Tuesday, Amkor Technology Inc. (AMKR) announced financial results for the second quarter of fiscal 2008 reporting net income that more than doubled from increase over net income recorded in the same period last year, on 6% rise in net sales.
The semiconductor test services provider's second-quarter net income rose 110% to $65.23 million or $0.33 per share, from $30.99 million or $0.16 per share reported in the correpondign period last year.
Second-quarter net income includes a $10 million gain, with no net tax effect, or $0.05 per diluted share, from a real estate sale. During the second quarter of 2007, Amkor recorded charges, with no net tax effect, of $16 million, or $0.08 per diluted share, in connection with a refinancing transaction.
Second-quarter net sales rose 6% to $690.67 million, from $652.48 million the prior-year quarter.
The company noted that the decline in revenues compared to its prior guidance was due primarily to the production disruptions experienced as a result of the ERP implementation in the Philippines, while net sales were negatively impacted by approximately $10 million to $15 million by the ERP disruption.
Analysts polled by First Call/Thomson Financial expected the company to report earnings of $0.28 per share on revenues of $697.90 million for the quarter.
For the six-month period, the company posted net sales of $1.39 billion, higher than the $1.30 billion it generated last year. Net income for the half-year period increased to $137.22 million from $65.58 million last year.
Looking ahead, the company said it is cautious about increasing softness in the consumer markets and global economic uncertainty. For the third quarter of 2008, it expects revenues to grow sequentially by 4% to 6%, which is below the level of historical seasonality due to uncertainty around consumer demand.
The company expects net income to be in the range of $0.24 - $0.28 per share and gross margin to range in between 23% to 24%. The company also noted that the outlook for gross margin and net income includes the impact of anticipated charges in the third quarter of 2008 related to employee workforce reductions.
For the full year 2008,the company expects capital expenditures to be approximately 14% of revenues.Analysts expect the company to report earnings of $0.35 per share on revenues of $740.28 million.
The stock ended Tuesday's regular trading up 1.73% at $8.23, and is currently trading up 6.93% at $8.80 in after-market trade on the Nasdaq.
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