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Amkor Technology Reports Financial Results For The Third Quarter 2015 Third Quarter Highlights

The following excerpt is from the company's SEC filing.

Net sales

$734 million

Gross margin

Net income

$28 million

Earnings per diluted share

TEMPE, Ariz. -

October 26, 2015

Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the third quarter ended September 30, 2015.

"Third quarter revenues were at the higher end of our expectations and roughly flat to Q2,” said Steve Kelley, Amkor's president and chief executive officer. “Third quarter profit exceeded expectations, largely due to favorable exchange rates and a richer mix of assembly and test services."

GAAP Results

Q3 2015

Q2 2015

Q3 2014

($ in millions, except per share data)

Net income*

Earnings per diluted share*

*Second quarter 2015 results include a $9 million ($0.04 per diluted share) charge for the early extinguishment of debt related to the redemption of all $345 million aggregate principal amount of Amkor's outstanding 7.375% Senior Notes due 2018.

Cash and cash equivalents were

$430 million

, and total debt was $1.4 billion, at September 30, 2015.

Business Outlook

“In response to the generally soft end market demand for electronic devices, we expect customers to cautiously manage inventories through the fourth quarter of 2015,” said Kelley. “We are tightly controlling capital expenditures and working capital in line with the demand environment. Accordingly, we are reducing our estimate of full year 2015 capital expenditures from around $550 million to around $525 million, including around $150 million of spending for our new K5 facility."

Based upon currently available information, we have the following expectations for the fourth quarter 2015:

Net sales of $660 million to $710 million, down 3% to 10% from the prior quarter

Gross margin of 13% to 17%

Net loss of $4 million to net income of $12 million, or ($0.02) to $0.05 per share

Conference Call Information

Amkor will conduct a conference call on Monday, October 26, 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 58799565). 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.

Contacts:

Joanne Solomon

Executive Vice President & Chief Financial Officer

480-786-7878

joanne.solomon@amkor.com

Greg Johnson

Senior Director, Finance and Investor Relations

480-786-7594

greg.johnson@amkor.com

AMKOR TECHNOLOGY, INC.

Selected Operating Data

Net Sales Data:

Net sales (in millions):

Advanced products*

Mainstream products**

Total net sales

Packaging services

Test services

Net sales from top ten customers

Packaged units (in millions):

Total packaged units

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)

Automotive, industrial and other (infotainment, safety, performance, comfort)

Consumer (televisions, set top boxes, gaming, portable media, digital cameras)

Networking (servers, routers, switches)

Computing (PCs, hard disk drives, printers, peripherals, servers)

Gross Margin Data:

Cost of sales:

Materials

Other manufacturing

Earnings per Share Data:

Net income attributable to Amkor common stockholders - basic and diluted

Weighted average shares outstanding - basic

Effect of dilutive securities:

Stock options and restricted share awards

Weighted average shares outstanding - diluted

Net...


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