MagnaChip Reports Results for Second Quarter 2020

-- GAAP earnings per share of $0.34 from continuing operations

SEOUL, South Korea and SAN JOSE, Calif., July 30, 2020 — (PRNewswire) — MagnaChip Semiconductor Corporation (NYSE: MX) ("MagnaChip" or the "Company") today announced financial results for the second quarter of 2020.

"We executed well and delivered an excellent quarter despite market disruptions caused by COVID-19 by achieving key financial metrics above expectations, said YJ Kim, MagnaChip's chief executive officer. In addition to delivering outstanding financial results, our team is making substantial progress with the pending sale of our Foundry Services Group business and Fab 4. Based on the progress we made so far, we now anticipate that the transaction likely will close in the third quarter instead of our previous estimate of the September-October timeframe."

"The new MagnaChip is undergoing a dramatic transformation to accelerate our profitability. While we can't be completely immune to the risk of COVID-19 and macroeconomic conditions, we will continue our relentless execution to deliver a successful close of the pending transaction and strengthen our business foundation for profitable growth."

Q2 2020 Financial Highlights

The following table sets forth certain financial and other information relating to the continuing and discontinued operations. Following the execution of the definitive agreement to sell the Foundry business and Fab 4, the Foundry Services Group has been accounted for as a discontinued operations beginning in the first quarter of 2020.

 

In thousands of US dollars, except share data



Q2 2020

Q1 2020

Q/Q change

Q2 2019

Y/Y change

Revenues







Continuing Operations(1)

118,828

120,473

down 1.4 %

140,885

down 15.7 %


Standard Products Business(1)

108,955

110,736

down 1.6 %

132,006

down 17.5 %


Foundry Services Group

95,779

86,279

up 11.0 %

73,139

up 31.0 %


Non-GAAP Combined Total Revenues(2)

204,734

197,015

up 3.9 %

205,145

down 0.2 %

Gross Profit Margin







Continuing Operations(1)

27.0%

24.2%

up 2.8 pts

22.4%

up 4.6 pts


Standard Products Business(1)

29.5%

26.3%

up 3.2 pts

24.0%

up 5.5 pts


Foundry Services Group(3)

32.3%

24.0%

up 8.3 pts

16.7%

up 15.6 pts


Non-GAAP Combined Total Gross Profit Margin(2)(3)

30.8%

25.3%

up 5.5 pts

21.4%

up 9.4 pts

Net Income (Loss)







Continuing Operations

11,774

(31,078)

up 137.9 %

(8,490)

up 238.7 %

Diluted Earnings (Loss) per Common Share






Continuing Operations

0.28

(0.89)

up 131.5%

(0.25)

up 212.0%















In thousands of US dollars, except share data



Non-GAAP (2)



Q2 2020

Q1 2020

Q/Q change

Q2 2019

Y/Y change

Continuing Operations







Adjusted Operating Income

10,125

7,281

up 39.1 %

9,423

up 7.4 %


Adjusted Net Income

4,753

1,092

up 335.3 %

3,829

up 24.1 %


Adjusted Net Income per Common Share—Diluted

0.13

0.03

up 333.3 %

0.11

up 18.2 %















In thousands of US dollars



GAAP



Q2 2020

Q1 2020

Q/Q change

Q2 2019

Y/Y change

Revenues - Standard Products Business






Display Solutions

69,176

77,593

down 10.8 %

84,261

down 17.9 %


Power Solutions

39,779

33,143

up 20.0 %

47,745

down 16.7 %

(1) Following the consummation of the sale of the Foundry Services Group business and Fab 4, and for a period up to three years, the Company will provide transitional foundry services to the buyer for Foundry products manufactured in the Company's fabrication facility located in Gumi ("Transitional Fab 3 Foundry Services"). For the periods prior to the disposal of the Foundry Services Group business and Fab 4, revenue from the Transitional Fab 3 Foundry Services by the Company to the Foundry Services Group (i.e., discontinued operations) is recorded at cost as part of its continuing operations. Management believes that excluding the revenue of the Transitional Fab 3 Foundry Services from the continuing operations (i.e., revenue from standard products business) allows investors to better understand the results of continuing operations of our core standard products display solutions and power solutions businesses.

(2) 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, as well as providing a meaningful comparison to previous information provided on a basis prior to the discontinued operations classification of the Foundry Services Group. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income from continuing operations 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.

(3) In the second quarter, depreciation and amortization associated with the assets classified as held-for-sale ceased, which resulted in an increase in gross profit from discontinued operations by approximately $2 million .

Q3 2020 financial guidance

On July 20, 2020 , our Fab 3 facility in Gumi, South Korea experienced a temporary power outage for approximately 9 hours and 15 minutes as a result of an accident involving branches of a nearby tree falling onto cables connecting one of the electricity pylons that supplies power to the Gumi plant. We are nearly fully operational in our Fab 3 facility as of the date of this earnings report. The accident caused damage to our work-in-process wafers with an estimated total cost of up to approximately $2 .3 million. The related impact to our revenue from continuing operations is expected to be negligible. We are currently evaluating potential insurance and other claims that we may have for the above loss and damages.

As we expect to close the pending sale of the Foundry business and Fab 4 in Q3, we will provide a quarterly outlook on continuing operations only. The COVID-19 global pandemic and escalated trade tension are rapidly evolving situations and reduce our forward visibility. While actual results may vary, MagnaChip currently anticipates for Q3 2020:

  • Revenue from the continuing operations to be in the range of $118 million to $124 million , including $9.5 million to $10 million of the Transitional Fab 3 Foundry Services at cost
  • Gross profit margin from continuing operations to be in the range of 25% to 27%
    • Without the estimated power outage impact, gross profit margin from continuing operations would have been in the range of 27% and 29%

Second Quarter 2020 Earnings Conference Call

MagnaChip will host a conference call at 5 p.m. Eastern Time on July 30, 2020 . The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472 . International call-in participants can dial 1-614-999-9318 . The conference ID number is 8269223 . Participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. ET 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 dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056 .  The access code is 8269223 .

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 MagnaChip's future operating and financial performance, outlook and business plans, including third quarter 2020 revenue and gross profit margin expectations, the evaluation and expectation of costs and related revenue impact and timing as a result of the power outage, and the impact of the COVID-19 pandemic and escalated trade tensions on MagnaChip's third quarter 2020 and future operating results. 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 the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to the COVID-19 outbreak, recessions, economic instability and the outbreak of disease; 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; the risk that the pending sale of our Foundry Services Group business and the Fab 4 facility to Magnus Semiconductor, LLC or one of its wholly owned subsidiaries is not consummated according to our current expectations or at all; public health issues, including the COVID-19 pandemic; other business interruptions that could disrupt supply or delivery of, or demand for, MagnaChip's products, including uncertainties regarding the impacts of the COVID-19 pandemic that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for MagnaChip's products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in MagnaChip's filings with the SEC, including our Form 10-K filed on February 21, 2020 (including that the impact of the COVID-19 pandemic may also exacerbate the risks discussed therein), our Form 10-Q filed on May 11, 2020 and subsequent registration statements, amendments or other reports that we may file from time to time with the Securities and Exchange Commission 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.

About MagnaChip Semiconductor  

MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company provides a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with more than 40 years of operating history, owns a portfolio of approximately 2,950 registered patents and pending applications, 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.

CONTACTS :


In the United States:

So-Yeon Jeong

Head of Investor Relations

Tel. +1-408-712-6151

Investor.relations@magnachip.com

In Korea:

Chankeun Park

Director, Public Relations

Tel. +82-2-6903-5223

chankeun.park@magnachip.com




MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of US dollars, except share data)

(Unaudited)























Three Months Ended




Six Months Ended




June 30,

2020



March 31,

2020



June 30,

2019




June 30,

2020


June 30,

2019



Revenues:





















Net sales – standard products business

$

108,955



$

110,736



$

132,006




$

219,691


$

232,270



Net sales – transitional Fab 3 foundry services


9,873




9,737




8,879





19,610



15,882



Total revenues


118,828




120,473




140,885





239,301



248,152



Cost of sales:





















Cost of sales – standard products business


76,817




81,606




100,384





158,423



181,625



Cost of sales – transitional Fab 3 foundry services


9,873




9,737




8,879





19,610



15,882



Total cost of sales


86,690




91,343




109,263





178,033



197,507



Gross profit


32,138




29,130




31,622





61,268



50,645



Gross profit as a percentage of standard products business net sales


29.5

%



26.3

%



24.0

%




27.9

%


21.8

%


Gross profit as a percentage of total revenues


27.0

%



24.2

%



22.4

%




25.6

%


20.4

%


Operating expenses:





















Selling, general and administrative expenses


12,408




12,102




11,095





24,510



23,131



Research and development expenses


11,108




10,509




11,772





21,617



23,816



Other charges





554








554





Total operating expenses


23,516




23,165




22,867





46,681



46,947



Operating income:


8,622




5,965




8,755





14,587



3,698



Interest expense


(5,430)




(5,607)




(5,439)





(11,037)



(11,076)



Foreign currency gain (loss), net


8,469




(30,971)




(11,571)





(22,502)



(22,181)



Loss on early extinguishment of long-term borrowings, net














(42)



Other income, net


791




838




551





1,629



1,138



Income (loss) from continuing operations before income tax expense


12,452




(29,775)




(7,704)





(17,323)



(28,463)



Income tax expense


678




1,303




786





1,981



1,582



Income (loss) from continuing operations


11,774




(31,078)




(8,490)





(19,304)



(30,045)



Income (loss) from discontinued operations, net of tax


17,397




7,329




(1,030)





24,726



(13,600)



Net income (loss)

$

29,171



$

(23,749)



$

(9,520)




$

5,422


$

(43,645)



Basic earnings (loss) per common share—





















Continuing operations

$

0.34



$

(0.89)



$

(0.25)




$

(0.55)


$

(0.88)



Discontinued operations


0.50




0.21




(0.03)





0.71



(0.40)



Total

$

0.84



$

(0.68)



$

(0.28)




$

0.16


$

(1.28)



Diluted earnings (loss) per common share—





















Continuing operations

$

0.28



$

(0.89)



$

(0.25)




$

(0.55)


$

(0.88)



Discontinued operations


0.37




0.21




(0.03)





0.71



(0.40)



Total

$

0.65



$

(0.68)



$

(0.28)




$

0.16


$

(1.28)



Weighted average number of shares—





















Basic


35,092,312




34,893,157




34,245,127





34,992,734



34,220,141



Diluted


46,474,237




34,893,157




34,245,127





34,992,734



34,220,141






MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)










June 30,

2020



December 31,

2019


Assets








Current assets








Cash and cash equivalents

$

192,824



$

151,657


Accounts receivable, net


48,548




47,447


Inventories, net


45,511




41,404


Other receivables


10,406




10,200


Prepaid expenses


8,598




9,003


Hedge collateral


11,740




9,820


Other current assets


7,405




10,013


Current assets held for sale


205,086




99,821


Total current assets


530,118




379,365


Property, plant and equipment, net


69,110




73,068


Operating lease right-of-use assets


1,182




1,876


Intangible assets, net


2,590




2,769


Long-term prepaid expenses


2,936




5,757


Other non-current assets


9,212




9,059


Non-current assets held for sale





123,434


Total assets

$

615,148



$

595,328


Liabilities and Stockholders' Equity








Current liabilities








Accounts payable

$

42,366



$

40,376


Other accounts payable


4,049




6,410


Accrued expenses


45,735




44,799


Operating lease liabilities


1,053




1,625


Current portion of long-term borrowings, net


82,706





Other current liabilities


5,481




3,583


Current liabilities held for sale


146,569




37,040


Total current liabilities


327,959




133,833


Long-term borrowings, net


223,242




304,743


Accrued severance benefits, net


49,927




51,181


Other non-current liabilities


7,845




9,671


Non-current liabilities held for sale





110,881


Total liabilities


608,973




610,309


Commitments and contingencies








Stockholders' equity








Common stock, $0.01 par value, 150,000,000 shares authorized, 44,248,706 shares issued and 35,143,033 outstanding at June 30, 2020 and 43,851,991 shares issued and 34,800,312 outstanding at December 31, 2019


443




439


Additional paid-in capital


155,591




152,404


Accumulated deficit


(52,709)




(58,131)


Treasury stock, 9,105,673 shares at June 30, 2020 and 9,051,679 shares at December 31, 2019, respectively


(107,649)




(107,033)


Accumulated other comprehensive income (loss)


10,499




(2,660)


Total stockholders' equity (deficit)


6,175




(14,981)


Total liabilities and stockholders' equity

$

615,148



$

595,328














MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)



Three Months Ended



Six Months Ended



June 30, 2020



June 30, 2020



June 30, 2019


Cash flows from operating activities












Net income (loss)

$

29,171



$

5,422



$

(43,645)


Adjustments to reconcile net income (loss) to net cash provided by operating activities












Depreciation and amortization


2,544




10,479




16,505


Provision for severance benefits


5,108




10,179




6,406


Amortization of debt issuance costs and original issue discount


607




1,205




1,134


Loss (gain) on foreign currency, net


(12,083)




26,397




24,609


Restructuring and other charges


141




141




732


Provision for inventory reserves


1,463




2,033




8,940


Stock-based compensation


1,643




2,528




1,441


Loss on early extinguishment of long-term borrowings, net








42


Other


(218)




(111)




(494)


Changes in operating assets and liabilities












Accounts receivable, net


9,992




(438)




(20,974)


Unbilled accounts receivable, net


3,996




10,933




6,201


Inventories


(9,197)




(14,060)




(7,351)


Other receivables


(1,915)




67




(2,969)


Other current assets


3,838




4,747




5,929


Accounts payable


2,959




4,947




32,137


Other accounts payable


(4,325)




(5,898)




(3,960)


Accrued expenses


4,878




161




2,880


Other current liabilities


158




1,220




(7,491)


Other non-current liabilities


(570)




1,238




1,716


Payment of severance benefits


(2,192)




(4,272)




(4,579)


Other


(1)




147




(54)


Net cash provided by operating activities


35,997




57,065




17,155


Cash flows from investing activities












Proceeds from settlement of hedge collateral


1,616




5,855




4,627


Payment of hedge collateral





(7,841)




(8,395)


Purchase of property, plant and equipment


(5,491)




(8,842)




(15,000)


Payment for intellectual property registration


(244)




(473)




(642)


Collection of guarantee deposits





47




388


Payment of guarantee deposits


(571)




(571)




(1,330)


Other


13




21




193


Net cash used in investing activities


(4,677)




(11,804)




(20,159)


Cash flows from financing activities












Repurchase of long-term borrowings








(1,175)


Proceeds from exercise of stock options


663




663




149


Acquisition of treasury stock





(1,021)




(2,588)


Repayment of financing related to water treatment facility arrangement


(132)




(267)




(281)


Repayment of principal portion of lease liabilities


(59)




(119)




(118)


Net cash provided by (used in) financing activities


472




(744)




(4,013)


Effect of exchange rates on cash and cash equivalents


3,739




(3,350)




(1,668)


Net increase (decrease) in cash and cash equivalents


35,531




41,167




(8,685)


Cash and cash equivalents












Beginning of the period


157,293




151,657




132,438


End of the period

$

192,824




192,824




123,753

















MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME  TO ADJUSTED OPERATING INCOME

(In thousands of US dollars)

(Unaudited)



Three Months Ended


Six Months Ended


June 30,

2020



March 31,

2020



June 30,

2019


June 30,

2020


June 30,

2019

Operating income

$

8,622



$

5,965



$

8,755


$

14,587


$

3,698

Adjustments:

















Equity-based compensation expense


1,503




762




668



2,265



1,231

Others





554






554



585

Adjusted Operating Income

$

10,125



$

7,281



$

9,423


$

17,406


$

5,514


We present Adjusted Operating Income as supplemental measures of our performance. We define Adjusted Operating Income for the periods indicated as operating income adjusted to exclude (i) Equity-based compensation expense and (ii) Others. Others include non-recurring professional fees and expenses incurred in connection with certain treasury and finance initiatives for the three months ended March 31, 2020 , and a $0.6 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee, which is borne by us under a negotiated separation agreement for the three months ended March 31, 2019 .




MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

(In thousands of US dollars, except share data)

(Unaudited)  























Three Months Ended



Six Months Ended




June 30,

2020



March 31,

2020



June 30,

2019




June 30,

2020


June 30,

2019



Income (loss) from continuing operations

$

11,774



$

(31,078)



$

(8,490)





(19,304)



(30,045)



Adjustments:





















Interest expense, net


4,736




4,930




4,852





9,666



9,911



Income tax expense


678




1,303




786





1,981



1,582



Depreciation and amortization


2,544




2,570




2,551





5,114



5,102



EBITDA


19,732




(22,275)




(301)





(2,543)



(13,450)



Equity-based compensation expense


1,503




762




668





2,265



1,231



Foreign currency loss (gain), net


(8,469)




30,971




11,571





22,502



22,181



Derivative valuation loss (gain), net


(55)




(117)




80





(172)



136



Loss on early extinguishment of long-term borrowings, net














42



Others





554








554



585



Adjusted EBITDA


12,711




9,895




12,018





22,606



10,725



Income (loss) from continuing operations

$

11,774



$

(31,078)



$

(8,490)




$

(19,304)


$

(30,045)



Adjustments:





















Equity-based compensation expense


1,503




762




668





2,265



1,231



Foreign currency loss (gain), net


(8,469)




30,971




11,571





22,502



22,181



Derivative valuation loss (gain), net


(55)




(117)




80





(172)



136



Loss on early extinguishment of long-term borrowings, net














42



Others





554








554



585



Adjusted Net Income (Loss)

$

4,753



$

1,092



$

3,829




$

5,845


$

(5,870)



Adjusted Net Income (Loss) per common share—





















- Basic

$

0.14



$

0.03



$

0.11




$

0.17


$

(0.17)



- Diluted

$

0.13



$

0.03



$

0.11




$

0.16


$

(0.17)



Weighted average number of shares – basic


35,092,312




34,893,157




34,245,127





34,992,734



34,220,141



Weighted average number of shares – diluted


36,330,083




35,883,200




34,965,562





36,248,039



34,220,141



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) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Loss on early extinguishment of long-term borrowings, net and (v) Others. Others include non-recurring professional fees and expenses incurred in connection with certain treasury and finance initiatives for the three months ended March 31, 2020 , and a $0.6 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee, which is borne by us under a negotiated separation agreement for the three months ended March 31, 2019 . EBITDA for the periods indicated is defined as Income (loss) from continuing operations before interest expense, net, income tax expense and depreciation and amortization. We prepare Adjusted Net Income (Loss) by adjusting income (loss) from continuing operations 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 income (loss) from continuing operations, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Loss on early extinguishment of long-term borrowings, net and (v) Others. Others include non-recurring professional fees and expenses incurred in connection with certain treasury and finance initiatives for the three months ended March 31, 2020 , and a $0.6 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee, which is borne by us under a negotiated separation agreement for the three months ended March 31 , 2019. 





MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP COMBINED RESULTS OF OPERATIONS

(In thousands of US dollars)

(Unaudited)





Three Months Ended June  3 0 , 2020




Continuing Operations


Discontinued Operations


Combined




Standard

Transitional


Foundry

Transitional







Fab 3


Fab 3





Combined results of operations (non-GAAP):


products

foundry


Services

foundry






business

services


Group

services





Net sales

$ 108,955

$9,873

$95,779

$

(9,873)


$204,734


Gross profit margin

29.5%

32.3%



30.8%




Three Months Ended June  3 0 , 2019




Continuing Operations


Discontinued Operations


Combined




Standard

Transitional


Foundry

Transitional







Fab 3


Fab 3





Combined results of operations (non-GAAP):


products

foundry


Services

foundry






business

services


Group

services





Net sales

$132,006

$8,879

$73,139

$

(8,879)


$205,145


Gross profit margin

24.0%

16.7%



21.4%


















Six  Months Ended June  3 0 , 2020




Continuing Operations


Discontinued Operations


Combined




Standard

Transitional


Foundry

Transitional







Fab 3


Fab 3





Combined results of operations (non-GAAP):


products

foundry


Services

foundry






business

services


Group

services





Net sales

$219,691

$19,610

$182,058

$

(19,610)


$401,749


Gross profit margin

27.9%

28.3%



28.1%




Six  Months Ended June  3 0 , 20 19




Continuing Operations


Discontinued Operations


Combined




Standard

Transitional


Foundry

Transitional







Fab 3


Fab 3





Combined results of operations (non-GAAP):


products

foundry


Services

foundry






business

services


Group

services





Net sales

$232,270

$15,882

$130,255

$

(15,882)


$362,525


Gross profit margin

21.8%

12.2%



18.4%
















 

Cision View original content: http://www.prnewswire.com/news-releases/magnachip-reports-results-for-second-quarter-2020-301103020.html

SOURCE MagnaChip Semiconductor Corporation

Contact:
Company Name: MagnaChip Semiconductor Corporation
Web: https://www.magnachip.com/
Financial data for MagnaChip Semiconductor Corporation




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