MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results

Fourth Quarter and Recent Company Highlights

  • Surpassed 160 Million Mark in AMOLED Display Driver IC Units Shipped
  • Selected for the "2015 Excellence Supplier Award" by LG Display
  • Hosted a Foundry Technology Symposium in Shenzhen, China, on November 10, 2015
  • Announced a 2016 Foundry Technology Symposium in Beijing, China, on March 15, 2016

Business Outlook

For the first quarter of 2016, MagnaChip anticipates:

  • Revenue in the first quarter, typically our seasonally weakest period, will be in the range of $141 million to $147million. This would represent a sequential decline of between 3-7% – despite a sequential loss of more than $10 million in revenue from our 6" fab, which will close at the end of February.
  • Gross profit to be 21% to 24% as a percent of revenue.

Conference Call

MagnaChip will hold a conference call at 5 p.m. EST today (February 17, 2016) to discuss the fourth quarter and full year 2015 financial results. The conference call will be webcast live and is also available by dialing 1-866-776-2061 in the U.S. or 1-706-679-0298 for all other locations. The conference ID number is 24897567 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. EST start time to ensure a timely connection. The webcast and earnings release will be accessible at www.magnachip.com.

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 24897567.

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 future operating and financial performance, including first quarter 2016 revenue and gross profit and expectations related to future spending and cost reduction initiatives. 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 our Form 10-Q filed on November 6, 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


Year Ended


December 31,

2015


September 30,

2015


December 31,

2014


December 31,

2015


December 31,

2014

Net sales

$

152,430


$

154,382


$

167,652


$

633,712


$

698,218

Cost of sales


122,528



119,683



133,154



498,848



545,356

Gross profit


29,902



34,699



34,498



134,864



152,862
















Gross profit %


19.6%



22.5%



20.6%



21.3%



21.9%

Operating expenses















Selling, general and
administrative expenses


18,653



22,107



32,491



94,378



126,954

Research and development
expenses


18,879



20,450



22,147



83,420



92,765

Restructuring and impairment
charges






10,269





10,269

Total operating expenses


37,532



42,557



64,907



177,798



229,988

Operating loss


(7,630)



(7,858)



(30,409)



(42,934)



(77,126)

Interest expense


(4,081)



(4,075)



(4,252)



(16,268)



(16,833)

Foreign currency gain (loss), net


17,080



(44,139)



(30,160)



(42,531)



(24,650)

Other income, net


617



256



744



1,779



2,900

Income (loss) before income tax
   expenses


5,986



(55,816)



(64,077)



(99,954)



(115,709)
















Income tax expenses (benefits)


(16,868)



1,250



(247)



(15,087)



1,523
















Net income (loss)

$

22,854


$

(57,066)


$

(63,830)


$

(84,867)


$

(117,232)
















Earnings (loss) per common share :















- Basic

$

0.66


$

(1.65)


$

(1.87)


$

(2.47)


$

(3.44)

- Diluted

$

0.66


$

(1.65)


$

(1.87)


$

(2.47)


$

(3.44)
















Weighted average number of shares—Basic


34,698,777



34,664,246



34,056,413



34,380,517



34,055,513

Weighted average number of shares—Diluted


34,713,034



34,664,246



34,056,413



34,380,517



34,055,513

































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