MagnaChip Semiconductor Reports Second Quarter Results

Non-US GAAP adjusted condensed consolidated statements of operations are intended to present the Company's operating results, excluding special items. The special items excluded for the three months ended July 2, 2006 and July 3, 2005 are as follows:

    (1) Restructuring and impairment charges during the three months ended
        July 2, 2006 represent asset impairment charges on one of the
        Company's fabrication facilities and restructuring charges associated
        with changes in certain management. Restructuring and Impairment
        charges taken during the three months ended July 3, 2005 include
        charges from headcount reduction and asset impairment.
    (2) IPR&D recorded in purchase accounting which was expensed immediately.



                           MagnaChip Semiconductor
                    Condensed Consolidated Balance Sheets
                         (In thousands of US Dollars)
                                 (Unaudited)

                                              July 2,2006    December 31,2005
    Assets
    Current assets
      Cash and cash equivalents                   $86,488             $86,574
      Accounts receivable, net                     95,990             112,053
      Inventories, net                             62,157              88,677
      Other current assets                         20,602              22,486
            Total current assets                  265,237             309,790

    Property, plant and equipment, net            382,865             485,077
    Goodwill and intangible assets                153,367             191,389
    Other non-current assets                       57,120              54,391
              Total assets                       $858,589          $1,040,647

    Liabilities & Unitholders' Equity
    Current liabilities
      Accounts and other payable                  $78,234            $129,279
      Other current liabilities                    33,266              39,070
           Total current liabilities              111,500             168,349

    Long-term borrowings                          750,000             750,000
    Other non-current liabilities                  65,095              62,320
             Total liabilities                    926,595             980,669

    Redeemable convertible preferred units        111,801             106,462

    Unitholders equity                           (179,807)            (46,484)

    Total liabilities, redeemable
     convertible preferred units
     and unitholders'  equity                    $858,589          $1,040,647


    Contact:
    In Korea:
    Robert Krakauer, EVP Corporate Operations, CFO
    Tel: 82-2-3459-3682
    
Email Contact

    In the U.S.:
    David Pasquale, EVP at The Ruth Group
    Tel: +646-536-7006
    
Email Contact

Web site: http://www.magnachip.com/



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