- Revenue Grew 16% Year-Over-Year

(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 first quarter ended March 31, 2013.

Revenue for the first quarter of 2013 was $205.3 million, a 5.9% decrease compared to $218.1 million for the fourth quarter of 2012 and a 16.0% increase compared to $177.0 million for the first quarter of 2012.

Gross margin was $65.7 million or 32.0%, as a percent of revenue, for the first quarter of 2013. This compares to gross margin of $74.3 million or 34.1% for the fourth quarter of 2012 and $49.9 million or 28.2% for the first quarter of 2012.

Net loss, on a GAAP basis, for the first quarter of 2013 totaled $7.4 million or $0.21 per diluted share. This compares to net income of $125.3 million or $3.38 per diluted share for the fourth quarter of 2012 and a net income of $15.3 million or $0.40 per diluted share for the first quarter of 2012. Net loss was impacted primarily by a foreign currency loss of $22.6 million during the quarter which was primarily related to non-cash foreign currency translation for intercompany balances that were denominated in U.S. dollars.

"Our first quarter revenue and margin performance was better than the same quarter last year because of the product mix and customer shift we have been making which has enabled us to be better aligned with growing markets," said Sang Park, MagnaChip Chairman and CEO. "The March quarter is typically a weak quarter due to seasonality and the post-holiday consumer spending slowdown.  However, in addition to normal seasonality we also experienced lower than anticipated demand from the smartphone market. Despite these obstacles, we were able to achieve our financial guidance for the ninth consecutive quarter. Looking ahead, challenges still remain and visibility is somewhat limited. However, we remain optimistic that the macro environment is starting to improve and that our business will return to normal seasonal growth beginning in the second quarter."

Adjusted net income, a non-GAAP measurement, for the first quarter of 2013 totaled $19.7 million or $0.53 per diluted share compared to $28.7 million or $0.77 per diluted share for the fourth quarter of 2012 and $6.5 million or $0.17 per diluted share for the first quarter of 2012.

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a more 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 following the financial statements.

Combined cash balances (cash and cash equivalents plus restricted cash) totaled $183.0 million at the end of the first quarter of 2013, an increase of $0.7 million from the end of the prior quarter. Cash provided from operations totaled approximately $37.5 million for the first quarter of 2013.

Revenue by Segment

1 | 2 | 3 | 4 | 5 | 6  Next Page »