Net sales for the second quarter of 2011 stood at $688 million, up 3% from the same quarter prior year. Gross margin was flat at 19% in the second quarter of 2011. Net income was $14 million, down from $25 million in the second quarter of 2010. Second-quarter 2011 net income includes $16 million related to debt refinancing charges.
On the business forecast, Ken Joyce, Amkor's CEO, said, "Strong demand for communications and the seasonal increase in gaming is expected to drive sequential revenue growth of 5% to 12%. To continue driving technology leadership and innovation and meet the capacity requirements of our leading customers, we are currently planning capital additions of approximately $225 million for the second half of 2011."On average, analysts expect the stock to gain 60% over the next one year. The stock's buy rating is 50%, and it is trading at 8.5 times its estimated 2011 earnings.