Net income for the second quarter of 2011 was $14 million, vs. $25 million in the first quarter of the same year. Second quarter 2011 net income includes $16 million related to debt refinancing charges. Net sales stood at $688 million, up 3% sequentially. Gross margin was flat at 19% in the second quarter of 2011.
On the future, 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."For the third quarter, gross margin is estimated between 17% to 20%. On average, analysts expect the stock to gain 68% over the next one year. The stock has buy rating of 50% and is trading at 6.6 times its estimated 2011 earnings.
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