MagnaChip Semiconductor to Present at the 2019 Citi Technology Conference on September 4, 2019 in New York City
SEOUL, South Korea and SAN JOSE, Calif., Aug. 16, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications, today announced that members of the executive management team will present to the investment community at the 2019 Citi Global Technology Conference in New York City on Wednesday, September 4 at 10:15 am EDT. The management team, including CEO YJ Kim and CFO Jonathan Kim, also will host 1:1 investor meetings with institutional investors.
An audio webcast of the presentation can be heard live on the MagnaChip website at (www.magnachip.com). The webcast link will appear in the “Investor Events” section (http://investors.magnachip.com/) under the Investors tab.
A replay of the webcast will be available one hour after the conclusion of the presentation and will be accessible on the MagnaChip website until December 4, 2019.
About MagnaChip Semiconductor Corporation
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive 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 about 40 years of operating history, owns a portfolio of approximately 3,000 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:
Bruce Entin
Investor Relations
Tel. +1-408-625-1262
Investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82-2-6903-3195
chankeun.park@magnachip.com
SEOUL, South Korea and SAN JOSE, Calif., Aug. 5, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor products, announced today it now offers 0.35 micron 700V Ultra-High Voltage process technologies (UHV) suitable for different system requirements for AC-DC converter ICs and LED driver ICs.
Currently, the market demand is increasing dramatically for AC-powered products, including LED lighting drivers, AC-DC converter ICs and AC-DC chargers commonly found in home appliances. As such, due to increased competition, the cost competitiveness of these products, manufactured using UHV technologies, is becoming a critical factor for IC providers. Therefore, to meet these market needs, MagnaChip has successfully reduced device sizes of UHV nLDMOS by 30% and JFET by 50% from its previous generation. Furthermore, MagnaChip’s latest UHV technology, designated as HP35ULC700, shortens the manufacturing process and reduces cost by having seven photolithographic steps less than the Company’s previous generation, which was achieved by simplifying the front end process and reducing the minimum metal number from two to one.
UHV technologies have multiple requirements because different systems and IC schemes are used in various applications. To cover various requirements, MagnaChip offers multiple UHV technologies in terms of gate oxide schemes. When high system integration is necessary, dual gate oxide UHV technology can be used that provides the optimized low voltage, high voltage, and ultra-high voltage devices. When manufacturing cost is important and control logic device density is high, low-voltage single-gate oxide UHV technology can be used. When manufacturing cost is important and superior high-voltage performance to drive external discrete high voltage MOSFETs is necessary, high voltage single-gate oxide UHV technology can be used.
In addition, UHV devices with different operation voltages from 350V to 700V are provided in MagnaChip’s UHV technologies, as AC-DC converter voltage requirements vary by country. Additional option devices that can enable the integrated solution of AC-DC converter ICs and LED driver ICs are 700V nLDMOS integrated with 700V JFET, Zener diode, 700V resistor, thin film resistor, MIM capacitance and fuse.
YJ Kim, MagnaChip’s Chief Executive Officer, commented, “UHV technology is a key technology we are focused on as market demands for LED lighting and AC-DC converters remain to be strong.” Mr. Kim added, “We are continuing to develop additional UHV technologies to improve performances and cover more system requirements.”
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’s Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.
CONTACTS:
United States (Investor Relations):
Bruce Entin
Entin Consulting
Tel. +1-408-625-1262
Investor.relations@magnachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Chankeun Park
Director of Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
Company was first to begin mass production of OLED DDICs in 2007 and continues to innovate
SEOUL, South Korea and SAN JOSE, Calif., July 31, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor products and a leader in OLED display, announced today the Company has surpassed the 500 million milestone in cumulative shipments of OLED DDICs (Display Driver ICs). OLED display drivers are low-power devices that offer excellent screen resolution with deep and bright colors that do not require a backlight and enable full-screen and thinner smartphones.
MagnaChip first introduced the OLED DDIC in 2003 and began mass production, using the 150- nanometer (nm) process, in 2007. The Company subsequently introduced a 110-nm driver in 2011, 55-nm in 2014, 40-nm in 2017 and a 28-nm in 2019. The Company recently taped out a third 28-nm OLED driver and seventh 40-nm OLED driver. MagnaChip intends to continue to expand the OLED display product line for smartphones and for multiple applications in the consumer, automotive, and industrial sectors. As compared to the 40-nm platform, the 28-nm product line features a reduction in footprint and a reduction in power consumption of more than 20 percent.
“MagnaChip was first to market with an OLED DDIC and we have truly helped fuel the growing adoption of OLED displays,” said YJ Kim, CEO of MagnaChip. “We now have more than 15 years of development and production experience with OLED DDICs and are committed to help meet the expected increased adoption of OLED display drivers for multiple applications across different end markets.”
MagnaChip announced an OLED Ecosystem Initiative earlier this year, and announced partnerships with three industry leaders: ELAN Microelectronics Corp., a leading provider of capacitive touch controller ICs and Melfas Inc. and HiDeep Inc., two world leaders in providing one stop Human Machine Interface (HMI) solutions. Each of these companies will collaborate with MagnaChip to develop and standardize innovative human-interface solutions based upon smart touch, stylus and fingerprint technologies that are suitable for MagnaChip’s industry leading OLED DDIC.
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’s Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.
CONTACTS:
United States (Investor Relations):
Bruce Entin
Entin Consulting
Tel. +1-408-625-1262
Investor.relations@magnachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Chankeun Park
Director of Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
— Q2 revenue exceeds updated guidance as OLED, Power and Foundry Show Double-Digit Sequential Growth —
SEOUL, South Korea and SAN JOSE, Calif., July 30, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (NYSE: MX) today announced financial results for the second quarter of 2019.
Q2 2019 Summary
Revenue of $205.1 million exceeded updated guidance of “at least” $194 million provided on June 11; Q2 revenue up 2.7% Year-over-Year (YoY); up 30.4% Quarter-over-Quarter (QoQ)
Standard Products Group (SPG) revenue of $132 million, up 11.2% YoY; up 31.6% QoQ
Display standard products revenue of $84.3 million, up 7% YoY; up 44.7% QoQ
OLED display driver IC revenue of $73 million up 17.4% YoY; up 50.4% QoQ
Power standard products revenue of $47.7 million, up 19.2% YoY; up 13.5% QoQ
Foundry Services Group (FSG) revenue of $73.1 million, down 9.7% YoY; up 28.1% QoQ
Total gross profit margin of 21.4% compared to updated guidance of “at least” 21%” provided on June 11.
Third Quarter 2019 Business Outlook
For the third quarter of 2019, MagnaChip anticipates:
Revenue to be in the range of $220 million to $230 million, up 9.7% at the mid-point of the projected range when compared with revenue of $205.1 million in the second quarter of 2019, and up 9.2% year-on-year when compared to $206 million revenue recorded in the third quarter of 2018. Revenue guidance for the third quarter reflects a current expectation that revenue for both the Standard Products Group and Foundry Services Group will show sequential improvement as compared to Q2 2019.
Gross profit margin to be in the range of 22% to 24%, as compared to 21.4% in the second quarter of 2019 and 27.1% in the third quarter of 2018. Gross margin guidance for the third quarter primarily reflects the current expectation that fab utilization will show sequential improvement from the second quarter of 2019.
CEO YJ Kim comments on Q2
Revenue of $205.1 million increased 30.4% sequentially from Q1, as results in each of our three business lines surpassed expectations in Q2. Our OLED and Power businesses each achieved record revenue, driven by robust customer demand for our low-power display drivers and high-voltage Power standard products. The Foundry business showed resilience in a tough macroeconomic environment, with revenue increasing sharply from Q1.
At the end of April on our Q1 earnings call, we provided Q2 revenue guidance of $173-181 million, and a range for gross profit margin of 16-18%. When it became evident that we were on track to significantly exceed the high end of the guidance range, we provided an updated guidance on June 11 for revenue of at least $194 million and gross margin of at least 21%.
Gross profit margin of 21.4% in Q2 met the updated guidance and our total revenue of $205.1 million during the same period significantly exceeded the updated guidance. The better-than-expected revenue performance was due to stronger-than-expected customer demand across the board and throughout the quarter. OLED revenue increased 50.4% sequentially, Power increased 13.5% and Foundry increased 28.1%, all as compared to Q1 2019.
Our OLED business benefited from the launch of six new OLED smartphones in Asia. We also secured four new design wins. Our 40-nm display driver accounted for the majority of our OLED revenue in Q2 but our industry leading 28-nm display driver now has entered mass production and will be a key revenue driver going forward. The pickup in revenue from the Power business reflected healthy demand from television, industrial and smartphone markets, with our Premium products accounting for over half of Power revenue. The improvement in the Foundry business reflected increased customer demand, primarily for applications in the computer and consumer end markets, and also from smartphones.
As for the strategic evaluation of the Foundry business and Fab 4, I’m encouraged by where we are in the ongoing process. Our decisions regarding the outcome of the strategic evaluation process will be guided by what the Board and management consider to be the best available path to improve MagnaChip’s profitability and to maximize shareholder value.
CFO Jonathan Kim comments on Q2
Gross profit margin of 21.4% met our updated guidance provided in mid-June, and was significantly higher than the guidance range of 16-18% provided at the end of April. The improvement in gross profit margin was due primarily to higher fab utilization as a result of a significant increase in Foundry loading and revenue during Q2, and despite a reserve of $2.2 million related to a legacy display product. Our cash balance increased in Q2 to $123.8 million from $105.8 million in Q1, and inventories declined sequentially. We generated net operating cash flow of $28.8 million in Q2 and $17.2 million in the first half of 2019.
Second Quarter Financial Review
Total Revenue
Total revenue in the second quarter of 2019 was $205.1 million, up 2.7% as compared to reported revenue of $199.7 million from the second quarter of 2018, and up 30.4% from $157.4 million in the first quarter of 2019.
Segment Revenue
Foundry Services Group revenue in the second quarter was $73.1 million, down 9.7% from the second quarter of 2018, and up 28.1% sequentially. Standard Products Group revenue in the second quarter was $132 million, up 11.2% from the second quarter of 2018, and up 31.6% sequentially.
Total Gross Profit and Gross Profit Margin
Total gross profit in the second quarter of 2019 was $43.8 million or 21.4% as a percentage of revenue, as compared with gross profit of $53.9 million or 27% in the second quarter of 2018, and $22.7 million or 14.4% in the first quarter of 2019.
Segment Gross Profit Margin
Foundry Services Group gross profit margin was 16.7% as compared with 27.4% in the second quarter of 2018 and 6.4% in the first quarter of 2019. The sequential improvement in Foundry Services Group’s gross profit margin was primarily due to an increase in fab loading and Foundry revenue. The Standard Products Group gross profit margin was 23.9% in the second quarter of 2019 as compared with 26.6% in the second quarter of 2018 and 19% in the first quarter of 2019. The sequential improvement in Standard Product Group’s gross profit margin was primarily due to an increase in fab loading and increase in our OLED revenues.
Operating Income, Net Income, Adjusted Net Income, Adjusted EBITDA
Operating income of $6.7 million for the second quarter of 2019 compared to operating income of $13.9 million in the second quarter of 2018 and an operating loss of $18.3 million in the first quarter of 2019.
Net loss, on a GAAP basis, was $9.5 million or $0.28 per basic and diluted share in the second quarter of 2019 as compared with a net loss of $21.5 million or $0.62 per basic and diluted share in the second quarter of 2018 and net loss of $34.1 million or $1.00 per basic and diluted share in the first quarter of 2019.
Adjusted Net Income, a non-GAAP financial measure, totaled $2.9 million or $0.08 per basic and diluted share in the second quarter of 2019, as compared to Adjusted Net Income of $8.9 million or $0.26 per basic share and $0.23 per diluted share in the second quarter of 2018 and Adjusted Net Loss of $19.9 million or $0.58 per basic and diluted share in the first quarter of 2019.
Adjusted EBITDA, a non-GAAP financial measure, was $17.0 million or 8.3% of revenue in the second quarter of 2019, as compared to Adjusted EBITDA of $23.5 million or 11.8% of revenue in the second quarter of 2018, and Adjusted EBITDA of negative $5.7 million or negative 3.6% of revenue in the first quarter of 2019.
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 $123.8 million in the second quarter of 2019, up from $105.8 million in the first quarter of 2019.
Second Quarter 2019 and Recent Company Highlights
MagnaChip announced:
A new low-Rss (on)* LV (Low Voltage) MOSFET with reduced chip size for smartphone battery PCMs (Protection Circuit Modules). Extended life and increased protection for batteries in high-end LTE and 5G smartphones are becoming increasingly important. 5G phones, in particular, need longer-lasting batteries with higher endurance than previous smartphones to process the massive amount of data with extremely fast download and upload capabilities. Inserted in the battery PCMs in LTE or 5G phones, this newly released MOSFET prevents over-voltage and over-current of the batteries and ultimately helps extend their life and resolve the overheating issue.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-introduces-new-component-enhance-5glte-smartphone
An update to its previous guidance for the second quarter of 2019. Revenue in the second quarter of 2019, ending June 30, is now expected to be at least $194 million, and gross profit margin is expected to be at least 21%. This updated guidance for the second quarter compares to the Company’s previous guidance of revenue to be in the range of $173-181 million and gross profit margin to be in the range of 16-18%. The previous revenue guidance provided on April 30 in conjunction with the public release of the financial results for the first quarter of 2019 reflected an expectation at that time that revenue from MagnaChip’s OLED Display drivers would increase by approximately 30% and that revenue from the Foundry business would be flat, both as compared to the first quarter of 2019. However, revenue for both OLED Display drivers and 8″ Foundry services is now expected to substantially exceed the Company’s previously anticipated financial results for the second quarter. Revenue from Power standard products is also expected to be stronger than previously anticipated.
MagnaChip also stated today that the strategic evaluation of its Foundry business and Fab 4, the larger of the Company’s two 8″ manufacturing facilities, is ongoing. Fab 4 is an analog and mixed-signal fab that produces approximately 73% of the Company’s total capacity, and is used primarily to meet wafer demand from Foundry customers that rely on outside suppliers. As previously announced, the strategic evaluation includes a range of possible options, including, but not limited to, joint ventures, strategic partnerships and M&A possibilities. MagnaChip’s updated revenue and gross profit margin guidance for the second quarter of 2019 is not a comprehensive statement of financial results, and actual figures may vary.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-semiconductor-provides-updated-guidance-q2-2019
The launch of its 28-nanometer (nm) OLED (Organic Light Emitting Diodes) DDIC (Display Driver IC) for smartphone displays.
The 28nm process is the most advanced process used for manufacturing OLED DDICs today. The new 28nm OLED DDIC achieves a form factor reduction that is 20 percent smaller than that of the previous 40nm process and is suitable for smartphones and other mobile devices, where small size and thinness are critical factors. In addition, MagnaChip reduced the logic voltage from 1.1V, which was required for the existing 40nm products, to 1.0V, which reduces the current voltage consumption by more than 20 percent and also extends battery life.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-launches-28-nanometer-oled-ddic-smartphone-displays
The offering of its second-generation 0.13 micron eFlash (Embedded Flash) technology with 20V and 30V high-voltage options. The technology is specifically designed to address the needs for multi-function hybrid mixed-signal products, including touch ICs, fingerprint readout ICs and wireless power charger ICs. With the growing complexity of analog and mixed-signal functions, IC designers are facing increasing challenges to integrate multiple functions in a single product.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-offers-second-generation-013-micron-embedded-flash-20v
The launch of a 3-channel BLU (backlight unit) LED driver for UHD TVs.
For high-resolution UHD displays, this new standard display product is designed to control the local LED dimming of up to 270 LEDs through a maximum of 90 LEDs per channel. In addition, it provides a dual dimming solution with Analog and PWM (Pulse Width Modulation) for efficient and stable LED dimming, which reduces power consumption and helps achieve a high contrast ratio in UHD TVs.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-launches-3-channel-blu-led-driver-uhd-tvs
A new initiative to partner with companies in the development of next-generation display features of smartphones and other mobile or handheld consumer electronic devices. MagnaChip intends to develop individual strategic partnerships with leading manufacturers of touch, stylus, fingerprint technologies, and associated OLED display technologies. Each company will collaborate with MagnaChip to develop and standardize innovative human-interface solutions based upon smart touch, stylus and fingerprint technologies that are suitable for MagnaChip’s industry leading OLED DDICs. The goal in each instance will be to improve the functionality of OLED displays on end user devices. There also will be a specified collaboration in shared intellectual property that will extend into new applications, including the IoT and automotive sectors.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-announces-initiative-develop-next-generation-display
A partnership with ELAN Microelectronics Corp. to expand the capabilities for OLED displays for a wide variety of next-generation consumer, communication, computing and industrial products, as well as for automotive displays. The partnership seeks to build upon the recent growth and market penetration of OLED displays in areas such as smartphones, mobile devices, tablets and automotive applications, ranging from navigation and infotainment screens to brake light and interior lighting systems.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-elan-microelectronics-announce-partnership-expand
A partnership with HiDeep to develop advanced OLED display capabilities for smartphone makers and other handheld consumer electronics devices. MagnaChip will cooperate with HiDeep to develop enhanced HMI solutions optimized for the growing OLED display market. Specifically, MagnaChip and HiDeep will collaborate and create useful and cost effective new HMI solutions for flexible OLED displays for top-tier panel makers and smartphone OEMs. This collaboration also will extend into a variety of other applications and end markets. http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-hideep-inc-announce-partnership-develop-enhanced
A partnership with Melfas Inc. to develop advanced OLED display capabilities for the automotive and consumer electronics sectors. Currently, OLED technology is deployed primarily in televisions and mobile products such as smartphones and smartwatches, but MagnaChip and Melfas are working towards developing automotive display-related solutions in an effort to respond to this fast-growing market. With their current solutions, the two companies will initially address opportunities in consumer electronics and, going forward, will work together to develop solutions for OLED displays in automotive applications.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-melfas-inc-announce-partnership-collaborate-oled
Second Quarter 2019 Earnings Conference Call
The earnings conference call will be webcast live today (July 30, 2019) at 5:00 p.m. EDT, 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 8938259. 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 8938259.
About MagnaChip Semiconductor Corporation
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive 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 about 40 years of operating history, owns a portfolio of approximately 3,000 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.
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 but not limited to third quarter 2019 revenue and gross profit margin 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, 2019 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.
CONTACTS:
In the United States:
Bruce Entin
Investor Relations
Tel. +1-408-625-1262
Investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
SEOUL, South Korea and SAN JOSE, Calif., July 10, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip”) (NYSE: MX) announced today it will host a conference call on Tuesday, July 30, 2019 at 5 p.m. ET to discuss the Company’s financial results for the second quarter of 2019. Participating in the call will be YJ Kim, MagnaChip’s CEO and Jonathan Kim, Executive Vice President and CFO. The earnings press release will be issued after the market closes that day.
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 8938259. 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 8938259.
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’s Standard Products Group and Foundry Services Groups provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 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:
Bruce Entin
Investor Relations
Tel. +1.408.625.1262
Investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82.2.6903.3195
chankeun.park@magnachip.com
Low-Rss(on) LV MOSFET for Battery Protection Circuit Modules
SEOUL, South Korea and SAN JOSE, Calif., June 26, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor products, announced today a new low-Rss(on)* LV (Low Voltage) MOSFET with reduced chip size for smartphone battery PCMs (Protection Circuit Modules).
Extended life and increased protection for batteries in high-end LTE and 5G smartphones are becoming increasingly important. 5G phones, in particular, need longer-lasting batteries with higher endurance than previous smartphones to process the massive amount of data with extremely fast download and upload capabilities. Inserted in the battery PCMs in LTE or 5G phones, this newly released MOSFET prevents over-voltage and over-current of the batteries and ultimately helps extend their life and resolve the overheating issue.
The Rss(on) of this new product, 20 percent lower than previous versions with the same chip size, prolongs the life of smartphone batteries by decreasing current loss and improving heat dissipation. This lower Rss(on) also enables higher-power density than previous versions to prevent over-heating of the battery during a quick charge (a feature supported by most of the latest smartphones). PCM functionality is also enhanced by an ESD (Electrostatic Discharge) protection diode added to the product. This diode mitigates ESDs of ≤ 2 kV to strengthen circuit protection and prevents damage to other smartphone components.
MagnaChip also has reduced the chip size of this new MOSFET by 10 percent (as compared to other LV MOSFETs currently on the MagnaChip portfolio), which offers greater design flexibility for circuit designers and even shrinks the PCM itself. With this reduction in size, WLCSP (Wafer Level Chip Scale Package) is possible for this product.
“Quick charging, fast processor speeds and other advanced specifications for new LTE and 5G smartphones require power products that provide superlatively high levels of battery protection,” said YJ Kim, CEO of MagnaChip. “We are working closely with the OEM community to decrease the footprint of our MOSFETs and incorporate other product enhancements to meet these objectives.”
* Rss(on): On resistance, the resistance value between the drain and source of a MOSFET during operation (ON)
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’s Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.
CONTACTS:
United States (Investor Relations):
Bruce Entin
Entin Consulting
Tel. +1-408-625-1262
Investor.relations@magnachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Chankeun Park
Director of Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
MagnaChip Semiconductor Provides Updated Guidance for Q2 2019 Financial Results
– Revenue now expected to be at least $194 million, as compared to previous estimate of $173-181 million – Gross profit margin expected to be at least 21%, as compared to previous estimate of 16-18% – Strategic evaluation process for Foundry business and Fab 4 remains ongoing
SEOUL, South Korea and SAN JOSE, Calif., June 11, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (NYSE: MX) today provided an update to its previous guidance for the second quarter of 2019.
Revenue in the second quarter of 2019, ending June 30, is now expected to be at least $194 million, and gross profit margin is expected to be at least 21%. This updated guidance for the second quarter compares to the Company’s previous guidance of revenue to be in the range of $173-181 million and gross profit margin to be in the range of 16-18%. The previous revenue guidance provided on April 30 in conjunction with the public release of the financial results for the first quarter of 2019 reflected an expectation at that time that revenue from MagnaChip’s OLED Display drivers would increase by approximately 30% and that revenue from the Foundry business would be flat, both as compared to the first quarter of 2019. However, revenue for both OLED Display drivers and 8″ Foundry services is now expected to substantially exceed the Company’s previously anticipated financial results for the second quarter. Revenue from Power standard products is also expected to be stronger than previously anticipated.
MagnaChip also stated today that the strategic evaluation of its Foundry business and Fab 4, the larger of the Company’s two 8″ manufacturing facilities, is ongoing. Fab 4 is an analog and mixed-signal fab that produces approximately 73% of the Company’s total capacity, and is used primarily to meet wafer demand from Foundry customers that rely on outside suppliers. As previously announced, the strategic evaluation includes a range of possible options, including, but not limited to, joint ventures, strategic partnerships and M&A possibilities.
MagnaChip’s updated revenue and gross profit margin guidance for the second quarter of 2019 is not a comprehensive statement of financial results, and actual figures may vary. The Company expects to announce full financial results for the second quarter on July 30 at 4:05 p.m. ET, and will host an investor conference call a 5 p.m. ET on the same day.
About MagnaChip Semiconductor Corporation
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive 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 about 40 years of operating history, owns a portfolio of approximately 3,000 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.
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 second quarter 2019 revenue and gross profit margin 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, 2019 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.
CONTACTS:
In the United States:
Bruce Entin
Investor Relations
Tel. +1-408-625-1262
investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
SEOUL, South Korea and SAN JOSE, Calif., June 4, 2019 — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor products, announced today it has launched 3-channel BLU (backlight unit) LED driver for UHD TVs.
For high-resolution UHD displays, this new standard display product is designed to control the local LED dimming of up to 270 LEDs through a maximum of 90 LEDs per channel. In addition, it provides a dual dimming solution with Analog and PWM (Pulse Width Modulation) for efficient and stable LED dimming, which reduces power consumption and helps achieve a high contrast ratio in UHD TVs.
Analog dimming, a type of LED dimming technology, adjusts the brightness of the LED by controlling the amount of current flowing through the LED in a linear manner. With this solution, the LED color changes when the current fluctuates. By contrast, PWM dimming is a method to minimize the color change. MagnaChip’s new 3-channel BLU LED Driver is designed to selectively use analog or PWM dimming according to the image signal, thus providing the solution to realize high contrast ratio and power efficiency.
The BLU LED driver also provides for high current accuracy within ±1% tolerance by using the average mode of the current control technology. In addition, this product supports Low PWM Dimming by operating at 480 kHz High speed Switching Frequency to elaborately control the current in the dark area of the image with a narrow pulse width.
Other advantages of MagnaChip’s BLU LED driver are that it provides various circuit protection functions, including short-circuit protection and under-voltage lockout (UVLO) to attain high reliability. In addition, this product features over-duty protection, which keeps the PWM duty ratio (on/off ratio) constant. It also provides for current-sense resistor short protection, which prevents over-current from flowing into a specific area of the circuit. MOSFET drain-source short protection also detects and protects the shorts of the MOSFETs in the circuit.
YJ Kim CEO of MagnaChip said, “MagnaChip’s 3-channel BLU LED driver, which features low power and high contrast ratio, will enhance the product value of high definition UHD TV.” He added, “As the UHD TV market grows rapidly, we will continue to strengthen our display driver lineup by developing multi-channel BLU LED drivers that increase the number of channels as well as LED current accuracy.”
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’s Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.
CONTACTS:
United States (Investor Relations):
Bruce Entin
Entin Consulting
Tel. +1-408-625-1262
Investor.relations@magnachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Chankeun Park
Director of Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
SEOUL, South Korea and SAN JOSE, Calif., May 30, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a designer and manufacturer of analog and mixed-signal semiconductor products, announced today the offering of its second generation 0.13 micron eFlash (Embedded Flash) technology with 20V and 30V high-voltage options. The technology is specifically designed to address the needs for multi-function hybrid mixed-signal products, including touch ICs, fingerprint readout ICs and wireless power charger ICs.
With the growing complexity of analog and mixed-signal functions, IC designers are facing increasing challenges to integrate multiple functions in a single product. The wireless power charger ICs, for instance, include digital logic, analog blocks, power management functions, embedded microcontrollers, etc. In order to design and manufacture such multi-functional products, hybrid processes capable of integrating various devices have become highly desirable.
To meet these market needs, MagnaChip has developed a unique, cost-competitive hybrid process through the addition of 20V and 30V high-voltage options to its second generation 0.13 micron eFlash. The second generation 0.13 micron eFlash, which has high performing and highly reliable embedded Flash, is a cost competitive process as it reduced 7 process steps in comparison to the first generation 0.13 micron eFlash. It also provides various customized IPs up to 64Kbytes. Even with the addition of the high voltage option, the hybrid process maintains the original eFlash characteristics.
Additional benefit of this process is that customers can now select either 20V or 30V, whichever fits their products’ characteristics while having the option to choose IPs such as SRAM, PLL analog IPs, high density standard cell libraries and high voltage IO libraries to meet their design needs. Furthermore, the hybrid process provides fully isolated high-voltage capability for the output driver to handle negative voltage, thereby allowing higher design flexibility.
MagnaChip’s newly developed hybrid process uses the high-voltage devices of which reliability has already been verified in DDI (Display Driver IC) technology and can minimize high-voltage area in chips through more optimized design rules and enhanced current performance. This high-voltage capability is particularly important for products needing high-voltage output drivers and those requiring high SNR (signal to noise ratio). For instance, touch ICs in tablets and notebooks mainly use 20V and monitors use 30V.
So far, MagnaChip has been developing various hybrid processes with higher performance at lower costs to meet the growing market needs for diverse and multi-function foundry products. Additionally, the next version of the hybrid embedded eFlash process is already under development to extend the voltage capability to 40V. Another type of hybrid process, e-Flash with 40V BCD (Bipolar CMOS DMOS), has been widely accepted in the market. MagnaChip is also developing e-Flash with 120V BCD process to continue to pioneer new markets. These technologies have the potential for broad applications including wireless power chargers, USB type-C PDs, motor driver ICs and BLU driver ICs.
“The second generation 0.13 micron eFlash with high-voltage technology is highly desirable for products requiring both memory and high-voltage, such as wireless power charger ICs, large panel touch ICs and fingerprint ICs,” said YJ Kim, CEO of MagnaChip, “MagnaChip will continue to develop new hybrid technologies to enable our customers to design various products and to stay competitive in the market.”
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’s Standard Products Group and Foundry Services Group provide a broad range of standard products and manufacturing services to customers worldwide. MagnaChip, with about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com.
CONTACTS:
United States (Investor Relations):
Bruce Entin
Entin Consulting
Tel. +1-408-625-1262
Investor.relations@magnachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Chankeun Park
Director of Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
SEOUL, South Korea and SAN JOSE, Calif., April 30, 2019 /PRNewswire/ — MagnaChip Semiconductor Corporation (NYSE: MX) today announced financial results for the first quarter of 2019.
Q1 2019 Summary
Revenue of $157.4 million exceeded the guidance range of $150-$155 million; revenue down 5.1% Year-over-Year (YoY)
Standard Products Group (SPG) revenue of $100.3 million, up 13.5% YoY
Display Standard Products revenue of $58.2 million, up 17.2%; OLED revenue up 41.4% YoY
Power Standard Products revenue of $42.0 million, up 8.7% YoY
Foundry Services Group (FSG) revenue of $57.1 million, down 26.3% YoY due to a previously disclosed customer inventory correction and a previously announced decision to be more selective about new business as a result of a strategic evaluation of the Foundry business and Fab 4
Total gross profit margin of 14.4% was within the guidance range of 14-16%; gross margin down 12.5 percentage points YoY due primarily to a widely anticipated decline in Foundry fab utilization, and an inventory reserve of $3.3 million related to a legacy display product
Second Quarter 2019 Business Outlook
For the second quarter of 2019, MagnaChip anticipates:
Revenue to be in the range of $173 million to $181 million, up 12.5% at the mid-point of the projected range when compared with revenue of $157.4 million in the first quarter of 2019, and down 11.4% year-on-year when compared to the $199.7 million revenue recorded in the second quarter of 2018. Revenue guidance for the second quarter reflects an expectation that standard product revenue will show double-digit sequential improvement, and Foundry revenue will be flattish as compared to Q1 2019.
Gross profit margin to be in the range of 16% to 18%, as compared to 14.4% in the first quarter of 2019 and 27% in the second quarter of 2018. Gross margin guidance reflects the expectation that fab utilization in the Foundry business has stabilized.
Statement on strategic evaluation of the Foundry business and Fab 4
Chairman of the Board Nader Tavakoli said, “The Board and Company-led strategic evaluation of the Foundry business and Fab 4 that was announced in February is ongoing and supported by our financial advisor, JP Morgan, and legal advisor, Paul, Weiss. The Company intends to provide updates about the strategic evaluation process in a timely manner when meaningful milestones are achieved. As stated previously, the Board is committed to improving MagnaChip’s profitability and unlocking shareholder value. As we proceed with the strategic evaluation of the Foundry business and Fab 4, we will be mindful of the best interests of all of our stakeholders, including shareholders, customers and employees.”
CEO Comments on Q1 business
“Revenue for both OLED and Power standard products achieved the highest levels ever recorded in the first quarter of a year, despite typically weak seasonal trends and a soft China smartphone market.
In the display segment, OLED revenue increased over 41% year over year, and we were awarded six OLED design wins from leading smartphone makers in China. We also commenced volume production of OLED DDICs for mid-range smartphones from a major Korean brand. We added our ninth OLED DDIC with the launch of the industry’s most power-efficient 28-nanometer OLED DDIC, manufactured with the most advanced process technology used for DDICs. We also announced an OLED ecosystem initiative with three companies initially to develop next-generation features to improve the functionality of OLED platform solutions in a wide range of products and markets.
In the Power segment, revenue from Premium products increased nearly 46% from the first quarter a year ago, and accounted for nearly 55% of Power revenue, as compared with 40% in the first quarter of 2018. We also continued to make inroads in the automotive sector, as we commenced shipments of two different high-voltage power standard products to a customer in that market.
Our Foundry revenue and fab utilization both experienced a severe decline in Q1, as was widely anticipated. While the Foundry business will remain weak in Q2, the business has recently showed signs of stabilizing.”
First Quarter Financial Review
Total Revenue
Total revenue in the first quarter of 2019 was $157.4 million, down 5.1% as compared to reported revenue of $165.8 million from the first quarter of 2018, and down 12.3% from $179.4 million in the fourth quarter of 2018.
Segment Revenue
Foundry Services Group revenue in the first quarter was $57.1 million, down 26.3% from the first quarter of 2018, and down 31.3% from the fourth quarter of 2018.
Standard Products Group revenue in the first quarter was $100.3 million, up 13.5% YoY and up 4.2% sequentially. The improved results in the Standard Products Group year-over-year were primarily attributable to a sharp increase in revenue from mobile OLED display driver ICs in connection with the introduction of new OLED smartphones from manufacturers in China and Korea, and an increase in demand for premium Power products such as high-voltage MOSFETS, primarily for TV and industrial applications. The revenue improvement in the Standard Products Group was offset in part by a strategic reduction in demand of low-margin LCD business.
Total Gross Profit and Gross Profit Margin
Total gross profit in the first quarter of 2019 was $22.7 million or 14.4 % as a percentage of revenue as compared with gross profit of $44.6 million or 26.9% in the first quarter of 2018, and $43.9 million or 24.5% in the fourth quarter of 2018.
Segment Gross Profit Margin
Foundry Services Group gross profit margin was 6.4% as compared with 26.7% in the first quarter of 2018 and 23.2% in the fourth quarter of 2018. The Standard Products Group gross profit margin was 19.0% in the first quarter of 2019 as compared with 27.2% in the first quarter of 2018 and 25.6% in the fourth quarter of 2018. The sequential and YoY decline in the Standards Products Group gross profit margin was attributable in part by an additional inventory reserve of $3.3 million related to a legacy display product.
Operating Income, Net Income, Adjusted Net Income, Adjusted EBITDA
Operating loss, on a GAAP basis, for the first quarter of 2019 was $18.3 million, as compared with an income of $7.4 million in the first quarter of 2018 and an income of $7.9 million in the fourth quarter of 2018.
Net loss, on a GAAP basis, was $34.1 million or $1.00 per basic and diluted share in the first quarter of 2019, as compared with net income of $2.8 million or $0.08 per basic and diluted share in the first quarter of 2018, and net loss of $2.4 million or $0.07 per basic and diluted share in the fourth quarter of 2018.
Adjusted Net Loss, a non-GAAP financial measure, totaled $19.9 million or $0.58 per basic and diluted share in the first quarter of 2019, as compared with Adjusted Net Income of $1.4 million or $0.04 per basic and diluted share in the first quarter of 2018, and Adjusted Net Income of $3.5 million or $0.10 per basic and diluted share in the fourth quarter of 2018.
Adjusted EBITDA, a non-GAAP financial measure, in the first quarter of 2019 was negative $5.7 million or negative 3.6% of revenue in the first quarter of 2019, as compared with Adjusted EBITDA of $15.5 million or 9.3% of revenue in the first quarter of 2018, and Adjusted EBITDA of $17.4 million or 9.7% of revenue in the fourth quarter of 2018.
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 $105.8 million in the first quarter of 2019, down from $132.4 million at the end of the fourth quarter of 2018.
First Quarter 2019 and Recent Company Highlights
MagnaChip announced:
A launch of its 28-nanometer OLED Display Driver IC for smartphone displays, The 28nm process is the most advanced used today for manufacturing OLED DDICs, achieves a form factor reduction of 20 percent compared with the previous 40nm process, has a logic voltage of 1.0V vs. 1.1V in the previous generation, and also is expected to improve call quality by reducing EMI (Electromagnetic Interference) levels by 20 percent as compared to the 40nm DDIC, MagnaChip’s product roadmap includes plans to expand the feature set of OLED DDICs to include Ultra-High Definition (UHD) capabilities. http://investors.magnachip.com/news-releases/news-release-details/magnachip-launches-28-nanometer-oled-ddic-smartphone-displays
A new initiative to partner with companies in the development of next-generation display features of smartphones and other mobile or handheld consumer electronic devices. MagnaChip intends to develop individual strategic partnerships with leading manufacturers of touch, stylus, fingerprint technologies, and associated OLED display technologies. Each company will collaborate with MagnaChip to develop and standardize innovative human-interface solutions based upon smart touch, stylus and fingerprint technologies that are suitable for MagnaChip’s industry leading OLED DDICs. The goal in each instance will be to improve the functionality of OLED displays on end user devices. There also will be a specified collaboration in shared intellectual property that will extend into new applications, including the IoT and automotive sectors. http://investors.magnachip.com/news-releases/news-release-details/magnachip-announces-initiative-develop-next-generation-display
A partnership with ELAN Microelectronics Corp. to expand the capabilities for OLED displays for a wide variety of next-generation consumer, communication, computing and industrial products, as well as for automotive displays. The partnership seeks to build upon the recent growth and market penetration of OLED displays in areas such as smartphones, mobile devices, tablets and automotive applications, ranging from navigation and infotainment screens to brake light and interior lighting systems. http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-elan-microelectronics-announce-partnership-expand
A partnership with HiDeep to develop advanced OLED display capabilities for smartphone makers and other handheld consumer electronics devices. MagnaChip will cooperate with HiDeep to develop enhanced HMI solutions optimized for the growing OLED display market. Specifically, MagnaChip and HiDeep will collaborate and create useful and cost effective new HMI solutions for flexible OLED displays for top-tier panel makers and smartphone OEMs. This collaboration also will extend into a variety of other applications and end markets. http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-hideep-inc-announce-partnership-develop-enhanced
A partnership with Melfas Inc. to develop advanced OLED display capabilities for the automotive and consumer electronics sectors. Currently, OLED technology is deployed primarily in televisions and mobile products such as smartphones and smartwatches, but MagnaChip and Melfas are working towards developing automotive display-related solutions in an effort to respond to this fast-growing market. With their current solutions, the two companies will initially address opportunities in consumer electronics and, going forward, will work together to develop solutions for OLED displays in automotive applications. http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-melfas-inc-announce-partnership-collaborate-oled
An offering of second generation 0.13 micron 18V high-voltage process technology to its foundry customers. The technology, which is dedicated for designing source drivers for LCD and OLED televisions, offers fewer steps, allows suitable high-voltage design rules to shrink chip size, and adds a new device for DAC block design, as compared to the first-generation process. http://investors.magnachip.com/news-releases/news-release-details/magnachip-offers-013-micron-18v-high-voltage-gen2-technology
First Quarter 2019 Conference Call
The conference call will be webcast live today (April 30, 2019) at 5:00 p.m. EDT 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 8618428. Participants are encouraged to initiate their calls at least 10 minutes in advance of the 5:00 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 dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The access code is 8618428.
About MagnaChip Semiconductor Corporation
MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive 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 about 40 years of operating history, owns a portfolio of approximately 3,000 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.
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 but not limited to second quarter 2019 revenue and gross profit margin 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, 2019 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.
CONTACTS:
In the United States:
Bruce Entin
Investor Relations
Tel. +1-408-625-1262
Investor.relations@magnachip.com
In Korea:
Chankeun Park
Director, Public Relations
Tel. +82-2-6903-5223
chankeun.park@magnachip.com
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