Selected operating data for the first quarter 2006
1st Quarter
-- Capital additions $103 million
Net decrease in related accounts payable and
deposits ($24 million)
-------------
Payments for property, plant & equipment $79 million
=============
-- Depreciation and amortization $66 million
-- Free cash flow (1) $39 million
(1) Reconciliation of free cash flow to the most directly
comparable GAAP measure:
Net cash provided by operating activities $118 million
Less payments for property, plant and equipment ($79 million)
-------------
Free cash flow from continuing operations $39 million
=============
We define free cash flow as net cash provided by operating
activities less payments for 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,
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.
-- First quarter capacity utilization was approximately 85%.
-- Assembly unit shipments for Q1 2006 were 2.2 billion, up 4%
from Q4 2005.
-- For Q1 2006 our top ten customers accounted for 42% of sales.
-- Q1 2006 end market distribution (an approximation based on a
sampling of programs with some of our largest customers):
Communications 36%
Computing 19%
Consumer 34%
Other 11%
-- Q1 2006 percentage of revenue:
Leadframe packages 40%
Laminate packages 46%
Other 4%
Test 10%
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except net income (loss) per share data)
(unaudited)
For the Three
Months Ended
March 31,
-------------------------
2006 2005
------------ ------------
Net sales $ 645,089 $ 417,481
Cost of sales 490,071 374,086
------------ ------------
Gross profit 155,018 43,395
------------ ------------
Operating expenses:
Selling, general and administrative 60,251 60,466
Research and development 9,430 8,900
Provision for legal settlements and
contingencies --- 50,000
------------ ------------
Total operating expenses 69,681 119,366
------------ ------------
Operating income 85,337 (75,971)
------------ ------------
Other expense (income):
Interest expense, related party 1,788 ---
Interest expense, net 41,157 40,513
Foreign currency loss 3,928 2,232
Other expense (income), net (936) 178
------------ ------------
Total other expense 45,937 42,923
------------ ------------
Income (loss) before income taxes and
minority interest 39,400 (118,894)
Income tax expense 3,612 1,187
------------ ------------
Income (loss) before minority interest income
(expense) 35,788 (120,081)
Minority interest income (expense), net of
tax (115) 1,011
------------ ------------
Net income (loss) $ 35,673 $ (119,070)
============ ============
Net income (loss) per common share:
Basic $ 0.20 $ (0.68)
============ ============
Diluted $ 0.20 $ (0.68)
============ ============
Shares used in computing net income (loss)
per common share:
Basic 176,801 175,718
============ ============
Diluted 191,015 175,718
============ ============
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31, December 31,
2006 2005
------------ ------------
Assets
Current assets:
Cash and cash equivalents $ 226,243 $ 206,575
Accounts receivable:
Trade, net of allowance of $4,995
in 2006 and $4,947 in 2005 381,011 381,495
Other 9,600 5,089
Inventories, net 148,253 138,109
Other current assets 30,414 35,222
------------ ------------
Total current assets 795,521 766,490
Property, plant and equipment, net 1,454,674 1,419,472
Goodwill 672,007 653,717
Intangibles, net 36,421 38,391
Investments 6,350 9,668
Other assets 44,930 67,353
------------ ------------
Total assets $ 3,009,903 $ 2,955,091
============ ============
Liabilities and Stockholders' Equity
Current liabilities:
Short-term borrowings and current
portion of long-term debt $ 339,146 $ 184,389
Trade accounts payable 346,831 326,712
Accrued expenses 129,529 123,631
------------ ------------
Total current liabilities 815,506 634,732
Long-term debt, related party 100,000 100,000
Long-term debt 1,678,801 1,856,247
Other non-current liabilities 150,576 135,861
------------ ------------
Total liabilities 2,744,883 2,726,840
------------ ------------
Minority interest 3,622 3,950
------------ ------------
Stockholders' equity:
Common stock 178 178
Additional paid-in capital 1,328,119 1,326,426
Accumulated deficit (1,070,288) (1,105,961)
Accumulated other comprehensive income 3,389 3,658
------------ ------------
Total stockholders' equity 261,398 224,301
------------ ------------
Total liabilities and
stockholders' equity $ 3,009,903 $ 2,955,091
============ ============
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
For the Three
Months Ended
March 31,
-------------------------
2006 2005
------------ ------------
Cash flows from operating activities:
Net income (loss) $ 35,673 $ (119,070)
Depreciation and amortization 66,061 60,858
Other non-cash items 13,912 1,382
Changes in assets and liabilities
excluding effects of sales and
acquisitions 2,462 50,388
------------ ------------
Net cash provided by (used in)
operating activities 118,108 (6,442)
------------ ------------
Cash flows from investing activities:
Payments for property, plant and
equipment (79,098) (66,712)
Proceeds from the sale of property,
plant and equipment 923 156
------------ ------------
Net cash used in investing
activities (78,175) (66,556)
------------ ------------
Cash flows used in financing activities (21,070) (11,816)
------------ ------------
Effect of exchange rate fluctuations on cash
and cash equivalents 805 (710)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 19,668 (85,524)
Cash and cash equivalents, beginning of
period 206,575 372,284
------------ ------------
Cash and cash equivalents, end of period $ 226,243 $ 286,760
============ ============
Supplemental disclosures of cash flow
information:
Cash paid during the period for:
Interest $ 40,400 $ 40,170
Income taxes $ 1,508 $ 2,733
Noncash investing and financing
activities:
Goodwill acquired upon closing of
acquisition of minority interest $ 17,822 $ ---
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Amkor Reports Record First Quarter Sales
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