MagnaChip Reports Second Quarter 2015 Financial Results

We define Adjusted EBITDA as net income (loss), adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) equity-based compensation expense, (v) foreign currency loss (gain), net, (vi) derivative valuation loss, net and (vii) restatement related expenses.

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 (loss), adjusted to exclude (i) amortization of intangibles, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (vi) derivative valuation loss, net and (v) restatement related expenses.

 


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)




June 30,

2015


 

December 31,

2014


Assets




Current assets




Cash and cash equivalents


$

72,672


$

102,434

Accounts receivable, net



67,780



72,957

Inventories, net



71,800



75,334

Other receivables



5,450



10,616

Prepaid expenses



7,142



7,560

Current deferred income tax assets



43



237

Hedge collateral



6,380



Other current assets



7,383



6,898








Total current assets



238,650



276,036







Property, plant and equipment, net



208,351



223,766

Intangible assets, net



2,476



2,451

Long-term prepaid expenses



9,875



10,916

Deferred income tax assets



260



415

Other non-current assets



12,876



14,147








Total assets


$

472,488


$

 

527,731








Liabilities and Stockholders' Equity







Current liabilities






Accounts payable


$

57,432


$

70,767

Other accounts payable



9,724



10,986

Accrued expenses



75,556



81,060

Other current liabilities



5,946



6,460








Total current liabilities



148,658



169,273








Long-term borrowings, net



224,095



224,035

Accrued severance benefits, net



143,727



139,289

Other non-current liabilities



10,703



13,636








Total liabilities



527,183



546,233








Stockholders' equity

Common stock, $0.01 par value, 150,000,000 shares authorized, 40,840,685 shares issued and 34,261,920 outstanding at June 30, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014



408



406

Additional paid-in capital



121,602



118,419

Accumulated deficit



(61,998)



(11,343)

Treasury stock, 6,578,765 shares at June 30, 2015 and December 31, 2014



(90,918)



(90,918)

Accumulated other comprehensive loss



(23,789)



(35,066)








Total stockholders' equity (deficit)



(54,695)



(18,502)








Total liabilities and stockholders' equity


$

472,488


$

527,731
















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