MagnaChip Completes Restatement of Financial Results

SEOUL, South Korea and CUPERTINO, Calif., Feb. 12, 2015 /PRNewswire/ -- MagnaChip Semiconductor Corporation ("MagnaChip" or the "Company") (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today filed with the Securities and Exchange Commission (SEC) its Annual Report on Form 10-K for the year ended December 31, 2013, which contains audited financial statements of the Company as of and for the years ended December 31, 2013, 2012 and 2011.  In addition, MagnaChip filed its quarterly reports on Form 10-Q for the first three quarters of 2014.

"This is an important step forward for MagnaChip, and with the restatement behind us, we are fully focused on improving our operations and delivering value to our customers and shareholders," said YJ Kim, MagnaChip's interim Chief Executive Officer.  "Our results for the first three quarters of 2014 show that we have challenges to overcome, but we believe that we are making the necessary changes to ensure that we have the right strategy, products, people and cost structure in place to better anticipate and serve the changing marketplace."

Jonathan Kim, interim Chief Financial Officer and Chief Accounting Officer, commented, "The management team and the Board are intensely focused on improving our internal controls, including our control environment and our corporate culture, to ensure that we have the right processes, people and financial discipline in place.  We believe we have made solid progress to date, and we expect to fully address all of the material weaknesses in internal control over financial reporting described in our filings today by the end of 2015."

Conference Call

MagnaChip will hold a conference call at 8 a.m. EST on Friday, February 13, to discuss the filings and financial results through the first three quarters of 2014.  The conference call will be webcast live and is also available by dialing 1-888-359-3624 in the U.S. or 1-719-457-2664 for all other locations.  The conference ID number is 3207917 and listeners are encouraged to initiate their calls at least 10 minutes in advance of the 8 a.m. EST start time to ensure a timely connection.  The webcast can also be accessed at www.magnachip.com.

A replay of the conference call will be available the same day and will run for one week.  The replay access numbers are 1-888-203-1112 or 1-719-457-0820.  The access code is 3207917.

About MagnaChip Semiconductor Corporation

Headquartered in South Korea, MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications.  MagnaChip believes it has one of the broadest and deepest ranges 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.

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. All forward-looking statements included in this release, including expectations about future operating results, business strategies and plans, and the expected timing and adequacy of improvements to, and remediation of material weaknesses in, the Company's internal control environment and corporate culture, 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 the impact of the internal investigation, restatement and delayed SEC report filings on the Company's business, including its customers, suppliers, counterparties, and under the Company's debt instruments; the extent of any material weakness or significant deficiencies in the Company's internal control over financial reporting; the outcome of litigation and other claims or proceedings arising out of the restatement; and other risks and uncertainties of the Company's business detailed from time to time in the Company's filings with the SEC, including without limitation those described under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed on February12, 2015, as well as 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. The Company 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.

SOURCE MagnaChip Semiconductor Corporation

Related Links

http://www.magnachip.com

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