MagnaChip Semiconductor Reports First Quarter Results

To supplement our condensed consolidated financial statements presented on a US GAAP basis, MagnaChip Semiconductor uses a non-US GAAP conforming measure of gross profit, operating income (loss) and net income (loss), that are US GAAP gross profit, operating income (loss) and net income (loss) adjusted to exclude certain costs, expenses or gains, referred to as special items. Non-US GAAP adjusted gross profit, operating income (loss) and net income (loss) measure give an indication of our baseline performance before other charges that are considered by management to be outside of our core operating results. In addition, our non-US GAAP adjusted measure of gross profit, operating income (loss) and net income (loss) are among the primary indicators management uses as a basis for our planning and forecasting of future periods. The presentation of this additional information should not be considered in isolation or as a substitute for gross profit, operating income (loss) and net income (loss) prepared in accordance with generally accepted accounting principles in the United States of America.

                                               Three Months Ended
                                                  April 3, 2005

                                         Gross       Operating       Net
                                         Profit      Income      Income
                                                     (loss)       (loss)

   US GAAP Amounts                       $25,952    $(28,626)    $(31,279)

   Special items
    (1) Fair value uplift of
         inventory expense                 4,475       4,475        4,475
    (2) Order backlog
         amortization                          -       2,969        2,969
    (3) Write-off of
         unamortized borrowing
          costs                                -           -            -

   Total special items                     4,475       7,444        7,444

   Non-US GAAP Profit (Loss)             $30,427    $(21,182)    $(23,835)

  Adjusted Gross Margin                                             14.3%
  Adjusted Operating Expense -
   % of Revenue                                                     24.2%
  Adjusted Operating Margin                                         (9.9)%

                                                  Three Months Ended
                                                  December 31, 2004 (*)

                                           Gross       Operating      Net
                                           Profit       Income       Income
                                                        (loss)       (loss)

   US GAAP Amounts                         $ 39,121    $(12,721)   $(5,825)
   Special items
    (1) Fair value uplift of
        inventory expense                    17,259      17,259     17,259
   (2) Order backlog
         amortization                             -       2,782      2,782

   (3) Write-off of
         unamortized borrowing
         costs                                    -           -      4,084

   Total special items                       17,259      20,041     24,125

   Non-US GAAP Profit (Loss)              $  56,380   $   7,320  $  18,300

   Adjusted Gross Margin                                                                     23.1%
      Adjusted  Operating  Expense  -
      %  of  Revenue                                                                                                            20.1%
    Adjusted  Operating  Margin                                                                                      3.0%

 



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