Amkor Technology Reports Financial Results for the Fourth

Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2018


AMKOR TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	For the Three Months Ended December 31,						For the Year Ended December 31,
	2018			2017			2018			2017
	(In thousands, except per share data)
Net sales	$	1,081,271		$	1,150,478		$	4,316,466		$	4,207,031
Cost of sales	898,901			926,137			3,605,901			3,445,952
Gross profit	182,370			224,341			710,565			761,079
Selling, general and administrative	69,353			77,386			295,239			297,021
Research and development	37,636			37,937			157,182			166,627
Gain on sale of real estate	—			—			—			(108,109		)
Total operating expenses	106,989			115,323			452,421			355,539
Operating income	75,381			109,018			258,144			405,540
Interest expense	18,038			20,106			78,946			83,839
Interest expense, related party	—			—			—			1,715
Other (income) expense, net	(363		)	1,340			(6,617		)	12,490
Total other expense, net	17,675			21,446			72,329			98,044
Income before taxes	57,706			87,572			185,815			307,496
Income tax expense (benefit)	28,812			(13,613		)	56,250			39,791
Net income	28,894			101,185			129,565			267,705
Net income attributable to noncontrolling interests	(599		)	(1,126		)	(2,473		)	(4,155		)
Net income attributable to Amkor	$	28,295		$	100,059		$	127,092		$	263,550

Net income attributable to Amkor per common share:
Basic	$	0.12		$	0.42		$	0.53		$	1.10
Diluted	$	0.12		$	0.42		$	0.53		$	1.10
Shares used in computing per common share amounts:
Basic	239,378			239,128			239,329			238,937
Diluted	239,596			239,814			239,741			239,651

AMKOR TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited)

	December 31,
	2018			2017
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	681,569		$	596,364
Restricted cash	2,589			2,000
Accounts receivable, net of allowances	724,456			798,264
Inventories	230,589			213,649
Other current assets	32,005			33,727
Total current assets	1,671,208			1,644,004
Property, plant and equipment, net	2,650,448			2,695,065
Goodwill	25,720			25,036
Restricted cash	3,893			4,487
Other assets	144,178			139,796
Total assets	$	4,495,447		$	4,508,388

LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt	$	114,579		$	123,848
Trade accounts payable	530,398			569,085
Capital expenditures payable	255,237			294,258
Accrued expenses	258,209			330,868
Total current liabilities	1,158,423			1,318,059
Long-term debt	1,217,732			1,240,581
Pension and severance obligations	184,321			182,216
Other non-current liabilities	79,071			47,823
Total liabilities	2,639,547			2,788,679

Amkor stockholders’ equity:
Preferred stock	—			—
Common stock	285			285
Additional paid-in capital	1,909,425			1,903,357
Retained earnings (accumulated deficit)	113,189			(13,903		)
Accumulated other comprehensive income (loss)	23,812			22,519
Treasury stock	(216,171		)	(215,982		)
Total Amkor stockholders’ equity	1,830,540			1,696,276
Noncontrolling interests in subsidiaries	25,360			23,433
Total equity	1,855,900			1,719,709
Total liabilities and equity	$	4,495,447		$	4,508,388

AMKOR TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	For the Year Ended December 31,
	2018			2017
	(In thousands)
Cash flows from operating activities:
Net income	$	129,565		$	267,705
Depreciation and amortization	571,961			581,940
Gain on sale of real estate	—			(108,109		)
Proceeds from insurance recovery for property, plant and equipment	(1,371		)	—
Deferred income taxes	(13,110		)	(42,189		)
Other operating activities and non-cash items	16,889			424
Changes in assets and liabilities	(40,524		)	(81,504		)
Net cash provided by operating activities	663,410			618,267

Cash flows from investing activities:
Payments for property, plant and equipment	(547,122		)	(550,943		)
Proceeds from sale of property, plant and equipment	2,841			141,530
Proceeds from insurance recovery for property, plant and equipment	1,371			—
Acquisition of business, net of cash acquired	—			(43,771		)
Other investing activities	5,527			(1,648		)
Net cash used in investing activities	(537,383		)	(454,832		)

Cash flows from financing activities:
Proceeds from revolving credit facilities	—			75,000
Payments of revolving credit facilities	(75,000		)	—
Proceeds from short-term debt	23,341			77,781
Payments of short-term debt	(46,631		)	(70,236		)
Proceeds from issuance of long-term debt	596,226			223,976
Payments of long-term debt	(535,738		)	(405,269		)
Payments of long-term debt, related party	—			(17,837		)
Payment of deferred consideration for purchase of facility	—			(3,890		)
Payments of capital lease obligations	(3,930		)	(5,340		)
Proceeds from issuance of stock through share-based compensation plans	1,050			3,124
Other financing activities	59			(2,195		)
Net cash used in financing activities	(40,623		)	(124,886		)

Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	(204		)	8,807

Net increase in cash, cash equivalents and restricted cash	85,200			47,356
Cash, cash equivalents and restricted cash, beginning of period	602,851			555,495
Cash, cash equivalents and restricted cash, end of period	$	688,051		$	602,851

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 Next Page »