Amkor 2Q Loss Before Items 55c/Share
Amkor Technology Inc. - Chandler, Ariz. 2nd Quar June 30:
2001 2000
Revenues $350,169,000 $547,036,000
Net income (116,291,000) 30,936,000
Avg shrs (basic) 153,950,000 148,530,000
Avg shrs (diluted) 153,950,000 157,617,000
Shr earns (basic)
Net income (.76) .21
Shr earns (diluted)
Net income (.76) .20
Figures in parentheses are losses.
Amkor Technology Inc. (AMKR) said the second quarter loss, excluding amortization, acquired intangibles and debt issuance costs, was $85 million, or 55 cents a share, compared with earnings of $51 million, or 33 cents a share, a year earlier.
Amkor said second quarter gross margin was 2.3%, down from 25.5% a year ago.
Earnings before interest, taxes, depreciation and amortization for the quarter were $36 million, compared with $150 million last year.
"Over the past several months we have taken a variety of measures to reduce operating costs in line with lower-than-expected revenue levels and asset utilization rates," said Chief Financial Officer Ken Joyce in a press release "We achieved some cost savings in the second quarter and expect to realize more meaningful benefits from these measures in the third and fourth quarters."
The company said it will continue to take additional steps to reduce operating expenses during the economic downturn.
For the third quarter, Amkor expects revenue will be flat to down 10% compared with the second quarter. The company also expects third quarter water fab revenue to be flat with the $38.7 million reported in the second quarter.
Based on its projected revenue range, Amkor expects third quarter revenue of about $315 million to $350 million, below a consensus analyst estimate of $352.3 million, according to Thomson Financial/First Call.
6 Months June 30:
2001 2000
Revenues $830,792,000 $1,101,847,000
Net income (185,505,000) 68,092,000
Avg shrs (basic) 153,068,000 139,701,000
Avg shrs (diluted) 153,068,000 148,078,000
Shr earns (basic)
Net income (1.21) .49
Shr earns (diluted)
Net income (1.21) .47
Figures in parentheses are losses.
Amkor said the 2001 loss, excluding amortization, acquired intangibles and debt issuance costs, was $115.8 million, or 76 cents a diluted share, compared with earnings of $98.4 million, or 67 cents a diluted share.
Amkor provides microelectronics assembly and test services.
Company Web site: amkor.com |
