Amkor Technology, Inc. Reports Revenues and Earnings for Third Quarter 1998.WEST CHESTER West Chester, borough (1990 pop. 18,041), seat of Chester co., SE Pa., W of Philadelphia; inc. 1799. Primarily residential, West Chester was long the trade and processing center for an agricultural region that is now mainly suburbs. , Pa.--(BUSINESS WIRE)--Oct. 26, 1998--Amkor Technology, Inc. (Nasdaq: AMKR AMKR Amkor Technology ) today reported financial results for the third quarter ended Sept. 30, 1998. Revenues for the third quarter of 1998 were $386.7 million, up 1.7 percent from $380.1 million in revenues reported for the third quarter of 1997, and up 0.5 percent from the $384.7 million in revenues reported for the second quarter of 1998. Net income for the third quarter of 1998 was $20.9 million. This compares with pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income(a) of $18.1 million for the third quarter of 1997 and pro forma net income of $20.8 million for the second quarter of 1998. Earnings per share for the third quarter of 1998 were $0.17 on the basis of 133,193 million weighted average shares outstanding. This compares with pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share of $0.22 for the third quarter of 1997, on the basis of 82,610 million weighted average shares outstanding and pro forma earnings per share of $0.19 for the second quarter of 1998, on the basis of 116,427 million weighted average shares outstanding. All per share amounts are computed on a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. basis. Revenues for the nine-month period ended Sept. 30, 1998 were $1.14 billion, up 9.5 percent from $1.04 billion in revenue a year ago. Pro forma net income for the nine months ended Sept. 30, 1998 was $51.3 million. This compares with pro forma net income of $19.3 million for the nine-month period ended Sept. 30, 1997. Pro forma earnings per share for the first nine months of 1998 were $0.49 on the basis of 110,933 million weighted average shares outstanding. This compares with pro forma earnings per share of $0.23 for the nine months ended Sept. 30, 1997, on the basis of 82,610 million weighted average shares outstanding. The Company will hold its third quarter conference call today, October October: see month. 26, 1998, at 1:30 p.m. Pacific time. The conference call number is 719/457-2649. A replay will be available for one week by calling 719/457-0820. (a) (Prior to April 28, 1998 certain of the Company's subsidiaries were taxed as S Corporations and, as a result, did not recognize any provision for Federal income taxes. All pro forma financial data included herein include a pro forma provision to reflect the U.S. Federal income taxes, which would have been recorded by the Company if these subsidiaries had been C Corporations.) 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., founded in 1968, is the world's largest independent provider of semiconductor packaging and test services. The company offers a complete set of services including deep submicron 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. , 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. probe testing, IC packaging assembly and design, final testing, burn-in 1. (hardware) burn-in - screen saver. 2. (hardware, testing) burn-in - burn-in period. , characterization A rather long and fancy word for analyzing a system or process and measuring its "characteristics." For example, a Web characterization would yield the number of current sites on the Web, types of sites, annual growth, etc. and reliability testing. More information on Amkor Technology, Inc. is available from the company's SEC filings and on Amkor's web site, http://www.amkor.com. Amkor Technology, Inc. is traded on the Nasdaq National Market under the symbol AMKR. The statements in this news release, other than the historical financial information, may contain 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 risks and uncertainties that could cause actual results to differ from anticipated results. Further information on risk factors that could affect the company's results 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 quarter ended June June: see month. 30, 1998. -0-
Amkor Technology, Inc
Consolidated Statements of Income
(in thousands, except per share data)
For the Three Months
Ended September 30,
1997 1998
(unaudited) (unaudited)
Net Revenues $ 380,130 $ 386,718
Cost of Revenues -- including
Purchases from ASI 314,246 321,758
Gross Profit 65,884 64,960
Operating Expenses:
Selling, general and administrative 26,829 30,017
Research and development 2,236 2,109
Total operating expenses 29,065 32,126
OPERATING INCOME 36,819 32,834
OTHER (INCOME) EXPENSE:
Interest expense, net 11,045 2,106
Foreign currency (gain) loss (692) 130
Other expense, net 889 1,195
Total other expense 11,242 3,431
--------- ---------
Income Before Income Taxes,
Equity in Income Of ASI and
Minority Interest 25,577 29,403
Provision for Income Taxes 842 8,529
Equity in Income of ASI -- --
Minority Interest 5,710 --
NET INCOME $ 19,025 $ 20,874
PRO FORMA DATA (UNAUDITED):
Historical income before
income taxes, equity in
income of ASI and
minority interest $ 25,577
Pro forma provision for
income taxes 1,769
---------
Pro forma income before equity in
income of ASI and minority
interest 23,808
Historical equity in income of
ASI --
Historical minority interest 5,710
Pro forma net income $ 18,098
Basic (pro forma for 1997)
net income per common share $ .22 $ .18
Diluted (pro forma for 1997)
net income per common share $ .22 $ .17
Shares used in computing
basic (pro forma for 1997)
income per common share 82,610 117,860
Shares used in computing
diluted (pro forma for 1997)
net income per common share 82,610 133,193
Amkor Technology, Inc
Consolidated Statements of Income
(in thousands, except per share data)
For the Nine Months
Ended September 30,
1997 1998
(unaudited) (unaudited)
Net Revenues $ 1,043,620 $ 1,143,175
Cost of Revenues -- including
purchases from ASI 900,788 948,920
Gross Profit 142,832 194,255
OPERATING EXPENSES:
Selling, general and administrative 74,094 87,671
Research and development 5,751 6,104
----------- -----------
Total operating expenses 79,845 93,775
OPERATING INCOME 62,987 100,480
OTHER (INCOME) EXPENSE:
Interest expense, net 27,400 16,503
Foreign currency (gain) loss (592) 3,833
Other expense, net 2,176 7,092
----------- -----------
Total other expense 28,984 27,428
----------- -----------
Income Before Income Taxes,
Equity in Income of ASI and
Minority Interest 34,003 73,052
Provision for Income Taxes 3,531 22,016
Equity in Income Of ASI -- --
Minority Interest 7,569 559
----------- -----------
Net Income $22,903 $ 50,477
Pro Forma Data (Unaudited):
Historical income before income taxes,
equity in income of ASI and
minority interest $34,003 $ 73,052
Pro forma provision for income taxes 7,158 21,188
----------- -----------
Pro forma income before equity in
income of ASI and minority
interest 26,845 51,864
Historical equity in income of
ASI -- --
Historical minority interest 7,569 559
----------- -----------
Pro forma net income $ 19,276 $ 51,305
Basic pro forma net income
per common share $ .23 $ .50
Diluted pro forma net income
per common share $ .23 $ .49
Shares used in computing
pro forma basic
net income per common share 82,610 102,284
Shares used in computing
pro forma diluted
net income per common share 82,610 110,933
Amkor Technology, Inc.
Consolidated Balance Sheets
(in thousands)
December 31, September 30,
1997 1998
(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 90,917 $172,328
Short-term investments 2,524 1,000
accounts receivable--
Trade, net of allowance
for doubtful accounts
of $4,234, $5,773 102,804 125,332
Due from affiliates 14,431 79,355
Other 4,879 6,509
Inventories 115,870 76,726
Other current assets 26,997 15,006
Total current assets 358,422 476,256
Property, Plant and Equipment, net 427,061 421,058
INVESTMENTS:
ASI at equity 13,863 --
Other 5,958 5,761
Total investments 19,821 5,761
OTHER ASSETS:
Due from affiliates 29,186 28,536
Other 21,102 59,215
-------- --------
Total other assets 50,288 87,751
Total assets $855,592 $990,826
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings and
current portion of
long-term debt $ 167,317 $ 41,872
Trade accounts payable 113,037 85,194
Due to affiliates 15,581 28,664
Bank overdraft 29,765 10,701
Accrued expenses 43,973 84,024
Accrued income taxes 26,968 36,864
--------- ---------
Total current liabilities 396,641 287,319
Long-Term Debt 196,934 18,514
Convertible Subordinated Notes -- 207,000
Due To ANAM USA, INC 149,776 --
Other Noncurrent Liabilities 12,084 12,057
Commitments and Contingencies
Minority Interest 9,282 --
STOCKHOLDERS' EQUITY:
Common stock 46 118
Additional paid-in capital 20,871 381,063
Retained earnings 70,621 84,755
Cumulative translation adjustment (663) --
Total stockholders' equity 90,875 465,936
Total liabilities and
stockholders' equity $ 855,592 $ 990,826
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