertakes no obligation
to review or update any forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
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AMKOR TECHNOLOGY, INC.
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Selected Operating Data
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Beginning this quarter, we will report sales data for our
packaging services by the following categories: flip chip and
wafer-level processing and wirebond. We are also providing
quarterly and annual packaging services sales and packaged units
for 2011 and 2012 under these revised sales reporting categories
at the Investor Relations section of our website at www.amkor.com.
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Q1 2013
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Q4 2012
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Q1 2012
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Sales Data:
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Packaging services (in millions):
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Flip chip and wafer-level processing
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$
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320
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$
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342
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$
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251
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Wirebond
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274
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289
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331
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Packaging services
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594
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631
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582
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Test services
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94
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92
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73
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Total sales
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$
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688
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$
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723
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$
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655
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Packaging services:
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Flip chip and wafer-level processing
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46
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%
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47
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%
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38
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%
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Wirebond
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40
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%
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40
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%
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51
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%
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Packaging services
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86
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%
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87
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%
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89
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%
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Test services
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14
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%
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13
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%
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11
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%
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Total sales
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100
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%
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100
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%
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100
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%
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Packaged units (in millions):
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Flip chip and wafer-level processing
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579
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592
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230
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Wirebond
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1,722
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1,658
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1,690
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Total packaged units
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2,301
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2,250
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1,920
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Net sales from top ten customers
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63
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%
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63
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%
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65
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%
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Capacity Utilization
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Packaging
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76
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%
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77
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%
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73
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%
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Test
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83
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%
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80
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%
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78
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%
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End Market Distribution Data (an approximation including
representative devices and applications based on a sampling of our
largest customers):
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Communications (handsets, tablets, wireless LAN, handheld devices)
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59
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%
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58
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%
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47
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%
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Consumer (gaming, television, set top boxes, portable media, digital
cameras)
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14
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%
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17
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%
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20
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%
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Computing (desk tops, PCs, hard disk drives, servers, displays,
printers, peripherals)
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9
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%
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9
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%
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13
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%
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Networking (servers, routers, switches)
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10
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%
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9
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%
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11
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%
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Other (automotive, industrial)
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8
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%
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7
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%
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9
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%
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Total
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100
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%
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100
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%
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100
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%
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Gross Margin Data:
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Net sales
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100
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%
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100
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%
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100
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%
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Cost of sales:
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Materials
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42
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%
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42
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%
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45
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%
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Labor
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15
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%
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14
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%
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14
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%
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Other manufacturing
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26
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%
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26
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%
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25
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%
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Loss contingency
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—
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%
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2
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%
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—
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%
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Gross margin
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17
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%
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16
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%
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16
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%
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Q1 2013
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Q4 2012
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Q1 2012
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(In millions, except per share data)
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Capital Investment Data:
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Property, plant and equipment additions
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$
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124
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$
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86
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$
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124
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Net change in related accounts payable and deposits
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(11
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67
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(3
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Purchases of property, plant and equipment
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$
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113
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$
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153
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$
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121
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Depreciation and amortization
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$
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97
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$
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97
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$
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88
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Free Cash Flow Data:
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Net cash provided by operating activities
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$
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99
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$
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105
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$
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56
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Less purchases of property, plant and equipment
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(113
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)
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(153
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(121
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)
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Free cash flow (1)
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$
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(14
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)
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$
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(48
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)
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$
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(65
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Earnings per Share Data:
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Net income attributable to Amkor - basic
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$
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13
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$
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7
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$
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12
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Adjustment for dilutive securities on net income:
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Interest on 6.0% convertible notes due 2014, net of tax (2)
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4
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—
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4
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Net income attributable to Amkor - diluted
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$
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17
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$
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7
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$
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16
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Weighted average shares outstanding - basic (3)
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152
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152
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168
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Effect of dilutive securities:
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6.0% convertible notes due 2014 (2)
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83
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—
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83
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Weighted average shares outstanding - diluted
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235
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152
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251
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Net income attributable to Amkor per common share:
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Basic
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$
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0.09
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$
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0.05
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$
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0.07
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Diluted
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$
|
0.07
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$
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0.05
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$
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0.06
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(1)
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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 U.S. generally accepted accounting
principles ("U.S. GAAP"). 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 additions. However, free cash flow
has certain limitations, including that it does not represent the
residual cash flow available for discretionary expenditures since
other, non-discretionary expenditures, such as mandatory debt
service, are not deducted from the measure. The amount of mandatory
versus discretionary expenditures can vary significantly between
periods. This measure should be considered in addition to, and not
as a substitute for, or superior to, other measures of liquidity or
financial performance prepared in accordance with U.S. GAAP, such as
net cash provided by operating activities. Furthermore, our
definition of free cash flow may not be comparable to similarly
titled measures reported by other companies.
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(2)
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The potential shares of common stock and interest related to the
6.0% convertible notes due 2014 were excluded from earnings per
diluted share for the three months ended December 31, 2012, because
the effect of including these potential shares was antidilutive.
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(3)
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Amkor's Board of Directors previously authorized $300 million for
the repurchase of our common stock. During the first quarter 2013,
we did not repurchase any shares; however, during 2012, we
repurchased 16.5 million shares under the stock repurchase program
for a purchase price of $79.5 million.
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In the press release above we provide adjusted gross margin,
adjusted net income and adjusted earnings per diluted share for
the fourth quarter 2012. We present these non-GAAP amounts to
demonstrate the impact of the loss contingency we recognized
related to our pending patent license arbitration with Tessera,
Inc. These measures have limitations, including that they exclude
the charges for the Tessera arbitration panel award, which is an
amount that the company may ultimately have to pay in cash.
Furthermore, the factors affecting the calculation of the
arbitration award are complex and subject to determination by the
arbitration panel. Therefore, the final amount of the loss may be
more than the amount we have recognized. Accordingly, these
measures that exclude the loss contingency accrual 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 adjusted gross margin, adjusted net income and
adjusted earnings per diluted share to U.S. GAAP gross margin, net
income and earnings per diluted share.
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Non-GAAP Financial Measures Reconciliation:
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Q4 2012
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Gross margin
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16
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%
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Plus: Loss contingency divided by net sales
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2
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%
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Adjusted gross margin
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18
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%
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(In millions)
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Net income
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$
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7
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Plus: Loss contingency, net of tax
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20
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Adjusted net income
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$
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27
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Earnings per diluted share
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$
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0.05
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Plus: Loss contingency per diluted share
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0.08
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Adjusted earnings per diluted share
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$
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0.13
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AMKOR TECHNOLOGY, INC.
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CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
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For the Three Months Ended
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March 31,
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2013
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2012
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|
(In thousands, except per share data)
|
Net sales
|
|
|
$
|
687,529
|
|
|
|
$
|
655,010
|
|
Cost of sales
|
|
|
572,576
|
|
|
|
550,029
|
|
Gross profit
|
|
|
114,953
|
|
|
|
104,981
|
|
Operating expenses:
|
|
|
|
|
|
|
Selling, general and administrative
|
|
|
59,559
|
|
|
|
57,255
|
|
Research and development
|
|
|
14,306
|
|
|
|
13,425
|
|
Total operating expenses
|
|
|
73,865
|
|
|
|
70,680
|
|
Operating income
|
|
|
41,088
|
|
|
|
34,301
|
|
Other expense (income):
|
|
|
|
|
|
|
Interest expense
|
|
|
22,078
|
|
|
|
18,586
|
|
Interest expense, related party
|
|
|
3,492
|
|
|
|
3,492
|
|
Interest income
|
|
|
(827
|
)
|
|
|
(889
|
)
|
Foreign currency (gain) loss, net
|
|
|
(1,166
|
)
|
|
|
790
|
|
Equity in earnings of unconsolidated affiliate
|
|
|
(55
|
)
|
|
|
(1,988
|
)
|
Other income, net
|
|
|
(229
|
)
|
|
|
(634
|
)
|
Total other expense, net
|
|
|
23,293
|
|
|
|
19,357
|
|
Income before income taxes
|
|
|
17,795
|
|
|
|
14,944
|
|
Income tax expense
|
|
|
4,029
|
|
|
|
3,362
|
|
Net income
|
|
|
13,766
|
|
|
|
11,582
|
|
Net (income) loss attributable to noncontrolling interests
|
|
|
(384
|
)
|
|
|
192
|
|
Net income attributable to Amkor
|
|
|
$
|
13,382
|
|
|
|
$
|
11,774
|
|
|
|
|
|
|
|
|
Net income attributable to Amkor per common share:
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.09
|
|
|
|
$
|
0.07
|
|
Diluted
|
|
|
$
|
0.07
|
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
Shares used in computing per common share amounts:
|
|
|
|
|
|
|
Basic
|
|
|
152,411
|
|
|
|
167,866
|
|
Diluted
|
|
|
235,087
|
|
|
|
250,688
|
|
|
|
|
|
|
|
|
AMKOR TECHNOLOGY, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
|
(In thousands)
|
ASSETS
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
466,702
|
|
|
|
$
|
413,048
|
|
Restricted cash
|
|
|
2,680
|
|
|
|
2,680
|
|
Accounts receivable:
|
|
|
|
|
|
|
Trade, net of allowances
|
|
|
379,370
|
|
|
|
389,699
|
|
Other
|
|
|
2,853
|
|
|
|
13,098
|
|
Inventories
|
|
|
235,330
|
|
|
|
227,439
|
|
Other current assets
|
|
|
45,778
|
|
|
|
45,444
|
|
Total current assets
|
|
|
1,132,713
|
|
|
|
1,091,408
|
|
Property, plant and equipment, net
|
|
|
1,825,161
|
|
|
|
1,819,969
|
|
Intangibles, net
|
|
|
4,226
|
|
|
|
4,766
|
|
Investments
|
|
|
35,560
|
|
|
|
38,690
|
|
Restricted cash
|
|
|
2,248
|
|
|
|
2,308
|
|
Other assets
|
|
|
74,823
|
|
|
|
68,074
|
|
Total assets
|
|
|
$
|
3,074,731
|
|
|
|
$
|
3,025,215
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
Current liabilities:
|
|
|
|
|
|
|
Short-term borrowings and current portion of long-term debt
|
|
|
$
|
—
|
|
|
|
$
|
—
|
|
Trade accounts payable
|
|
|
432,599
|
|
|
|
439,663
|
|
Accrued expenses
|
|
|
232,185
|
|
|
|
212,964
|
|
Total current liabilities
|
|
|
664,784
|
|
|
|
652,627
|
|
Long-term debt
|
|
|
1,353,000
|
|
|
|
1,320,000
|
|
Long-term debt, related party
|
|
|
225,000
|
|
|
|
225,000
|
|
Pension and severance obligations
|
|
|
135,578
|
|
|
|
139,379
|
|
Other non-current liabilities
|
|
|
19,475
|
|
|
|
21,415
|
|
Total liabilities
|
|
|
2,397,837
|
|
|
|
2,358,421
|
|
Equity:
|
|
|
|
|
|
|
Amkor stockholders' equity:
|
|
|
|
|
|
|
Preferred stock
|
|
|
—
|
|
|
|
—
|
|
Common stock
|
|
|
198
|
|
|
|
198
|
|
Additional paid-in capital
|
|
|
1,614,677
|
|
|
|
1,614,143
|
|
Accumulated deficit
|
|
|
(743,262
|
)
|
|
|
(756,644
|
)
|
Accumulated other comprehensive income
|
|
|
7,131
|
|
|
|
11,241
|
|
Treasury stock
|
|
|
(211,073
|
)
|
|
|
(210,983
|
)
|
Total Amkor stockholders' equity
|
|
|
667,671
|
|
|
|
657,955
|
|
Noncontrolling interests in subsidiaries
|
|
|
9,223
|
|
|
|
8,839
|
|
Total equity
|
|
|
676,894
|
|
|
|
666,794
|
|
Total liabilities and equity
|
|
|
$
|
3,074,731
|
|
|
|
$
|
3,025,215
|
|
|
|
|
|
AMKOR TECHNOLOGY, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
|
March 31,
|
|
|
|
2013
|
|
|
2012
|
|
|
|
(In thousands)
|
Cash flows from operating activities:
|
|
|
|
|
|
|
Net income
|
|
|
$
|
13,766
|
|
|
|
$
|
11,582
|
|
Depreciation and amortization
|
|
|
97,148
|
|
|
|
88,446
|
|
Other operating activities and non-cash items
|
|
|
(840
|
)
|
|
|
(1,772
|
)
|
Changes in assets and liabilities
|
|
|
(11,400
|
)
|
|
|
(42,150
|
)
|
Net cash provided by operating activities
|
|
|
98,674
|
|
|
|
56,106
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
Purchases of property, plant and equipment
|
|
|
(112,543
|
)
|
|
|
(121,087
|
)
|
Proceeds from the sale of property, plant and equipment
|
|
|
24,614
|
|
|
|
621
|
|
Payments from unconsolidated affiliate
|
|
|
8,843
|
|
|
|
7,914
|
|
Other investing activities
|
|
|
(249
|
)
|
|
|
1,683
|
|
Net cash used in investing activities
|
|
|
(79,335
|
)
|
|
|
(110,869
|
)
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
Borrowings under short-term debt
|
|
|
—
|
|
|
|
20,000
|
|
Payments of short-term debt
|
|
|
—
|
|
|
|
(15,000
|
)
|
Proceeds from issuance of long-term debt
|
|
|
33,000
|
|
|
|
158,742
|
|
Payments of long-term debt
|
|
|
—
|
|
|
|
(156,357
|
)
|
Payments for repurchase of common stock
|
|
|
—
|
|
|
|
(4,505
|
)
|
Proceeds from the issuance of stock through share-based compensation
plans
|
|
|
—
|
|
|
|
69
|
|
Payments of tax withholding for restricted shares
|
|
|
(90
|
)
|
|
|
(353
|
)
|
Net cash provided by financing activities
|
|
|
32,910
|
|
|
|
2,596
|
|
|
|
|
|
|
|
|
Effect of exchange rate fluctuations on cash and cash equivalents
|
|
|
1,405
|
|
|
|
(1,332
|
)
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
53,654
|
|
|
|
(53,499
|
)
|
Cash and cash equivalents, beginning of period
|
|
|
413,048
|
|
|
|
434,631
|
|
Cash and cash equivalents, end of period
|
|
|
$
|
466,702
|
|
|
|
$
|
381,132
|
|