Magnachip Reports Results for Fourth Quarter and Full-Year 2022

About Magnachip Semiconductor 

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 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.

CONTACT:

Yujia Zhai
The Blueshirt Group
Tel. (860) 214-0809
Email Contact

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data)
(Unaudited)



Three Months Ended 


Year Ended


December 31,
2022


September 30,
2022


December 31,
2021


December 31,
2022


December 31,
2021

Revenues:                               










Net sales – standard products business       

$         53,827


$         62,771


$         99,510


$       301,896


$       433,099

Net sales – transitional Fab 3 foundry services               

7,163


8,428


10,825


35,762


41,131











Total revenues   

60,990


71,199


110,335


337,658


474,230

Cost of sales:          










Cost of sales – standard products business 

37,150


45,497


62,206


202,347


283,503

Cost of sales – transitional Fab 3 foundry services

7,742


8,477


9,525


34,047


37,184











Total cost of sales             

44,892


53,974


71,731


236,394


320,687











Gross profit            

16,098


17,225


38,604


101,264


153,543

Gross profit as a percentage of standard products business net sales              

31.0 %


27.5 %


37.5 %


33.0 %


34.5 %

Gross profit as a percentage of total revenues        

26.4 %


24.2 %


35.0 %


30.0 %


32.4 %

Operating expenses:










Selling, general and administrative expenses               

12,562


11,411


13,255


50,872


52,440

Research and development expenses           

13,653


13,321


12,197


52,338


51,212

Merger-related income, net          



(49,369 )



(35,527 )

Other charges, net        


2,501


(1,349 )


3,298


2,011











Total operating expenses (income)    

26,215


27,233


(25,266 )


106,508


70,136











Operating income (loss)         

(10,117)


(10,008)


63,870


(5,244)


83,407

Interest income            

2,420


1,784


858


5,980


2,609

Interest expense           

(269)


(278)


(132 )


(1,157)


(1,371 )

Foreign currency gain (loss), net 

17,492


(12,809)


147


(3,019)


(11,853 )

Other income, net        

(42)


174


89


561


1,177











Income (loss) before income tax expense (benefit)

9,484


(21,137)


64,832


(2,879)


73,969

Income tax expense (benefit)

6,513


(3,942)


11,221


5,157


17,261











Net income (loss)   

$           2,971


$       (17,195)


$         53,611


$         (8,036)


$         56,708











Basic earnings (loss) per common share—

$             0.07


$           (0.38)


$             1.16


$           (0.18)


$             1.26

Diluted earnings (loss) per common share—

$             0.07


$           (0.38)


$             1.12


$           (0.18)


$             1.21

Weighted average number of shares—










Basic            

44,054,275


44,865,266


46,369,520


44,850,791


44,879,412

Diluted                                      

44,731,683


44,865,266


47,691,816


44,850,791


47,709,373


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