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MagnaChip Reports Second Quarter 2011 Financial Results

SEOUL, South Korea CUPERTINO, Calif. July 27, 2011 June 30, 2011

$203.7 million $187.9 million $194.7 million

$66.2 million $56.5 million $64.5 million

Sang Park

$31.6 million $0.78 $22.5 million $0.57 $30.7 million $0.81

$22.5 million $0.56 $15.7 million $0.40 $25.7 million $0.68

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 Corporation’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.

$177.8 million $16.4 million $38.2 million $35 million $48.3 million

Revenue by Segment

In thousands of US dollars

Three Months Ended

June 3 , 2011

March 31, 2011

June 3 , 2010

Semiconductor Manufacturing Services

$      96,458

$        92,266

$      101,564

Display Solutions

82,719

74,464

80,584

Power Solutions

23,739

20,412

12,040

Other

763

779

512

Total Revenue

$     203,679

$      187,921

$     194,700

Second Quarter and Recent Company Highlights

  • $250M $215M $35M
  • Began Wafer Production for ELMOS’ 0.35um Automotive Semiconductor Products.
  • Delivered Working Samples of an LED Lighting Product targeted for the Fast Growing LED Market.
  • Developed a High Voltage IGBT Power Module for Industrial and Consumer Appliance Applications.  

Non-GAAP Metrics

Adjusted EBITDA excludes charges related to depreciation and amortization, interest expense, net, income tax expense, restructuring and impairment activities, stock-based compensation expense, foreign currency loss (gain), net, derivative valuation loss (gain), net, special expense for the IPO employee incentive payment, and loss on early extinguishment of senior notes. Adjusted net income (loss) excludes charges related to restructuring and impairment, stock-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency loss (gain), net, derivative valuation loss (gain), net, special expense for the IPO employee incentive payment, and loss on early extinguishment of senior notes. A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.

About MagnaChip Semiconductor Corporation

South Korea www.magnachip.com

Safe Harbor for Forward-Looking Statements

March 18, 2011

CONTACT S :

In the United States:

Robert Pursel

Director of Investor Relations

Tel. 408-625-1262

[email protected]

In Korea:

Chankeun Park

Senior Manager, Public Relations

Tel . + 82-3-6903-3195

[email protected]

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of US dollars, except share data)

(Unaudited)

Three Months Ended

June 30 ,

201 1

March 31 ,

201 1

June 30 ,

20 10

Net sales

$

203,679

$

187,921

$

194,700

Cost of sales

137,497

131,447

130,166

Gross profit

66,182

56,474

64,534

Gross p rofit %

32.5%

30.1%

33.1%

Selling, general and administrative expenses

17,458

15,401

15,964

Research and development expenses

20,614

18,498

20,543

Restructuring and impairment charges

2,475

267

Special expense for IPO incentive

12,146

Operating income

25,635

10,429

27,760

Other income (expense)

Interest expense, ne t

(6,369)

(7,111)

(6,557)

Foreign currency gain (loss), net

18,234

21,359

(48,273)

Loss on early extinguishment of senior notes

(4,103)

Other

203

166

(950)

7,965

14,414

(55,780)

Income (loss) before income taxes

33,600

24,843

(28,020)

Income tax expense

1,970

2,375

2,727

Net income (loss)

$

31,630

$

22,468

$

(30,747)

Earnings (loss) per common share :

       – Basic

$

0.81

$

0.59

$

(0.81)

       – Diluted

$

0.78

$

0.57

$

(0.81)

Weighted average number of shares – Basic

39,066,303

38,332,750

37,819,820

Weighted average number of s hares – D iluted

40,294,902

39,570,522

37,819,820

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME

(In thousands of US dollars, except share data)

(Unaudited)

Three Months Ended

June 3 ,

March 3 1 ,

June 30 ,

201 1

201 1

20 10

Net income (loss)

$

31,630

$

22,468

$

(30,747)

Adjustments:

Depreciation and amortization

15,412

13,903

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