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<ACCESSION-NUMBER>0000893220-01-500503
<TYPE>8-K
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<PERIOD>20010724
<ITEMS>5
<ITEMS>7
<FILING-DATE>20010726
<FILER>
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<CONFORMED-NAME>AMKOR TECHNOLOGY INC
<CIK>0001047127
<ASSIGNED-SIC>3674
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<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
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<ACT>34
<FILE-NUMBER>000-29472
<FILM-NUMBER>1689675
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<BUSINESS-ADDRESS>
<STREET1>1345 ENTERPRISE DR
<CITY>WEST CHESTER
<STATE>PA
<ZIP>19380
<PHONE>6104319600
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>w51767e8-k.txt
<DESCRIPTION>AMKOR TECHNOLOGY, INC.
<TEXT>

<PAGE>   1

================================================================================


                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                ----------------

                                    FORM 8-K
                                ----------------


                                 CURRENT REPORT
     PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934


                                  JULY 24, 2001
                DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)




                             AMKOR TECHNOLOGY, INC.
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)


      000-29472                                      23-1722724
COMMISSION FILE NUMBER                 (I.R.S. EMPLOYER IDENTIFICATION NUMBER)


                              1345 ENTERPRISE DRIVE
                             WEST CHESTER, PA 19380
                                 (610) 431-9600
              (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES AND ZIP CODE)


================================================================================


<PAGE>   2

ITEM 5.    OTHER EVENTS.

      On July 24, 2001 we issued a press release (attached hereto as Exhibit
99.1) announcing our financial results for the quarter ended June 30, 2001.


ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.

     (c)  Exhibits.

          99.1      Text of Press Release dated July 24, 2001

                                                                               2

<PAGE>   3

                                   SIGNATURES


        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                      AMKOR TECHNOLOGY, INC.

                                      By: /s/ KENNETH T. JOYCE
                                      ------------------------
                                      Kenneth T. Joyce
                                      Chief Financial Officer

                                      Dated: July 26, 2001

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>w51767ex99-1.txt
<DESCRIPTION>TEXT OF PRESS RELEASE DATED JULY 24, 2001
<TEXT>

<PAGE>   1

[AMKOR TECHNOLOGY LOGO]


                                                                    NEWS RELEASE

                    AMKOR REPORTS SECOND QUARTER 2001 RESULTS

Chandler, AZ. - July 24, 2001 -- Amkor Technology, Inc. announced results for
the second quarter ended June 30, 2001. Total revenue was $350 million, compared
with $547 million in the second quarter of 2000. Assembly & test revenue was
$311 million, down 33% from $463 million in Q2 of 2000, and down 29%
sequentially. Second quarter wafer fab revenue was $39 million compared with $84
million in Q2 of 2000 and $41 million in the first quarter of 2001.

Excluding amortization of goodwill, acquired intangibles, and debt issuance
costs, Amkor reported a second quarter net loss of $85 million, or ($0.55) per
share, compared to a profit of $51 million, or $0.33 per share, in Q2 of 2000.
Including amortization of goodwill and acquired intangibles, the second quarter
2001 net loss was $116 million, or ($0.76) per share, compared with a profit of
$31 million, or $0.20 per share, for Q2 of 2000.

There were 154 million weighted average shares outstanding on a fully diluted
basis for the second quarter of 2001 compared with 157 million in the year-ago
period.

"During the current downturn, we have undertaken a three-pronged strategy of
moving forward prudently with geographic diversification, investing carefully in
next-generation technology, and enhancing our financial flexibility," said James
Kim, Amkor's Chairman and Chief Executive Officer. "Accordingly, we expect to
emerge from this down-cycle in a stronger competitive position."

"Due to the protracted economic slowdown, we no longer expect a strong seasonal
build in Q3," said John Boruch, Amkor's President. "Our customers are still
experiencing weak demand, and have limited visibility into Q3. Conditions within
the supply chain remain volatile."

Second quarter gross margin was 2.3%, compared with 25.5% in Q2 2000 and 17% in
the first quarter of 2001, primarily due to sharply lower revenue and the high
degree of operating leverage inherent in Amkor's business.

Overall assembly capacity utilization was approximately 45% in the second
quarter, compared with 73% in the second quarter of 2000 and 57% in the first
quarter of 2001. Assembly unit shipments declined 36% from Q2 2000 and 26%
sequentially. Average selling prices declined approximately 5% sequentially
during the second quarter.

<PAGE>   2
Amkor Reports Second Quarter 2001 Results


Depreciation and amortization expenses were $110 million compared with $79
million in the second quarter of 2000.

During the second quarter of 2001 the company's tax benefits increased due to a
higher corporate income tax rate resulting from operating losses incurred in
high tax jurisdictions.

Second quarter EBITDA was $36 million compared to $150 million in Q2 '00. We
have calculated EBITDA as earnings before income taxes; equity in income (loss)
of affiliates; foreign currency gain or loss; interest expense, net;
depreciation and amortization. EBITDA is a common measure used by investors to
evaluate a company's ability to service debt. EBITDA is not defined by generally
accepted accounting principles.

"Over the past several months we have taken a variety of measures to reduce
operating costs in line with lower-than-expected revenue levels and asset
utilization rates," said Ken Joyce, Amkor's Chief Financial Officer. "We
achieved some cost savings in the second quarter and expect to realize more
meaningful benefits from these measures in the third and fourth quarters. Given
the protracted nature of this downturn, we are contemplating additional steps to
reduce operating expenses. In any case, we operate with a sizable fixed cost
structure, and there are practical limits to the savings that can be realized
without compromising our ability to service our customers when business
conditions rebound."

"During the past six months, we have improved our liquidity," noted Joyce. "In
February we issued $500 million in senior notes and repaid our $298 million
amortizing term loan. In the process, we eliminated nearly $70 million in
principal payments during 2001, and we increased our cash balances by $100
million. In May, we issued $250 million in convertible notes. Half the proceeds
were used to repay term debt, and half to increase cash balances. On June 1, we
successfully converted approximately $50 million in convertible notes into
common stock. We have a solid cash position, with $339 million in cash and
equivalents as of June 30, in addition to our unused $200 million revolving
credit facility."

Also, we have reduced planned capital expenditures to approximately $150 million
for 2001, from $480 million in 2000, without sacrificing investments in next
generation packaging and test technology. This translates into a total capex
budget of less than $40 million for the second half of 2001."

BUSINESS HIGHLIGHTS

-    Our Japan initiatives are progressing well. Activity at our joint venture
     with Toshiba is down due to sluggish market conditions, however we are very
     encouraged with the way this factory has been integrated into Amkor's
     operational structure. Amkor Iwate represents a benchmark for large-scale
     assembly & test outsourcing in Japan and provides a terrific platform for
     further penetration in this large market.




<PAGE>   3
Amkor Reports Second Quarter 2001 Results


-    We are making excellent progress with our new factory in Shanghai. China is
     going to be a high growth market for microelectronics. We are moving
     forward with qualifications on several package technologies and expect to
     build revenues slowly through this year and then accelerate through 2002.
     We intend to build scale at Amkor China as quickly as market conditions
     will allow.

-    In Taiwan, we have closed our acquisition of Sampo Semiconductor and should
     complete the TSTC transaction later this week. Amkor is now firmly
     established in this major market for microelectronics. Our plan is to
     supplement the existing capabilities at Amkor Taiwan with a broad range of
     advanced packaging technologies currently available at other Amkor
     locations.

-    In the area of Flip Chip we now offer turnkey wafer bump, probe, assembly
     and test to a blue chip customer set. We recently received important design
     wins from a major IDM and a leading broadband communications company. Our
     Flip Chip development efforts should reap substantial dividends in 2002.

-    Our System-in-Package business continues to develop as planned. We are in
     qualification with several new customers for a broad range of applications,
     including RF/wireless, memory storage, power supply management, ADSL and
     memory controllers. We are the first outsourced company with fully
     automated MultiMediaCard production, and we'll have automated Secure
     Digital card production soon.

-    We are moving underutilized assembly and test equipment from Korea and the
     Philippines to other locations as appropriate.


BUSINESS OUTLOOK

At the present time there is uncertainty as to when excess inventory throughout
the supply chain will be absorbed, and when end market demand will rebound.
These economic conditions are affecting customer forecasts and continue to
impair our visibility into the second half of 2001. The following statements are
based on current expectations. These statements are forward looking, and actual
results may differ materially. These statements do not reflect the impact of any
mergers, acquisitions or other business combinations that may take place later
this year.

-    Our best estimate is that total revenue for the third quarter will be flat
     to down 10% compared with the second quarter.

-    We expect third quarter wafer fab revenue to be flat with the second
     quarter. We remain committed to restructuring our ownership interest in
     Anam and continue to explore opportunities.



<PAGE>   4
Amkor Reports Second Quarter 2001 Results


Amkor will be holding a conference call on July 24 at 5:00 p.m. eastern time to
discuss the results of the second quarter in more detail and to provide
additional guidance for the third quarter of 2001. Participants can access the
call at 312.470.7370. The call will also be webcast through our web site,
http://www.amkor.com.

Amkor is the world's largest provider of contract microelectronics assembly and
test services. The company offers semiconductor companies and electronics OEMs a
complete set of microelectronic design and manufacturing services, including
deep sub-micron wafer fabrication; wafer probe, wafer mapping, characterization
and reliability testing; IC packaging design and assembly; multi-chip module
design and assembly; and final testing. More information on Amkor is available
from the company's SEC filings and on Amkor's web site: www.amkor.com.

The statements by James Kim, John Boruch and Ken Joyce, and the above statements
contained in our Business Outlook, are forward-looking statements that involve a
number of risks and uncertainties. Factors that could affect future operating
results and cause actual results to vary materially from historical results
include, but are not limited to: dependence on the highly cyclical nature the
semiconductor industry; competitive pricing and declines in average selling
prices; dependence on our relationship with ASI for all of our wafer fabrication
output; reliance on a small group of principal customers; timing and volume of
orders relative to the production 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; exchange rate fluctuations; dependence on key
personnel; difficulties in managing growth; enforcement of intellectual property
rights; environmental regulations; and the results of ASI through the equity
method of accounting.

Further information on risk factors that could affect the outcome of the events
set forth in these statements and that would 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
fiscal year ended December 31, 2000.

Contact: Jeffrey Luth (Investors)                    Ken Jensen (Media)
         610-431-9600 ext. 5613                      480-821-2408  Ext. 5130
         jluth@amkor.com                             kjens@amkor.com


                               (tables to follow)



<PAGE>   5

Amkor Report Second Quarter 2001 Results


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


<TABLE>
<CAPTION>
                                                         For the Three Months Ended          For the Six Months Ended
                                                                  June 30,                           June 30,
                                                                 (unaudited)                        (unaudited)
                                                         --------------------------          ------------------------
                                                             2001             2000             2001             2000
                                                             ----             ----             ----             ----
<S>                                                    <C>              <C>              <C>              <C>
Net revenues
  Assembly and Test                                    $   311,423      $   462,677      $   750,836      $   931,612
  Wafer Fab                                                 38,746           84,359           79,956          170,235
                                                       -----------      -----------      -----------      -----------
    Total                                                  350,169          547,036          830,792        1,101,847

Cost of revenues-including purchases from ASI              342,158          407,441          740,996          847,221
                                                       -----------      -----------      -----------      -----------
Gross profit                                                 8,011          139,595           89,796          254,626
                                                       -----------      -----------      -----------      -----------
Operating expenses:
Selling, general and administrative                         51,365           46,884          105,359           88,781
Amortization of goodwill & other acquired
  intangibles                                               20,573           15,440           42,485           21,802
Research and development                                     8,135            4,872           18,637            8,243
                                                       -----------      -----------      -----------      -----------
Total operating expenses                                    80,073           67,196          166,481          118,826
                                                       -----------      -----------      -----------      -----------
Operating income (loss)                                    (72,062)          72,399          (76,685)         135,800
                                                       -----------      -----------      -----------      -----------
Other (income) expense:
Interest expense, net                                       40,411           29,428           85,206           44,857
Foreign currency loss                                        2,375            1,756            1,065            2,592
Other expense (income), net                                    (57)            (322)             111            2,038
                                                       -----------      -----------      -----------      -----------
Total other expense                                         42,729           30,862           86,382           49,487
                                                       -----------      -----------      -----------      -----------
Income (loss) before income taxes and
  equity in income of investees                           (114,791)          41,537         (163,067)          86,313
Provision (benefit) for income taxes                       (25,673)           6,230          (30,983)          15,186
Equity in (loss) of investees                              (26,345)          (4,371)         (52,593)          (3,035)
Minority Interest                                             (828)             -               (828)             -
                                                       -----------      -----------      -----------      -----------
Net income (loss)                                      $  (116,291)     $    30,936      $  (185,505)     $    68,092
                                                       ===========      ===========      ===========      ===========

Per Share Data:
Basic net income (loss) per common share               ($     0.76)     $      0.21      ($     1.21)     $      0.49
                                                       ===========      ===========      ===========      ===========
Diluted net income (loss) per common share             ($     0.76)     $      0.20      ($     1.21)     $      0.47
                                                       ===========      ===========      ===========      ===========
Shares used in computing basic net income (loss)
  per common share                                         153,950          148,530          153,068          139,701
                                                       ===========      ===========      ===========      ===========
Shares used in computing diluted net income (loss)
  per common share                                         153,950          157,617          153,068          148,078
                                                       ===========      ===========      ===========      ===========
</TABLE>

<PAGE>   6

Amkor Report Second Quarter 2001 Results


                             AMKOR TECHNOLOGY, INC.
            SUPPLEMENTAL CONSOLIDATED STATEMENTS OF INCOME EXCLUDING
       AMORTIZATION OF GOODWILL AND OTHER ACQUISITION-RELATED INTANGIBLES
               AND THE WRITE-OFF OF DEFERRED DEBT ISSUANCE COSTS
                     (in thousands, except per share data)

<TABLE>
<CAPTION>
                                                              For the Three Months Ended       For the Six Months Ended
                                                                        June 30,                        June 30,
                                                                      (unaudited)                     (unaudited)
                                                              --------------------------      --------------------------
                                                                  2001            2000            2001            2000
                                                                  ----            ----            ----            ----
<S>                                                           <C>             <C>             <C>             <C>
Net revenues
  Assembly and Test                                           $  311,423      $  462,677      $  750,836      $  931,612
  Wafer Fab                                                       38,746          84,359          79,956         170,235
                                                              ----------      ----------      ----------      ----------
    Total                                                        350,169         547,036         830,792       1,101,847

Cost of revenues-including purchases from ASI                    342,158         407,441         740,996         847,221
                                                              ----------      ----------      ----------      ----------
Gross profit                                                       8,011         139,595          89,796         254,626
                                                              ----------      ----------      ----------      ----------
Operating expenses:
  Selling, general and administrative                             51,365          46,884         105,359          88,781
  Research and development                                         8,135           4,872          18,637           8,243
                                                              ----------      ----------      ----------      ----------
    Total operating expenses                                      59,500          51,756         123,996          97,024
                                                              ----------      ----------      ----------      ----------
Operating income (loss)                                          (51,489)         87,839         (34,200)        157,602
                                                              ----------      ----------      ----------      ----------
Other (income) expense:
  Interest expense, net                                           38,094          29,428          75,763          44,857
  Foreign currency loss                                            2,375           1,756           1,065           2,592
  Other expense (income), net                                        (57)           (322)            111           2,038
                                                              ----------      ----------      ----------      ----------
    Total other expense                                           40,412          30,862          76,939          49,487
                                                              ----------      ----------      ----------      ----------
Income (loss) before income taxes and equity in income of
  investees                                                      (91,901)         56,977        (111,139)        108,115
Provision (benefit) for income taxes                             (25,673)          6,230         (30,983)         15,186
Equity in income (loss) of investees                             (17,450)            559         (34,835)          5,495
Minority Interest                                                   (828)           --              (828)           --
                                                              ----------      ----------      ----------      ----------
Net income (loss)                                             $  (84,506)     $   51,306      $ (115,819)     $   98,424
                                                              ==========      ==========      ==========      ==========
Per Share Data:
Basic net income (loss) per common share                      ($    0.55)     $     0.35      ($    0.76)     $     0.70
                                                              ==========      ==========      ==========      ==========
Diluted net income (loss) per common share                    ($    0.55)     $     0.33      ($    0.76)     $     0.67
                                                              ==========      ==========      ==========      ==========
Shares used in computing basic net income (loss) per
  common share                                                   153,950         148,530         153,068         139,701
                                                              ==========      ==========      ==========      ==========
Shares used in computing diluted net income (loss) per
  common share                                                   153,950         157,617         153,068         148,078
                                                              ==========      ==========      ==========      ==========
</TABLE>


The above supplemental consolidated statements of income exclude the effects of
the following:

    During the three months and six months ended June 30, 2001, the Company
    wrote off $2.3 million and $9.4 million, respectively, of deferred debt
    issuance costs related to loan repayments.

    During the three months and six months ended June 30, 2001, the amortization
    of goodwill and other acquired intangibles excluded from SGA was $20.6
    million and 42.5 million, respectively.

    During the three months and six months ended June 30, 2000, the amortization
    of goodwill and other acquired intangibles excluded from SGA was $15.4
    million and 21.8 million, respectively.

    During the three months and six months ended June 30, 2001, the amortization
    of the difference between the cost of our equity investments and our share
    of the underlying net assets of ASI excluded from equity in income (loss) of
    investees was $8.9 million and 17.8 million, respectively.

    During the three months and six months ended June 30, 2000, the amortization
    of the difference between the cost of our equity investments and our share
    of the underlying net assets of ASI excluded from equity in income (loss) of
    investees was $4.9 million and 8.5 million, respectively.

<PAGE>   7

Amkor Report Second Quarter 2001 Results


                             AMKOR TECHNOLOGY, INC.
                          CONSOLIDATED BALANCE SHEETS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                             June 30,       December 31,
                                                                               2001             2000
                                                                           (unaudited)      (unaudited)

<S>                                                                        <C>              <C>
Assets
Current assets:
  Cash and cash equivalents                                                $   339,135      $    93,517
  Accounts receivable-
    Trade, net of allowance for doubtful accounts of $1,838 and $2,426         229,192          301,915
    Due from affiliates                                                          2,504            1,634
    Other                                                                        7,898            6,465
  Inventories                                                                   83,801          108,613
  Other current assets                                                          46,437           36,873
                                                                           -----------      -----------
        Total current assets                                                   708,967          549,017
                                                                           -----------      -----------
Property, plant and equipment, net                                           1,453,275        1,478,510
                                                                           -----------      -----------
Investments                                                                    448,822          501,254
                                                                           -----------      -----------
Other assets:
  Due from affiliates                                                           22,143           25,013
  Goodwill and acquired intangibles                                            717,475          737,593
  Other                                                                        106,080          101,897
                                                                           -----------      -----------
        Total other assets                                                     845,698          864,503
                                                                           -----------      -----------
        Total assets                                                       $ 3,456,762      $ 3,393,284
                                                                           ===========      ===========
Liabilities and Stockholders' Equity
Current liabilities:
  Bank overdraft                                                           $    13,784      $    25,731
  Short-term borrowings and current portion of long-term debt                   30,272           73,586
  Trade accounts payable                                                       142,375          133,047
  Due to affiliates                                                              8,829           32,534
  Accrued expenses                                                             123,606          129,301
  Accrued income taxes                                                          16,621           52,232
                                                                           -----------      -----------
        Total current liabilities                                              335,487          446,431
Long-term debt                                                               1,876,219        1,585,536
Other noncurrent liabilities                                                    58,246           46,483
Minority Interest                                                                2,406             --
                                                                           -----------      -----------
        Total liabilities                                                    2,272,358        2,078,450
                                                                           -----------      -----------
Stockholders' equity:
  Common stock                                                                     156              152
  Additional paid-in capital                                                 1,030,857          975,026
  Retained earnings                                                            158,381          343,886
  Receivable from stockholder                                                   (3,276)          (3,276)
  Accumulated other comprehensive income                                        (1,714)            (954)
                                                                           -----------      -----------
        Total stockholders' equity                                           1,184,404        1,314,834
                                                                           -----------      -----------
        Total liabilities and stockholders' equity                         $ 3,456,762      $ 3,393,284
                                                                           ===========      ===========
</TABLE>


</TEXT>
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