[카테고리:] 투자자

매그나칩반도체, 뉴욕증권거래소 기업공개(IPO) 공모가 결정

매그나칩반도체(대표:박상호, NYSE:MX)는 보통주 950만주를 주당 미화 14.00 달러에 공모해 기업을 공개한다고 11일 밝혔다. 이번에 공모하는 보통주는 예탁구좌(depository shares) 방식으로 발행되며, 예탁구좌 1구좌는 보통주 1주의 소유권을 갖는다. 공모수량 950만주 가운데 95만주는 매그나칩이 신규 발행하는 물량이며, 855만주는 기존 주주의 물량이다. 또한, 공동 주간사들은 초과 배정이 있을 경우, 신규 발행 14만 2천 5백주와 기존 주주 물량 128만 2천 5백주를 30일 이내에 추가 매입할 수 있는 초과 배정 옵션을 회사와 기존 주주로부터 부여 받았다.

예탁주식은 뉴욕증권거래소를 통해 종목기호 “MX”로, 2011년 3월 11일부터 거래가 시작된다.

이번 공모에는 바클레이즈캐피털, 도이치뱅크증권, 골드만삭스가 공동 주간사(joint-bookrunners), 시티그룹글로벌마켓, UBS증권이 공동 매각사(co-managers)로 참여하고 있다.

본 IPO 관련 미국증권관리위원회(SEC)에 제출된 등록서류는 2011년 3월 10일부로 발효되었으며, 이번 공모는 등록서류의 일부인 투자설명서를 통해서만 참여 가능하다. 투자설명서 사본은 아래 기관을 통해 제공받을 수 있다.

· Barclays Capital Inc. c/o Broadridge Financial Solutions, Attention: Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at 888-603-5847 or by e-mail at Barclaysprospectus@broadridge.com;

· Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, New Jersey 07311, or by telephone at 800-503-4611 or by email at prospectus.cpdg@db.com;

· Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526, by fax at 212-902-9316 or by e-mail at prospectus-ny@ny.email.gs.com.

본 보도자료는 공모주 매도나 매수를 권유하지 않는다. 또한, 등록 요건이 갖춰지기 이전에 공모주 거래를 제안하거나 유치하는 것을 불법으로 규정하는 지역에서는 관련 법에 따라 공모주 거래가 불가능하다.

MagnaChip Reports Fourth Quarter and Full Year 2010
Financial Results

SEOUL, South Korea and CUPERTINO, Calif., February 1, 2011 — MagnaChip Semiconductor LLC (“MagnaChip Semiconductor”) today announced financial results for the quarter and year ended December 31, 2010.

Revenue for the fourth quarter of 2010 was $186.8 million, a 10.8% decrease compared to $209.4 million for the third quarter of 2010, and a 15.1% increase compared to $162.3 million for the combined three-month period ended December 31, 2009. For the full year 2010, revenue was $770.4 million compared to $560.1 million for 2009, a 37.6% increase.

Gross profit was $60.4 million or 32.3%, as a percent of revenue, for the fourth quarter of 2010. This compares to gross profit of $69.3 million or 33.1% for the third quarter of 2010 and $37.1 million or 22.9% for the combined three-month period ended December 31, 2009. For the full year 2010, gross profit was $243.6 million or 31.6% compared to $158.5 million or 28.3% for combined 2009.

“2010 proved to be a strong year for MagnaChip. We are very pleased that our refocused business strategy, strong pipeline of new products and enhanced manufacturing capacity has positioned us well for solid growth,” said Sang Park, MagnaChip Semiconductor’s Chairman and Chief Executive Officer. “Based on our solid design win momentum and booking activity we are excited about the outlook for 2011 and beyond for our Semiconductor Manufacturing Services, Display and Power Solutions products.”

Operating expense was $36.9 million or 19.7% of revenue for the fourth quarter of 2010. This compares to $39.8 million or 19.0% of revenue for the third quarter of 2010 and $40.0 million or 24.6% of revenue for the combined three-month period ended December 31, 2009. For the full year 2010, operating expense was $152.2 million or 19.8% compared to $142.2 million or 25.4% for combined 2009.

Operating income was $23.5 million for the fourth quarter of 2010 or 12.6% of revenue. This compares to operating income of $29.6 million or 14.1% of revenue for the third quarter of 2010 and operating loss of $2.8 million for the combined three-month period ended December 31, 2009. For the full year 2010, operating income was $91.4 million or 11.9% compared to $16.4 million or 2.9% for combined 2009.

Net income, on a GAAP basis, for the fourth quarter of 2010 totaled $12.3 million. This compares to net income of $61.5 million for the third quarter of 2010 and net income of $818.8 million for the combined three-month period ended December 31, 2009. For the full year 2010, net income was $74.1 million compared to $839.1 million for combined 2009. Net income, for the fourth quarter of 2010, was impacted primarily by a relatively constant foreign currency translation in the fourth quarter compared to a foreign currency gain of $41.4 million for the third quarter of 2010 and a foreign currency gain of $16.7 million and net reorganization gain of $809.0 million for the combined three-month period ended December 31, 2009, respectively. The net foreign currency exposure is primarily related to non-cash translation gains or losses for intercompany balances that are denominated in U.S. dollars. The net reorganization gain of $809.0 million in the one-month period ended October 25, 2009 represents the impact of non-cash reorganization income and expense items directly associated with our reorganization proceedings and primarily reflects the discharge of liabilities of $798.0 million.

Adjusted net income, a non-GAAP measurement, for the fourth quarter of 2010 totaled $17.4 million compared to $26.2 million for the third quarter of 2010, and $20.2 million for the combined three-month period ended December 31, 2009. For the full year 2010, adjusted net income was $89.2 million compared to $22.6 million for combined 2009.

Adjusted EBITDA, a non-GAAP measurement, for the fourth quarter of 2010 totaled $39.7 million compared to $45.7 million for the third quarter of 2010, and $32.6 million for the combined three-month period ended December 31, 2009. For the full year 2010, adjusted EBITDA was $157.9 million compared to $98.7 million for combined 2009.

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a more meaningful understanding of the factors and trends affecting MagnaChip Semiconductor’s business and operations. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income or as a better indicator of our operating performance than measures that are presented in accordance with GAAP.

Combined cash balances (cash and cash equivalents plus short-term investments) totaled $172.2 million at the end of the fourth quarter of 2010, an increase of $10.7 million from the end of the prior quarter. Cash provided from operations totaled approximately $24.8 million for the fourth quarter of 2010. This compares to $30.7 million for the third quarter of 2010 and $11.3 million for the combined three-month period ended December 31, 2009.

Revenue by Segment

In thousands of US dollars

Revenue by Segment

In thousands of US dollars

Non-GAAP Metrics

Adjusted EBITDA excludes charges related to depreciation and amortization associated with continuing operations, interest expense, income tax expense (benefit), restructuring and impairment charges, other restructuring charges, abandoned IPO expenses, reorganization items, inventory step-up, equity-based compensation expense, foreign currency gain (loss) and derivative valuation gain (loss). Adjusted net income (loss) excludes charges related to restructuring and impairment charges, other restructuring charges, abandoned IPO expenses, reorganization items, inventory step-up, equity-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency gain (loss) and derivative valuation gain (loss). A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.

About MagnaChip Semiconductor

Headquartered in South Korea, MagnaChip Semiconductor is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications. MagnaChip Semiconductor believes it has one of the broadest and deepest range of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through, MagnaChip Semiconductor’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 Semiconductor’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 ability to capitalize on improving market dynamics and future operating and financial performance including fourth quarter 2010 revenues. All forward-looking statements included in this release are based upon information available to MagnaChip Semiconductor 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 Semiconductor’s filings with the SEC, including our Form S-1 filed on February 1, 2011 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 Semiconductor 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.