MagnaChip Reports First Quarter 2015 Financial Results

A replay of the conference call will be available the same day and will run for 72 hours. The replay access numbers are 1-855-859-2056 or 1-404-537-3406. The access code is 49272803.

About MagnaChip Semiconductor Corporation

Headquartered in South Korea, MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. MagnaChip believes it has one of the broadest and deepest ranges of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents, and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through MagnaChip's website is not a part of, and is not incorporated into, this release.

Safe Harbor for Forward-Looking Statements

Information in this release regarding MagnaChip's forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include statements about our ability to capitalize on improving market dynamics and future operating and financial performance including second quarter 2015 revenue and gross margin. All forward-looking statements included in this release are based upon information available to MagnaChip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, compliance with U.S. and international trade and export laws and regulations by us and our distributors, and other risks detailed from time to time in MagnaChip's filings with the SEC, including our Form 10-K filed on May 28, 2015 and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website.  MagnaChip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

 

CONTACTS:


In the United States:

Robert Pursel

Director of Investor Relations

Tel. +1-408-625-1262

robert.pursel@magnachip.com

In Korea:

Chankeun Park

Senior Manager, Public Relations

Tel. +82-2-6903-3195

chankeun.park@magnachip.com

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of US dollars, except share data)

(Unaudited)



Three Months Ended



March 31,
2015



December 31,
2014



March 31,
2014

Net sales

$

164,885


$

167,652


$

164,164

Cost of sales


129,908



133,154



123,887










Gross profit


34,977



34,498



40,277

Gross profit %


21.2%



20.6%



24.5%










Operating expenses









Selling, general and administrative expenses


25,030



32,491



25,027

Research and development expenses


22,160



22,147



23,137

Restructuring and impairment charges




10,269



     Total operating expenses


47,190



64,907



48,164










Operating loss


(12,213)



(30,409)



(7,887)










Interest expense, net


(4,063)



(4,134)



(4,070)

Foreign currency loss, net


(3,176)



(30,160)



(9,406)

Other income, net


556



626



561

Loss before income taxes


(18,896)



(64,077)



(20,802)










Income tax expense (benefit)


1,133



(247)



803










Net loss

$

(20,029)


$

(63,830)


$

(21,605)










Loss per common share :









        - Basic

$

(0.59)


$

(1.87)


$

(0.63)

        - Diluted

$

(0.59)


$

(1.87)


$

(0.63)

Weighted average number of shares—Basic


34,056,468



34,056,413



34,052,875

Weighted average number of shares—Diluted


34,056,468



34,056,413



34,052,875


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