MagnaChip Reports Third Quarter 2018 Financial Results

Adjusted Net Income, a non-GAAP financial measure, for the third quarter of 2018 totaled $13.3 million or $0.38 per basic share and $0.32 per diluted share, as compared with Adjusted Net Income of $11.4 million or $0.33 per basic share and $0.28 per diluted share in the third quarter of 2017, and compared with Adjusted Net Income of $8.9 million or $0.26 per basic share and $0.23 per diluted share in the second quarter of 2018. 

Adjusted EBITDA, a non-GAAP financial measure, in the third quarter was $27.9 million or 13.5% of revenue, as compared with Adjusted EBITDA of $24.7 million or 14.0% of revenue in the third quarter of 2017, and compared with Adjusted EBITDA of $23.5 million or 11.8% of revenue in the second quarter of 2018.

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 and assist in evaluating our core operating performance. 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 $133.5 million at the end of the third quarter, up from $131.7 million at the end of the second quarter of 2018.  

Note: The following table sets forth information relating to our operating segments (in thousands).  The historical amounts below are presented both on an as reported and as adjusted basis to show the impact of the strategic realignment and transfer of a portion of the non-OLED Display business from the Standard Products Group to the Foundry Services Group beginning in the first quarter of 2018:



Three Months Ended




September 30,

2018



September 30,

2017

As Reported



September 30,

2017

As Adjusted


Net Sales













Foundry Services Group


$

83,862



$

80,404



$

89,004


Standard Products Group













Display Solutions



77,578




57,236




48,636


Power Solutions



44,458




39,001




39,001















Total Standard Products Group


$

122,036



$

96,237



$

87,637


All other



102




56




56















Total net sales


$

206,000



$

176,697



$

176,697

















Nine Months Ended




September 30,

2018



September 30,

2017

As Reported



September 30,

2017

As Adjusted


Net Sales













Foundry Services Group


$

242,198



$

239,460



$

260,095


Standard Products Group













Display Solutions



205,986




155,868




135,233


Power Solutions



123,153




109,595




109,595















Total Standard Products Group


$

329,139



$

265,463



$

244,828


All other



167




169




169















Total net sales


$

571,504



$

505,092



$

505,092



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