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) restructuring and impairment charges, (ii) stock-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, (vi) secondary offering expense, and (vii) GAAP and cash tax expense difference.
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of US dollars, except share data) (Unaudited) | ||||||||||
|
| ||||||||||
|
|
|
March 31, 2013 |
|
December 31,
| ||||||
|
Assets |
|
|
|
|
|
| ||||
|
Current assets |
|
|
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
182,987 |
|
$ |
182,238 | ||||
|
Restricted cash |
|
|
37 |
|
133 | |||||
|
Accounts receivable, net |
|
|
146,267 |
|
|
143,331 | ||||
|
Inventories, net |
|
|
83,910 |
|
|
89,363 | ||||
|
Other receivables |
|
|
3,662 |
|
|
1,429 | ||||
|
Prepaid expenses |
|
|
10,401 |
|
|
7,884 | ||||
|
Current deferred income tax assets |
|
|
22,870 |
|
|
22,768 | ||||
|
Other current assets |
|
|
5,322 |
|
|
9,680 | ||||
|
|
|
|
|
|
|
| ||||
|
Total current assets |
|
|
455,456 |
|
|
456,826 | ||||
|
|
|
|
|
|
|
| ||||
|
Property, plant and equipment, net |
|
|
255,144 |
|
|
238,256 | ||||
|
Intangible assets, net |
|
|
12,169 |
|
|
15,260 | ||||
|
Long-term prepaid expenses |
|
|
16,101 |
|
|
18,048 | ||||
|
Deferred income tax assets |
|
|
42,804 |
|
|
46,710 | ||||
|
Other non-current assets |
|
|
15,359 |
|
|
14,866 | ||||
|
|
|
|
|
|
|
| ||||
|
Total assets |
|
$ |
797,033 |
|
$ |
789,966 | ||||
|
|
|
|
|
|
|
| ||||
|
Liabilities and Stockholder s' Equity |
|
|
|
|
|
| ||||
|
Current liabilities |
|
|
|
|
|
| ||||
|
Accounts payable |
|
$ |
79,425 |
|
$ |
79,236 | ||||
|
Other accounts payable |
|
|
29,975 |
|
|
15,600 | ||||
|
Accrued expenses |
|
|
49,268 |
|
|
43,486 | ||||
|
Derivative liabilities |
|
|
4,619 |
|
|
— | ||||
|
Other current liabilities |
|
|
3,136 |
|
|
9,973 | ||||
|
|
|
|
|
|
|
| ||||
|
Total current liabilities |
|
|
166,423 |
|
|
148,295 | ||||
|
|
|
|
|
|
|
| ||||
|
Long-term borrowings, net |
|
|
201,727 |
|
|
201,653 | ||||
|
Accrued severance benefits, net |
|
|
111,806 |
|
|
112,446 | ||||
|
Other non-current liabilities |
|
|
13,897 |
|
|
17,263 | ||||
|
|
|
|
|
|
|
| ||||
|
Total liabilities |
|
|
493,853 |
|
|
479,657 | ||||
|
|
|
|
|
|
|
| ||||
|
Stockholders' equity |
|
|
|
|
|
| ||||
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 39,747,933 shares issued and 35,408,032 shares outstanding at March 31, 2013 and 39,599,374 shares issued and 35,635,357 shares outstanding at December 31, 2012 |
|
|
397 |
|
|
396 | ||||
|
Additional paid-in capital |
|
|
103,310 |
|
|
101,885 | ||||
|
Retained earnings |
|
|
279,846 |
|
|
287,251 | ||||
|
Treasury stock, 4,339,901 shares at March 31, 2013 and 3,964,017 shares at December 31, 2012 |
|
|
(45,918) |
|
|
(39,918) | ||||
|
Accumulated other comprehensive loss |
|
|
(34,455) |
|
|
(39,305) | ||||
|
|
|
|
|
|
|
| ||||
|
Total stockholders' equity |
|
|
303,180 |
|
|
310,309 | ||||
|
|
|
|
|
|
|
| ||||
|
Total liabilities and stockholders' equity |
|
$ |
797,033 |
|
$ |
789,966 | ||||
