Amkor Posts Improved Q2 Despite Earthquake Online staff -- 7/28/2003
Electronic News
Amkor Technology Inc. today posted a narrower Q2 net loss, claiming that strong business was partially offset by an earthquake in Japan in May and the general impact of SARS.
The Chandler, Ariz.-based packaging giant has seen significant success from its expansion into Japan through a joint venture with Toshiba Corp., and it cited a May 26 earthquake as the primary reason offset to a strong quarter, with the flow of fabricated wafers from its Iwate joint venture being disrupted, as well as those of other customers whose production facilities were affected.
Amkor posted Q2 sales of $378 million, up 10 percent sequentially and up 8 percent from the year-ago quarter. The company posted Q2 net loss of $51 million, or 31 cents loss per share, compared with a loss of $384 million, or $2.33 loss per share, in Q2 2002.
“We are encouraged with the near and medium term outlook for the semiconductor industry and the outsourced assembly and test sector,” said James Kim, Amkor’s chairman and CEO, in a statement. “We currently expect to approach or exceed breakeven net income in the third quarter, and based on long-range customer forecasts, we expect a sequentially stronger Q4. We also agree with the broad analyst community that 2004 should be a year of meaningful recovery in our industry, and therefore expect our business to continue to grow into 2004, subject to normal seasonal patterns.”
Amkor expects Q3 to see a sequential revenue gain between 8 percent and 10 percent, with a net loss of 2 cents per share to net income of 2 cents per share. Q3 gross margin is expected to be in the range of 21 percent to 24 percent. |
