MagnaChip Reports First Quarter 2012 Financial Results

We define Adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expense, (iv) stock-based compensation expense, (v) foreign currency gain, net, (vi) derivative valuation loss (gain), net, and (vii) special expense for IPO incentive.

We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income by adjusting net income to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income as net income adjusted to exclude (i) stock-based compensation expense, (ii) amortization of intangibles, (iii) foreign currency gain, net, (iv) derivative valuation loss (gain), net, and (v) special expense for IPO incentive.


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)




 

March 31,

2012


 

December 31,

2011

Assets







Current assets







Cash and cash equivalents


$

156,623


$

162,111

Restricted cash



3,934


6,830

Accounts receivable, net



127,332



125,922

Inventories, net



68,105



62,836

Other receivables



4,343



256

Prepaid expenses



8,112



6,032

Other current assets



5,578



15,909








Total current assets



374,027



379,896








Property, plant and equipment, net



206,206



182,663

Intangible assets, net



20,348



16,787

Long-term prepaid expenses



4,107



4,790

Other non-current assets



17,972



18,539








Total assets


$

622,660


$

602,675








Liabilities and Stockholder s' Equity







Current liabilities







Accounts payable


$

90,902


$

77,848

Other accounts payable



13,772



13,452

Accrued expenses



39,649



31,723

Current portion of capital lease obligations



1,458



2,852

Derivative liabilities



8,308



9,757

Other current liabilities



3,266



2,007








Total current liabilities



157,355



137,639








Long-term borrowings, net



201,452



201,389

Accrued severance benefits, net



94,352



90,755

Other non-current liabilities



5,596



6,222








Total liabilities



458,755



436,005








Commitments and contingencies














Stockholder' equity







Common stock, $0.01 par value, 150,000,000 shares authorized, 39,457,063

   shares issued and 36,880,879 outstanding at March 31, 2012 and 39,439,115

   shares issued and 37,907,575 outstanding at December 31, 2011



394



394

Additional paid-in capital



99,495



98,929

Retained earnings



109,213



93,950

Treasury stock, 2,576,184 shares at March 31, 2012



(23,728)



(11,793)

Accumulated other comprehensive loss



(21,469)



(14,810)








Total stockholders' equity



163,905



166,670








Total liabilities and stockholders' equity


$

622,660


$

602,675



MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)




Three M onth s E nded



March 31 ,

20 12


March 31 ,

20 11

Cash flows from operating activities







Net income


$

15,263


$

22,468

Adjustments to reconcile net income to net cash provided by operating activities







Depreciation and amortization



7,474



13,903

Provision for severance benefits



4,703



2,854

Amortization of debt issuance costs and original issue discount



242



246

Gain on foreign currency translation, net



(12,824)



(23,684)

Gain on disposal of property, plant and equipment, net



(269)



Loss on disposal of intangible assets, net



11



4

Stock-based compensation



458



641

Other



123



549

Changes in operating assets and liabilities







Accounts receivable



1,339



(9,250)

Inventories



(2,860)



(3,467)

Other receivables



(4,024)



(1,041)

Other current assets



8,536



(1,449)

Deferred tax assets



871



548

Accounts payable



12,581



14,289

Other accounts payable



(298)



(1,348)

Accrued expenses



9,886



7,153

Other current liabilities



2,225



(1,518)

Payment of severance benefits



(2,323)



(1,610)

Other



(1,261)



(72)








Net cash provided by operating activities



39,853



19,216








Cash flows from investing activities







Decrease in restricted cash



2,995



Proceeds from disposal of plant, property and equipment



273



Purchase of plant, property and equipment



(24,758)



(6,779)

Payment for intellectual property registration



(190)



(165)

Payment for acquisition



(8,642)



Decrease in short-term financial instruments



173



Collection of guarantee deposits



31



979

Payment of guarantee deposits



(178)



(1,004)

Other



(48)



(44)








Net cash used in investing activities



(30,344)



(7,013)








Cash flows from financing activities







Proceeds from issuance of common stock



108



11,425

Repayment of obligation under capital lease



(1,510)



(1,562)

Acquisition of treasury stock



(11,935)










Net cash provided by (used in) financing activities



(13,337)



9,863

Effect of exchange rates on cash and cash equivalents



(1,660)



(59)









Net increase (decrease) in cash and cash equivalents



(5,488)



22,007








Cash and cash equivalents







Beginning of the period



162,111



172,172








End of the period


$

156,623


$

194,179






















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