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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Amkor Technology Inc | NASDAQ:AMKR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.68 | 2.15% | 32.34 | 32.00 | 32.96 | 33.459 | 32.13 | 32.63 | 1,060,621 | 21:02:15 |
Second Quarter Highlights
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the second quarter ended June 30, 2019.
"Second quarter profitability was at the high end of guidance, with revenue just above the midpoint," said Steve Kelley, Amkor's president and chief executive officer. "Strong factory performance and prudent cost management drove solid sequential improvement in operating income."
Results
Q2 2019
Q1 2019
Q2 2018
($ in millions, except per share data)
Net sales
$895
$895
$1,066
Gross margin
13.8%
13.5%
15.9%
Operating income
$23
$13
$54
Net income attributable to Amkor (1)
($9)
($23)
$33
Earnings per diluted share (1)
($0.04)
($0.10)
$0.14
EBITDA (2)
$149
$153
$208
(1) Q2 2019 net income includes an $8 million charge, or $0.03 per share, related to the early redemption of $525 million of senior notes due 2022. Q1 2019 net income includes a $15 million non-cash discrete income tax charge, or $0.06 per diluted share, to reduce the value of certain deferred tax assets.
(2) EBITDA is a non-GAAP measure. The reconciliation to the comparable GAAP measure is included below under "Selected Operating Data."
"We are executing well in a challenging market environment," said Megan Faust, Amkor's corporate vice president and chief financial officer. "Our focus in 2019 remains on controlling Capex and other expenses, while investing in future growth opportunities."
At June 30, 2019, cash and cash equivalents were $551 million, and total debt was $1.3 billion.
Business Outlook
"In the third quarter, we expect revenues to increase about 15% sequentially, driven by gains in the mobile communications and consumer markets," said Kelley. "We are encouraged by the level of new product qualification activity for 5G, automotive and IoT applications."
Third quarter 2019 outlook (unless otherwise noted):
Conference Call Information
Amkor will conduct a conference call on Monday, July 29, 2019, 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 1-877-645-6380 or 1-404-991-3911. A replay of the call will be made available at Amkor's website or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID 4127169). The webcast is also being distributed over NASDAQ OMX's investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMX's password-protected event management site, Street Events (www.streetevents.com).
About Amkor Technology, Inc.
Amkor Technology, Inc. is one of the world’s largest providers of outsourced semiconductor packaging and test services. Founded in 1968, Amkor pioneered the outsourcing of IC packaging and test, and is now a strategic manufacturing partner for more than 250 of the world’s leading semiconductor companies, foundries and electronics OEMs. Amkor’s operational base includes production facilities, product development centers, and sales and support offices located in key electronics manufacturing regions in Asia, Europe and the USA. For more information, visit www.amkor.com.
AMKOR TECHNOLOGY, INC.
Selected Operating Data
Q2 2019
Q1 2019
Q2 2018
Net Sales Data:
Net sales (in millions):
Advanced products (1)
$
433
$
422
$
496
Mainstream products (2)
462
473
570
Total net sales
$
895
$
895
$
1,066
Packaging services
83
%
82
%
83
%
Test services
17
%
18
%
17
%
Net sales from top ten customers
62
%
66
%
65
%
End Market Data:
Communications (handheld devices, smartphones, tablets)
37
%
38
%
42
%
Automotive, industrial and other (driver assist, infotainment, performance, safety)
29
%
28
%
26
%
Computing (datacenter, infrastructure, PC/laptop, storage)
19
%
20
%
19
%
Consumer (connected home, set-top boxes, televisions, visual imaging, wearables)
15
%
14
%
13
%
Total
100
%
100
%
100
%
Gross Margin Data:
Net sales
100.0
%
100.0
%
100.0
%
Cost of sales:
Materials
38.0
%
38.0
%
38.9
%
Labor
17.4
%
17.4
%
16.0
%
Other manufacturing
30.8
%
31.1
%
29.2
%
Gross margin
13.8
%
13.5
%
15.9
%
(1)
Advanced products include flip chip and wafer-level processing and related test services
(2)
Mainstream products include wirebond packaging and related test services
AMKOR TECHNOLOGY, INC. Selected Operating Data
In this press release, we provide EBITDA, which is not defined by U.S. GAAP. We define EBITDA as net income before interest expense, income tax expense and depreciation and amortization. We believe EBITDA to be relevant and useful information to our investors because it provides additional information in assessing our financial operating results. Our management uses EBITDA in evaluating our operating performance, our ability to service debt and our ability to fund capital expenditures. However, EBITDA has certain limitations in that it does not reflect the impact of certain expenses on our consolidated statements of income, including interest expense, which is a necessary element of our costs because we have borrowed money in order to finance our operations, income tax expense, which is a necessary element of our costs because taxes are imposed by law, and depreciation and amortization, which is a necessary element of our costs because we use capital assets to generate income. EBITDA should be considered in addition to, and not as a substitute for, or superior to, operating income, net income or other measures of financial performance prepared in accordance with U.S. GAAP. Furthermore our definition of EBITDA may not be comparable to similarly titled measures reported by other companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
Non-GAAP Financial Measure Reconciliation:
Q2 2019
Q1 2019
Q2 2018
(in millions)
EBITDA Data:
Net income
$
(9
)
$
(23
)
$
33
Plus: Interest expense
19
19
21
Plus: Income tax expense
6
21
11
Plus: Depreciation & amortization
133
136
143
EBITDA
$
149
$
153
$
208
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2019
2018
2019
2018
(In thousands, except per share data)
Net sales
$
895,305
$
1,065,684
$
1,790,269
$
2,091,003
Cost of sales
771,851
895,967
1,546,054
1,763,515
Gross profit
123,454
169,717
244,215
327,488
Selling, general and administrative
64,758
74,700
136,345
155,423
Research and development
36,186
41,076
71,940
82,005
Total operating expenses
100,944
115,776
208,285
237,428
Operating income
22,510
53,941
35,930
90,060
Interest expense
18,653
21,127
37,926
41,138
Other (income) expense, net
6,966
(11,001
)
2,401
(7,569
)
Total other expense, net
25,619
10,126
40,327
33,569
Income (loss) before taxes
(3,109
)
43,815
(4,397
)
56,491
Income tax expense
5,897
10,631
27,277
13,112
Net income (loss)
(9,006
)
33,184
(31,674
)
43,379
Net income attributable to non-controlling interests
(444
)
(593
)
(655
)
(1,244
)
Net income (loss) attributable to Amkor
$
(9,450
)
$
32,591
$
(32,329
)
$
42,135
Net income (loss) attributable to Amkor per common share:
Basic
$
(0.04
)
$
0.14
$
(0.14
)
$
0.18
Diluted
$
(0.04
)
$
0.14
$
(0.14
)
$
0.18
Shares used in computing per common share amounts:
Basic
239,508
239,351
239,461
239,283
Diluted
239,508
239,804
239,461
239,805
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
June 30, 2019
December 31, 2018
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
$
551,438
$
681,569
Restricted cash
2,590
2,589
Accounts receivable, net of allowances
702,466
724,456
Inventories
217,638
230,589
Other current assets
38,988
32,005
Total current assets
1,513,120
1,671,208
Property, plant and equipment, net
2,515,533
2,650,448
Operating lease right of use asset *
132,763
—
Goodwill
26,159
25,720
Restricted cash
2,878
3,893
Other assets
118,831
144,178
Total assets
$
4,309,284
$
4,495,447
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt
$
198,230
$
114,579
Trade accounts payable
459,548
530,398
Capital expenditures payable
134,500
255,237
Accrued expenses
246,615
258,209
Total current liabilities
1,038,893
1,158,423
Long-term debt
1,109,945
1,217,732
Pension and severance obligations
174,897
184,321
Long-term operating lease liability *
80,049
—
Other non-current liabilities
74,324
79,071
Total liabilities
2,478,108
2,639,547
Stockholders’ equity:
Preferred stock
—
—
Common stock
285
285
Additional paid-in capital
1,913,103
1,909,425
Retained earnings
80,860
113,189
Accumulated other comprehensive income (loss)
27,317
23,812
Treasury stock
(216,254
)
(216,171
)
Total Amkor stockholders’ equity
1,805,311
1,830,540
Non-controlling interests in subsidiaries
25,865
25,360
Total equity
1,831,176
1,855,900
Total liabilities and equity
$
4,309,284
$
4,495,447
*Effective January 1, 2019, we adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). Upon adoption, we recorded a right-of-use asset and lease liability on our balance sheet. Prior period financial statements were not required to be adjusted for the effects of this new standard.
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the Six Months Ended June 30,
2019
2018
(In thousands)
Cash flows from operating activities:
Net income (loss)
$
(31,674
)
$
43,379
Depreciation and amortization
268,819
285,515
Other operating activities and non-cash items
33,112
(3,239
)
Changes in assets and liabilities
(101,329
)
(119,276
)
Net cash provided by operating activities
168,928
206,379
Cash flows from investing activities:
Payments for property, plant and equipment
(273,672
)
(389,568
)
Proceeds from sale of property, plant and equipment
8,247
603
Proceeds from insurance recovery for property, plant and equipment
1,538
—
Other investing activities
2,864
2,647
Net cash used in investing activities
(261,023
)
(386,318
)
Cash flows from financing activities:
Proceeds from revolving credit facilities
85,000
—
Payments of revolving credit facilities
(5,000
)
—
Proceeds from short-term debt
29,781
7,264
Payments of short-term debt
(25,548
)
(31,546
)
Proceeds from issuance of long-term debt
614,375
64,000
Payments of long-term debt
(732,178
)
(77,015
)
Payments of finance lease obligations
(2,746
)
(1,689
)
Other financing activities
(3,865
)
492
Net cash used in financing activities
(40,181
)
(38,494
)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
1,131
1,347
Net decrease in cash, cash equivalents and restricted cash
(131,145
)
(217,086
)
Cash, cash equivalents and restricted cash, beginning of period
688,051
602,851
Cash, cash equivalents and restricted cash, end of period
$
556,906
$
385,765
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 statements regarding our focus on capital expenditures and cost controls and investments in growth opportunities, 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:
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, 2018 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190729005700/en/
Vincent Keenan Vice President, Investor Relations 480-786-7594 vincent.keenan@amkor.com
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