MagnaChip Reports Fourth Quarter and Full Year 2018 Financial Results And Announces Strategic Review Process of its Foundry Operations

 

CONSOLIDATED STATEMENTS OF OPERATIONS 

(In thousands of US dollars, except share data)

(Unaudited)




Three Months Ended



Year Ended




December 31,

2018



September 30,

2018



December 31,

2017



December 31,

2018



December 31,

2017


Net sales


$

179,394



$

206,000



$

174,580



$

750,898



$

679,672


Cost of sales



135,482




150,251




125,229




552,802




491,779


Gross profit



43,912




55,749




49,351




198,096




187,893


Gross profit %



24.5%




27.1%




28.3%




26.4%




27.6%


Operating expenses





















Selling, general and administrative expenses



17,516




18,566




23,631




72,639




81,775


Research and development expenses



18,536




18,918




18,083




78,039




70,523


Restructuring and other gain















(17,010)


Early termination charges















13,369


Total operating expenses



36,052




37,484




41,714




150,678




148,657


Operating income



7,860




18,265




7,637




47,418




39,236


Interest expense



(5,743)




(5,587)




(5,460)




(22,282)




(21,559)


Foreign currency gain (loss), net



(4,316)




6,002




39,297




(24,445)




65,516


Loss on early extinguishment of long-term borrowings, net



(206)










(206)





Other income, net



555




150




1,006




264




2,898


Income (loss) before income tax expenses



(1,850)




18,830




42,480




749




86,091


Income tax expenses (benefits)



530




1,608




(1,173)




4,649




1,155


Net income (loss)


$

(2,380)



$

17,222



$

43,653



$

(3,900)



$

84,936


Earnings (loss) per common share :





















- Basic


$

(0.07)



$

0.50



$

1.28



$

(0.11)



$

2.50


- Diluted


$

(0.07)



$

0.41



$

0.99



$

(0.11)



$

2.02


Weighted average number of shares—Basic



34,627,292




34,573,377




34,176,812




34,469,921




33,943,264


Weighted average number of shares—Diluted



34,627,292




46,021,610




45,573,889




34,469,921




44,755,137

























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