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MagnaChip surpasses third-quarter revenue target after implementing operational changes
By Jennifer Lanning Drey
Portland, Ore., Oct. 25 - MagnaChip Semiconductor LLC reported better-than-expected third-quarter financials that were the result of a more rigorous new product introduction process and heightened attentiveness to key customer needs, Robert Krakauer, MagnaChip's chief financial officer, said Thursday during the company's third-quarter earnings call.
"This was another encouraging quarter for us as results were better than expected," Krakauer said.
The company reported revenue of $200 million for the three months ended Sept. 30, as compared with $171.3 million in the third quarter of 2006. This year's third-quarter number is above prior guidance, which called for flat revenue.
Cash and cash equivalents at the end of the quarter were $61.9 million, and MagnaChip was in compliance with all of its financial covenants on that date, Margaret Sakai, executive vice president of finance for MagnaChip, said during the call.
During the quarter, the company amended its credit facility agreements, allowing it to gain a less restrictive liquidity clause.
"We believe the amendment will provide us with additional flexibility moving forward and will support the company's operational recovery," Krakauer said.
During the quarter, the company saw continued improvements in design wins and product development, Sang Park, chief executive officer of MagnaChip, said during the call.
"We remain highly focused on making 2007 the year of MagnaChip's recovery," he said.
Based in Seoul, South Korea, MagnaChip is a designer, developer and manufacturer of mixed-signal and digital multimedia semiconductors.
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