Amkor Technology Reports Financial Results for the Third Quarter 2018

* 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 2018 Q2 2018 Q3 2017
(in millions)
EBITDA Data:
Net income $ 57 $ 33 $ 60
Plus: Interest expense 20 21 21
Plus: Income tax expense 14 11 21
Plus: Depreciation & amortization 144   143   149
EBITDA $ 235   $ 208   $ 251
 
 
AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

 

   
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2018   2017* 2018   2017*
(In thousands, except per share data)
Net sales $ 1,144,192 $ 1,148,884 $ 3,235,195 $ 3,056,553
Cost of sales 943,485   924,996   2,707,000   2,519,815  
Gross profit 200,707   223,888   528,195   536,738  
Selling, general and administrative 70,463 75,568 225,886 219,635
Research and development 37,541 42,841 119,546 128,690
Gain on sale of real estate       (108,109 )
Total operating expenses 108,004   118,409   345,432   240,216  
Operating income 92,703 105,479 182,763 296,522
Interest expense 19,770 20,321 60,908 63,733
Interest expense, related party 180 1,715
Other (income) expense, net 1,315   3,257   (6,254 ) 11,150  
Total other expense, net 21,085   23,758   54,654   76,598  
Income before taxes 71,618 81,721 128,109 219,924
Income tax expense 14,326   21,263   27,438   53,404  
Net income 57,292 60,458 100,671 166,520
Net income attributable to non-controlling interests (630 ) (1,194 ) (1,874 ) (3,029 )
Net income attributable to Amkor $ 56,662   $ 59,264   $ 98,797   $ 163,491  
 
Net income attributable to Amkor per common share:
Basic $ 0.24   $ 0.25   $ 0.41   $ 0.68  
Diluted $ 0.24   $ 0.25   $ 0.41   $ 0.68  
 
Shares used in computing per common share amounts:
Basic 239,370 239,068 239,312 238,873
Diluted 239,766 239,640 239,783 239,610

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