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Amkor Technology Reports Financial Results For The Third Quarter 2012

Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2012, with net sales of $695 million, net income of $22 million, and earnings per diluted share of $0.11.

"Solid demand for wireless communications in both packaging and test was the key driver of our business in the third quarter," said Ken Joyce, Amkor's president and chief executive officer. "Lower than anticipated supply of 28 nanometer wafers in the early part of the quarter and the overall weakness in the semiconductor market and general economy constrained our growth."

Selected financial information for the third quarter 2012, is as follows:
  • Net Sales: $695 million, up 1% from $687 million in the prior quarter, and down 6% from $740 million in the third quarter of 2011
  • Gross Margin: 17%, compared to adjusted gross margin of 17% in the prior quarter, and 17% in the third quarter of 2011
  • Net Income: $22 million, down from adjusted net income of $33 million in the prior quarter, and down from $27 million in the third quarter of 2011
  • Earnings Per Diluted Share: $0.11, down from adjusted earnings per diluted share of $0.15 in the prior quarter, and flat with $0.11 in the third quarter of 2011

The adjusted gross margin, adjusted net income and adjusted earnings per diluted share presented above for the second quarter 2012 are non-GAAP measures. Selected operating data for the third quarter 2012, and a reconciliation of the second quarter 2012 non-GAAP measures presented above to the comparable GAAP measures, are included in a section below before the financial statements.

“Capital additions were $173 million during the third quarter, primarily in support of customers in smartphones and tablets,” said Joanne Solomon, Amkor's executive vice president and chief financial officer. "We accelerated the purchase of some 28 nanometer test equipment to meet the ramp in demand for communications at the end of the quarter. Capital additions for the year are expected to remain around $500 million as we continue to support the growing demand for communications in the fourth quarter and beyond."

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