MagnaChip Reports First Quarter 2015 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME

(In thousands of US dollars, except share data)

(Unaudited)



Three Months Ended



March 31,
2015



December 31,
2014



March 31,
2014

Net loss

$

(20,029)


$

(63,830)


$

(21,605)

Adjustments:









Depreciation and amortization


6,870



7,143



7,268

Interest expense, net


4,063



4,134



4,070

Income tax expense (benefit)


1,133



(247)



803

Restructuring and impairment charges




10,269



Equity-based compensation expense


185



407



617

Foreign currency loss, net


3,176



30,161



9,407

Derivative valuation loss (gain), net




(49)



16

Restatement related expenses


7,058



12,145



4,797

Adjusted EBITDA

$

2,456


$

133


$

5,373

Adjusted EBITDA per common share:









- Diluted

$

0.07


$

0.00


$

0.16

Weighted average number of shares - Diluted


34,056,468



34,056,413



34,052,875










Net loss

$

(20,029)


$

(63,830)


$

(21,605)

Adjustments:









Restructuring and impairment charges




10,269



Equity-based compensation expense


185



407



617

Amortization of intangibles




120



357

Foreign currency loss, net


3,176



30,161



9,407

Derivative valuation loss (gain), net




(49)



16

Restatement related expenses


7,058



12,145



4,797

Adjusted net loss

$

(9,610)


$

(10,777)


$

(6,411)

Adjusted net loss per common share:









- Diluted

$

(0.28)


$

(0.32)


$

(0.19)

Weighted average number of shares - Diluted


34,056,468



34,056,413



34,052,875


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