Jan 31, 2003
The Q4 results included a non-cash impairment charge of $33 million, or $0.20 per share, to reduce the carrying value of Amkor�s investment in Anam Semiconductor Inc. (ASI, Korea) and a non-cash special charge of $10 million, or $0.06 per share, in connection with a consolidation of two Korean factories. Amkor will transfer most of the assembly operations from Bucheon, South Korea into its one million square foot, K4 factory in Kwangju, South Korea. Amkor expects to complete the closing of the K2 facility during Q2 of 2003.
Excluding these charges, Amkor�s fourth quarter net loss was $24 million, or ($0.15) per share. For the fourth quarter of 2001, Amkor�s net loss, excluding goodwill amortization, was $108 million, or ($0.67) per share.
In Q4, assembly & test revenue was $373 million, up 26 percent from last year and down 5 percent from Q3. Wafer fabrication revenue was $53 million, compared with $60 million in the third quarter. Total revenue was $426 million, up 21 percent from one year ago and down 6 percent from the third quarter.
For the full year, revenue was $1.6 billion, an 8 percent increase over 2001. Amkor�s net loss was $827 million, or $5.04 per share, compared to a net loss of $335 million, or $2.13 per share, in 2001.
Amkor has also reached a final agreement with ASI to sell Amkor�s wafer fabrication services business to ASI, subject to foreign regulatory approval. Amkor is structuring a release from ASI�s largest customer regarding Amkor�s contractual obligations with respect to its wafer fabrication services.
The sale of the wafer fabrication services business is expected to close during Q1 2003, at which time Amkor expects to reflect its wafer fabrication services segment as a discontinued operation. In connection with the disposition of its wafer fabrication business, Amkor expects to incur an estimated $4 million in severance and other exit costs to close its operations in Boise, ID and Lyon, France. http://www.amkor.com
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