MagnaChip Reports Second Quarter 2013 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME

(In thousands of US dollars, except share data)

(Unaudited)

 



Three Months Ended



June 30,

2013



March 31,

2013



June 30,

2012

Net income (loss)

$

4,436


$

(7,405)


$

4,340

Adjustments:









Depreciation and amortization


8,359



8,522



7,923

Interest expense, net      


5,879



5,849



5,619

Income tax expense (benefit)


(1,315)



1,662



3,159

Restructuring and impairment charges




2,446



Stock-based compensation expense


493



420



457

Foreign currency loss, net


20,978



22,558



10,586

Derivative valuation loss (gain), net


230



267



(701)

Secondary offering expense




669



1,216

Adjusted EBITDA

$

39,060


$

34,988


$

32,599

Adjusted EBITDA per common share:









- Diluted

$

1.05


$

0.94


$

0.87

Weighted average number of shares

- Diluted


37,125,005



37,138,414



37,566,699










Net income (loss)

$

4,436


$

(7,405)


$

4,340

Adjustments:









Restructuring and impairment charges




2,446



Stock-based compensation expense


493



420



457

Amortization of intangibles


1,492



1,749



1,980

Foreign currency loss, net


20,978



22,558



10,586

Derivative valuation loss (gain), net


230



267



(701)

Secondary offering expense




669



1,216

GAAP and cash tax expense difference


(1,452)



(998)



Adjusted net income

$

26,177


$

19,706


$

17,878

Adjusted net income per common share:









- Diluted

$

0.71


$

0.53


$

0.48

Weighted average number of shares - Diluted


37,125,005



37,138,414



37,566,699











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