AMKOR TECHNOLOGY, INC. Selected Operating Data |
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Q2 2012 | Q1 2012 | Q2 2011 | |||||||||||||||||
Sales Data (prior periods were revised for a refinement of our classifications): | |||||||||||||||||||
Packaging services (in millions): | |||||||||||||||||||
Chip scale package | $ | 244 | $ | 250 | $ | 211 | |||||||||||||
Leadframe | 176 | 168 | 187 | ||||||||||||||||
Ball grid array | 137 | 117 | 163 | ||||||||||||||||
Other packaging | 54 | 47 | 52 | ||||||||||||||||
Packaging services | 611 | 582 | 613 | ||||||||||||||||
Test services | 76 | 73 | 75 | ||||||||||||||||
Total sales | $ | 687 | $ | 655 | $ | 688 | |||||||||||||
Packaging services: | |||||||||||||||||||
Chip scale package | 35 | % | 38 | % | 31 | % | |||||||||||||
Leadframe | 26 | % | 26 | % | 27 | % | |||||||||||||
Ball grid array | 20 | % | 18 | % | 24 | % | |||||||||||||
Other packaging | 8 | % | 7 | % | 7 | % | |||||||||||||
Packaging services | 89 | % | 89 | % | 89 | % | |||||||||||||
Test services | 11 | % | 11 | % | 11 | % | |||||||||||||
Total sales | 100 | % | 100 | % | 100 | % | |||||||||||||
Packaged units (in millions): | |||||||||||||||||||
Chip scale package | 480 | 409 | 442 | ||||||||||||||||
Leadframe | 1,589 | 1,457 | 1,671 | ||||||||||||||||
Ball grid array | 45 | 40 | 51 | ||||||||||||||||
Other packaging | 11 | 14 | 22 | ||||||||||||||||
Total packaged units |
2,125 |
|
1,920 | 2,186 | |||||||||||||||
Net sales from top ten customers | 64 | % | 65 | % | 60 | % | |||||||||||||
Capacity Utilization | |||||||||||||||||||
Packaging | 79 | % | 73 | % | 76 | % | |||||||||||||
Test | 80 | % | 78 | % | 78 | % | |||||||||||||
End Market Distribution Data (an approximation including representative devices and applications based on a sampling of our largest customers): | |||||||||||||||||||
Communications (cell phones, tablets, wireless LAN, handheld devices) | 45 | % | 47 | % | 38 | % | |||||||||||||
Consumer (gaming, television, set top boxes, portable media, digital cameras) | 23 | % | 20 | % | 26 | % | |||||||||||||
Computing (PCs, laptops, hard disk drives, servers, displays, printers, peripherals) | 12 | % | 13 | % | 12 | % | |||||||||||||
Networking (network servers, routers, switches) | 11 | % | 11 | % | 13 | % | |||||||||||||
Other (auto, industrial) | 9 | % | 9 | % | 11 | % | |||||||||||||
Total | 100 | % | 100 | % | 100 | % | |||||||||||||
Gross Margin Data: | |||||||||||||||||||
Net sales | 100 | % | 100 | % | 100 | % | |||||||||||||
Cost of sales: | |||||||||||||||||||
Materials | 43 | % | 45 | % | 43 | % | |||||||||||||
Labor | 15 | % | 14 | % | 15 | % | |||||||||||||
Other manufacturing | 25 | % | 25 | % | 23 | % | |||||||||||||
Loss contingency accrual | 4 | % | — | % | — | % | |||||||||||||
Gross margin | 13 | % | 16 | % | 19 | % | |||||||||||||
Q2 2012 | Q1 2012 | Q2 2011 | ||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||
Capital Investment Data: | ||||||||||||||||||
Property, plant and equipment additions | $ | 149 | $ | 124 | $ | 97 | ||||||||||||
Net change in related accounts payable and deposits | (38 | ) | (3 | ) | 14 | |||||||||||||
Purchases of property, plant and equipment | $ | 111 | $ | 121 | $ | 111 | ||||||||||||
Depreciation and amortization | $ | 91 | $ | 88 | $ | 83 | ||||||||||||
Free Cash Flow Data: | ||||||||||||||||||
Net cash provided by operating activities | $ | 86 | $ | 56 | $ | 114 | ||||||||||||
Less purchases of property, plant and equipment | (111 | ) | (121 | ) | (111 | ) | ||||||||||||
Free cash flow* | $ | (25 | ) | $ | (65 | ) | $ | 3 | ||||||||||
Earnings per Share Data: | ||||||||||||||||||
Net income attributable to Amkor - basic | $ | 1 | $ | 12 | $ | 14 | ||||||||||||
Adjustment for dilutive securities on net income: | ||||||||||||||||||
Interest on 6.0% convertible notes due 2014, net of tax | — | 4 | 5 | |||||||||||||||
Net income attributable to Amkor - diluted | $ | 1 | $ | 16 | $ | 19 | ||||||||||||
Weighted average shares outstanding - basic** | 166 | 168 | 197 | |||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||
Stock options and unvested restricted shares | — | — | — | |||||||||||||||
6.0% convertible notes due 2014 | — | 83 | 83 | |||||||||||||||
Weighted average shares outstanding - diluted | 166 | 251 | 280 | |||||||||||||||
Net income attributable to Amkor per common share: | ||||||||||||||||||
Basic | $ | — | $ | 0.07 | $ | 0.07 | ||||||||||||
Diluted | $ | — | $ | 0.06 | $ | 0.07 | ||||||||||||
*We define free cash flow as net cash provided by operating activities
less purchases of property, plant and equipment. Free cash flow is not
defined by U.S. GAAP. We believe free cash flow to be relevant and
useful information to our investors because it provides them with
additional information in assessing our liquidity, capital resources and
financial operating results. Our management uses free cash flow in
evaluating our liquidity, our ability to service debt and our ability to
fund capital additions. However, free cash flow has certain limitations,
including that it does not represent the residual cash flow available
for discretionary expenditures since other, non-discretionary
expenditures, such as mandatory debt service, are not deducted from the
measure. The amount of mandatory versus discretionary expenditures can
vary significantly between periods. This measure should be considered in
addition to, and not as a substitute for, or superior to, other measures
of liquidity or financial performance prepared in accordance with U.S.
GAAP, such as net cash provided by operating activities. Furthermore,
our definition of free cash flow may not be comparable to similarly
titled measures reported by other companies.