MagnaChip Reports First Quarter 2015 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)




Three Months Ended




March 31,
2015


March 31,
2014


Cash flows from operating activities








Net loss


$

(20,029)


$

(21,605)


Adjustments to reconcile net loss to net cash used in operating activities








Depreciation and amortization



6,870



7,268


Provision for severance benefits



7,260



4,034


Bad debt expenses (reversal of allowance)



(20)



94


Amortization of debt issuance costs and original issue discount



162



149


Loss on foreign currency, net



4,179



11,007


Stock-based compensation



185



617


Other



(222)



367


Changes in operating assets and liabilities








Accounts receivable



133



(28,094)


Inventories, net



(1,701)



(10,028)


Other receivables



6,140



691


Other current assets



(1,653)



(806)


Deferred tax assets



324



366


Accounts payable



5,902



(837)


Other accounts payable



(4,881)



(1,230)


Accrued expenses



(7,626)



(3,273)


Other current liabilities



(1,774)



(1,790)


Other non-current Liabilities



(220)



548


Payment of severance benefits



(1,341)



(1,514)


Other



(367)



(150)









Net cash used in operating activities



(8,679)



(44,186)









Cash flows from investing activities








Purchase of plant, property and equipment



(557)



(6,259)


Payment for intellectual property registration



(77)



(92)


Payment of guarantee deposits



(411)



(289)


Other



15



7









Net cash used in investing activities



(1,030)



(6,633)









Cash flows from financing activities








Proceeds from issuance of common stock





67









Net cash provided by financing activities





67


Effect of exchange rates on cash and cash equivalents



(1,330)



1,914









Net decrease in cash and cash equivalents



(11,039)



(48,838)









Cash and cash equivalents








Beginning of the period



102,434



153,606









End of the period


$

91,395


$

104,768



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