Cash and cash equivalents were $450 million, and total debt was $1.5 billion, at December 31, 2014.
Business Outlook
"We expect that first quarter 2015 revenues will be up 6% year-on-year and down 13% sequentially," said Kelley. "We also expect full year 2015 capital expenditures of around $600 million, including around $150 million of spending for our new K5 factory and R&D center in Incheon, Korea."
Based upon currently available information, we have the following expectations for the first quarter 2015:
- Net sales of $715 million to $765 million, down 10% to 16% from the prior quarter
- Gross margin of 16% to 19%
- Net income of $10 million to $34 million, or $0.04 to $0.14 per diluted share
Conference Call Information
Amkor will conduct a conference call on Monday, February 9, 2015, at 5:00 p.m. Eastern Time. This call may include material information not included in this press release. This call is being webcast and can be accessed at Amkor's website: www.amkor.com. You may also access the call by dialing 1-877-645-6380 or 1-404-991-3911. A replay of the call will be made available at Amkor's website or by dialing 1-855-859-2056 or 1-404-537-3406 (conference ID 68501790). The webcast is also being distributed over NASDAQ OMX's investor distribution network to both institutional and individual investors. Institutional investors can access the call via NASDAQ OMX's password-protected event management site, Street Events ( www.streetevents.com).
About Amkor
Amkor is a leading provider of semiconductor packaging and test services to semiconductor companies and electronics OEMs. More information about Amkor is available from the company's filings with the Securities and Exchange Commission and at Amkor's website: www.amkor.com.
| AMKOR TECHNOLOGY, INC. | |||||||||||||||||||||||||
| Selected Operating Data | |||||||||||||||||||||||||
| Q4 2014 | Q3 2014 | Q4 2013 | 2014 | 2013 | |||||||||||||||||||||
| Net Sales Data: | |||||||||||||||||||||||||
| Net sales (in millions): | |||||||||||||||||||||||||
| Advanced products* | $ | 462 | $ | 411 | $ | 346 | $ | 1,553 | $ | 1,451 | |||||||||||||||
| Mainstream products** | 391 | 402 | 409 | 1,576 | 1,505 | ||||||||||||||||||||
| Total net sales | $ | 853 | $ | 813 | $ | 755 | $ | 3,129 | $ | 2,956 | |||||||||||||||
| Packaging services | 85 | % | 86 | % | 85 | % | 85 | % | 86 | % | |||||||||||||||
| Test services | 15 | % | 14 | % | 15 | % | 15 | % | 14 | % | |||||||||||||||
| Net sales from top ten customers | 64 | % | 60 | % | 63 | % | 61 | % | 63 | % | |||||||||||||||
| Packaged units (in millions): | |||||||||||||||||||||||||
| Advanced products* | 1,174 | 1,012 | 816 | 3,776 | 2,845 | ||||||||||||||||||||
| Mainstream products** | 3,001 | 3,545 | 3,261 | 13,112 | 10,060 | ||||||||||||||||||||
| Total packaged units | 4,175 | 4,557 | 4,077 | 16,888 | 12,905 | ||||||||||||||||||||
| End Market Distribution Data (an approximation including representative devices and applications based on a sampling of our largest customers): | |||||||||||||||||||||||||
| Communications (smart phones, tablets, handheld devices, wireless LAN) | 60 | % | 56 | % | 55 | % | 56 | % | 56 | % | |||||||||||||||
| Consumer (television, set top boxes, gaming, portable media, digital cameras) | 11 | % | 13 | % | 14 | % | 13 | % | 15 | % | |||||||||||||||
| Automotive, industrial and other (infotainment, safety, performance, comfort) | 10 | % | 11 | % | 11 | % | 11 | % | 10 | % | |||||||||||||||
| Networking (servers, routers, switches) | 10 | % | 11 | % | 11 | % | 11 | % | 10 | % | |||||||||||||||
| Computing (PCs, hard disk drive, printers, peripherals, servers) | 9 | % | 9 | % | 9 | % | 9 | % | 9 | % | |||||||||||||||
| Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||
| Gross Margin Data: | |||||||||||||||||||||||||
| Net sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
| Cost of sales: | |||||||||||||||||||||||||
| Materials | 36.0 | % | 37.5 | % | 37.2 | % | 36.8 | % | 40.0 | % | |||||||||||||||
| Labor | 13.2 | % | 14.1 | % | 14.6 | % | 14.0 | % | 14.4 | % | |||||||||||||||
| Other manufacturing | 27.9 | % | 29.6 | % | 28.3 | % | 29.1 | % | 26.8 | % | |||||||||||||||
| Litigation settlement | 8.8 | % | — | % | — | % | 2.4 | % | 0.4 | % | |||||||||||||||
| Gross margin | 14.1 | % | 18.8 | % | 19.9 | % | 17.7 | % | 18.4 | % | |||||||||||||||
| Earnings per Share Data: | |||||||||||||||||||||||||
| Net income available to Amkor common stockholders - basic | $ | 13 | $ | 47 | $ | 41 | $ | 130 | $ | 109 | |||||||||||||||
| Adjustment for dilutive securities on net income: | |||||||||||||||||||||||||
| Interest on 6.0% convertible notes due 2014, net of tax | — | — | 1 | 1 | 9 | ||||||||||||||||||||
| Net income attributable to Amkor - diluted | $ | 13 | $ | 47 | $ | 42 | $ | 131 | $ | 118 | |||||||||||||||
| Weighted average shares outstanding - basic | 237 | 236 | 216 | 231 | 187 | ||||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||||
| Stock options and unvested restricted shares | — | 1 | — | 1 | — | ||||||||||||||||||||
| 6.0% convertible notes due 2014 | — | — | 19 | 5 | 48 | ||||||||||||||||||||
| Weighted average shares outstanding - diluted | 237 | 237 | 235 | 237 | 235 | ||||||||||||||||||||
| Net income attributable to Amkor per common share: | |||||||||||||||||||||||||
| Basic | $ | 0.06 | $ | 0.20 | $ | 0.19 | $ | 0.56 | $ | 0.58 | |||||||||||||||
| Diluted | $ | 0.06 | $ | 0.20 | $ | 0.18 | $ | 0.55 | $ | 0.50 | |||||||||||||||
| *Advanced products include flip chip and wafer-level processing and related test services |
| **Mainstream products include wirebond packaging and related test services and since August 1, 2013, include the results of our newly acquired power discrete business in Malaysia which has a high volume of units relative to revenue. |
|
AMKOR TECHNOLOGY, INC. |
|
Selected Operating Data |
