Net sales for the second quarter of 2011 stood at $688 million, up 3% sequentially. Gross margin was flat at 19%. Net income was $14 million, vs. $25 million in the prior quarter. Net income includes $16 million related to debt refinancing charges.
For the third-quarter, 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."Gross margin for the third quarter is estimated between 17% and 20%. On average, analysts expect the stock to gain 58% over the next one year. Among analysts polled, 50% have buy rating. Shares are trading at 8.7 times estimated 2011 earnings.