News

Amkor Reports First-Quarter 2005 Financial Results

May 04, 2005 by Jeff Shepard

Amkor Technology Inc. (Chandler, AZ) reported that first-quarter sales came in at $418 million, down 8% sequentially and down 10% year-over-year. The resulting red ink totaled $119 million, or a net loss of $0.68 per share. That loss included a provision for legal settlements, with no tax benefit, of $50 million, or $0.28 per share.

In the year-ago period, Amkor's net income was $11 million, or $0.06 per share, and included charges, with no tax benefit, of $2.7 million, or $0.02 per share, in connection with the prepayment of Amkor's term loan under its senior secured credit facility, and a provision for legal settlement of $1.5 million, or a loss of $0.01 per share.

For the second quarter, Amkor anticipates a stronger-than-normal revenue increase. The company forecasts a sequential revenue increase of 10% to 13%, with gross margin in the range of 12% to 14%. It anticipates a net loss in the range of $0.28 to $0.32 per diluted share.