SEOUL, South Korea and SAN JOSE, Calif., Oct. 27, 2016 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE:
MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results
for the third quarter ended September 30, 2016.
Revenue for the third quarter of 2016 was $192.3 million, an increase of 15.1% compared to
$167.1 million for the second quarter of 2016, and up 24.6% as compared to $154.4 million for the third quarter of 2015. The increase in sequential revenue was 4% higher than the top end
of prior guidance and reflected across-the-board strength in customer demand for the Company's foundry services, display and
power products.
Foundry Services revenue in the third quarter of 2016 was $73.9 million, a sequential increase
of 18.5%, marking the third consecutive quarter of growth. Revenue in the Standard Products Group was $118.3 million, a 13.1% sequential increase and the fourth consecutive quarter of growth. Standard Product
Group revenue in the third quarter was at its highest level since 2012 and Foundry Services revenue rebounded to mid-2015 levels.
Gross profit was $39.1 million, or 20.4% as a percent of revenue for the third quarter of 2016.
This compared with gross profit of $36.7 million, or 22.0%, for the second quarter of 2016 and
$34.7 million, or 22.5%, for the third quarter of 2015. Foundry gross profit was 23.5% and Standard
Products Group gross profit was 18.3% in the third quarter of 2016.
Net income, on a GAAP basis, for the third quarter of 2016 totaled $29.9 million or $0.86 per basic share and $0.85 per diluted share, as compared to net loss of
$17.8 million or $0.51 per basic share for the second quarter of 2016
and a net loss of $57.1 million or $1.65 per basic share for the
third quarter of 2015. Net income in the third quarter of 2016 was attributable primarily to a non-cash foreign exchange gain on
the Company's intercompany loans.
"Demand was strong across the board in the third quarter, with our Power, Display and Foundry businesses each recording a
double digit gain in revenue as compared with the prior quarter," said YJ Kim, Chief Executive Officer of MagnaChip. "Our foundry
business was especially strong, and our fab utilization climbed to the highest level in more than three years."
In commenting on the third quarter, Chief Financial Officer Jonathan Kim said, "We continued to
execute on our strategy to increase fab utilization in order to reduce unit costs and prudently manage cash flows." Mr. Kim
added, "We now are implementing a comprehensive plan to improve gross profit margin."
Adjusted Net Loss, a non-GAAP financial measure, for the third quarter of 2016 totaled $1.3
million or $0.04 per basic share, compared to Adjusted Net Loss of $1.9 million or $0.05 per basic share in the second quarter of 2016, and compared
to Adjusted Net Loss of $10.4 million or $0.30 per basic share in the
third 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 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 $75.4 million at the end of the 2016 third quarter, down from
$83.9 million at the end of our 2016 second quarter.
As previously announced, the Board of Directors has established a Strategic Review Committee ("SRC") to assist the Board in
reviewing, considering and evaluating strategic alternatives that may be available to MagnaChip, including the potential sale of
all or a substantial portion of the Company. The SRC continues to evaluate strategic alternatives but is not currently
engaged in an active process of considering alternatives for the sale of the entire Company. The SRC will consider any
strategic opportunities that arise in the future.
The following table sets forth information relating to our operating segments:
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|
|
|
|
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|
|
|
|
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|
Three Months Ended
|
|
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Nine Months Ended
|
|
|
|
September 30,
2016
|
|
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September 30,
2015
|
|
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September 30,
2016
|
|
|
September 30,
2015
|
|
|
Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services Group
|
|
$
|
73,863
|
|
|
$
|
71,471
|
|
|
$
|
196,152
|
|
|
$
|
224,953
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Standard Products Group
|
|
|
|
|
|
|
|
|
|
|
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Display Solutions
|
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84,706
|
|
|
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48,314
|
|
|
|
217,171
|
|
|
|
153,585
|
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Power Solutions
|
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33,619
|
|
|
|
34,406
|
|
|
|
93,750
|
|
|
|
102,238
|
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Total Standard Products Group
|
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|
118,325
|
|
|
|
82,720
|
|
|
|
310,921
|
|
|
|
255,823
|
|
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All other
|
|
|
108
|
|
|
|
191
|
|
|
|
434
|
|
|
|
506
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|
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Total net sales
|
|
$
|
192,296
|
|
|
$
|
154,382
|
|
|
$
|
507,507
|
|
|
$
|
481,282
|
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
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|
Three Months Ended
September 30, 2015
|
|
|
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Amount
|
|
|
% of
Net Sales
|
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|
Amount
|
|
|
% of
Net Sales
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services Group
|
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$
|
17,340
|
|
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|
23.5
|
%
|
|
$
|
18,681
|
|
|
|
26.1
|
%
|
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Standard Products Group
|
|
|
21,691
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|
|
|
18.3
|
|
|
|
15,827
|
|
|
|
19.1
|
|
|
All other
|
|
|
108
|
|
|
|
100.0
|
|
|
|
191
|
|
|
|
100.0
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|
|
Total gross profit
|
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$
|
39,139
|
|
|
|
20.4
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%
|
|
$
|
34,699
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|
|
|
22.5
|
%
|
|
|
|
|
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Nine Months Ended
September 30, 2016
|
|
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Nine Months Ended
September 30, 2015
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|
|
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Amount
|
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|
% of
Net Sales
|
|
|
Amount
|
|
|
% of
Net Sales
|
|
|
Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services Group
|
|
$
|
45,820
|
|
|
|
23.4
|
%
|
|
$
|
51,241
|
|
|
|
22.8
|
%
|
|
Standard Products Group
|
|
|
64,836
|
|
|
|
20.9
|
|
|
|
53,216
|
|
|
|
20.8
|
|
|
All other
|
|
|
(519)
|
|
|
|
(119.6)
|
|
|
|
505
|
|
|
|
99.8
|
|
|
Total gross profit
|
|
$
|
110,137
|
|
|
|
21.7
|
%
|
|
$
|
104,962
|
|
|
|
21.8
|
%
|
Third Quarter and Recent Company Highlights
- The Foundry Services Group and the Standard Products Group both recorded double-digit increases in revenue
- Hosted its annual Foundry Technology Symposium in Taiwan
- Selected by a leading Taiwanese fabless company to begin volume production on jointly developed power management IC
Business Outlook
For the fourth quarter of 2016, MagnaChip anticipates:
- Revenue will be in the range of $174 million to $180 million, a sequential decline of 6% to
10%, reflecting a typical seasonal decline, but representing double-digit year-over-year growth.
- Gross profit to be in the range of 22% to 24% as a percent of revenue, representing a sequential and year-over-year
improvement.
Conference Call
MagnaChip will hold a conference call at 5 p.m. EDT today (October 27, 2016) to discuss the third quarter financial results. The conference call will be webcast live and
is also available by dialing 1-216-562-0462. The conference ID number is 1615389 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 number is 1-404-537-3406 or toll-free at 1-855-859-2056. The access code is 1615389.
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 fourth 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.
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except share data)
(Unaudited)
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|
|
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
2016
|
|
|
June 30,
2016
|
|
|
September 30,
2015
|
|
|
Net sales
|
|
$
|
192,296
|
|
|
$
|
167,106
|
|
|
$
|
154,382
|
|
|
Cost of sales
|
|
|
153,157
|
|
|
|
130,357
|
|
|
|
119,683
|
|
|
Gross profit
|
|
|
39,139
|
|
|
|
36,749
|
|
|
|
34,699
|
|
|
Gross profit %
|
|
|
20.4
|
%
|
|
|
22.0
|
%
|
|
|
22.5
|
%
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
20,082
|
|
|
|
25,948
|
|
|
|
22,107
|
|
|
Research and development expenses
|
|
|
18,439
|
|
|
|
18,178
|
|
|
|
20,450
|
|
|
Total operating expenses
|
|
|
38,521
|
|
|
|
44,126
|
|
|
|
42,557
|
|
|
Operating income (loss)
|
|
|
618
|
|
|
|
(7,377)
|
|
|
|
(7,858)
|
|
|
Interest expense
|
|
|
(4,055)
|
|
|
|
(4,073)
|
|
|
|
(4,075)
|
|
|
Foreign currency gain (loss), net
|
|
|
33,174
|
|
|
|
(7,101)
|
|
|
|
(44,139)
|
|
|
Other income, net
|
|
|
887
|
|
|
|
1,007
|
|
|
|
256
|
|
|
Income (loss) before income tax expenses
|
|
|
30,624
|
|
|
|
(17,544)
|
|
|
|
(55,816)
|
|
|
Income tax expenses
|
|
|
758
|
|
|
|
272
|
|
|
|
1,250
|
|
|
Net income (loss)
|
|
$
|
29,866
|
|
|
$
|
(17,816)
|
|
|
$
|
(57,066)
|
|
|
Earnings (loss) per common share :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
$
|
0.86
|
|
|
$
|
(0.51)
|
|
|
$
|
(1.65)
|
|
|
- Diluted
|
|
$
|
0.85
|
|
|
$
|
(0.51)
|
|
|
$
|
(1.65)
|
|
|
Weighted average number of shares - Basic
|
|
|
34,849,805
|
|
|
|
34,716,081
|
|
|
|
34,664,246
|
|
|
Weighted average number of shares - Diluted
|
|
|
35,302,706
|
|
|
|
34,716,081
|
|
|
|
34,664,246
|
|
|
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
|
|
|
|
September 30,
2016
|
|
|
June 30,
2016
|
|
|
September 30,
2015
|
|
|
Net income (loss)
|
|
$
|
29,866
|
|
|
$
|
(17,816)
|
|
|
$
|
(57,066)
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
3,996
|
|
|
|
4,001
|
|
|
|
4,023
|
|
|
Income tax expenses
|
|
|
758
|
|
|
|
272
|
|
|
|
1,250
|
|
|
Depreciation and amortization
|
|
|
6,539
|
|
|
|
6,228
|
|
|
|
6,399
|
|
|
EBITDA
|
|
$
|
41,159
|
|
|
$
|
(7,315)
|
|
|
$
|
(45,394)
|
|
|
Restructuring and other
|
|
|
—
|
|
|
|
5,545
|
|
|
|
—
|
|
|
Equity-based compensation expense
|
|
|
1,462
|
|
|
|
968
|
|
|
|
393
|
|
|
Foreign currency loss (gain), net
|
|
|
(33,174)
|
|
|
|
7,101
|
|
|
|
44,139
|
|
|
Derivative valuation loss, net
|
|
|
32
|
|
|
|
8
|
|
|
|
270
|
|
|
Restatement related expenses
|
|
|
476
|
|
|
|
2,306
|
|
|
|
1,891
|
|
|
Adjusted EBITDA
|
|
$
|
9,955
|
|
|
$
|
8,613
|
|
|
$
|
1,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
29,866
|
|
|
$
|
(17,816)
|
|
|
$
|
(57,066)
|
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other
|
|
|
—
|
|
|
|
5,545
|
|
|
|
—
|
|
|
Equity-based compensation expense
|
|
|
1,462
|
|
|
|
968
|
|
|
|
393
|
|
|
Foreign currency loss (gain), net
|
|
|
(33,174)
|
|
|
|
7,101
|
|
|
|
44,139
|
|
|
Derivative valuation loss, net
|
|
|
32
|
|
|
|
8
|
|
|
|
270
|
|
|
Restatement related expenses
|
|
|
476
|
|
|
|
2,306
|
|
|
|
1,891
|
|
|
Adjusted net loss
|
|
$
|
(1,338)
|
|
|
$
|
(1,888)
|
|
|
$
|
(10,373)
|
|
|
Adjusted net loss per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic / Diluted
|
|
$
|
(0.04)
|
|
|
$
|
(0.05)
|
|
|
$
|
(0.30)
|
|
|
Weighted average number of shares – Basic / Diluted
|
|
|
34,849,805
|
|
|
|
34,716,081
|
|
|
|
34,664,246
|
|
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, (ii) equity-based
compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss, net and (v) restatement related
expenses. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expenses 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, (ii) equity-based compensation expense, (iii) foreign
currency loss (gain), net, (iv) derivative valuation loss, net, and (v) restatement related expenses.
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)
|
|
|
|
|
|
|
|
September 30,
2016
|
|
|
December 31,
2015
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
75,428
|
|
|
$
|
90,882
|
|
|
Restricted cash
|
|
|
6,118
|
|
|
|
—
|
|
|
Accounts receivable, net
|
|
|
66,013
|
|
|
|
63,498
|
|
|
Inventories, net
|
|
|
72,056
|
|
|
|
57,619
|
|
|
Other receivables
|
|
|
5,931
|
|
|
|
31,932
|
|
|
Prepaid expenses
|
|
|
12,860
|
|
|
|
7,075
|
|
|
Hedge collateral
|
|
|
2,100
|
|
|
|
6,000
|
|
|
Other current assets
|
|
|
4,405
|
|
|
|
3,228
|
|
|
Total current assets
|
|
|
244,911
|
|
|
|
260,234
|
|
|
Property, plant and equipment, net
|
|
|
195,553
|
|
|
|
191,985
|
|
|
Intangible assets, net
|
|
|
3,229
|
|
|
|
2,629
|
|
|
Long-term prepaid expenses
|
|
|
12,435
|
|
|
|
12,117
|
|
|
Deferred income tax assets
|
|
|
249
|
|
|
|
238
|
|
|
Other non-current assets
|
|
|
7,038
|
|
|
|
6,897
|
|
|
Total assets
|
|
$
|
463,415
|
|
|
$
|
474,100
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
66,514
|
|
|
$
|
55,476
|
|
|
Other accounts payable
|
|
|
12,332
|
|
|
|
10,961
|
|
|
Accrued expenses
|
|
|
58,284
|
|
|
|
76,721
|
|
|
Deferred revenue
|
|
|
12,780
|
|
|
|
10,060
|
|
|
Deposits received
|
|
|
—
|
|
|
|
8,165
|
|
|
Other current liabilities
|
|
|
2,920
|
|
|
|
5,128
|
|
|
Total current liabilities
|
|
|
152,830
|
|
|
|
166,511
|
|
|
Long-term borrowings, net
|
|
|
220,902
|
|
|
|
220,375
|
|
|
Accrued severance benefits, net
|
|
|
142,846
|
|
|
|
134,148
|
|
|
Other non-current liabilities
|
|
|
11,758
|
|
|
|
15,396
|
|
|
Total liabilities
|
|
|
528,336
|
|
|
|
536,430
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 41,566,019
shares issued
and 34,987,254 outstanding at September 30 2016, and 41,147,707 shares issued and
34,568,942 outstanding at December 31, 2015
|
|
|
415
|
|
|
|
411
|
|
|
Additional paid-in capital
|
|
|
129,083
|
|
|
|
124,618
|
|
|
Accumulated deficit
|
|
|
(76,035)
|
|
|
|
(96,210)
|
|
|
Treasury stock, 6,578,765 shares at September 30, 2016 and
December 31, 2015
|
|
|
(90,918)
|
|
|
|
(90,918)
|
|
|
Accumulated other comprehensive loss
|
|
|
(27,466)
|
|
|
|
(231)
|
|
|
Total stockholders' deficit
|
|
|
(64,921)
|
|
|
|
(62,330)
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
463,415
|
|
|
$
|
474,100
|
|
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
2016
|
|
|
September 30,
2016
|
|
|
September 30,
2015
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
29,866
|
|
|
$
|
20,175
|
|
|
$
|
(107,721)
|
|
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
6,539
|
|
|
|
18,791
|
|
|
|
20,066
|
|
|
Provision for severance benefits
|
|
|
3,782
|
|
|
|
13,609
|
|
|
|
14,173
|
|
|
Amortization of debt issuance costs and original issue discount
|
|
|
180
|
|
|
|
527
|
|
|
|
491
|
|
|
Loss (gain) on foreign currency, net
|
|
|
(37,042)
|
|
|
|
(38,182)
|
|
|
|
65,730
|
|
|
Restructuring gain
|
|
|
—
|
|
|
|
(7,785)
|
|
|
|
—
|
|
|
Stock-based compensation
|
|
|
1,462
|
|
|
|
2,966
|
|
|
|
2,370
|
|
|
Other
|
|
|
257
|
|
|
|
421
|
|
|
|
(352)
|
|
|
Changes in operating assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(7,528)
|
|
|
|
977
|
|
|
|
8,672
|
|
|
Inventories, net
|
|
|
2,534
|
|
|
|
(9,412)
|
|
|
|
11,302
|
|
|
Other receivables
|
|
|
23,849
|
|
|
|
20,214
|
|
|
|
7,115
|
|
|
Other current assets
|
|
|
(1,613)
|
|
|
|
510
|
|
|
|
669
|
|
|
Deferred tax assets
|
|
|
(6)
|
|
|
|
31
|
|
|
|
367
|
|
|
Accounts payable
|
|
|
(691)
|
|
|
|
7,088
|
|
|
|
(18,894)
|
|
|
Other accounts payable
|
|
|
392
|
|
|
|
(4,764)
|
|
|
|
(10,199)
|
|
|
Accrued expenses
|
|
|
(24,000)
|
|
|
|
(22,087)
|
|
|
|
(32,731)
|
|
|
Other current liabilities
|
|
|
(2,505)
|
|
|
|
(3,869)
|
|
|
|
(686)
|
|
|
Deferred revenue
|
|
|
1,185
|
|
|
|
2,662
|
|
|
|
(1,236)
|
|
|
Other non-current liabilities
|
|
|
(751)
|
|
|
|
(1,412)
|
|
|
|
190
|
|
|
Payment of severance benefits
|
|
|
(1,076)
|
|
|
|
(14,178)
|
|
|
|
(7,905)
|
|
|
Other
|
|
|
(76)
|
|
|
|
(213)
|
|
|
|
141
|
|
|
Net cash used in operating activities
|
|
|
(5,242)
|
|
|
|
(13,931)
|
|
|
|
(48,438)
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from settlement of hedge collateral
|
|
|
400
|
|
|
|
6,317
|
|
|
|
10,841
|
|
|
Payment of hedge collateral
|
|
|
(2,494)
|
|
|
|
(2,494)
|
|
|
|
(17,182)
|
|
|
Proceeds from disposal of plant, property and equipment
|
|
|
182
|
|
|
|
185
|
|
|
|
1,698
|
|
|
Purchase of plant, property and equipment
|
|
|
(5,511)
|
|
|
|
(11,345)
|
|
|
|
(4,250)
|
|
|
Payment for intellectual property registration
|
|
|
(276)
|
|
|
|
(754)
|
|
|
|
(550)
|
|
|
Collection of guarantee deposits
|
|
|
93
|
|
|
|
476
|
|
|
|
123
|
|
|
Payment of guarantee deposits
|
|
|
(174)
|
|
|
|
(185)
|
|
|
|
(670)
|
|
|
Other
|
|
|
1
|
|
|
|
9
|
|
|
|
179
|
|
|
Net cash used in investing activities
|
|
|
(7,779)
|
|
|
|
(7,791)
|
|
|
|
(9,811)
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
1,502
|
|
|
|
1,502
|
|
|
|
3,434
|
|
|
Net cash provided by financing activities
|
|
|
1,502
|
|
|
|
1,502
|
|
|
|
3,434
|
|
|
Effect of exchange rates on cash and cash equivalents
|
|
|
3,033
|
|
|
|
4,766
|
|
|
|
20,891
|
|
|
Net decrease in cash and cash equivalents
|
|
|
(8,486)
|
|
|
|
(15,454)
|
|
|
|
(33,924)
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period
|
|
|
83,914
|
|
|
|
90,882
|
|
|
|
102,434
|
|
|
End of the period
|
|
$
|
75,428
|
|
|
$
|
75,428
|
|
|
$
|
68,510
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/magnachip-reports-third-quarter-2016-financial-results-300352448.html
SOURCE MagnaChip Semiconductor Corporation