Fourth Quarter 2011

  • Net sales $684 million
  • Gross margin 16%
  • Net income $25 million
  • Earnings per diluted share $0.11

 

Full Year 2011

  • Net sales $2.78 billion
  • Gross margin 18%
  • Net income $92 million
  • Earnings per diluted share $0.39

 

CHANDLER, Ariz. - February 9, 2012 - Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor packaging and test services, today announced financial results for the fourth quarter ended December 31, 2011, with net sales of $684 million, net income of $25 million, and earnings per diluted share of $0.11.  For the full year 2011, Amkor reported net sales of $2.78 billion, net income of $92 million, and earnings per diluted share of $0.39.

"During the fourth quarter we saw record quarterly sales in our wireless communications end market driven by strong demand for smartphones and tablets," said Ken Joyce, Amkor's president and chief executive officer.  "We also experienced a seasonal decline in gaming and consumer electronics and some softness in demand in the networking, automotive and industrial areas."

"We achieved some notable successes in 2011," added Joyce.  "We continued to build upon our industry-leading position in flip chip and other advanced packaging, and commercialized our innovative fine pitch copper pillar flip chip technology.  We also delivered a sixth consecutive year of positive free cash flow, and overcame the extraordinary supply chain challenges that resulted from the tragic earthquake and tsunami in Japan."

Selected financial information for the fourth quarter 2011 is as follows:

  • Net Sales: $684 million, down 8% from $740 million in the prior quarter, and down 9% from $751 million in the fourth quarter of 2010
  • Gross Margin: 16%, compared to 17% in the prior quarter, and 21% in the fourth quarter of 2010
  • Net Income: $25 million, down from $27 million in the prior quarter, and down from $51 million in the fourth quarter of 2010
  • Earnings Per Diluted Share: $0.11, equal to the prior quarter, and down from $0.20 in the fourth quarter of 2010

 

Selected financial information for the full year 2011 is as follows:

  • Net Sales: $2.78 billion, down 6% from $2.94 billion in 2010
  • Gross Margin: 18%, compared to 23% in 2010
  • Net Income: $92 million, down 60% from $232 million in 2010
  • Earnings Per Diluted Share: $0.39, down 57% from $0.91 in 2010

 

"We continued to focus on cost reduction initiatives in the fourth quarter," said Joanne Solomon, Amkor's executive vice president and chief financial officer.  "We recorded a charge of $4 million (or $0.01 per diluted share) in the quarter for restructuring costs associated with reductions in our workforce."

“Capital additions were $128 million during the fourth quarter, primarily in support of specific business for key customers in smartphones and tablets, for expansion of our facilities in China in support of NAND memory business, and for cost reduction initiatives in our factories,” said Solomon.

In August 2011, Amkor's Board of Directors authorized the repurchase of up to $150 million of our common stock.  During the fourth quarter the company repurchased 17.7 million shares at a purchase price of $80 million, for a total of 28.6 million shares at a purchase price of $129 million for the full year 2011.

At its recent meeting in February 2012, the Board of Directors authorized an additional $150 million for the repurchase of our common stock.  “Our stock repurchase program has been very successful to date, and we believe that the continuation of the program will serve to enhance stockholder value,” said Joyce.  The purchase of stock under this program may be made in the open market or through privately negotiated transactions.  The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will depend upon a variety of factors including economic and market conditions, price, applicable legal requirements and other factors.  The stock repurchase program will be funded with available cash and may be suspended or discontinued at any time.

Cash and cash equivalents were $435 million, and net debt was $912 million, at December 31, 2011.

Selected operating data for the fourth quarter and full year 2011 is included in a section before the financial statements.

Business Outlook 

“Looking ahead to the first quarter 2012, we are seeing seasonal demand patterns with revenues expected to be down 3% to 10% from the fourth quarter 2011,” said Joyce.  "We continue to focus on improving utilization and rationalizing our cost structure.  These efforts are gaining traction and we expect that our gross margin in the first quarter will be the bottom for the year."

"As part of our continuing efforts to rationalize our cost structure, we have initiated a voluntary retirement program in Japan.  While the ultimate amount of the charge for this restructuring initiative will depend on the level of employee participation, we currently anticipate incurring a charge of around $6 million in the first quarter 2012," said Solomon.

Based upon the currently available information, we have the following expectations for the first quarter 2012.  These expectations do not include an estimate for the Japan restructuring charge discussed above:

  • Net sales of $615 million to $665 million, down 3% to 10% from the prior quarter
  • Gross margin of 14% to 17%
  • Net loss of $5 million to net income of $18 million, or ($0.03) to $0.09 per diluted share
  • Capital additions of around $125 million for the first quarter, and around $300 million for the full year

 

Conference Call Information

Amkor will conduct a conference call on February 9, 2012, at 5:00 p.m. Eastern Standard Time.  This call is being webcast and can be accessed at Amkor's web site: www.amkor.com.  You may also access the call by dialing 877-941-0843.  A replay of the call will be made available at Amkor's web site or by dialing 800-406-7325 (access pass code #4510386).  The webcast is also being distributed over Thomson Reuters' Investor Distribution Network to both institutional and individual investors.  Individual investors can listen to the call through Thomson Reuters' individual investor center at www.companyboardroom.com or by visiting any of the investor sites in Thomson Reuters' Individual Investor Network.  Institutional investors can access the call via Thomson Reuters' 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 SEC filings and on Amkor's website: www.amkor.com.

 

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements within the meaning of federal securities laws.  All statements other than statements of historical fact are considered forward-looking statements including, without limitation, statements made regarding: our stock repurchase program, the demand patterns in the first quarter 2012, our efforts on improving utilization and rationalizing our cost structure, our expectations regarding gross margin in the first quarter and the year, our voluntary retirement program in Japan and the related charge anticipated in the first quarter 2012, our current business outlook for the first quarter 2012, including our expected net sales, gross margin, net income, earnings per diluted share and capital additions, and our capital additions for the full year 2012.  These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:

  • the highly unpredictable nature of the semiconductor industry;
  • the effect of the global economy on credit markets, financial institutions, customers, suppliers and consumers;
  • timing and volume of orders relative to production capacity and inability to achieve high capacity utilization rates;
  • volatility of consumer demand and weakness in forecasts from our customers for products incorporating our semiconductor packages;
  • dependence on key customers;
  • customer modification of and follow through with respect to forecasts provided to us;
  • changes in tax rates and taxes as a result of changes in tax law, the jurisdictions in which our income is determined to be earned and taxed, the outcome of tax audits and tax ruling requests, our ability to realize deferred tax assets and the expiration of tax holidays;
  • curtailment of outsourcing by our customers;
  • our substantial indebtedness and restrictive covenants;
  • failure to realize sufficient cash flow to fund capital additions;
  • the effects of a recession or other downturn in the U.S. and other economies worldwide;
  • disruptions or deficiencies in our controls resulting from the implementation of our new enterprise resource planning system;
  • the highly unpredictable nature and costs of litigation and other legal activities and the risk of adverse results of such matters;
  • worldwide economic effects of terrorist attacks, natural disasters and military conflict;
  • our ability to control costs;
  • competition, competitive pricing and declines in average selling prices;
  • fluctuations in manufacturing yields;
  • dependence on international operations and sales;
  • dependence on raw material and equipment suppliers and changes in raw material and precious metal costs;
  • exchange rate fluctuations;
  • dependence on key personnel;
  • difficulties in managing growth;
  • enforcement of intellectual property rights;
  • environmental and other governmental regulations; and
  • technological challenges.

 

Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2010 and in the company's subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof.  Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.


Contact:

Amkor Technology, Inc., Chandler
Joanne Solomon

Executive Vice President & Chief Financial Officer

480-786-7878

joanne.solomon@amkor.com


 


 

Q4 2011

 

 

Q3 2011

 

 

Q4 2010

 

 

2011

 

 

2010

 

Sales Data (prior periods were revised for a refinement of our classifications):

Packaging services (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chip scale package

$

276

 

 

 

$

247

 

 

 

$

272

 

 

 

$

965

 

 

 

$

954

 

 

Leadframe

158

 

 

 

179

 

 

 

176

 

 

 

692

 

 

 

761

 

 

Ball grid array

128

 

 

 

190

 

 

 

186

 

 

 

625

 

 

 

747

 

 

Other packaging

53

 

 

 

52

 

 

 

46

 

 

 

211

 

 

 

188

 

 

Packaging services

615

 

 

 

668

 

 

 

680

 

 

 

2,493

 

 

 

2,650

 

 

Test services

69

 

 

 

72

 

 

 

71

 

 

 

283

 

 

 

289

 

 

Total sales

$

684

 

 

 

$

740

 

 

 

$

751

 

 

 

$

2,776

 

 

 

$

2,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Packaging services:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chip scale package

40

 

%

 

33

 

%

 

36

 

%

 

35

 

%

 

33

 

%

Leadframe

23

 

%

 

24

 

%

 

24

 

%

 

25

 

%

 

26

 

%

Ball grid array

19

 

%

 

26

 

%

 

25

 

%

 

22

 

%

 

25

 

%

Other packaging

8

 

%

 

7

 

%

 

6

 

%

 

8

 

%

 

6

 

%

Packaging services

90

 

%

 

90

 

%

 

91

 

%

 

90

 

%

 

90

 

%

Test services

10

 

%

 

10

 

%

 

9

 

%

 

10

 

%

 

10

 

%

Total sales

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Packaged units (in millions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chip scale package

445

 

 

 

461

 

 

 

590

 

 

 

1,826

 

 

 

2,130

 

 

Leadframe

1,287

 

 

 

1,511

 

 

 

1,579

 

 

 

6,041

 

 

 

7,466

 

 

Ball grid array

40

 

 

 

56

 

 

 

61

 

 

 

195

 

 

 

228

 

 

Other packaging

9

 

 

 

29

 

 

 

4

 

 

 

74

 

 

 

24

 

 

Total packaged units

1,781

 

 

 

2,057

 

 

 

2,234

 

 

 

8,136

 

 

 

9,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales from top ten customers

66

 

%

 

63

 

%

 

57

 

%

 

61

 

%

 

54

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capacity Utilization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Packaging

73

 

%

 

79

 

%

 

78

 

%

 

74

 

%

 

82

 

%

Test

74

 

%

 

76

 

%

 

74

 

%

 

75

 

%

 

78

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End Market Distribution Data (an approximation including representative devices and applications based on a sampling of our largest customers):

Communications (cell phones, tablets, wireless LAN, handheld devices)

49

 

%

 

40

 

%

 

40

 

%

 

43

 

%

 

36

 

%

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

21

 

%

 

27

 

%

 

26

 

%

 

24

 

%

 

28

 

%

Computing (PCs, laptops, hard disk drive, servers, displays, printers, peripherals)

11

 

%

 

12

 

%

 

12

 

%

 

12

 

%

 

14

 

%

Networking (network servers, routers, switches)

11

 

%

 

12

 

%

 

13

 

%

 

12

 

%

 

13

 

%

Other (auto, industrial)

8

 

%

 

9

 

%

 

9

 

%

 

9

 

%

 

9

 

%

Total

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

 

100

 

%

Cost of sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Materials

45

 

%

 

45

 

%

 

43

 

%

 

44

 

%

 

43

 

%

Labor

14

 

%

 

15

 

%

 

13

 

%

 

15

 

%

 

12

 

%

Other manufacturing

25

 

%

 

23

 

%

 

23

 

%

 

23

 

%

 

22

 

%

Gross margin

16

 

%

 

17

 

%

 

21

 

%

 

18

 

%

 

23

 

%

 

 

2011

 

 

2010

 

 

(In millions)

 

Return on Invested Capital:

 

 

 

 

 

Operating income

$

194

 

 

 

$

374

 

 

Income tax expense

(7

)

 

 

(19

)

 

Net operating profit after tax (NOPAT)

$

187

 

 

 

$

355

 

 

 

 

 

 

 

 

Invested capital:

 

 

 

 

 

Average debt

$

1,355

 

 

 

$

1,399

 

 

Plus average equity

662

 

 

 

507

 

 

Less average cash

(420

)

 

 

(400

)

 

Average invested capital

$

1,597

 

 

 

$

1,506

 

 

 

 

 

 

 

 

Return on invested capital (NOPAT / average invested capital)*

12

%

 

 

24

%

 

 

 

Q4 2011

 

 

Q3 2011

 

 

Q4 2010

 

 

2011

 

 

2010

 

 

(In millions, except per share data)

 

Capital Investment Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, plant and equipment additions

$

128

 

 

 

$

123

 

 

 

$

103

 

 

 

$

453

 

 

 

$

505

 

 

Net change in related accounts payable and deposits

14

 

 

 

(23

)

 

 

66

 

 

 

14

 

 

 

(59

)

 

Purchases of property, plant and equipment

$

142

 

 

 

$

100

 

 

 

$

169

 

 

 

$

467

 

 

 

$

446

 

 

Depreciation and amortization

$

87

 

 

 

$

83

 

 

 

$

87

 

 

 

$

336

 

 

 

$

324

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Free Cash Flow Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

141

 

 

 

$

142

 

 

 

$

176

 

 

 

$

517

 

 

 

$

543

 

 

Less purchases of property, plant and equipment

(142

)

 

 

(100

)

 

 

(169

)

 

 

(467

)

 

 

(446

)

 

Free cash flow*

$

(1

)

 

 

$

42

 

 

 

$

7

 

 

 

$

50

 

 

 

$

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor - basic

$

25

 

 

 

$

27

 

 

 

$

51

 

 

 

$

92

 

 

 

$

232

 

 

Adjustment for dilutive securities on net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on 2.5% convertible notes due 2011, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

Interest on 6.25% convertible notes due 2013, net of tax

 

 

 

 

 

 

2

 

 

 

 

 

 

7

 

 

Interest on 6.0% convertible notes due 2014, net of tax

4

 

 

 

4

 

 

 

4

 

 

 

16

 

 

 

16

 

 

Net income attributable to Amkor - diluted

$

29

 

 

 

$

31

 

 

 

$

57

 

 

 

$

108

 

 

 

$

256

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - basic**

177

 

 

 

195

 

 

 

183

 

 

 

191

 

 

 

183

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and unvested restricted shares

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

 

2.5% convertible notes due 2011

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

 

6.25% convertible notes due 2013

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

 

6.0% convertible notes due 2014

83

 

 

 

83

 

 

 

83

 

 

 

83

 

 

 

83

 

 

Weighted average shares outstanding - diluted

260

 

 

 

278

 

 

 

283

 

 

 

274

 

 

 

283

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.14

 

 

 

$

0.14

 

 

 

$

0.28

 

 

 

$

0.48

 

 

 

$

1.26

 

 

Diluted

$

0.11

 

 

 

$

0.11

 

 

 

$

0.20

 

 

 

$

0.39

 

 

 

$

0.91

 

 

 

*

We define return on invested capital ("ROIC") as net operating profit after tax divided by average invested capital (the sum of average debt plus average equity less average cash). ROIC is not defined by U.S. GAAP. However, we believe ROIC is relevant and useful information for our investors and management in evaluating whether our capital investments are generating stockholder value.

 

 

 

We define free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. Free cash flow is not defined by U.S. GAAP. However, we believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital additions.

 

 

 

However, these measures should be considered in addition to, and not as a substitute for, or superior to other measures of financial performance prepared in accordance with U.S. GAAP and may not be comparable to similarly titled measures reported by other companies.

 

 

**

In August 2011, our Board of Directors authorized the repurchase of up to $150.0 million of our common stock.  During the fourth quarter we repurchased 17.7 million shares for a purchase price of $80.2 million.  From January 1, 2012, through February 9, 2012, we repurchased an additional 1.0 million shares for a purchase price of $4.5 million, for a cumulative total of 29.5 million shares for a purchase price of $133.4 million.


 


 

For the Three Months

Ended December 31,

 

For the Year
Ended December 31,

 

 

 

2011

 

2010

 

2011

 

2010

 

(In thousands, except per share data)

Net sales

$

683,769

 

 

$

750,609

 

 

$

2,776,359

 

 

$

2,939,483

 

Cost of sales

571,942

 

 

591,266

 

 

2,285,790

 

 

2,275,727

 

Gross profit

111,827

 

 

159,343

 

 

490,569

 

 

663,756

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

55,660

 

 

62,037

 

 

246,513

 

 

242,424

 

Research and development

12,465

 

 

11,097

 

 

50,386

 

 

47,534

 

Total operating expenses

68,125

 

 

73,134

 

 

296,899

 

 

289,958

 

Operating income

43,702

 

 

86,209

 

 

193,670

 

 

373,798

 

Other expense (income):

 

 

 

 

 

 

 

Interest expense

18,220

 

 

19,202

 

 

74,212

 

 

85,595

 

Interest expense, related party

3,492

 

 

3,813

 

 

12,394

 

 

15,250

 

Interest income

(961

)

 

(675

)

 

(2,749

)

 

(2,950

)

Foreign currency loss

520

 

 

4,746

 

 

2,178

 

 

13,756

 

Loss on debt retirement, net

 

 

 

 

15,531

 

 

18,042

 

Equity in earnings of unconsolidated affiliate

(444

)

 

(1,552

)

 

(7,085

)

 

(6,435

)

Other income, net

(335

)

 

(144

)

 

(1,030

)

 

(619

)

Total other expense, net

20,492

 

 

25,390

 

 

93,451

 

 

122,639

 

Income before income taxes

23,210

 

 

60,819

 

 

100,219

 

 

251,159

 

Income tax (benefit) expense

(2,351

)

 

10,058

 

 

7,124

 

 

19,012

 

Net income

25,561

 

 

50,761

 

 

93,095

 

 

232,147

 

Net income attributable to noncontrolling interests

(711

)

 

(157

)

 

(1,287

)

 

(176

)

Net income attributable to Amkor

$

24,850

 

 

$

50,604

 

 

$

91,808

 

 

$

231,971

 

 

 

 

 

 

 

 

 

Net income attributable to Amkor per common share:

 

 

 

 

 

 

 

Basic

$

0.14

 

 

$

0.28

 

 

$

0.48

 

 

$

1.26

 

Diluted

$

0.11

 

 

$

0.20

 

 

$

0.39

 

 

$

0.91

 

 

 

 

 

 

 

 

 

Shares used in computing per common share amounts:

 

 

 

 

 

 

 

Basic

176,941

 

 

183,404

 

 

190,829

 

 

183,312

 

Diluted

259,633

 

 

282,830

 

 

273,686

 

 

282,602

 


 


 

December 31,

 

2011

 

2010

 

(In thousands, except per share data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

434,631

 

 

$

404,998

 

Restricted cash

2,680

 

 

17,782

 

Accounts receivable:

 

 

 

Trade, net of allowances

298,543

 

 

392,327

 

Other

27,197

 

 

17,970

 

Inventories

198,427

 

 

191,072

 

Other current assets

35,352

 

 

37,918

 

Total current assets

996,830

 

 

1,062,067

 

 

 

 

 

Property, plant and equipment, net

1,656,214

 

 

1,537,226

 

Intangibles, net

8,382

 

 

13,524

 

Investments

36,707

 

 

28,215

 

Restricted cash

4,001

 

 

1,945

 

Other assets

70,913

 

 

93,845

 

Total assets

$

2,773,047

 

 

$

2,736,822

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

Short-term borrowings and current portion of long-term debt

$

59,395

 

 

$

150,081

 

Trade accounts payable

424,504

 

 

443,333

 

Accrued expenses

158,287

 

 

178,794

 

Total current liabilities

642,186

 

 

772,208

 

 

 

 

 

Long-term debt

1,062,256

 

 

964,219

 

Long-term debt, related party

225,000

 

 

250,000

 

Pension and severance obligations

129,096

 

 

103,543

 

Other non-current liabilities

13,288

 

 

10,171

 

Total liabilities

2,071,826

 

 

2,100,141

 

 

 

 

 

Equity:

 

 

 

Amkor stockholders' equity:

 

 

 

Preferred stock

 

 

 

Common stock

197

 

 

183

 

Additional paid-in capital

1,611,242

 

 

1,504,927

 

Accumulated deficit

(798,462

)

 

(890,270

)

Accumulated other comprehensive income

10,849

 

 

15,457

 

Treasury stock

(130,560

)

 

(284

)

Total Amkor stockholders' equity

693,266

 

 

630,013

 

Noncontrolling interests in subsidiaries

7,955

 

 

6,668

 

Total equity

701,221

 

 

636,681

 

Total liabilities and equity

$

2,773,047

 

 

$

2,736,822

 


 

For the Year Ended
December 31,

 

 

2011

 

2010

 

(In thousands)

Cash flows from operating activities:

 

 

 

Net income

$

93,095

 

 

$

232,147

 

Depreciation and amortization

335,644

 

 

323,608

 

Loss on debt retirement, net

10,557

 

 

10,562

 

Other operating activities and non-cash items

1,176

 

 

11,522

 

Changes in assets and liabilities

76,360

 

 

(35,244

)

Net cash provided by operating activities

516,832

 

 

542,595

 

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchases of property, plant and equipment

(466,694

)

 

(445,669

)

Proceeds from the sale of property, plant and equipment

15,823

 

 

3,125

 

Financing lease payment from unconsolidated affiliate

10,794

 

 

13,384

 

Other investing activities

9,543

 

 

(15,761

)

Net cash used in investing activities

(430,534

)

 

(444,921

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Borrowings under revolving credit facilities

6,567

 

 

3,261

 

Payments under revolving credit facilities

(6,567

)

 

(34,253

)

Borrowings under short-term credit facilities

20,000

 

 

15,000

 

Payments under short-term credit facilities

(15,000

)

 

(15,000

)

Proceeds from issuance of long-term debt

387,512

 

 

611,007

 

Proceeds from issuance of long-term debt, related party

75,000

 

 

 

Payments of long-term debt, net of redemption premiums and discounts

(392,191

)

 

(663,433

)

Payments for debt issuance costs

(5,875

)

 

(7,487

)

Payments for repurchase of common stock

(128,368

)

 

 

Proceeds from the issuance of stock through share-based compensation plans

821

 

 

1,048

 

Payments of tax withholding for restricted shares

(776

)

 

 

Net cash used in financing activities

(58,877

)

 

(89,857

)

 

 

 

 

Effect of exchange rate fluctuations on cash and cash equivalents

2,212

 

 

1,775

 

 

 

 

 

Net increase in cash and cash equivalents

29,633

 

 

9,592

 

Cash and cash equivalents, beginning of period

404,998

 

 

395,406

 

Cash and cash equivalents, end of period

$

434,631

 

 

$

404,998