Amkor Reports Second Quarter 2008 Results

*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 generally accepted accounting principles. However, 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 expenditures. However, this measure should be considered in addition to, and not as a substitute for, or superior to, cash flows or other measures of financial performance prepared in accordance with generally accepted accounting principles, and our definition of free cash flow may not be comparable to similarly titled measures reported by other companies.

AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)
 
  For the Three Months Ended   For the Six Months Ended
June 30, June 30,
2008   2007 2008   2007
(In thousands, except per share data)
 
Net sales $ 690,676 $ 652,486 $ 1,390,159 $ 1,303,474
Cost of sales   531,745     490,794     1,055,076     994,444  
Gross profit   158,931     161,692     335,083     309,030  
 
Operating expenses:
Selling, general and administrative 67,441 62,360 132,890 128,143
Research and development 15,095 11,023 28,951 20,648
Gain on sale of real estate   (9,856 )   -     (9,856 )   (3,116 )
Total operating expenses   72,680     73,383     151,985     145,675  
Operating income   86,251     88,309     183,098     163,355  
Other (income) expense:
Interest expense, net 26,314 31,114 53,747 66,274
Interest expense, related party 1,562 1,562 3,125 3,125
Foreign currency (gain) loss (11,597 ) 4,562 (21,074 ) 4,547
Debt retirement costs, net - 15,875 - 15,875
Other (income) expense, net   107     (532 )   (699 )   (1,218 )
Total other expense   16,386     52,581     35,099     88,603  
Income before income taxes and minority interests 69,865 35,728 147,999 74,752
Income tax expense   4,298     4,272     10,238     8,379  
Income before minority interests 65,567 31,456 137,761 66,373
Minority interests, net of tax   (335 )   (466 )   (533 )   (793 )
Net income $ 65,232   $ 30,990   $ 137,228   $ 65,580  
 
Net income per common share:
Basic $ 0.36   $ 0.17   $ 0.75   $ 0.37  
Diluted $ 0.33   $ 0.16   $ 0.68   $ 0.34  
 
Shares used in computing net income per common share:
Basic 182,759 180,392 182,446 179,456
Diluted 210,138 209,868 209,785 208,282
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
   
June 30, December 31,
2008 2007
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 409,112 $ 410,070
Restricted cash 2,654 2,609
Accounts receivable:
Trade, net of allowances 384,126 393,493
Other 5,603 4,938
Inventories 153,027 149,014
Other current assets   39,735     27,290  
Total current assets 994,257 987,414
 
Property, plant and equipment, net 1,528,235 1,455,111
Goodwill 679,918 673,385
Intangibles, net 16,089 20,321
Restricted cash 1,839 1,725
Other assets   50,141     54,650  
Total assets $ 3,270,479   $ 3,192,606  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 57,358 $ 152,489
Trade accounts payable 412,523 359,313
Accrued expenses   157,514     165,271  
Total current liabilities 627,395 677,073
 
Long-term debt 1,485,505 1,511,570
Long-term debt, related party 100,000 100,000
Pension and severance obligations 193,799 208,387
Other non-current liabilities   27,266     33,935  
Total liabilities   2,433,965     2,530,965  
 
Minority interests   8,194     7,022  
 
Stockholders equity:
Preferred stock - -
Common stock, $0.001 par value, 500,000 shares authorized, issued and outstanding of 182,961 in 2008 and 181,799 in 2007
183 182
Additional paid-in capital 1,494,485 1,482,186
Accumulated deficit (684,298 ) (821,526 )
Accumulated other comprehensive income (loss)   17,950     (6,223 )
Total stockholders equity   828,320     654,619  
Total liabilities and stockholders equity $ 3,270,479   $ 3,192,606  
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
  For the Six Months Ended
June 30,
2008   2007
(In thousands)
Cash flows from operating activities:
Net income $ 137,228 $ 65,580
Depreciation and amortization 150,543 141,504
Debt retirement costs - 6,875
Other operating activities and non-cash items 8,227 3,434
Changes in assets and liabilities   (11,300 )   36,590  
Net cash provided by operating activities   284,698     253,983  
 
Cash flows from investing activities:
Payments for property, plant and equipment (190,870 ) (102,212 )
Proceeds from the sale of property, plant and equipment 14,968 4,566
Proceeds from sale of investment 2,460 -
Other investing activities   (496 )   (1,469 )
Net cash used in investing activities   (173,938 )   (99,115 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 619 61,836
Payments under revolving credit facilities (633 ) (79,448 )
Proceeds from issuance of long-term debt - 300,000
Payments for debt issuance costs - (3,437 )
Payments of long-term debt, including redemption premium payment (124,074 ) (474,746 )
Proceeds from issuance of stock through stock compensation plans   9,776     34,466  
Net cash used in financing activities   (114,312 )   (161,329 )
 
Effect of exchange rate fluctuations on cash and cash equivalents   2,594     174  
 
Net decrease in cash and cash equivalents (958 ) (6,287 )
Cash and cash equivalents, beginning of period   410,070     244,694  
Cash and cash equivalents, end of period $ 409,112   $ 238,407  
 
Cash paid during the period for:
Interest $ 63,541 $ 71,142
Income taxes $ 13,194 $ 6,872

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