Amkor Technology Reports Financial Results for the Third Quarter 2016

*The data for 2015 does not include the results from J-Devices

**Advanced products include flip chip and wafer-level processing and related test services

***Mainstream products include wirebond packaging and related test services

AMKOR TECHNOLOGY, INC.

Selected Operating Data

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.

 
Non-GAAP Financial Measure Reconciliation:              
Q3 2016     Q2 2016     Q3 2015
(in millions)
EBITDA Data:
Net income attributable to Amkor $ 60 $ 5 $ 28
Plus: Interest expense 23 22 19
Plus: Income tax expense 24 3 17
Plus: Depreciation & amortization 141   138   123
EBITDA $ 248   $ 168   $ 187
 
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
     

For the Three Months Ended
September 30,

   

For the Nine Months Ended
September 30,

2016     2015 2016     2015
(In thousands, except per share data)
Net sales $ 1,086,014 $ 734,362 $ 2,872,022 $ 2,213,959
Cost of sales 872,214   607,762   2,403,732   1,837,314  
Gross profit 213,800   126,600   468,290   376,645  
Selling, general and administrative 72,363 54,232 216,894 173,609
Research and development 26,822   21,073   84,145   59,119  
Total operating expenses 99,185   75,305   301,039   232,728  
Operating income 114,615 51,295 167,251 143,917
Interest expense 21,488 17,695 58,496 64,317
Interest expense, related party 1,243 1,243 3,727 3,727
Other (income) expense, net 6,657   (11,576 ) 9,607   (4,784 )
Total other expense, net 29,388   7,362   71,830   63,260  
Income before taxes and equity in earnings of unconsolidated affiliate 85,227 43,933 95,421 80,657
Income tax expense 24,086   16,568   29,319   27,198  
Income before equity in earnings of unconsolidated affiliate 61,141 27,365 66,102 53,459
Equity in earnings of J-Devices   1,217     10,587  
Net income 61,141 28,582 66,102 64,046
Net income attributable to non-controlling interests (1,052 ) (847 ) (2,175 ) (2,386 )
Net income attributable to Amkor $ 60,089   $ 27,735   $ 63,927   $ 61,660  
 
Net income attributable to Amkor per common share:
Basic $ 0.25   $ 0.12   $ 0.27   $ 0.26  
Diluted $ 0.25   $ 0.12   $ 0.27   $ 0.26  
 
Shares used in computing per common share amounts:
Basic 237,353 236,888 237,157 236,813
Diluted 238,192 236,974 237,586 237,168
 
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
     

September 30,
2016

   

December 31,
2015

(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 549,836 $ 523,172
Restricted cash 2,000 2,000
Accounts receivable, net of allowances 630,984 526,143
Inventories 272,589 238,205
Other current assets 31,637   27,960  

Total current assets

1,487,046 1,317,480
Property, plant and equipment, net 2,619,469 2,579,017
Goodwill 27,908 23,409
Restricted cash 4,209 2,176
Other assets 102,482   104,346  
Total assets $ 4,241,114   $ 4,026,428  
 
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings and current portion of long-term debt $ 30,834 $ 76,770
Trade accounts payable 517,745 434,222
Capital expenditures payable 179,768 242,980
Accrued expenses 346,613   264,212  
Total current liabilities 1,074,960 1,018,184
Long-term debt 1,473,214 1,435,269
Long-term debt, related party 75,000 75,000
Pension and severance obligations 191,615 167,197
Other non-current liabilities 86,265   113,242  
Total liabilities 2,901,054   2,808,892  
 
Stockholders’ equity:
Preferred stock
Common stock 283 283
Additional paid-in capital 1,888,641 1,883,592
Accumulated deficit (403,820 ) (467,747 )
Accumulated other comprehensive income (loss) 50,148 (2,084 )
Treasury stock (214,204 ) (213,758 )
Total Amkor stockholders’ equity 1,321,048 1,200,286
Non-controlling interests in subsidiaries 19,012   17,250  
Total equity 1,340,060   1,217,536  
Total liabilities and equity $ 4,241,114   $ 4,026,428  
 
 
AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
     

For the Nine Months Ended September 30,

2016     2015
(In thousands)
Cash flows from operating activities:
Net income $ 66,102 $ 64,046
Depreciation and amortization 416,517 371,968
Loss on debt retirement 9,560
Other operating activities and non-cash items (4,382 ) (9,879 )
Changes in assets and liabilities 13,379   (5,299 )
Net cash provided by operating activities 491,616   430,396  
 
Cash flows from investing activities:
Payments for property, plant and equipment (481,670 ) (352,644 )
Proceeds from sale of property, plant and equipment 13,687 5,212
Cash received on sale of subsidiary to J-Devices, net 8,355
Investment in J-Devices (12,908 )
Other investing activities (2,176 ) (869 )
Net cash used in investing activities (470,159 ) (352,854 )
 
Cash flows from financing activities:
Borrowings under revolving credit facilities 115,000 180,000
Payments under revolving credit facilities (155,000 ) (100,000 )
Borrowings under short-term debt 27,594
Payments of short-term debt (36,211 )
Proceeds from issuance of long-term debt 45,000 360,000
Payments of long-term debt (12,955 ) (530,000 )
Payments for debt issuance costs (156 )
Payments for the retirement of debt (7,030 )
Payments for capital lease obligations (1,691 )
Proceeds from the issuance of stock through share-based compensation plans 2,600 657
Payments of tax withholding for restricted shares (446 ) (548 )
Payments of subsidiary dividends to non-controlling interests (413 ) (123 )
Net cash used in financing activities (16,678 ) (97,044 )
 
Effect of exchange rate fluctuations on cash and cash equivalents 21,885
 
Net increase (decrease) in cash and cash equivalents 26,664 (19,502 )
Cash and cash equivalents, beginning of period 523,172   449,946  
Cash and cash equivalents, end of period $ 549,836   $ 430,444  
 

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