-- Revenue Exceeds Expectations as Business Turnaround Gains Momentum --
(PRNewswire) — MagnaChip Semiconductor Corporation ("MagnaChip") (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results for the second quarter ended June 30, 2016.Revenue for the second quarter of 2016 was $167.1 million, an increase of 12.8% compared to $148.1 million for the first quarter of 2016, and up 3.1% compared to $162.0 million for the second quarter of 2015. The double-digit increase in sequential revenue growth was better than expected and reflected healthy demand for the Company's Display and Power products and Foundry services. The robust growth in revenue in the second quarter also was notable, in part, because it was achieved without the benefit of approximately $9 million in revenue that was recorded in the first quarter from an underutilized 6" fab that was closed at the end of February.
Foundry Services revenue in the second quarter of 2016 was $62.3 million, a sequential increase of 3.9%, and Standard Products Group revenue was $104.6 million, a sequential increase of 18.9%, and the highest since 2012. Foundry demand continued its gradual recovery driven by new key global IC customers. AMOLED display driver IC revenue surged 73%, quarter-over-quarter, reflecting continued strong demand, primarily from smartphone makers in China. Display products for UHD televisions also showed gains in the quarter, while Power products held steady.
Gross profit was $36.7 million, or 22.0% as a percent of revenue for the second quarter of 2016. This compared with gross profit of $34.2 million, or 23.1%, for the first quarter of 2016 and $35.3 million, or 21.8%, for the second quarter of 2015. Foundry gross profit was 22.8% and Standard Products Group gross profit was 21.4% in the second quarter of 2016.
Net loss, on a GAAP basis, for the second quarter of 2016 totaled $17.8 million or $0.51 per basic share, as compared to net income of $8.1 million or $0.23 per basic and diluted share for the first quarter of 2016 and a net loss of $30.6 million or $0.90 per basic share for the second quarter of 2015. The net loss in the second quarter of 2016 included a one-time extraordinary charge of approximately $5 million. This amount included a previously announced one-time charge of approximately $4 million related to termination benefits payable under a voluntary resignation program for employees who left the company when an underutilized 6" fab was closed at the end of February. The remainder of the one-time charge pertains to transition costs related to employees who had worked in our 6' fab.
"Our revenue in the second quarter exceeded expectations and was at the highest level since the fourth quarter of 2014," said YJ Kim, Chief Executive Officer of MagnaChip. "Customer demand was strong, especially for AMOLED display driver ICs, as well as for our specialized foundry services." Mr. Kim added, "Our results in the second quarter reflect the success of our strategy over the last two years to streamline the organization, expand our customer base, improve product execution, and leverage our strong position as a leading supplier of analog and mixed signal products and services."
Chief Financial Officer Jonathan Kim said, "We continued to exercise discipline in managing the balance sheet and preserving our cash in the second quarter, and we maintained tight control over spending while still supporting the strong growth in the business." Mr. Kim added, "As always, we continue to focus on opportunities to improve cash flow and explore ways to reduce spending."
Adjusted Net Loss, a non-GAAP financial measure, for the second quarter of 2016 totaled $1.9 million or $0.05 per basic share, compared to Adjusted Net Loss of $2.8 million or $0.08 per basic share in the first quarter of 2016, and compared to Adjusted Net Loss of $11.1 million or $0.32 per basic share in the second quarter of 2015.
Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting MagnaChip's business and operations. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.
Cash and cash equivalents totaled $83.9 million at the end of the second quarter, essentially flat compared with the first quarter when taking into account the one-time effects in the second quarter of a $10 million product pre-payment from a key foundry customer.
The following table sets forth information relating to our operating segments:
|
|
|
Three Months Ended |
|
|
Six Months Ended |
| ||||||||||||||||||||||||||
|
|
|
June 30, 2016 |
|
|
June 30, 2015 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
| ||||||||||||||||||||
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
Foundry Services Group |
|
$ |
62,310 |
|
|
$ |
78,962 |
|
|
$ |
122,289 |
|
|
$ |
153,482 |
| ||||||||||||||||
|
Standard Products Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
Display Solutions |
|
|
74,406 |
|
|
|
48,918 |
|
|
|
132,465 |
|
|
|
105,271 |
| ||||||||||||||||
|
Power Solutions |
|
|
30,213 |
|
|
|
33,995 |
|
|
|
60,131 |
|
|
|
67,832 |
| ||||||||||||||||
|
Total Standard Products Group |
|
|
104,619 |
|
|
|
82,913 |
|
|
|
192,596 |
|
|
|
173,103 |
| ||||||||||||||||
|
All other |
|
|
177 |
|
|
|
140 |
|
|
|
326 |
|
|
|
315 |
| ||||||||||||||||
|
Total net sales |
|
$ |
167,106 |
|
|
$ |
162,015 |
|
|
$ |
315,211 |
|
|
$ |
326,900 |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
Three Months Ended June 30, 2016 |
|
|
Three Months Ended June 30, 2015 |
| ||||||||||||||||||||||||||
|
|
|
Amount |
|
|
% of Net Sales |
|
|
Amount |
|
|
% of Net Sales |
| ||||||||||||||||||||
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
Foundry Services Group |
|
$ |
14,187 |
|
|
|
22.8 |
% |
|
$ |
17,183 |
|
|
|
21.8 |
% | ||||||||||||||||
|
Standard Products Group |
|
|
22,385 |
|
|
|
21.4 |
|
|
|
17,963 |
|
|
|
21.7 |
| ||||||||||||||||
|
All other |
|
|
177 |
|
|
|
100.0 |
|
|
|
140 |
|
|
|
100.0 |
| ||||||||||||||||
|
Total gross profit |
|
$ |
36,749 |
|
|
|
22.0 |
% |
|
$ |
35,286 |
|
|
|
21.8 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
Six Months Ended June 30, 2016 |
|
|
Six Months Ended June 30, 2015 |
| ||||||||||||||||||||||||||
|
|
|
Amount |
|
|
% of Net Sales |
|
|
Amount |
|
|
% of Net Sales |
| ||||||||||||||||||||
|
Gross Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
|
Foundry Services Group |
|
$ |
28,480 |
|
|
|
23.3 |
% |
|
$ |
32,560 |
|
|
|
21.2 |
% | ||||||||||||||||
|
Standard Products Group |
|
|
43,145 |
|
|
|
22.4 |
|
|
|
37,388 |
|
|
|
21.6 |
| ||||||||||||||||
|
All other |
|
|
(627) |
|
|
|
(192.3) |
|
|
|
315 |
|
|
|
100.0 |
| ||||||||||||||||
|
Total gross profit |
|
$ |
70,998 |
|
|
|
22.5 |
% |
|
$ |
70,263 |
|
|
|
21.5 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter and Recent Company Highlights
- Total AMOLED display driver IC sales grew 73% in Q2 2016 as compared to Q1 2016
- 8" foundry revenue grew 22% in Q2 2016 as compared to Q1 2016, driven in large part by new key global fabless customers
- Announced the Company's Annual U.S. Foundry Technology Symposium in Hsinchu, Taiwan on September 27, 2016
Business Outlook
For the third quarter of 2016, MagnaChip anticipates:
- Revenue will be in the range of $180 million to $185 million, a sequential increase of 8% to 11%, reflecting continued demand for products and services in the Standard Products Group and the Foundry Services Group.
- Gross profit to be in the range of 21% to 24% as a percent of revenue.
Conference Call
MagnaChip will hold a conference call at 5 p.m. EDT today (August 3, 2016) to discuss the second quarter financial results. The conference call will be webcast live and is also available by dialing 1-866-776-2061 in the U.S. or 1-706-679-0298 for all other locations. The conference ID number is 51291099 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. EDT start time to ensure a timely connection. The webcast and earnings release will be accessible at
www.magnachip.com. A replay of the conference call will be available the same day and will run for 72 hours. The replay access numbers are 1-855-859-2056 or 1-404-537-3406. The access code is 51291099.
About MagnaChip Semiconductor Corporation
MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer, communication, industrial and computing applications. The Company's Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with a 30-year operating history, owns a portfolio of more than 3,500 registered and pending patents, and has extensive engineering, design 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 future operating and financial performance, including third quarter 2016 revenue and gross profit expectations. All forward-looking statements included in this release are based upon information available to MagnaChip 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 February 22, 2016 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: Bruce Entin Investor Relations Tel. +1-408-625-1262
|
In Korea: Chankeun Park Senior Manager, Public Relations Tel. +82-2-6903-3195 |
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | ||||||||||||
|
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
|
(In thousands of US dollars, except share data) | ||||||||||||
|
(Unaudited) | ||||||||||||
|
| ||||||||||||
|
|
|
Three Months Ended |
| |||||||||
|
|
|
June 30, 2016 |
|
|
March 31, 2016 |
|
|
June 30, 2015 |
| |||
|
Net sales |
|
$ |
167,106 |
|
|
$ |
148,105 |
|
|
$ |
162,015 |
|
|
Cost of sales |
|
|
130,357 |
|
|
|
113,856 |
|
|
|
126,729 |
|
|
Gross profit |
|
|
36,749 |
|
|
|
34,249 |
|
|
|
35,286 |
|
|
Gross profit % |
|
|
22.0 |
% |
|
|
23.1 |
% |
|
|
21.8 |
% |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
25,948 |
|
|
|
19,952 |
|
|
|
28,588 |
|
|
Research and development expenses |
|
|
18,178 |
|
|
|
17,815 |
|
|
|
21,931 |
|
|
Restructuring gain |
|
|
— |
|
|
|
(7,785) |
|
|
|
— |
|
|
Total operating expenses |
|
|
44,126 |
|
|
|
29,982 |
|
|
|
50,519 |
|
|
Operating income (loss) |
|
|
(7,377) |
|
|
|
4,267 |
|
|
|
(15,233) |
|
|
Interest expense |
|
|
(4,073) |
|
|
|
(4,057) |
|
|
|
(3,987) |
|
|
Foreign currency gain (loss), net |
|
|
(7,101) |
|
|
|
8,195 |
|
|
|
(12,296) |
|
|
Other income, net |
|
|
1,007 |
|
|
|
535 |
|
|
|
288 |
|
|
Income (loss) before income tax expenses (benefits) |
|
|
(17,544) |
|
|
|
8,940 |
|
|
|
(31,228) |
|
|
Income tax expenses (benefits) |
|
|
272 |
|
|
|
815 |
|
|
|
(602) |
|
|
Net income (loss) |
|
$ |
(17,816) |
|
|
$ |
8,125 |
|
|
$ |
(30,626) |
|
|
Earnings (loss) per common share : |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic |
|
$ |
(0.51) |
|
|
$ |
0.23 |
|
|
$ |
(0.90) |
|
|
- Diluted |
|
$ |
(0.51) |
|
|
$ |
0.23 |
|
|
$ |
(0.90) |
|
|
Weighted average number of shares - Basic |
|
|
34,716,081 |
|
|
|
34,698,904 |
|
|
|
34,092,402 |
|
|
Weighted average number of shares - Diluted |
|
|
34,716,081 |
|
|
|
34,918,568 |
|
|
|
34,092,402 |
|
|
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, 2016 |
|
|
Mar 31, 2016 |
|
|
June 30, 2015 |
| |||
|
Net income (loss) |
|
$ |
(17,816) |
|
|
$ |
8,125 |
|
|
$ |
(30,626) |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
4,001 |
|
|
|
3,999 |
|
|
|
3,933 |
|
|
Income tax expenses (benefits) |
|
|
272 |
|
|
|
815 |
|
|
|
(602) |
|
|
Depreciation and amortization |
|
|
6,228 |
|
|
|
6,024 |
|
|
|
6,797 |
|
|
EBITDA |
|
$ |
(7,315) |
|
|
$ |
18,963 |
|
|
$ |
(20,498) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (gain), net |
|
|
5,545 |
|
|
|
(6,832) |
|
|
|
— |
|
|
Equity-based compensation expense |
|
|
968 |
|
|
|
536 |
|
|
|
1,792 |
|
|
Foreign currency loss (gain), net |
|
|
7,101 |
|
|
|
(8,195) |
|
|
|
12,296 |
|
|
Derivative valuation loss (gain), net |
|
|
8 |
|
|
|
(42) |
|
|
|
306 |
|
|
Restatement related expenses |
|
|
2,306 |
|
|
|
3,592 |
|
|
|
5,168 |
|
|
Adjusted EBITDA |
|
$ |
8,613 |
|
|
$ |
8,022 |
|
|
$ |
(936) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(17,816) |
|
|
$ |
8,125 |
|
|
$ |
(30,626) |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other (gain), net |
|
|
5,545 |
|
|
|
(6,832) |
|
|
|
— |
|
|
Equity-based compensation expense |
|
|
968 |
|
|
|
536 |
|
|
|
1,792 |
|
|
Foreign currency loss (gain), net |
|
|
7,101 |
|
|
|
(8,195) |
|
|
|
12,296 |
|
|
Derivative valuation loss (gain), net |
|
|
8 |
|
|
|
(42) |
|
|
|
306 |
|
|
Restatement related expenses |
|
|
2,306 |
|
|
|
3,592 |
|
|
|
5,168 |
|
|
Adjusted net loss |
|
$ |
(1,888) |
|
|
$ |
(2,816) |
|
|
$ |
(11,064) |
|
|
Adjusted net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic / Diluted |
|
$ |
(0.05) |
|
|
$ |
(0.08) |
|
|
$ |
(0.32) |
|
|
Weighted average number of shares – Basic / Diluted |
|
|
34,716,081 |
|
|
|
34,698,904 |
|
|
|
34,092,402 |
|
We present Adjusted EBITDA and Adjusted Net Income (loss) as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) restructuring and other (gain), net, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss (gain), net and (v) restatement related expenses. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expenses (benefits) and depreciation and amortization. We prepare Adjusted Net Income (loss) by adjusting net income (loss) 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 (loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income (loss) for the periods as net income (loss), adjusted to exclude (i) restructuring and other (gain), net, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss (gain), net, and (v) restatement related expenses.
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | ||||||||
|
CONSOLIDATED BALANCE SHEETS | ||||||||
|
(In thousands of US dollars, except share data) | ||||||||
|
(Unaudited) | ||||||||
|
| ||||||||
|
|
|
June 30, 2016 |
|
|
December 31, 2015 |
| ||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
83,914 |
|
|
$ |
90,882 |
|
|
Restricted cash |
|
|
29,600 |
|
|
|
— |
|
|
Accounts receivable, net |
|
|
54,702 |
|
|
|
63,498 |
|
|
Inventories, net |
|
|
70,439 |
|
|
|
57,619 |
|
|
Other receivables |
|
|
6,025 |
|
|
|
31,932 |
|
|
Prepaid expenses |
|
|
10,241 |
|
|
|
7,075 |
|
|
Hedge collateral |
|
|
— |
|
|
|
6,000 |
|
|
Other current assets |
|
|
2,942 |
|
|
|
3,228 |
|
|
Total current assets |
|
|
257,863 |
|
|
|
260,234 |
|
|
Property, plant and equipment, net |
|
|
184,665 |
|
|
|
191,985 |
|
|
Intangible assets, net |
|
|
2,897 |
|
|
|
2,629 |
|
|
Long-term prepaid expenses |
|
|
13,421 |
|
|
|
12,117 |
|
|
Deferred income tax assets |
|
|
245 |
|
|
|
238 |
|
|
Other non-current assets |
|
|
6,570 |
|
|
|
6,897 |
|
|
Total assets |
|
$ |
465,661 |
|
|
$ |
474,100 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
64,243 |
|
|
$ |
55,476 |
|
|
Other accounts payable |
|
|
8,836 |
|
|
|
10,961 |
|
|
Accrued expenses |
|
|
80,062 |
|
|
|
76,721 |
|
|
Deferred revenue |
|
|
11,310 |
|
|
|
10,060 |
|
|
Deposits received |
|
|
— |
|
|
|
8,165 |
|
|
Other current liabilities |
|
|
4,741 |
|
|
|
5,128 |
|
|
Total current liabilities |
|
|
169,192 |
|
|
|
166,511 |
|
|
Long-term borrowings, net |
|
|
220,722 |
|
|
|
220,375 |
|
|
Accrued severance benefits, net |
|
|
131,841 |
|
|
|
134,148 |
|
|
Other non-current liabilities |
|
|
14,235 |
|
|
|
15,396 |
|
|
Total liabilities |
|
|
535,990 |
|
|
|
536,430 |
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 41,310,519 shares issued
|
|
|
412 |
|
|
|
411 |
|
|
Additional paid-in capital |
|
|
126,121 |
|
|
|
124,618 |
|
|
Accumulated deficit |
|
|
(105,901) |
|
|
|
(96,210) |
|
|
Treasury stock, 6,578,765 shares at June 30, 2016 and December 31,2015 |
|
|
(90,918) |
|
|
|
(90,918) |
|
|
Accumulated other comprehensive loss |
|
|
(43) |
|
|
|
(231) |
|
|
Total stockholders' deficit |
|
|
(70,329) |
|
|
|
(62,330) |
|
|
Total liabilities and stockholders' equity |
|
$ |
465,661 |
|
|
$ |
474,100 |
|
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | ||||||||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|
(In thousands of US dollars) | ||||||||||||
|
(Unaudited) | ||||||||||||
|
| ||||||||||||
|
|
|
Three Months Ended |
|
|
Six Months Ended |
| ||||||
|
|
|
June 30, 2016 |
|
|
June 30, 2016 |
|
|
June 30, 2015 |
| |||
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(17,816) |
|
|
$ |
(9,691) |
|
|
$ |
(50,655) |
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,228 |
|
|
|
12,252 |
|
|
|
13,667 |
|
|
Provision for severance benefits |
|
|
4,056 |
|
|
|
9,827 |
|
|
|
11,877 |
|
|
Amortization of debt issuance costs and original issue discount |
|
|
174 |
|
|
|
347 |
|
|
|
324 |
|
|
Loss (gain) on foreign currency, net |
|
|
7,717 |
|
|
|
(1,140) |
|
|
|
17,146 |
|
|
Restructuring gain |
|
|
— |
|
|
|
(7,785) |
|
|
|
— |
|
|
Stock-based compensation |
|
|
968 |
|
|
|
1,504 |
|
|
|
1,977 |
|
|
Other |
|
|
174 |
|
|
|
164 |
|
|
|
1,544 |
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
789 |
|
|
|
8,505 |
|
|
|
3,145 |
|
|
Inventories, net |
|
|
0 |
|
|
|
(11,946) |
|
|
|
1,623 |
|
|
Other receivables |
|
|
(3,309) |
|
|
|
(3,635) |
|
|
|
5,523 |
|
|
Other current assets |
|
|
3,707 |
|
|
|
2,123 |
|
|
|
2,235 |
|
|
Deferred tax assets |
|
|
12 |
|
|
|
37 |
|
|
|
339 |
|
|
Accounts payable |
|
|
2,859 |
|
|
|
7,779 |
|
|
|
(12,431) |
|
|
Other accounts payable |
|
|
(1,408) |
|
|
|
(5,156) |
|
|
|
(5,550) |
|
|
Accrued expenses |
|
|
5,642 |
|
|
|
1,913 |
|
|
|
(10,710) |
|
|
Other current liabilities |
|
|
(2,192) |
|
|
|
(1,364) |
|
|
|
(699) |
|
|
Deferred revenue |
|
|
11,254 |
|
|
|
1,477 |
|
|
|
(1,359) |
|
|
Other non-current liabilities |
|
|
(336) |
|
|
|
(661) |
|
|
|
(1,084) |
|
|
Payment of severance benefits |
|
|
(9,004) |
|
|
|
(13,102) |
|
|
|
(4,231) |
|
|
Other |
|
|
(23) |
|
|
|
(137) |
|
|
|
(147) |
|
|
Net cash provided by (used in) operating activities |
|
|
9,492 |
|
|
|
(8,689) |
|
|
|
(27,466) |
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from settlement of hedge collateral |
|
|
1,924 |
|
|
|
5,917 |
|
|
|
— |
|
|
Payment of hedge collateral |
|
|
— |
|
|
|
— |
|
|
|
(6,555) |
|
|
Purchase of plant, property and equipment |
|
|
(1,546) |
|
|
|
(5,834) |
|
|
|
(1,964) |
|
|
Payment for intellectual property registration |
|
|
(241) |
|
|
|
(478) |
|
|
|
(263) |
|
|
Collection of guarantee deposits |
|
|
9 |
|
|
|
383 |
|
|
|
— |
|
|
Payment of guarantee deposits |
|
|
3 |
|
|
|
(11) |
|
|
|
(642) |
|
|
Other |
|
|
1 |
|
|
|
11 |
|
|
|
237 |
|
|
Net cash provided by (used in) investing activities |
|
|
150 |
|
|
|
(12) |
|
|
|
(9,187) |
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock |
|
|
— |
|
|
|
— |
|
|
|
1,208 |
|
|
Net cash provided by financing activities |
|
|
— |
|
|
|
— |
|
|
|
1,208 |
|
|
Effect of exchange rates on cash and cash equivalents |
|
|
745 |
|
|
|
1,733 |
|
|
|
5,683 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
10,387 |
|
|
|
(6,968) |
|
|
|
(29,762) |
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
|
|
73,527 |
|
|
|
90,882 |
|
|
|
102,434 |
|
|
End of the period |
|
$ |
83,914 |
|
|
$ |
83,914 |
|
|
$ |
72,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire, visit: http://www.prnewswire.com/news-releases/magnachip-reports-second-quarter-2016-financial-results-300308184.html
SOURCE MagnaChip Semiconductor Corporation
| Contact: |
| MagnaChip Semiconductor Corporation
Web: http://www.magnachip.com |