MagnaChip Reports Fourth Quarter and Full Year 2011 Financial Results

Fourth Quarter and Recent Company Highlights

  • Signed a Definitive Agreement to Acquire Dawin Electronics Co. Ltd., a Provider of High-Power Semiconductor Modules.
  • Repurchased 1.53 Million Shares under MagnaChip's Stock Repurchase Program Announced October 11, 2011.
  • Announced the Supply of AMOLED Display Driver ICs for Microsoft Windows-Based Smartphones.
  • Expanded the LED Driver Product Portfolio to Notebook and Tablet PCs.
  • Launched Module Based Process Design Kits for Power and Display Driver Applications.

Non-GAAP Metrics

Adjusted EBITDA excludes charges related to depreciation and amortization, interest expense, net, income tax expense, restructuring and impairment charges, inventory step-up, stock-based compensation expense, foreign currency loss (gain), net, derivative valuation loss, net, special expense for an IPO employee incentive payment, and loss on early extinguishment of senior notes. Adjusted net income (loss) excludes charges related to restructuring and impairment, inventory step-up, stock-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency loss (gain), net, derivative valuation loss, net, special expense for an IPO employee incentive payment, and loss on early extinguishment of senior notes. A reconciliation of GAAP results to non-GAAP results is included following the financial statements.

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 ability to capitalize on improving market dynamics and future operating and financial performance including first quarter 2012 revenue. All forward-looking statements included in this release are based upon information available to MagnaChip Semiconductor 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 March 18, 2011 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. 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,
2011



September 30,

2011



December 31 ,

20 10



December   31 ,
201 1


December   31 ,
20 10


Net sales

$

180,826


$

200,405


$

186,772


$

772,831


$

770,405


Cost of sales


129,287



140,284



126,421



538,515



526,847


















Gross profit


51,539



60,121



60,351



234,316



243,558


Gross p rofit %


28.5%



30.0%



32.3%



30.3%



31.6%


















Selling, general and administrative expense


17,627



17,881



16,566



68,367



66,640


Research and development expense


18,652



19,003



19,331



76,767



83,524


Restructuring and impairment charges




1,621



958



4,096



2,003


Special expense for IPO incentive








12,146




















Operating income


15,260



21,616



23,496



72,940



91,391


















Other income (expense)
















Interest expense, ne t


(5,644)



(5,860)



(6,981)



(24,984)



(22,899)


Foreign currency gain (loss), net


16,832



(68,058)



(19)



(11,633)



14,724


Loss on early extinguishment of senior notes




(1,357)





(5,459)




Other


(862)



(558)



(16)



(1,052)



(706)




















10,326



(75,833)



(7,016)



(43,128)



(8,881)


















Income (loss) before income taxes


25,586



(54,217)



16,480



29,812



82,510


















Income tax expense


1,881



1,793



4,209



8,019



8,390


















Net income (loss)

$

23,705


$

(56,010)


$

12,271


$

21,793


$

74,120


















Earnings (loss) per common share :
















       - Basic

$

0.61


$

(1.43)


$

0.32


$

0.56


$

1,96


       - Diluted

$

0.61


$

(1.43)


$

0.31


$

0.55


$

1.89


Weighted average number of shares—Basic


38,632,975



39,064,071



37,898,912



38,775,642



37,836,256


Weighted average number of s hares— D iluted


39,110,759



39,064,071



39,269,465



39,774,898



39,144,287






























MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO A DJUSTED EBITDA AND A DJUSTED N ET INCOME

(I n thousands of US dollars , except share data)

(Unaudited)



Three Months Ended


Year Ended




December   31 ,

201 1



September   3 0,
201 1



December   31 ,

20 10



December   31 ,

201 1


December   31 ,

20 10


Net income (loss)

$

23,705


$

(56,010)


$

12,271


$

21,793


$

74,120


Adjustments:
















Depreciation and amortization


8,856



13,053



14,063



51,224



58,395


Interest expense, net


5,644



5,861



6,981



24,984



22,899


Income tax expense


1,881



1,793



4,209



8,019



8,390


Restructuring and impairment charges




1,621



958



4,096



2,003


Inventory step-up










867


Stock -based compensation expense


287



552



1,167



2,085



5,239


Foreign currency loss (gain) , net


(16,832)



68,058



19



11,633



(14,724)


Derivative valuation loss, net


862



558



16



1,059



711


Special expense for IPO incentive








12,146




Loss on early extinguishment of senior notes




1,357





5,459




Adjusted EBITDA

$

24,403


$

36,843


$

39,684


$

142,498


$

157,900


Adjusted EBITDA per common share:
















- Diluted

$

0.62


$

0.92


$

1.01


$

3.58


$

4.03


Weighted average number of shares - Diluted


39,110,759



39,973,691



39,269,465



39,774,898



39,144,287


















Net income (loss)

$

23,705


$

(56,010)


$

12,271


$

21,793


$

74,120


Adjustments:
















Restructuring and impairment charges




1,621



958



4,096



2,003


Inventory step-up










867


Stock- based compensation expense


287



552



1,167



2,085



5,239


Amortization of intangibles


1,985



2,092



2,937



8,147



21,033


Foreign currency loss (gain) , net


(16,832)



68,058



19



11,633



(14,724)


Derivative valuation loss , net


862



558



16



1,059



711


Special expense for IPO incentive








12,146




Loss on early extinguishment of senior notes




1,357





5,459




Adjusted net i ncome

$

10,007


$

18,228


$

17,368


$

66,418


$

89,249


Adjusted net income per common share:
















- Diluted

$

0.26


$

0.46


$

0.44


$

1.67


$

2.28


Weighted average number of shares - Diluted


39,110,759



39,973,691



39,269,465



39,774,898



39,144,287






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