Increases Revenue Outlook for First Quarter and Full Year 2004

CHANDLER, Ariz., Jan. 28 -- Amkor Technology, Inc. (Nasdaq: AMKR) reported fourth quarter sales of $459 million, up 8% sequentially and up 23% over the fourth quarter of 2002. Amkor's fourth quarter net income was $23 million, or $0.13 per share, compared with a loss of $196 million, or ($1.19) per share, in the fourth quarter of 2002.

Amkor's fourth quarter 2003 net income includes a $7 million gain on the sale of a marketable security partially offset by $5 million in debt retirement costs associated with the repurchase of convertible notes. Amkor's $196 million loss in the fourth quarter of 2002 included $172 million in non-cash charges associated with (i) establishment of a $129 million valuation allowance against deferred tax assets; (ii) a $33 million impairment in Amkor's investment in Anam Semiconductor, Inc. and (iii) $10 million of estimated costs to consolidate two factories.

For the full year, revenue was $1.6 billion compared with $1.4 billion in 2002. Amkor's net income in 2003 was $2 million, or $0.01 per share, compared with a loss of $827 million, or ($5.04) per share, in 2002.

"We have completed a year of significant accomplishment and believe that 2004 will present exceptional growth opportunities for Amkor," said James Kim, Amkor's chairman and chief executive officer. "Our 2003 results exceeded our initial expectations and were achieved during a year in which we realigned our operating structure, enhanced our balance sheet and strengthened our product development, sales and support organizations. These strategic initiatives place Amkor in an excellent position to drive continued expansion of the outsourcing model for semiconductor assembly and test."

"Since 2001 we have cautiously managed our business in an environment of economic uncertainty and cloudy visibility," continued Kim. "This environment began to change during 2003 as customer demand improved. We believe the semiconductor industry is now entering a period of strong expansion. We are seeing strength in the communications, computer and consumer markets. During the fourth quarter our customer forecasts continued to strengthen, and we now expect to achieve revenue growth in the first quarter of 2004, which is a significant reversal of what is normally a seasonally down quarter. Historically, a sequential increase in our first quarter sales has always signaled a strong year for Amkor. Last quarter I said we were positioning Amkor to achieve $2 billion in revenue in 2004; I now believe we will exceed $2 billion."

"In response to broad-based customer demand we have re-ignited Amkor's growth engine and are aggressively moving to increase production capacity to meet demand that our customers are already forecasting," continued Kim. "We are focused on asserting our leadership position in key package technologies. We have budgeted first quarter capital expenditures of $200 million to accommodate robust customer demand and expand our operational footprint in Taiwan and China. We will most likely spend between $300 and $500 million for 2004."

"We see 2004 as a year of great promise for Amkor. We intend to accommodate growth opportunities while improving our capital structure, and we remain committed to de-levering the balance sheet," said Kim.

"Over the past year we've experienced unprecedented demand for stacked CSP, chip scale BGA, system-in-package, MicroLeadFrame®, camera modules and other advanced package families that are especially well suited for wireless and digital consumer electronic applications," said Bruce Freyman, Amkor's newly appointed president and chief operating officer. "We've also had exceptional demand for several legacy package families, and for strip test. During this period we've significantly increased manufacturing capacity and engineering support for the high-growth areas of our business. We are stepping up our product development and R&D activities to ensure that our packaging and test capabilities continue to keep pace with advances in the front end. We also are working on a variety of innovative design collaborations with several OEMs."

"Fourth quarter gross margin was 25%. As our business expansion program moves into high gear in Q1 and Q2, our goal will be to increase production capacity to get ahead of customer demand," said Ken Joyce, Amkor's chief financial officer. "We expect the associated depreciation expenses and to a lesser extent factory operating expenses to put some downward pressure on gross margin in the first quarter of 2004, with minimal impact on operating margin as first quarter SG&A expenses should increase only modestly."

"During 2003 we strengthened our capital structure -- reducing debt by $129 million and increasing shareholders equity by $147 million through the issuance of common stock. Our 2003 initiatives have yielded annualized interest expense savings of $15 million," said Joyce.

"As Jim Kim stated, we expect to grow significantly this year, and to support this robust growth we continue to evaluate strategies to further enhance our capital structure. We are prepared to supplement our cash resources with proceeds from capital market activities depending on the pace of our capital expenditure program," said Joyce.

Selected operating data for the fourth quarter and full year 2003 is included on a separate page of this release.

Business outlook

Our customers' forecasts have continued to build through most of the fourth quarter. On the basis of these forecasts, we have the following expectations for the first quarter of 2004:

     --  Sequential revenue increase in the range of 2% to 4%.
     --  Gross margin around 24%.
     --  Net income in the range of 8 to 11 cents per diluted share.

The provision for U.S. taxes related to our positive earnings is offset by the use of net operating loss carryforwards. We anticipate recognizing approximately $6 million per quarter in foreign tax expense. At December 31, 2003 our company had U.S. net operating losses totaling $405 million expiring between 2021 and 2023. Additionally, at December 31, 2003 we had $49 million of non-U.S. net operating losses available for carryforward, expiring between 2003 and 2012.

Amkor will conduct a conference call on January 28, 2004 at 5:00 p.m. eastern time to discuss the results of the fourth quarter in more detail. The call can be accessed by dialing 303-262-2130 or by visiting the investor relations page of our web site: www.amkor.com or CCBN's website, www.companyboardroom.com . An archive of the webcast can be accessed through the same links and will be available until the company's next quarterly earnings conference call. An audio replay of the call will be available for 48 hours following the conference call by dialing 303-590-3000 passcode: 561042#.

Amkor is a leading provider of contract semiconductor assembly and test services. The company offers semiconductor companies and electronics OEMs a complete set of microelectronic design and manufacturing services. More information on Amkor is available from the company's SEC filings and on Amkor's web site: www.amkor.com .

This press release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements regarding anticipated growth opportunities, expansion of the semiconductor industry, revenue and revenue growth, increased production capacity, expenditures, reduction of debt, product development and R&D activities, depreciation expense, operating expense, gross margin, operating margin, SG&A expense, net income, foreign tax expense and the statements contained under Business Outlook. These forward-looking statements are subject to a number of risks and uncertainties that could affect future operating results and cause actual results and events to differ materially from historical and expected results, including, but not limited to, the following: the highly unpredictable nature of the semiconductor industry; volatility of consumer demand for products incorporating our semiconductor packages; deterioration of the U.S. or other economies; worldwide economic effects of terrorist attacks; military conflict in the Middle East and potential military conflict in Asia, Africa and elsewhere; competitive pricing and declines in average selling prices; timing and volume of orders relative to the production capacity; incurrence of significant additional costs and expense necessary for the increase in our capacity; availability of manufacturing capacity and fluctuations in manufacturing yields; availability of financing; competition; dependence on international operations and sales; dependence on raw material and equipment suppliers; the market price of our debt and equity securities; changes in foreign tax laws; exchange rate fluctuations; dependence on key personnel; difficulties in managing growth; enforcement of intellectual property rights; and environmental regulations.

Further information on risk factors that could affect the outcome of the events set forth in these statements and that could affect the company's operating results and financial condition is detailed in the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K for the year ended December 31, 2002 and the Report on Form 10-Q for the quarter ended September 30, 2003.

     Contact:
     Jeffrey Luth
     VP Corporate Communications
     480-821-5000 ext. 5130
     jluth@amkor.com



     Selected operating data for the fourth quarter and year ended of 2003

                                                 4th Quarter       Year
     -- Capital expenditures:                    $82 million   $231 million
     -- Depreciation and amortization:           $54 million   $220 million
     -- Free cash flow*                          ($8 million)  ($57 million)


     *Reconciliation of free cash flow to the most directly comparable GAAP
       measure:
     Net cash provided by continuing
      operating activities                       $74 million   $174 million
     Less purchases of property, plant
      and equipment                             ($82 million) ($231 million)
     Free cash flow from continuing operations   ($8 million)  ($57 million)



       We define free cash flow from continuing operations as net cash
       provided by continuing operating activities less purchases of property,
       plant and equipment.  Free cash flow is not defined by generally
       accepted accounting principles, and our definition of free cash flow
       may not be comparable to similar companies.



     Selected operating data for the fourth quarter of 2003

     --  End market distribution (an approximation based on a sampling of
         programs with our largest customers)
          Communications  38%
          Computing       25%
          Consumer        27%
          Other           10%

     --  Combined assembly & test capacity utilization (based on front-of-line
         capacity) was approximately 90%.

     --  Assembly average selling price (calculated on a per pin basis)
         declined approximately 1% from Q3 2003.  (Excludes results of Amkor
         Iwate joint venture)

     --  Assembly unit shipments were 1.6 billion, up 13% from Q3 2003.

     --  Percentage of assembly revenue:
          Advanced packages     80%
          Traditional packages  20%

     -- Test revenue as a proportion of total revenue was approximately 9%.



                            AMKOR TECHNOLOGY, INC.
                      CONSOLIDATED STATEMENTS OF INCOME
                    (in thousands, except per share data)

                                                  For the Three Months Ended
                                                         December 31,
                                                      2003           2002
                                                          (unaudited)

     Net revenues                                   $458,906       $373,189
     Cost of revenues                                344,685        312,006
     Gross profit                                    114,221         61,183
     Operating expenses:
      Selling, general and administrative             48,124         42,249
      Research and development                         6,330          6,654
      Loss (gain) on disposal of fixed assets, net       284           (416)
      Amortization of acquired intangibles             2,080          1,997
      Special charges, net (1)                           125          9,985
        Total operating expenses                      56,943         60,469
     Operating income                                 57,278            714
     Other (income) expense:
      Interest expense, net                           32,787         36,487
      Foreign currency gain                           (1,939)          (975)
      Other income, net                               (8,824)        (1,003)
      Debt retirement costs (2)                        5,168             --
        Total other expense                           27,192         34,509
     Income (loss) before income taxes, equity
      investment gain (loss), minority interest
      and discontinued operations                     30,086        (33,795)
     Equity investment gain (loss)                       265        (42,125)
     Minority interest                                (1,873)           306
     Income (loss) from continuing operations
      before income taxes                             28,478        (75,614)

    Provision for income taxes                         5,839        122,574
    Income (loss) from continuing operations          22,639       (198,188)
    Discontinued operations:
      Income from wafer fabrication services
       business, net of tax of $1,323 in 2002             --          2,072
     Net income (loss)                               $22,639      $(196,116)

     Per Share Data:
      Basic and diluted income (loss) per common
       share from continuing operations                $0.13         $(1.20)
      Basic and diluted income per common share
       from discontinued operations                       --           0.01
      Basic and diluted income (loss) per
       common share                                    $0.13         $(1.19)

      Shares used in computing basic income
       (loss) per common share                       170,910        164,927

      Shares used in computing diluted income
       (loss) per common share                       177,197        164,927

    (1)  Special charges include the following:
          Contract termination fee                    $2,011            $--
          Loss (gain) on facility shutdown accruals   (1,886)         9,985
                                                        $125         $9,985

    (2)  Debt retirement costs include the following:
          Call premium                                $2,844            $--
          Unamortized deferred debt acquisition costs  2,324             --
                                                      $5,168            $--



                            AMKOR TECHNOLOGY, INC.
                      CONSOLIDATED STATEMENTS OF INCOME
                    (in thousands, except per share data)

                                                     For the Year Ended
                                                         December 31,
                                                     2003          2002
                                                         (unaudited)

     Net revenues                                 $1,603,768     $1,406,178
     Cost of revenues                              1,267,302      1,310,563
     Gross profit                                    336,466         95,615
     Operating expenses:
      Selling, general and administrative            179,952        179,888
      Research and development                        25,784         31,189
      Loss (gain) on disposal of fixed assets, net      (586)         2,496
      Amortization of acquired intangibles             8,183          6,992
      Special charges, net (1)                           125        291,970
        Total operating expenses                     213,458        512,535
     Operating income (loss)                         123,008       (416,920)
     Other (income) expense:
      Interest expense, net                          140,281        147,497
      Foreign currency (gain) loss                    (3,022)           906
      Other income, net                               (6,748)        (1,014)
      Debt retirement costs (2)                       37,800             --
        Total other expense                          168,311        147,389
     Loss before income taxes, equity investment
      losses, minority interest and discontinued
      operations                                     (45,303)      (564,309)
     Equity investment losses                         (3,290)      (208,165)
     Minority interest                                (4,008)        (1,932)
     Loss from continuing operations before
      income taxes                                   (52,601)      (774,406)
     Provision for income taxes (benefit)               (233)        60,683
     Loss from continuing operations                 (52,368)      (835,089)
     Discontinued operations:
      Income from wafer fabrication services
       business, net of tax of $419 and $5,114         3,047          8,330
      Gain on sale of wafer fabrication services
       business, net of tax of $7,081 in 2003         51,519             --
      Income from discontinued operations             54,566          8,330
     Net income (loss)                                $2,198      $(826,759)

     Per Share Data:
      Basic and diluted loss per common share
       from continuing operations                     $(0.31)        $(5.09)
      Basic and diluted income per common share
       from discontinued operations                     0.32           0.05
      Basic and diluted income (loss) per
       common share                                    $0.01         $(5.04)

      Shares used in computing basic and diluted
       income (loss) per common share                167,142        164,124

    (1)  Special charges include the following:
          Impairment of goodwill                         $--        $73,080
          Impairment of long-lived assets                 --        190,266
          Contract termination fee                     2,011             --
          Loss (gain) on facility shutdown accruals   (1,886)        28,624
                                                        $125       $291,970

    (2)  Debt retirement costs include the following:
          Call premium                               $24,148            $--
          Unamortized deferred debt
           acquisition costs                          11,111             --
          Other debt retirement costs                  2,541             --
                                                     $37,800            $--



                            AMKOR TECHNOLOGY, INC.
                         CONSOLIDATED BALANCE SHEETS
                                (in thousands)
                                                  December 31,  December 31,
                                                     2003           2002
                                                         (unaudited)
                                  Assets
     Current assets:
      Cash and cash equivalents                     $313,259       $311,249
      Accounts receivable:
       Trade, net of allowance of $6,514 in 2003
        and $7,122 in 2002                           318,051        234,056
       Other                                           4,413          8,532
      Inventories                                     92,439         72,121
      Other current assets                            49,606         48,661
        Total current assets                         777,768        674,619
     Property, plant and equipment, net            1,007,648        966,338
     Investments                                      51,181         83,235
     Other assets:
      Goodwill                                       629,850        628,099
      Acquired intangibles                            37,730         45,033
      Due from affiliates                                 --         20,852
      Other                                           67,601        114,178
      Assets of discontinued operations                   96         25,630
                                                     735,277        833,792
        Total assets                              $2,571,874     $2,557,984

                   Liabilities and Stockholders' Equity
     Current liabilities:
      Bank overdraft                                  $2,690         $4,633
      Short-term borrowings and current portion
       of long-term debt                              28,665         71,023
      Trade accounts payable                         227,239        180,999
      Due to affiliates                                3,157         70,243
      Accrued expenses                               178,100        184,223
        Total current liabilities                    439,851        511,121
     Long-term debt                                1,650,707      1,737,690
     Other noncurrent liabilities                     78,974         67,661
        Total liabilities                          2,169,532      2,316,472

     Minority interest                                 1,338         10,145

     Stockholders' equity:
      Common stock                                       175            166
      Additional paid-in capital                   1,317,164      1,170,227
      Accumulated deficit                           (931,536)      (933,734)
      Receivable from stockholders                        --         (2,887)
      Accumulated other comprehensive
       gains (losses)                                 15,201         (2,405)
        Total stockholders' equity                   401,004        231,367
        Total liabilities and stockholders'
         equity                                   $2,571,874     $2,557,984



                            AMKOR TECHNOLOGY, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)

                                                   For the Three Months Ended
                                                          December 31,
                                                      2003          2002
                                                          (unaudited)

     Cash flows from continuing operating activities:
      Income (loss) from continuing operations       $22,639      $(198,188)
      Depreciation and amortization                   54,375         59,157
      Equity investment (gains) losses                  (265)        42,125
      Other adjustments to reconcile income (loss)
       to net cash provided by operating activities      473        143,314
      Changes in assets and liabilities excluding
       effects of acquisitions                        (3,390)        17,345
       Net cash provided by operating activities      73,832         63,753

     Cash flows from continuing investing activities:
      Purchases of property, plant and equipment     (82,274)       (12,806)
      Other investing activities                      13,048         (6,992)
       Net cash used in investing activities         (69,226)       (19,798)

     Cash flows provided by (used in) continuing
      financing activities                           (30,467)         2,416

     Effect of exchange rate fluctuations on cash
      and cash equivalents related to continuing
      operations                                      (1,034)           428

     Cash flows provided by (used in) discontinued
      operations                                        (349)        29,412

     Net increase (decrease) in cash and
      cash equivalents                               (27,244)        76,211
     Cash and cash equivalents, beginning of period  340,503        235,038
     Cash and cash equivalents, end of period       $313,259       $311,249

     Supplemental disclosures of cash flow information:
      Cash paid (received) during the period for:
       Interest                                      $39,319        $39,125
       Income taxes                                     $286        $(6,599)



                            AMKOR TECHNOLOGY, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)

                                                      For the Year Ended
                                                         December 31,
                                                      2003          2002
                                                          (unaudited)

     Cash flows from continuing operating
      activities:
      Loss from continuing operations               $(52,368)     $(835,089)
      Depreciation and amortization                  219,735        323,265
      Equity investment losses                         3,290        208,165
      Other adjustments to reconcile loss to net
       cash provided by operating activities          54,453        376,341
      Changes in assets and liabilities excluding
       effects of acquisitions                       (51,269)        40,493
        Net cash provided by operating activities    173,841        113,175

     Cash flows from continuing investing
      activities:
      Purchases of property, plant and equipment    (230,504)       (95,104)
      Other investing activities                      65,913         40,539
        Net cash used in investing activities       (164,591)       (54,565)

     Cash flows used in continuing financing
      activities                                     (22,012)       (11,382)

     Effect of exchange rate fluctuations on cash
      and cash equivalents related to continuing
      operations                                       1,488          1,333

     Cash flows provided by discontinued operations   13,284         62,631

     Net increase in cash and cash equivalents         2,010        111,192
     Cash and cash equivalents, beginning of period  311,249        200,057
     Cash and cash equivalents, end of period       $313,259       $311,249

     Supplemental disclosures of cash flow
      information:
      Cash paid (received) during the period for:
       Interest                                     $147,188       $142,299
       Income taxes                                   $7,839          $(845)