MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results

 

 


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

(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 income (loss)

$

22,854


$

(57,066)


$

(63,830)


$

(84,867)


$

(117,232)


Adjustments:
















Depreciation and amortization


6,424



6,399



7,072



26,490



29,989


Interest expense, net


4,020



4,023



4,134



16,039



16,289


Income tax expenses (benefits)


(16,868)



1,250



(247)



(15,087)



1,523


Restructuring and impairment charges






10,269





10,269


Equity-based compensation expense


398



393



407



2,768



2,072


Foreign currency loss (gain), net


(17,080)



44,139



30,160



42,531



24,650


Derivative valuation loss (gain), net


(61)



270



(49)



516



12


Restatement related expenses


(891)



1,891



12,145



12,372



40,897


















Adjusted EBITDA

$

(1,204)


$

1,299


$

61


$

762


$

8,469


















Adjusted EBITDA per common share:
















- Diluted

$

(0.03)


$

0.04


$

0.00


$

0.02


$

0.24


Weighted average number of shares—Diluted


34,698,777



35,002,896



35,006,862



34,663,593



35,172,755


















Net income (loss)

$

22,854


$

(57,066)


$

(63,830)


$

(84,867)


$

(117,232)


Adjustments:
















Restructuring and impairment charges






10,269





10,269


Equity-based compensation expense


398



393



407



2,768



2,072


Amortization of intangibles






120





1,221


Foreign currency loss (gain), net


(17,080)



44,139



30,160



42,531



24,650


Derivative valuation loss (gain), net


(61)



270



(49)



516



12


Restatement related expenses


(891)



1,891



12,145



12,372



40,897


















Adjusted net income (loss)

$

5,220


$

(10,373)


$

(10,778)


$

(26,680)


$

(38,111)


















Adjusted net income (loss) per common
   share:
















- Diluted

$

0.15


$

(0.30)


$

(0.32)


$

(0.78)


$

(1.12)


















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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