CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
(In thousands of US dollars, except share data) | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
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| Three Months Ended |
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| Year Ended |
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|
| December 31, 2018 |
|
| September 30, 2018 |
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| December 31, 2017 |
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| December 31, 2018 |
|
| December 31, 2017 |
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Net sales |
| $ | 179,394 |
|
| $ | 206,000 |
|
| $ | 174,580 |
|
| $ | 750,898 |
|
| $ | 679,672 |
| |
Cost of sales |
|
| 135,482 |
|
|
| 150,251 |
|
|
| 125,229 |
|
|
| 552,802 |
|
|
| 491,779 |
| |
Gross profit |
|
| 43,912 |
|
|
| 55,749 |
|
|
| 49,351 |
|
|
| 198,096 |
|
|
| 187,893 |
| |
Gross profit % |
|
| 24.5% |
|
|
| 27.1% |
|
|
| 28.3% |
|
|
| 26.4% |
|
|
| 27.6% |
| |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Selling, general and administrative expenses |
|
| 17,516 |
|
|
| 18,566 |
|
|
| 23,631 |
|
|
| 72,639 |
|
|
| 81,775 |
| |
Research and development expenses |
|
| 18,536 |
|
|
| 18,918 |
|
|
| 18,083 |
|
|
| 78,039 |
|
|
| 70,523 |
| |
Restructuring and other gain |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| (17,010) |
| |
| Early termination charges |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 13,369 |
| |
| Total operating expenses |
|
| 36,052 |
|
|
| 37,484 |
|
|
| 41,714 |
|
|
| 150,678 |
|
|
| 148,657 |
| |
| Operating income |
|
| 7,860 |
|
|
| 18,265 |
|
|
| 7,637 |
|
|
| 47,418 |
|
|
| 39,236 |
| |
| Interest expense |
|
| (5,743) |
|
|
| (5,587) |
|
|
| (5,460) |
|
|
| (22,282) |
|
|
| (21,559) |
| |
| Foreign currency gain (loss), net |
|
| (4,316) |
|
|
| 6,002 |
|
|
| 39,297 |
|
|
| (24,445) |
|
|
| 65,516 |
| |
| Loss on early extinguishment of long-term borrowings, net |
|
| (206) |
|
|
| — |
|
|
| — |
|
|
| (206) |
|
|
| — |
| |
| Other income, net |
|
| 555 |
|
|
| 150 |
|
|
| 1,006 |
|
|
| 264 |
|
|
| 2,898 |
| |
| Income (loss) before income tax expenses |
|
| (1,850) |
|
|
| 18,830 |
|
|
| 42,480 |
|
|
| 749 |
|
|
| 86,091 |
| |
| Income tax expenses (benefits) |
|
| 530 |
|
|
| 1,608 |
|
|
| (1,173) |
|
|
| 4,649 |
|
|
| 1,155 |
| |
| Net income (loss) |
| $ | (2,380) |
|
| $ | 17,222 |
|
| $ | 43,653 |
|
| $ | (3,900) |
|
| $ | 84,936 |
| |
| Earnings (loss) per common share : |
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|
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|
|
|
|
|
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|
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|
|
|
|
|
|
|
| |
| - Basic |
| $ | (0.07) |
|
| $ | 0.50 |
|
| $ | 1.28 |
|
| $ | (0.11) |
|
| $ | 2.50 |
| |
| - Diluted |
| $ | (0.07) |
|
| $ | 0.41 |
|
| $ | 0.99 |
|
| $ | (0.11) |
|
| $ | 2.02 |
| |
| Weighted average number of shares—Basic |
|
| 34,627,292 |
|
|
| 34,573,377 |
|
|
| 34,176,812 |
|
|
| 34,469,921 |
|
|
| 33,943,264 |
| |
| Weighted average number of shares—Diluted |
|
| 34,627,292 |
|
|
| 46,021,610 |
|
|
| 45,573,889 |
|
|
| 34,469,921 |
|
|
| 44,755,137 |
| |
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MagnaChip Reports Fourth Quarter and Full Year 2018 Financial Results And Announces Strategic Review Process of its Foundry Operations
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