MagnaChip Semiconductor Reports Third Quarter Results (Revenue down 12%)

 

 

MagnaChip Semiconductor

Condensed Consolidated Balance Sheets

(In thousands of US Dollars)

(Unaudited)

 

 

                                                   September 28,  December 31,
                                                       2008            2007
     Assets
     Current assets
       Cash and cash equivalents                      $23,870         $64,345
       Accounts receivable, net                       140,441         123,789
       Inventories, net                                59,768          75,867
       Other current assets                            24,019          16,722
                    Total current assets              248,098         280,723

     Property, plant and equipment, net               204,196         279,669
     Goodwill and intangible assets, net               55,077         104,725
     Other non-current assets                          39,784          42,766
                    Total assets                     $547,155        $707,883

     Liabilities & Unitholders' Equity
     Current liabilities
       Accounts and other payable                    $125,419        $120,638
       Short-term borrowings                           90,000          80,000
       Other current liabilities                       28,890          24,477
                   Total current liabilities          244,309         225,115

     Long-term borrowings                             750,000         750,000
     Other non-current liabilities                     78,778          80,842
                   Total liabilities                1,073,087       1,055,957

     Redeemable convertible preferred units           139,110         129,405

     Unitholders' equity                             (665,042)       (477,479)

     Total liabilities, redeemable convertible
      preferred units and unitholders' equity        $547,155        $707,883

       

 

 

MagnaChip Semiconductor

Condensed Consolidated Statements of Cash Flows

(In thousands of US Dollars)

(Unaudited)

 

 

                                                     Nine months ended
                                                September 28,  September 30,
                                                    2008             2007
     Cash flows from operating activities
      Net loss                                  $(267,281)       $(151,072)
      Adjustments to reconcile net loss
       to net cash provided by (used in)
       operating activities
        Depreciation and amortization              62,752          138,787
        Provision for severance benefits           13,444           13,985
        (Gain) loss on foreign currency
         translation, net                         155,929           (9,623)
        Impairment charges                         26,285           10,106
        Changes in accounts and other
         receivable                                   (41,181)                  (46,699)
                Changes  in  inventories                                            1,919                    (34,528)
                Changes  in  accounts  and  other
                  payable                                                                      15,873                      51,687
                Changes  in  accrued  expenses                                10,701                        6,118
                Other                                                                            (5,169)                      8,014
                    Net  cash  used  in  operating
                      activities                                                          (26,728)                  (13,225)

          Cash  flows  from  investing  activities
            Capital  expenditures                                                (25,864)                  (64,922)
            Other                                                                                  3,023                            486
                    Net  cash  used  in  investing  activities      (22,841)                  (64,436)

          Cash  flows  from  financing  activities
              Exercise  of  unit  options                                              183                            111
              Repurchase  of  common  units                                        (496)                              -
              Proceeds  from  short-term  borrowings                175,000                      70,397
              Repayment  of  short-term  borrowings                (165,000)                  (20,000)
                  Net  cash  provided  by  financing
                    activities                                                                9,687                      50,508
                  Effect  of  exchange  rates  on  cash
                    and  cash  equivalents                                              (593)                          (86)
                  Net  decrease  in  cash  and  cash
                    equivalents                                                          (40,475)                  (27,239)

          Cash  and  cash  equivalents
          Beginning  of  the  period                                              64,345                      89,173
          End  of  the  period                                                        $23,870                    $61,934

 

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



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