Amkor Technology, Inc (AMKR) saw its loss widen to $10.01 million, or $0.04 a share for the quarter ended Mar. 31, 2017. Amkor Technology (AMKR) saw its loss widen to $10.01 million in the quarter ended compared with $0.88 million a year ago. Revenue during the quarter grew 5.17 percent to $913.60 million from $868.68 million in the previous year period. Gross margin for the quarter expanded 150 basis points over the previous year period to 15.64 percent. Total expenses were 97.30 percent of quarterly revenues, down from 97.46 percent for the same period last year. This has led to an improvement of 16 basis points in operating margin to 2.70 percent.
Operating income for the quarter was $24.66 million, compared with $22.09 million in the previous year period.
"First quarter operating results came in as expected, with revenues up 5% year-on-year," said Steve Kelley, Amkor's president and chief executive officer. "Although the smartphone market experienced a seasonal slowdown in the first quarter, demand in other end markets was healthy."
For the second-quarter, Amkor Technology expects revenue to be in the range of $955 million to $1,035 million. Amkor Technology forecasts net income to be in the range of $86 million to $125 million for the second-quarter. The company projects diluted earnings per share to be in the range of $0.36 to $0.52 for the second-quarter.
Operating cash flow drops significantly
Amkor Technology, Inc has generated cash of $102.68 million from operating activities during the quarter, down 25.65 percent or $ 35.42 million, when compared with the last year period. The company has spent $88.94 million cash to meet investing activities during the quarter as against cash outgo of $199.09 million in the last year period. It has incurred net capital expenditure of $86.45 million on net basis during the quarter, down 56.48 percent or $112.22 million from year ago period.
Cash flow from financing activities was $40.75 million for the quarter as against cash outgo of $56.92 million in the last year period.
Cash and cash equivalents stood at $613.97 million as on Mar. 31, 2017, up 46.99 percent or $196.29 million from $417.69 million on Mar. 31, 2016.
Working capital increases sharply
Amkor Technology, Inc has recorded an increase in the working capital over the last year. It stood at $460.59 million as at Mar. 31, 2017, up 64.81 percent or $181.13 million from $279.46 million on Mar. 31, 2016. Current ratio was at 1.44 as on Mar. 31, 2017, up from 1.30 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 17 days for the quarter from 33 days for the last year period. Days sales outstanding went down to 53 days for the quarter compared with 56 days for the same period last year.
Days inventory outstanding has decreased to 16 days for the quarter compared with 29 days for the previous year period. At the same time, days payable outstanding was almost stable at 52 days for the quarter, when compared with the previous year period.
Debt moves up marginally
Amkor Technology, Inc has witnessed an increase in total debt over the last one year. It stood at $1,487.66 million as on Mar. 31, 2017, up 1.92 percent or $28.06 million from $1,459.61 million on Mar. 31, 2016. Total debt was 35.60 percent of total assets as on Mar. 31, 2017, compared with 36.87 percent on Mar. 31, 2016. Debt to equity ratio was at 1.06 as on Mar. 31, 2017, down from 1.17 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.16 for the quarter from 1.36 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
