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/C O R R E C T I O N -- Magnachip Semiconductor Corporation/

Arbeit an einem Mikrochip (Symbolbild). © franz12/ iStock / Getty Images Plus/ Getty Images http://www.gettyimages.de

PR Newswire

SEOUL, South Korea, Nov. 2, 2022

Magnachip Semiconductor Corporation (NYSE: MX) ("Magnachip" or the "Company") today is correcting an error to its press release issued on November 2, 2022 announcing the Company's financial results for the third quarter of 2022. Subsequent to the furnishing of the press release, the Company identified a scrivener's error in the Non-GAAP reconciliation table attached to the press release for Adjusted Net Income per common share (basic and diluted) for the nine month period ended September 30, 2021, which should have been $0.82 and $0.78 per share, respectively, consistent with the Company's prior reports for that historical period. No other amounts or information reported in the press release were changed. The complete, corrected release follows:

Magnachip Reports Results for Third Quarter 2022

Revenue of $71.2 million was within our guidance range. The year-over-year and sequential decline were primarily driven by the supply shortages of OLED wafers in the 2^nd half of this year that impacted design-in projects from our large panel customer in Korea.
Gross profit margin was 24.2%, below the low end of our guidance range as we recorded a $3.3 million charge to scrap 12-inch wafers as a result of slowing demand caused by elevated smartphone inventories in China.
GAAP diluted loss per share was $0.38.
Non-GAAP diluted earnings per share was $0.02.

SEOUL, South Korea, Nov. 4, 2022 /PRNewswire/ -- Magnachip Semiconductor Corporation (NYSE: MX) ("Magnachip" or the "Company") today announced financial results for the third quarter of 2022.

Commenting on the results for the third quarter of 2022, YJ Kim, Magnachip's chief executive officer stated, "Our Q3 revenue of $71.2 million was within our guidance range. As we mentioned last quarter, our Display business in the 2^nd half is impacted by supply shortages of 28nm 12-inch OLED wafers that impacted design-in projects from our large panel customer in Korea, which are typically given in advance based on future wafer supply allocation. In addition, China covid lockdowns and the dramatic slowdown in consumer spending due to inflationary pressures reduced demand for smartphones and TVs and resulted in an oversupply of channel inventories, particularly in China. Our Power business also slowed due to lower consumer spending."

YJ Kim continued, "While the global economic situation remains challenging, our balance sheet is strong, and we are focused on executing a recovery of our Display business. During the quarter, we successfully released our new OLED DDIC sample to our new panel customer and we expect to begin mass production in 2023. In addition, due to the global economic slowdown, we are seeing more wafer capacity availability and we are in discussion with multiple foundries to secure capacity and believe that our 2023 wafer supply will be more than two times higher than 2022. As such, we expect to see a significant recovery of Display business in 2023."

Q3 2022 Financial Highlights

In thousands of U.S. dollars, except share data

ARIVA.DE Börsen-Geflüster

Kurse

Magnachip Semiconductor

4,74 $

-1,86%

GAAP

Q3 2022

Q2 2022

Q/Q change

Q3 2021

Y/Y change

Revenues

Standard Products Business

Display Solutions

6,355

28,336

down

77.6 %

58,528

down

89.1

Power Solutions

56,416

62,952

down

10.4 %

58,887

down

4.2

Transitional Fab 3 foundry services⁽¹⁾

8,428

10,088

down

16.5 %

9,585

down

12.1

Gross Profit Margin

24.2

28.6

down

4.4

%pts

36.7

down

12.5

%pts

Operating Income (Loss)

(10,008)

2,002

down

n/a

20,001

down

n/a

Net Income (Loss)

(17,195)

(3,340)

down

n/a

10,768

down

n/a

Basic Earnings (Loss) per Common Share

(0.38)

(0.07)

down

n/a

0.23

down

n/a

Diluted Earnings (Loss) per Common Share

(0.38)

(0.07)

down

n/a

0.23

down

n/a

In thousands of U.S. dollars, except share data

Non-GAAP⁽²⁾

Q3 2022

Q2 2022

Q/Q change

Q3 2021

Y/Y change

Adjusted Operating Income (Loss)

(6,646)

4,787

down

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