MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results

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

We present Adjusted Net Income (Loss) as a further supplemental measure of our performance. We prepare Adjusted Net Income (Loss) 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 (Loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income (Loss) as net income adjusted to exclude (i) restructuring and impairment charges, (ii) equity-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses.

 

 


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)








Assets



December 31,
2015


December 31,
2014


Current assets








Cash and cash equivalents


$

90,882


$



102,434


Accounts receivable, net



63,498



72,957


Inventories, net



57,619



75,334


Other receivables



31,932



10,616


Prepaid expenses



7,075



7,560


Current deferred income tax assets



34



237


Hedge collateral



6,000




Other current assets



3,194



6,898










Total current assets



260,234



276,036










Property, plant and equipment, net



191,985



223,766


Intangible assets, net



2,629



2,451


Long-term prepaid expenses



12,117



10,916


Deferred income tax assets



238



415


Other non-current assets



10,678



14,147










Total assets


$

477,881


$

527,731









Liabilities and Stockholders' Equity

Current liabilities

Accounts payable


$

55,476


$

70,767


Other accounts payable



10,961



10,986


Accrued expenses



76,721



81,060


Deferred revenue



10,060



1,990


Deposits received



8,165




Other current liabilities



5,128



4,470











Total current liabilities



166,511



169,273


Long-term borrowings, net



224,156



224,035


Accrued severance benefits, net



134,148



139,289


Other non-current liabilities



15,396



13,636











Total liabilities



540,211



546,233











Stockholders' equity

Common stock, $0.01 par value, 150,000,000 shares authorized,
   41,147,707 shares issued and 34,568,942 outstanding at
   December 31, 2015 and 40,635,233 shares issued and
   34,056,468 outstanding at December 31, 2014



411



406


Additional paid-in capital



124,618



118,419


Accumulated deficit



(96,210)



(11,343)


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



(90,918)



(90,918)


Accumulated other comprehensive loss



(231)



(35,066)











Total stockholders' equity (deficit)



(62,330)



(18,502)











Total liabilities and stockholders' equity


$

477,881


$

527,731












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