We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income by adjusting net income 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 is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income as net income (loss), adjusted to exclude (i) amortization of intangibles, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (vi) 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) | |||||||||||||
|
| |||||||||||||
|
|
|
June 30, 2015 |
|
December 31, 2014 |
| ||||||||
|
Assets |
|
|
| ||||||||||
|
Current assets |
|
|
| ||||||||||
|
Cash and cash equivalents |
|
$ |
72,672 |
|
$ |
102,434 | |||||||
|
Accounts receivable, net |
|
|
67,780 |
|
|
72,957 | |||||||
|
Inventories, net |
|
|
71,800 |
|
|
75,334 | |||||||
|
Other receivables |
|
|
5,450 |
|
|
10,616 | |||||||
|
Prepaid expenses |
|
|
7,142 |
|
|
7,560 | |||||||
|
Current deferred income tax assets |
|
|
43 |
|
|
237 | |||||||
|
Hedge collateral |
|
|
6,380 |
|
|
— | |||||||
|
Other current assets |
|
|
7,383 |
|
|
6,898 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total current assets |
|
|
238,650 |
|
|
276,036 | |||||||
|
|
|
|
|
|
| ||||||||
|
Property, plant and equipment, net |
|
|
208,351 |
|
|
223,766 | |||||||
|
Intangible assets, net |
|
|
2,476 |
|
|
2,451 | |||||||
|
Long-term prepaid expenses |
|
|
9,875 |
|
|
10,916 | |||||||
|
Deferred income tax assets |
|
|
260 |
|
|
415 | |||||||
|
Other non-current assets |
|
|
12,876 |
|
|
14,147 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total assets |
|
$ |
472,488 |
|
$ |
527,731 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
| |||||||
|
Current liabilities |
|
|
|
|
| ||||||||
|
Accounts payable |
|
$ |
57,432 |
|
$ |
70,767 | |||||||
|
Other accounts payable |
|
|
9,724 |
|
|
10,986 | |||||||
|
Accrued expenses |
|
|
75,556 |
|
|
81,060 | |||||||
|
Other current liabilities |
|
|
5,946 |
|
|
6,460 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total current liabilities |
|
|
148,658 |
|
|
169,273 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Long-term borrowings, net |
|
|
224,095 |
|
|
224,035 | |||||||
|
Accrued severance benefits, net |
|
|
143,727 |
|
|
139,289 | |||||||
|
Other non-current liabilities |
|
|
10,703 |
|
|
13,636 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total liabilities |
|
|
527,183 |
|
|
546,233 | |||||||
|
|
|
|
|
|
|
| |||||||
|
Stockholders' equity | |||||||||||||
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 40,840,685 shares issued and 34,261,920 outstanding at June 30, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014 |
|
|
408 |
|
|
406 | |||||||
|
Additional paid-in capital |
|
|
121,602 |
|
|
118,419 | |||||||
|
Accumulated deficit |
|
|
(61,998) |
|
|
(11,343) | |||||||
|
Treasury stock, 6,578,765 shares at June 30, 2015 and December 31, 2014 |
|
|
(90,918) |
|
|
(90,918) | |||||||
|
Accumulated other comprehensive loss |
|
|
(23,789) |
|
|
(35,066) | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total stockholders' equity (deficit) |
|
|
(54,695) |
|
|
(18,502) | |||||||
|
|
|
|
|
|
|
| |||||||
|
Total liabilities and stockholders' equity |
|
$ |
472,488 |
|
$ |
527,731 | |||||||
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
| |||||||
