MagnaChip Reports Second Quarter 2013 Financial Results

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

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

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)

 



 

June 30,

2013


 

December 31,
2012

Assets






Current assets






Cash and cash equivalents

$

192,641


$

182,238

Restricted cash


6


133

Accounts receivable, net


165,181



143,331

Inventories, net


76,342



89,363

Other receivables


2,459



1,429

Prepaid expenses


9,366



7,884

Current deferred income tax assets


25,347



22,768

Other current assets


3,695



9,680







     Total current assets


475,037



456,826







Property, plant and equipment, net


247,242



238,256

Intangible assets, net


10,068



15,260

Long-term prepaid expenses


17,962



18,048

Deferred income tax assets


42,631



46,710

Other non-current assets


15,422



14,866







     Total assets

$

808,362


$

789,966







Liabilities and Stockholder s' Equity






Current liabilities






Accounts payable

$

76,175


$

79,236

Other accounts payable


16,804



15,600

Accrued expenses


49,918



43,486

Derivative liabilities


10,247



Other current liabilities


6,912



9,973







     Total current liabilities


160,056



148,295







Long-term borrowings, net


201,801



201,653

Accrued severance benefits, net


112,198



112,446

Other non-current liabilities


17,880



17,263







     Total liabilities


491,935



479,657







Stockholders' equity






Common stock, $0.01 par value, 150,000,000 shares authorized,

40,021,283 shares issued and 35,681,382 shares outstanding at June

30, 2013 and 39,599,374 shares issued and 35,635,357 shares

outstanding at December 31, 2012


400



396

Additional paid-in capital


107,375



101,885

Retained earnings


284,282



287,251

Treasury stock, 4,339,901 shares at June 30, 2013 and 3,964,017

 shares at December 31, 2012


(45,918)



(39,918)

Accumulated other comprehensive loss


(29,712)



(39,305)







     Total stockholders' equity


316,427



310,309







     Total liabilities and stockholders' equity

$

808,362


$

789,966







 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(I n thousands of US dollars)

(Unaudited)

 



Three Months Ended


Six M onth s

  E nded


June 30 ,

20 13


June 30 ,

20 13


June 30 ,

20 12

Cash flows from operating activities









Net income (loss)

$

4,436


$

(2,969)


$

19,603

Adjustments to reconcile net income (loss) to net cash provided by operating activities









Depreciation and amortization


8,359



16,881



15,397

Provision for severance benefits


6,457



10,686



10,975

Amortization of debt issuance costs and original issue discount


285



568



497

Loss on foreign currency translation, net


26,728



55,008



55

Gain on disposal of property, plant and equipment, net


(26)



(26)



(190)

Loss on disposal of intangible assets, net




1



15

Restructuring and impairment charges




618



Stock-based compensation


493



913



915

Other


776



1,411



(348)

Changes in operating assets and liabilities









Accounts receivable


(23,077)



(29,486)



(8,296)

Inventories


4,738



6,760



(11,498)

Other receivables


1,878



600



(2,580)

Other current assets


5,411



7,425



8,851

Deferred tax assets


(3,177)



(995)



1,146

Accounts payable


(1,437)



853



14,654

Other accounts payable


(17,256)



(7,522)



9,677

Accrued expenses


(5,878)



(7,003)



7,890

Other current liabilities


4,741



(1,097)



6,611

Payment of severance benefits


(2,312)



(2,939)



(4,816)

Other


(103)



(1,107)



(1,996)







Net cash provided by operating activities


11,036



48,580



66,562







Cash flows from investing activities









Decrease in restricted cash


30



122



1,634

Proceeds from disposal of plant, property and equipment


27



27



891

Purchase of plant, property and equipment


(6,963)



(39,890)



(46,728)

Payment for intellectual property registration


(101)



(243)



(565)

Payment for acquisition






(8,642)

Decrease in short-term financial instruments






173

Collection of guarantee deposits


117



117



70

Payment of guarantee deposits


(198)



(939)



(176)

Other


3



11



(53)







Net cash used in investing activities


(7,085)



(40,795)



(53,396)







Cash flows from financing activities









Proceeds from issuance of common stock


3,575



4,581



183

Repayment of obligations under capital lease






(2,968)

Acquisition of treasury stock




(6,000)



(16,935)







Net cash provided by (used in) financing activities


3,575



(1,419)



(19,720)

Effect of exchange rates on cash and cash equivalents


2,128



4,037



207







Net increase (decrease) in cash and cash equivalents


9,654



10,403



(6,347)







Cash and cash equivalents









Beginning of the period


182,987



182,238



162,111







End of the period

$

192,641


$

192,641


$

155,764











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