[February 13, 2017] |
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Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2016
Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of
semiconductor packaging and test services, today announced financial
results for the fourth quarter and full year ended December 31, 2016.
"Fourth quarter revenues were up $350 million year-over-year. For the
full year, revenues were up $1 billion," said Steve Kelley, Amkor's
president and chief executive officer. "The consolidation of J-Devices
and the success of our automotive, Greater China and advanced SiP
initiatives fueled the growth in revenue, which in turn drove
significantly improved profitability and cash flow."
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Results**
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Q4 2016
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Q3 2016
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Q4 2015
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2016
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2015
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($ in millions, except per share amounts)
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Net sales
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$1,022
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$1,086
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$671
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$3,894
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$2,885
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Gross margin
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22.2%
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19.7%
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15.3%
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17.9%
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16.6%
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Net income (loss)
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$100
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$60
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$(11)
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$164
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$51
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Earnings per diluted share
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$0.42
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$0.25
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$(0.04)
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$0.69
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$0.22
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EBITDA*
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$280
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$248
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$130
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$852
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$659
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Net cash provided by operating activities
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$238
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$219
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$154
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$729
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$585
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Free cash flow*
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$117
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$106
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$(29)
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$140
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$54
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*EBITDA and free cash flow are non-GAAP measures. The reconciliations to
the comparable GAAP measures are included below under "Selected
Operating Data."
**In December 2015, Amkor increased its ownership in J-Devices
Corporation from 66% to 100%. The operating results of J-Devices were
consolidated beginning in 2016.
"Fourth quarter EPS was above the high end of our guidance," said Megan
Faust, Amkor's corporate vice president and chief financial officer. "As
expected, we received approximately $26 million of insurance proceeds
related to the second quarter 2016 Japan earthquakes which contributed
250 basis points to gross margin and $0.08 (net of tax) to earnings per
diluted share. With the receipt of these payments, the impact of the
Japan earthquakes on our full year 2016 results was minimal."
Cash and cash equivalents were $550 million, and total debt was $1.5
billion, at December 31, 2016.
Business Outlook
"We expect first quarter 2017 revenues to be around $900 million, up 4%
year-on-year and down 12% sequentially," said Kelley. "Although the
smartphone market is going through a seasonal slowdown, demand in other
markets is healthy."
First quarter 2017 outlook:
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Net sales of $860 million to $940 million, down 8% to 16% from the
prior quarter
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Gross margin of 13% to 17%
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Net loss of $27 million to net income of $12 million, or ($0.11) to
$0.05 per diluted share
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Full year 2017 capital expenditures of around $500 million
Conference Call Information
Amkor will conduct a conference call on Monday, February 13, 2017, at
5:00 p.m. Eastern Time. This call may include material information not
included in this press release. This call is being webcast and can be
accessed at Amkor's website: www.amkor.com.
You may also access the call by dialing 1-877-645-6380 or
1-404-991-3911. A replay of the call will be made available at Amkor's
website or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID
60757036). The webcast is also being distributed over NASDAQ OMX's
investor distribution network to both institutional and individual
investors. Institutional investors can access the call via NASDAQ OMX's
password-protected event management site, Street Events (www.streetevents.com).
About Amkor
Amkor Technology, Inc. is one of the world's largest providers of
outsourced semiconductor packaging and test services. Founded in 1968,
Amkor pioneered the outsourcing of IC packaging and test, and is now a
strategic manufacturing partner for more than 250 of the world's leading
semiconductor companies, foundries and electronics OEMs. Amkor's
operational base includes 10 million square feet of floor space with
production facilities, product development centers and sales and support
offices located in key electronics manufacturing regions in Asia, Europe
and the USA. For more information visit www.amkor.com.
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AMKOR TECHNOLOGY, INC.
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Selected Operating Data
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Q4 2016
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Q3 2016
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Q4 2015
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2016
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2015
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Net Sales Data:
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Net sales (in millions):
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Advanced products*
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$
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451
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$
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480
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$
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333
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$
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1,680
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$
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1,433
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Mainstream products**
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571
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606
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338
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2,214
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1,452
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Total net sales
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$
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1,022
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$
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1,086
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$
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671
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$
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3,894
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$
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2,885
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Packaging services
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83
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%
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82
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%
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85
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%
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82
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%
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85
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%
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Test services
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17
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%
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18
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%
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15
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%
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18
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%
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15
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%
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Net sales from top ten customers
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66
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%
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68
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%
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64
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%
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67
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%
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63
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%
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End Market Distribution Data (an approximation including
representative devices and applications based on a sampling of our
largest customers):
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Communications (smart phones, tablets, handheld devices, wireless
LAN)
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45
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%
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47
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%
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54
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%
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44
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%
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55
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%
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Automotive, industrial and other (infotainment, safety, performance,
comfort)
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25
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%
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24
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%
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15
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%
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25
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%
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14
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%
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Consumer (television, set top boxes, gaming, portable media, digital
cameras)
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14
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%
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14
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%
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12
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%
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14
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%
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12
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%
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Networking (servers, routers, switches)
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9
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%
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9
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%
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11
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%
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10
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%
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11
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%
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Computing (PCs, hard disk drive, printers, peripherals, servers)
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7
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%
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6
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%
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8
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%
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7
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%
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8
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%
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Total
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100
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%
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100
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%
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100
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%
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100
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%
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100
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%
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Gross Margin Data:
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Net sales
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100.0
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%
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100.0
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%
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100.0
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%
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100.0
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%
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100.0
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%
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Cost of sales:
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Materials
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36.6
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%
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37.2
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%
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35.8
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%
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37.2
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%
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36.6
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%
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Labor
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14.5
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%
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14.6
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%
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15.8
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%
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15.3
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%
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15.1
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%
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Other manufacturing***
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26.7
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%
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28.5
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%
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33.1
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%
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29.6
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%
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31.7
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%
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Gross margin
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22.2
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%
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19.7
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%
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15.3
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%
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17.9
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%
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16.6
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%
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*Advanced products include flip chip and wafer-level processing and
related test services
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**Mainstream products include wirebond packaging and related test
services
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***Fourth quarter and full year 2016 results include approximately
$26 million of insurance proceeds related to the second quarter
2016 Japan earthquakes
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AMKOR TECHNOLOGY, INC.
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Selected Operating Data
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In the press release above we provide EBITDA, which is not defined by
U.S. GAAP. We define EBITDA as net income before interest expense,
income tax expense and depreciation and amortization. We believe EBITDA
to be relevant and useful information to our investors because it
provides additional information in assessing our financial operating
results. Our management uses EBITDA in evaluating our operating
performance, our ability to service debt and our ability to fund capital
expenditures. However, EBITDA has certain limitations in that it does
not reflect the impact of certain expenses on our consolidated
statements of income, including interest expense, which is a necessary
element of our costs because we have borrowed money in order to finance
our operations, income tax expense, which is a necessary element of our
costs because taxes are imposed by law, and depreciation and
amortization, which is a necessary element of our costs because we use
capital assets to generate income. EBITDA should be considered in
addition to, and not as a substitute for, or superior to, operating
income, net income or other measures of financial performance prepared
in accordance with U.S. GAAP. Furthermore our definition of EBITDA may
not be comparable to similarly titled measures reported by other
companies. Below is our reconciliation of EBITDA to U.S. GAAP net income.
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Non-GAAP Financial Measures Reconciliation:
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Q4 2016
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Q3 2016
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Q4 2015
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2016
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2015
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(in millions)
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EBITDA Data:
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Net income attributable to Amkor
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$
|
100
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$
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60
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$
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(11
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)
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$
|
164
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$
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51
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Plus: Interest expense
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22
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|
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23
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|
|
18
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|
|
|
85
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|
86
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Plus: Income tax expense
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19
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|
|
24
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|
|
1
|
|
|
|
48
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28
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Plus: Depreciation & amortization
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139
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|
141
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|
122
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|
555
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|
|
494
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EBITDA
|
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$
|
280
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|
$
|
248
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$
|
130
|
|
|
$
|
852
|
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$
|
659
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|
|
|
|
|
|
|
|
|
|
|
|
|
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In the press release above we refer to free cash flow, which is not
defined by U.S. GAAP. We define free cash flow as net cash provided by
operating activities less payments for property, plant and equipment,
plus proceeds from the sale of and insurance recovery for property,
plant and equipment. 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, free cash flow has certain limitations, including
that it does not represent the residual cash flow available for
discretionary expenditures since other, non-discretionary expenditures,
such as mandatory debt service, are not deducted from the measure. The
amount of mandatory versus discretionary expenditures can vary
significantly between periods. This measure should be considered in
addition to, and not as a substitute for, or superior to, other measures
of liquidity or financial performance prepared in accordance with U.S.
GAAP, such as net cash provided by operating activities. Furthermore,
our definition of free cash flow may not be comparable to similarly
titled measures reported by other companies. Below is our reconciliation
of free cash flow to U.S. GAAP net cash provided by operating activities.
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Non-GAAP Financial Measures Reconciliation:
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Q4 2016
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Q3 2016
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Q4 2015
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2016
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2015
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(in millions)
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Free Cash Flow Data:
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Net cash provided by operating activities
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$
|
238
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$
|
219
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$
|
154
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$
|
729
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|
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$
|
585
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|
Less: Purchases of property, plant and equipment
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(168
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)
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|
|
(126
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)
|
|
|
(185
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)
|
|
|
(650
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)
|
|
|
(538
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)
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Plus: Proceeds from sale of and insurance recovery for property,
plant and equipment
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|
47
|
|
|
|
13
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|
|
|
2
|
|
|
|
61
|
|
|
|
7
|
|
Free cash flow
|
|
$
|
117
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|
|
$
|
106
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|
|
$
|
(29
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)
|
|
$
|
140
|
|
|
$
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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AMKOR TECHNOLOGY, INC.
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CONSOLIDATED STATEMENTS OF INCOME
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(Unaudited)
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For the Three Months Ended
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For the Year Ended
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|
December 31,
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December 31,
|
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|
2016
|
|
2015
|
|
2016
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2015
|
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(In thousands, except per share data)
|
Net sales
|
|
$
|
1,021,613
|
|
|
$
|
670,644
|
|
|
$
|
3,893,635
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|
|
$
|
2,884,603
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|
Cost of sales
|
|
|
794,426
|
|
|
|
568,024
|
|
|
|
3,198,158
|
|
|
|
2,405,338
|
|
Gross profit
|
|
|
227,187
|
|
|
|
102,620
|
|
|
|
695,477
|
|
|
|
479,265
|
|
Selling, general and administrative
|
|
|
67,437
|
|
|
|
58,800
|
|
|
|
284,331
|
|
|
|
232,409
|
|
Research and development
|
|
|
33,061
|
|
|
|
22,898
|
|
|
|
117,206
|
|
|
|
82,017
|
|
Total operating expenses
|
|
|
100,498
|
|
|
|
81,698
|
|
|
|
401,537
|
|
|
|
314,426
|
|
Operating income
|
|
|
126,689
|
|
|
|
20,922
|
|
|
|
293,940
|
|
|
|
164,839
|
|
Interest expense
|
|
|
21,172
|
|
|
|
17,090
|
|
|
|
79,668
|
|
|
|
81,407
|
|
Interest expense, related party
|
|
|
1,242
|
|
|
|
1,242
|
|
|
|
4,969
|
|
|
|
4,969
|
|
Other (income) expense, net
|
|
|
(15,461
|
)
|
|
|
15,335
|
|
|
|
(5,854
|
)
|
|
|
10,551
|
|
Total other expense, net
|
|
|
6,953
|
|
|
|
33,667
|
|
|
|
78,783
|
|
|
|
96,927
|
|
Income (loss) before taxes and equity in earnings of unconsolidated
affiliate
|
|
|
119,736
|
|
|
|
(12,745
|
)
|
|
|
215,157
|
|
|
|
67,912
|
|
Income tax expense
|
|
|
18,534
|
|
|
|
837
|
|
|
|
47,853
|
|
|
|
28,035
|
|
Income (loss) before equity in earnings of unconsolidated affiliate
|
|
|
101,202
|
|
|
|
(13,582
|
)
|
|
|
167,304
|
|
|
|
39,877
|
|
Equity in earnings of J-Devices
|
|
|
-
|
|
|
|
3,429
|
|
|
|
-
|
|
|
|
14,016
|
|
Net income (loss)
|
|
|
101,202
|
|
|
|
(10,153
|
)
|
|
|
167,304
|
|
|
|
53,893
|
|
Net income attributable to noncontrolling interests
|
|
|
(939
|
)
|
|
|
(409
|
)
|
|
|
(3,114
|
)
|
|
|
(2,795
|
)
|
Net income (loss) attributable to Amkor
|
|
$
|
100,263
|
|
|
$
|
(10,562
|
)
|
|
$
|
164,190
|
|
|
$
|
51,098
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to Amkor per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.42
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.69
|
|
|
$
|
0.22
|
|
Diluted
|
|
$
|
0.42
|
|
|
$
|
(0.04
|
)
|
|
$
|
0.69
|
|
|
$
|
0.22
|
|
Shares used in computing per common share amounts:
|
|
|
|
|
|
|
|
|
Basic
|
|
|
238,190
|
|
|
|
236,961
|
|
|
|
237,416
|
|
|
|
236,850
|
|
Diluted
|
|
|
239,187
|
|
|
|
236,961
|
|
|
|
238,034
|
|
|
|
237,170
|
|
|
|
|
|
|
|
|
|
|
|
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|
AMKOR TECHNOLOGY, INC.
|
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
(In thousands)
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
549,518
|
|
|
$
|
523,172
|
|
Restricted cash
|
|
|
2,000
|
|
|
|
2,000
|
|
Accounts receivable, net of allowances
|
|
|
563,107
|
|
|
|
526,143
|
|
Inventories
|
|
|
267,990
|
|
|
|
238,205
|
|
Other current assets
|
|
|
27,081
|
|
|
|
27,960
|
|
Total current assets
|
|
|
1,409,696
|
|
|
|
1,317,480
|
|
Property, plant and equipment, net
|
|
|
2,564,648
|
|
|
|
2,579,017
|
|
Goodwill
|
|
|
24,122
|
|
|
|
23,409
|
|
Restricted cash
|
|
|
3,977
|
|
|
|
2,176
|
|
Other assets
|
|
|
89,643
|
|
|
|
104,346
|
|
Total assets
|
|
$
|
4,092,086
|
|
|
$
|
4,026,428
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Short-term borrowings and current portion of long-term debt
|
|
$
|
35,192
|
|
|
$
|
76,770
|
|
Trade accounts payable
|
|
|
487,430
|
|
|
|
434,222
|
|
Capital expenditures payable
|
|
|
144,370
|
|
|
|
242,980
|
|
Accrued expenses
|
|
|
338,669
|
|
|
|
264,212
|
|
Total current liabilities
|
|
|
1,005,661
|
|
|
|
1,018,184
|
|
Long-term debt
|
|
|
1,364,638
|
|
|
|
1,435,269
|
|
Long-term debt, related party
|
|
|
75,000
|
|
|
|
75,000
|
|
Pension and severance obligations
|
|
|
166,701
|
|
|
|
167,197
|
|
Other non-current liabilities
|
|
|
76,682
|
|
|
|
113,242
|
|
Total liabilities
|
|
|
2,688,682
|
|
|
|
2,808,892
|
|
|
|
|
|
|
Amkor stockholders' equity:
|
|
|
|
|
Preferred stock
|
|
|
-
|
|
|
|
-
|
|
Common stock
|
|
|
284
|
|
|
|
283
|
|
Additional paid-in capital
|
|
|
1,895,089
|
|
|
|
1,883,592
|
|
Accumulated deficit
|
|
|
(303,557
|
)
|
|
|
(467,747
|
)
|
Accumulated other comprehensive income (loss)
|
|
|
6,262
|
|
|
|
(2,084
|
)
|
Treasury stock
|
|
|
(214,490
|
)
|
|
|
(213,758
|
)
|
Total Amkor stockholders' equity
|
|
|
1,383,588
|
|
|
|
1,200,286
|
|
Noncontrolling interests in subsidiaries
|
|
|
19,816
|
|
|
|
17,250
|
|
Total equity
|
|
|
1,403,404
|
|
|
|
1,217,536
|
|
Total liabilities and equity
|
|
$
|
4,092,086
|
|
|
$
|
4,026,428
|
|
|
|
|
|
|
|
|
|
|
|
AMKOR TECHNOLOGY, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(Unaudited)
|
|
|
|
|
|
For the Year Ended
|
|
|
December 31,
|
|
|
2016
|
|
2015
|
|
|
(In thousands)
|
Cash flows from operating activities:
|
|
|
|
|
Net income
|
|
$
|
167,304
|
|
|
$
|
53,893
|
|
Depreciation and amortization
|
|
|
555,186
|
|
|
|
494,200
|
|
Loss on debt retirement
|
|
|
-
|
|
|
|
9,560
|
|
Loss from acquisition of J-Devices
|
|
|
-
|
|
|
|
13,501
|
|
Proceeds from insurance recovery for property, plant and equipment
|
|
|
(15,166
|
)
|
|
|
-
|
|
Other operating activities and non-cash items
|
|
|
7,156
|
|
|
|
(3,992
|
)
|
Changes in assets and liabilities
|
|
|
14,922
|
|
|
|
17,813
|
|
Net cash provided by (used in) operating activities
|
|
|
729,402
|
|
|
|
584,975
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
Payments for property, plant and equipment
|
|
|
(650,038
|
)
|
|
|
(537,975
|
)
|
Proceeds from sale of property, plant and equipment
|
|
|
45,635
|
|
|
|
6,945
|
|
Proceeds from insurance recovery for property, plant and equipment
|
|
|
15,166
|
|
|
|
-
|
|
Cash received from business acquisition of J-Devices, net
|
|
|
-
|
|
|
|
22,577
|
|
Disposition of business to J-Devices, net of cash transferred
|
|
|
-
|
|
|
|
8,355
|
|
Investment in J-Devices
|
|
|
-
|
|
|
|
(12,908
|
)
|
Other investing activities
|
|
|
(190
|
)
|
|
|
(1,984
|
)
|
Net cash provided by (used in) investing activities
|
|
|
(589,427
|
)
|
|
|
(514,990
|
)
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
Borrowings under revolving credit facilities
|
|
|
115,000
|
|
|
|
290,000
|
|
Payments under revolving credit facilities
|
|
|
(155,000
|
)
|
|
|
(150,000
|
)
|
Borrowings under short-term debt
|
|
|
49,131
|
|
|
|
-
|
|
Payments of short-term debt
|
|
|
(49,500
|
)
|
|
|
-
|
|
Proceeds from issuance of long-term debt
|
|
|
56,000
|
|
|
|
400,000
|
|
Payments of long-term debt
|
|
|
(132,078
|
)
|
|
|
(530,000
|
)
|
Payments for debt issuance costs
|
|
|
(156
|
)
|
|
|
(312
|
)
|
Payments for retirement of debt
|
|
|
-
|
|
|
|
(7,030
|
)
|
Payments for capital lease obligations
|
|
|
(2,543
|
)
|
|
|
-
|
|
Proceeds from issuance of stock through share-based compensation
plans
|
|
|
8,247
|
|
|
|
931
|
|
Payments of tax withholding for restricted shares
|
|
|
(732
|
)
|
|
|
(730
|
)
|
Payments of subsidiary dividends to noncontrolling interests
|
|
|
(548
|
)
|
|
|
(246
|
)
|
Net cash provided by (used in) financing activities
|
|
|
(112,179
|
)
|
|
|
2,613
|
|
|
|
|
|
|
Effect of exchange rate fluctuations on cash, cash equivalents and
restricted cash
|
|
|
351
|
|
|
|
-
|
|
|
|
|
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash
|
|
|
28,147
|
|
|
|
72,598
|
|
Cash, cash equivalents and restricted cash, beginning of period
|
|
|
527,348
|
|
|
|
454,750
|
|
Cash, cash equivalents and restricted cash, end of period
|
|
$
|
555,495
|
|
|
$
|
527,348
|
|
|
|
|
|
|
|
|
|
|
Revision to Previously Reported Financial Information
In the second quarter of 2016, we identified an error in the provision
for income taxes in the financial statements for J-Devices for the
periods beginning in 2012 through the fourth quarter of 2015. We believe
that the error is not material to Amkor for the periods impacted and
have elected to revise our previously issued consolidated financial
statements. Periods presented herein are based on the revised financial
results. Please refer to the supplementary slides posted on our Investor
Relations website for revised historical financial information.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the
meaning of federal securities laws. All statements other than statements
of historical fact are considered forward-looking statements including,
without limitation, all of the statements made under "Business Outlook"
above. These forward-looking statements involve a number of risks,
uncertainties, assumptions and other factors that could affect future
results and cause actual results and events to differ materially from
historical and expected results and those expressed or implied in the
forward-looking statements, including, but not limited to, the following:
-
there can be no assurance regarding the success of our growth
initiatives;
-
there can be no assurance regarding when our new factory and research
and development center in Korea will be fully utilized, or that the
actual scope, costs, timeline or benefits of the project will be
consistent with our current expectations;
-
the highly unpredictable nature, cyclicality, and rate of growth of
the semiconductor industry;
-
timing and volume of orders relative to production capacity and the
inability to achieve high capacity utilization rates, control costs
and improve profitability;
-
volatility of consumer demand, double booking by customers and
deterioration in forecasts from our customers for products
incorporating our semiconductor packages, including any slowdown in
demand or changes in customer forecasts for smartphones or other
mobile devices and generally soft end market demand for electronic
devices;
-
delays, lower manufacturing yields and supply constraints relating to
wafers, particularly for advanced nodes and related technologies;
-
dependence on key customers and the impact of changes in our market
share and prices for our services with those customers;
-
the performance of our business, economic and market conditions, the
cash needs and investment opportunities for the business, the need for
additional capacity and facilities to service customer demand and the
availability of cash flow from operations or financing;
-
the effect of the global economy on credit markets, financial
institutions, customers, suppliers and consumers, including the
uncertain macroeconomic environment;
-
the highly unpredictable nature and costs of litigation and other
legal activities and the risk of adverse results of such matters and
the impact of other legal proceedings;
-
changes in tax rates and taxes as a result of changes in U.S. or
foreign tax law or the jurisdictions thereof, changes in our
organizational structure, changes in the jurisdictions in which our
income is determined to be earned and taxed, the outcome of tax
reviews, audits and ruling requests, our ability to realize deferred
tax assets and the expiration of tax holidays;
-
curtailment of outsourcing by our customers;
-
our substantial indebtedness and restrictive covenants;
-
failure to realize sufficient cash flow or access to other sources of
liquidity to fund capital expenditures;
-
the effects of an economic slowdown in major economies worldwide,
particularly the recent slowdown in China;
-
disruptions in our business or deficiencies in our controls resulting
from the integration of newly acquired operations, particularly
J-Devices, or the implementation and security of, and changes to, our
enterprise resource planning, factory shop floor systems and other
management information systems;
-
economic effects of terrorist attacks, political instability, natural
disasters and military conflict;
-
competition, competitive pricing and declines in average selling
prices;
-
fluctuations in manufacturing yields;
-
dependence on international operations and sales and fluctuations in
foreign currency exchange rates, particularly in Japan;
-
dependence on raw material and equipment suppliers and changes in raw
material and precious metal costs;
-
dependence on key personnel;
-
enforcement of and compliance with intellectual property rights;
-
environmental and other governmental regulations, including regulatory
efforts by foreign governments to support local competitors; and
-
technological challenges.
Other important risk factors that could affect the outcome of the events
set forth in these statements and that could affect our operating
results and financial condition are discussed in the company's Annual
Report on Form 10-K for the year ended December 31, 2015 and in the
company's subsequent filings with the Securities and Exchange Commission
made prior to or after the date hereof. Amkor undertakes no obligation
to review or update any forward-looking statements to reflect events or
circumstances occurring after the date of this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170213006142/en/
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