Amkor Reports Fourth Quarter and Full Year 2002 Results and Reaches Agreement to Sell its Wafer Fabrication Services Business.[M bwsfo bwoff autor mnewy mbost mncal calif newyo massa Massa, in the Bible Massa (măs`ə), in the Bible, seventh son of Ishmael. Massa, city, Italy Massa (mäs`ä), city (1991 pop. 66,737), capital of Massa-Carrara prov. ncaro texas illin minne utahh orego washi Washi (和紙) or Wagami is a type of paper made in Japan. Washi is commonly made using fibers from the bark of the gampi tree, the mitsumata shrub (Edgeworthia papyrifera), or the paper mulberry, but also can be made using bamboo, hemp, rice, and wheat. wasdc techn nyasa Ny·as·a , Lake also Lake Malawi A lake of southeast-central Africa between Tanzania, Mozambique, and Malawi. It was named by David Livingstone in 1899. nyafx nynew flwpb nyamm profs pawcr nymns avick dltri onanl analy mawbz sfbst caktv cakgr cakpi cakic cakgt mrbse onlin atest newgc wilda sandy msdsf muniv bwsfo aspdd ] [AT00bw-dbf ] [AT00bwhtcf ] [AT00bwunvf ] [AT00azphpf ] [AT00azmesf ] [I TO: *mitzb@kcts.org See .org. (networking) org - The top-level domain for organisations or individuals that don't fit any other top-level domain (national, com, edu, or gov). Though many have .org domains, it was never intended to be limited to non-profit organisations. RFC 1591. *inbox An area in memory or on disk that holds received messages that have not been read or processed. Contrast with outbox. @reviewsonline.com *releases@basex.com *chris.stetkiewicz@reuters Reuters British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. .com ] Business Editors/High-Tech Writers CHANDLER Chandler, city (1990 pop. 90,533), Maricopa co., S central Ariz., in the Salt River valley; inc. 1920. It is both a residential community and a center for research and technology. Tourism is also important, and the San Marcos Golf Resort is in Chandler. , Ariz.--(BUSINESS WIRE)--Jan. 29, 2003 Amkor Technology Amkor Technology, Inc. (NASDAQ: AMKR) is a high-tech semiconductor product manufacturer that includes Intel and IBM among its primary customers. Previously headquartered in West Chester, Pennsylvania, United States, Amkor recently announced that it will move to Chandler, , Inc. (Nasdaq: AMKR AMKR Amkor Technology ) reported fourth quarter sales of $426 million and a net loss of $196 million, or ($1.19) per share. The net loss for the fourth quarter includes $172 million in non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. incurred in the quarter as detailed below: -- a non-cash charge of $129 million, or $0.78 per share, recorded to establish a valuation allowance against its deferred tax asset consisting primarily of U.S. net operating loss carryforwards, as part of its income tax provision. Generally accepted accounting principles require companies to weigh both positive and negative evidence in determining the need for a valuation allowance. In light of the Company's three years of cumulative losses, an unprecedented industry downturn and continued poor visibility of customer demand, Amkor determined in the fourth quarter that a valuation allowance representing substantially all of its deferred tax assets was appropriate. These negative factors outweighed Amkor's forecasted future profitability and expectation that it will be able to utilize its Net Operating Loss carryforwards (NOL); -- a non-cash impairment charge of $33 million, or $0.20 per share, to reduce the carrying value of Amkor's investment in Anam Semiconductor, Inc. (ASI) to ASI's market value of $2.90 per share based on ASI's closing share price on December 31, 2002; and -- a non-cash special charge of $10 million, or $0.06 per share, in connection with a consolidation of two Korean factories as part of an ongoing program designed to increase operational efficiency and reduce costs. Amkor will transfer most of the assembly operations at its 271,000 sq. ft. K2 site in Bucheon, South Korea into its one million square foot, state-of-the-art K4 factory in Kwangju, South Korea. Amkor expects to complete the closing of the K2 facility during the second quarter of 2003. Excluding these charges, Amkor's fourth quarter net loss was $24 million, or ($0.15) per share. For the fourth quarter of 2001, Amkor's net loss, excluding goodwill amortization, was $108 million, or ($0.67) per share. Fourth quarter 2002 revenue was in line with guidance provided in the company's third quarter earnings release, and gross margin exceeded the company's expectations. Assembly & test revenue was $373 million, up 26% over the year-ago period and down 5% from the third quarter. Wafer (1) A small, thin continuous-loop magnetic tape cartridge that has been used from time to time for data storage and specialized applications. (2) The base unit of chip making. It is a slice taken from a salami-like silicon crystal ingot up to 12" (300mm) in diameter. fab revenue was $53 million compared with $60 million in the third quarter. Total revenue was $426 million, up 21% from the year-ago period and down 6% from the third quarter. Fourth quarter gross margin increased to 15.6% from 11.5% in the third quarter and negative 2.4% in the year-ago period, due in part to lower levels of depreciation, ongoing cost efficiency programs, and higher capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. . The reduced depreciation reflects the impact of the fixed asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. recorded in the second quarter and the change in estimated useful lives of certain assembly equipment from four years to seven years effective with the fourth quarter. For the full year, revenue was $1.6 billion, an 8% increase over 2001. Amkor's net loss was $827 million, or ($5.04) per share, compared to a net loss, excluding goodwill amortization, of $335 million, or ($2.13) per share in 2001. "We have completed a challenging, but productive year in which we've we've Contraction of we have. we've have successfully addressed several key strategic initiatives," said James Kim This article is about the CNET editor. For the Korean guitarist, see Kim Se Hwang. For the Korean-American physician, see Jim Kim. James Kim (August 9, 1971 – December 3/4, 2006) was an American television personality and technology analyst for the former , Amkor's chairman and chief executive officer. "For the past two and a half years we've undertaken a lengthy process of restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). our interest in ASI ASI, n See Anxiety Sensitivity Index. . We achieved important progress this year by selling 20 million ASI shares for $95 million; we also negotiated the sale of our wafer fabrication Wafer Fabrication is a procedure composed of many repeated sequential processes to produce complete electrical or photonic circuits. Examples include production of radio frequency (RF) amplifiers, LEDs, optical computer components, and CPUs for computers. services business for $62 million. This divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). will allow Amkor to focus totally on our core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
"During this same period we've undertaken a continuous program of streamlining our assembly and test business to reduce costs and enhance operating efficiency, while also positioning Amkor for long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth. We've kept a sharp focus on improving our cash flow and overall liquidity in the face of the industry's worst-ever downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. ," said Kim. Our cash balance has been steadily building, and we intend to continue to monetize Monetize 1. To convert into money. 2. To convert from securities into currency that can be used to purchase goods and services. Notes: For example, you'll often hear Internet marketers talk about "monetizing website visitors. our interest in ASI to further increase liquidity. We are making progress towards our goal of returning to bottom line profitability and are committed to enhancing shareholder value." "Semiconductor technology continues to advance in a downturn, and we have invested heavily in the development of new package and test technology, including MicroLeadFrame(TM), flip chip A chip packaging technique in which the active area of the chip is "flipped over" facing downward. Instead of facing up and bonded to the package leads with wires from the outside edges of the chip, any surface area of the flip chip can be used for interconnection, which is typically done , system-in-package, stacked Stacked is an American television sitcom that premiered on Fox on April 13, 2005. On May 18, 2006, Stacked was cancelled, leaving five episodes unaired in the United States. The last episode aired on January 11, 2006. packaging, VisionPak(TM) and strip test. We have reduced overall capital expenditures in the face of significant industry overcapacity o·ver·ca·pac·i·ty n. Too great a capacity for production of commodities or delivery of services in relation to actual need: the problem of overcapacity in many large industries. , but have been adding capacity to support the growth areas of our business," said Kim. "For the past 34 years we have provided capacity to meet the growing needs of our customers, and that commitment will not change." "Over the past two years we have positioned Amkor for the next phase of our growth by expanding into China, Japan and Taiwan. Each of these new markets offers exciting growth opportunities for Amkor." "During 2002 our business recovered nicely from the trough Trough The stage of the economy's business cycle that marks the end of a period of declining business activity and the transition to expansion. level reached in late 2001, and our core assembly and test revenue growth rate outpaced the semiconductor industry, reflecting the strength of the outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. trend," said John Boruch, Amkor's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The global economy remains sluggish, and we believe the semiconductor industry is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a pause that should last through at least the first quarter of 2003." Fourth quarter EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become was $74 million compared with $71 million in the third quarter and $27 million in Q4 of 2001. Amkor calculates EBITDA as earnings before income taxes; special charges; equity in income (loss) of affiliates; minority interest; foreign currency gain or loss; interest expense, net; depreciation and amortization; loss on disposal of assets; and loss on impairment of equity investment. EBITDA is a common measure used by investors to evaluate a company's ability to service debt. EBITDA is not defined by generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting , and Amkor's definition of EBITDA may not be comparable to similar companies. Capital expenditures were $13 million for the fourth quarter and $95 million for the year. Depreciation and amortization totaled $60 million for the fourth quarter and $325 million for the year. "We ended the year with improved financial liquidity," said Ken Joyce, Amkor's chief financial officer. "During the year we extended our existing financial covenant framework under our bank agreement through December 31, 2003 and achieved positive cash flow for the second half of the year. We have $311 million in cash at December 31, compared with $235 million at September 30, 2002. The fourth quarter cash increase includes $26 million in processing fees payable to ASI under the foundry A semiconductor manufacturer that makes chips for third parties. It may be a large chip maker that sells its excess manufacturing capacity or one that makes chips exclusively for other companies. agreement, which Amkor has retained in anticipation of completing the sale of our wafer foundry business to ASI. This $26 million, along with other current payables Payables Related: Accounts payable owed to ASI, is expected to fully satisfy the $62 million purchase price that will be owed to Amkor for the sale of our wafer fabrication services business." Agreement to Sell Wafer Fabrication Services Business; Transactions with ASI and Dongbu As part of its strategy to monetize its investment in ASI and to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. its wafer fabrication services business, Amkor entered into a series of transactions beginning in the second half of 2002: -- In September 2002, Amkor sold 20 million shares of ASI common stock to Dongbu Group Dongbu Group is a large South Korean chaebol (conglomerate), producing industry, chemical, shipping, insurance and financial products. It was established in 1969. for $58 million in net cash proceeds and 42 billion Korean Won
exchange rate) of interest bearing notes from Dongbu payable in two equal principal payments in September 2003 and February 2004. Additionally, Amkor transferred an additional one million shares of ASI common stock to its financial advisors for payment of fees in connection with this transaction. -- In January 2003, Amkor reached a definitive agreement to sell its wafer fabrication services business to ASI for total consideration of $62 million. -- In separate transactions designed to facilitate a future merger between ASI and Dongbu, (i) Amkor acquired a 10% interest in Acqutek from ASI for $2 million; (ii) Amkor acquired the Precision Machine Division (PMD (Polarization Mode Dispersion) The type of dispersion that occurs in singlemode fiber due to a lack of perfect symmetry in the fiber and from external pressures on the cable. Light travels over singlemode fiber in two polarization states. ) of Anam Instruments, a related party to Amkor, for $8 million; and (iii) Anam Instruments, which had been partially owned by ASI, utilized the proceeds from the sale of PMD to Amkor to buy back all of the Anam Instruments shares owned by ASI. Acqutek supplies materials to the semiconductor industry and is publicly traded in Korea. Amkor has historically purchased and continues to purchase leadframes from Acqutek. PMD supplies sophisticated die mold mold, name for certain multicellular organisms of the various classes of the kingdom Fungi, characteristically having bodies composed of a cottony mycelium. The colors of molds are caused by the spores, which are borne on the mycelium. systems and tooling to the semiconductor industry and historically over 90% of its sales were to Amkor. Each of the transactions with Dongbu, ASI and Anam Instruments are interrelated in·ter·re·late tr. & intr.v. in·ter·re·lat·ed, in·ter·re·lat·ing, in·ter·re·lates To place in or come into mutual relationship. in and it is possible that if each of the transactions were viewed on a stand-alone basis without regard to the other transaction, Amkor could have had different conclusions as to fair value. In January 2003, Amkor reached final agreement with ASI to sell Amkor's wafer fabrication services business to ASI, subject to foreign regulatory approval. Additionally, Amkor is structuring a release from ASI's largest customer regarding Amkor's contractual obligations with respect to its wafer fabrication services. The sale of the wafer fabrication services business is expected to close during the first quarter of 2003, at which time Amkor expects to reflect its wafer fabrication services segment as a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. . In connection with the disposition of its wafer fabrication business, Amkor expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. an estimated $4 million in severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and other exit costs to close its operations in Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. and Lyon Lyon English Lyons City (pop., 1999: city, 445,452; metro. area, 1,348,932), east-central France. Located at the confluence of the Rhône and Saône rivers, it was founded as the Roman military colony Lugdunum in 43 BC (see , France. Amkor estimates that in the first quarter of 2003 it will recognize a net gain on the disposition of its wafer fabrication services business in excess of $50 million based on its current estimates of the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. associated with the business and the severance and other exit costs. At January 1, 2002 Amkor owned 47.7 million shares or 42% of ASI's voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the and at December 31, 2002 Amkor owned 26.7 million shares of ASI or 21%. The carrying value of Amkor's remaining investment in ASI at December 31, 2002 was $77 million and could be subject to additional impairment charges if ASI's share price continues to decline. Although Amkor intends to monetize its remaining investment in ASI, the ultimate level of proceeds could be less than the current carrying value. Business Outlook The first calendar quarter is typically a seasonally down quarter for Amkor. On the basis of customers' forecasts, we currently expect first quarter 2003 assembly & test revenue to be around 10% lower than the fourth quarter. We expect first quarter 2003 gross margin to be around 11%. As noted above, we anticipate that the wafer fabrication services business will be treated as a discontinued operation in the first quarter. We will resume the recognition of deferred tax assets when Amkor returns to profitability. Additionally, until we utilize our NOLs, the income tax provision will reflect modest levels of foreign taxation. At December 31, 2002, our company has U.S. net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. totaling $408 million expiring ex·pire v. ex·pired, ex·pir·ing, ex·pires v.intr. 1. To come to an end; terminate: My membership in the club has expired. 2. between 2021 and 2022. We expect to utilize a portion of the NOLs to offset the tax associated with the gain on sale of the wafer foundry business. Additionally, at December 31, 2002, our company has non-U.S. net operating losses totaling $51 million expiring between 2003 and 2012. Amkor will be holding a conference call on January 29 at 5:00 p.m. eastern time to discuss the results of its fourth quarter in more detail and to provide additional guidance for the first quarter of 2003. The call will be webcast and can be accessed through our web site: www.amkor.com, and through CCBN's website, www.companyboardroom.com. Amkor Technology, Inc. is the world's largest provider of contract semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic The miniaturization of electronic circuits. See chip. design and manufacturing services. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com. The statements by James Kim, John Boruch and Ken Joyce, and the above statements contained in our Business Outlook, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties. Factors that could affect future operating results and cause actual results to vary materially from historical and expected results include, but are not limited to: the highly unpredictable nature of the semiconductor industry; volatility of consumer demand for products incorporating our semiconductor packages; worldwide economic effects of the recent terrorist attacks on the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , potential military conflicts in the Middle East During the 20th and 21st centuries, there have been a number of conflicts in the Middle East. Arab-Israeli conflict
Further information on risk factors that could affect the outcome of the events set forth in these statements and that would affect the company's operating results and financial condition is detailed in the company's filings with the Securities and Exchange Commission, including the Report on Form 10-Q Form 10-Q See 10-Q. for the three months ended September 30, 2002.
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended December 31
(in thousands, except per share data)
Pro Forma(1)
2002 2001 2001
Net revenues
Assembly and Test $373,189 $297,309 $297,309
Wafer Fab 53,065 55,045 55,045
---------- ---------- ----------
Total 426,254 352,354 352,354
Cost of revenues--including
purchases from ASI 359,717 360,713 360,713
---------- ---------- ----------
Gross profit (loss) 66,537 (8,359) (8,359)
---------- ---------- ----------
Operating expenses:
Selling, general and administrative 44,170 47,012 47,012
Research and development 6,654 10,365 10,365
(Gain)/Loss on disposal of assets (416) 9,861 9,861
Special charges (2) 9,985 0 0
Amortization of goodwill & other
acquired intangibles 1,997 21,263 1,207
---------- ---------- ----------
Total operating expenses 62,390 88,501 68,445
---------- ---------- ----------
Operating income (loss) 4,147 (96,860) (76,804)
---------- ---------- ----------
Other (income) expense:
Interest expense, net 36,487 40,954 40,954
Foreign currency (gain) loss (975) 878 878
Other income, net (965) (745) (745)
---------- ---------- ----------
Total other expense 34,547 41,087 41,087
---------- ---------- ----------
Loss before income taxes and equity
in income of investees (30,400) (137,947) (117,891)
Provision (benefit) for income taxes 123,897 (26,210) (26,210)
Equity in loss of investees (9,128) (15,653) (15,653)
Amortization of equity method goodwill 0 (8,799) 0
Loss on impairment/Sale of equity
investment (32,997) 0 0
Minority Interest 306 (423) (423)
---------- ---------- ----------
Net loss $(196,116) $(136,612) $(107,757)
========== ========== ==========
Per Share Data:
Basic net loss per common share $(1.19) $(0.85) $(0.67)
========== ========== ==========
Diluted net loss per common share $(1.19) $(0.85) $(0.67)
========== ========== ==========
Shares used in computing basic net
loss per common share 164,927 161,600 161,600
========== ========== ==========
Shares used in computing diluted net
loss per common share 164,927 161,600 161,600
========== ========== ==========
(1) The Pro Forma results exclude the effects of the amortization of
goodwill and the amortization of the difference between the cost of
our equity investments and our share of the underlying net assets.
(2) Special charges include the
following:
Loss on FAS 142 Impairment $-
Loss on FAS 144 Impairment -
Loss on facility shutdowns 9,985
----------
$9,985
==========
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
For the Twelve Months Ended December 31
(in thousands, except per share data)
Pro Forma (1)
2002 2001 2001
Net revenues
Assembly and Test $1,406,178 $1,336,674 $1,336,674
Wafer Fab 233,529 181,188 181,188
----------- ----------- -----------
Total 1,639,707 1,517,862 1,517,862
Cost of revenues--including
purchases from ASI 1,521,887 1,448,064 1,448,064
----------- ----------- -----------
Gross profit 117,820 69,798 69,798
----------- ----------- -----------
Operating expenses:
Selling, general and administrative 188,567 200,218 200,218
Research and development 31,189 38,786 38,786
Loss on disposal of assets 2,496 14,515 14,515
Special charges (2) 291,970 0 0
Amortization of goodwill & other
acquired intangibles 6,992 84,962 4,730
----------- ----------- -----------
Total operating expenses 521,214 338,481 258,249
----------- ----------- -----------
Operating loss (403,394) (268,683) (188,451)
----------- ----------- -----------
Other (income) expense:
Interest expense, net 147,497 164,064 164,064
Foreign currency loss 917 872 872
Other income, net (961) (3,669) (3,669)
----------- ----------- -----------
Total other expense 147,453 161,267 161,267
----------- ----------- -----------
Loss before income taxes and equity
in income of investees (550,847) (429,950) (349,718)
Provision (benefit) for income
taxes 65,815 (81,691) (81,691)
Equity in loss of investees (33,865) (65,162) (65,162)
Amortization of equity method
goodwill 0 (35,544) 0
Loss on impairment/Sale of equity
investment (174,300) 0 0
Minority Interest (1,932) (1,896) (1,896)
----------- ----------- -----------
Net loss $(826,759) $(450,861) $(335,085)
=========== =========== ===========
Per Share Data:
Basic net loss per common share $(5.04) $(2.87) $(2.13)
=========== =========== ===========
Diluted net loss per common share $(5.04) $(2.87) $(2.13)
=========== =========== ===========
Shares used in computing basic net
loss per common share 164,124 157,111 157,111
=========== =========== ===========
Shares used in computing diluted
net loss per common share 164,124 157,111 157,111
=========== =========== ===========
(1) The Pro Forma results exclude the effects of the amortization of
goodwill and the amortization of the difference between the cost of
our equity investments and our share of the underlying net assets.
(2) Special charges include the
following:
Loss on FAS 142 Impairment $73,080
Loss on FAS 144 Impairment 190,266
Loss on facility shutdowns 28,624
-----------
$291,970
===========
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
2002 2001
(unaudited)
Assets
Current assets:
Cash and cash equivalents $311,249 $200,057
Accounts receivable--
Trade, net of allowance for doubtful
accounts of $7,378 and $6,842 257,081 211,419
Due from affiliates 298 871
Other 8,234 8,953
Inventories 72,121 73,784
Other current assets 48,661 37,106
----------- -----------
Total current assets 697,644 532,190
----------- -----------
Property, plant and equipment, net 968,943 1,392,274
----------- -----------
Investments 83,235 382,951
----------- -----------
Other assets:
Due from affiliates 20,852 20,518
Goodwill 628,099 659,130
Acquired Intangibles 45,033 37,050
Other 114,178 199,205
----------- -----------
Total other assets 808,162 915,903
----------- -----------
Total assets $2,557,984 $3,223,318
=========== ===========
Liabilities and Stockholders'
Equity
Current liabilities:
Bank overdraft $4,633 $5,116
Short-term borrowings and current
portion of long-term debt 71,023 54,815
Trade accounts payable 180,999 148,923
Due to affiliates 70,243 16,936
Accrued expenses 184,223 145,544
----------- -----------
Total current liabilities 511,121 371,334
Long-term debt 1,737,690 1,771,453
Other noncurrent
liabilities 67,661 64,077
----------- -----------
Total liabilities 2,316,472 2,206,864
----------- -----------
Minority Interest 10,145 7,737
Stockholders' equity:
Common stock 166 162
Additional paid-in capital 1,170,227 1,123,541
Accumulated deficit (933,734) (106,975)
Receivable from stockholder (2,887) (3,276)
Accumulated other comprehensive losses (2,405) (4,735)
----------- -----------
Total stockholders' equity 231,367 1,008,717
----------- -----------
Total liabilities and
stockholders' equity $2,557,984 $3,223,318
=========== ===========
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