UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): August 2, 2012

MagnaChip Semiconductor Corporation
(Exact name of Registrant as specified in its charter)

 
 	 	 	 	 	
Delaware	 	001-34791	 	83-0406195	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 	 	
c/o MagnaChip Semiconductor S.A., 74, rue de Merl,
B.P. 709, L-2017 Luxembourg, Grand Duchy of Luxembourg	 	Not Applicable	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s telephone number, including area code: (352) 45-62-62

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
 
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
 
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
 
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	

 

Item 2.02.	Results of Operations and Financial Condition.	
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for MagnaChip Semiconductor Corporation and its consolidated subsidiaries for the second quarter ended June 30, 2012, as presented in a press release dated August 2, 2012.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
 
Item 9.01.	Financial Statements and Exhibits.	
 
(d)	Exhibits.	
The following exhibits are furnished as part of this report:

Exhibit No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated August 2, 2012, announcing the results for the second quarter ended June 30, 2012.	

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 	 	MAGNACHIP SEMICONDUCTOR CORPORATION	
 	 	 	
Dated: August 2, 2012	 	By:	 	/s/ Margaret Sakai	
 	 	 	 	Margaret Sakai
Executive Vice President and Chief Financial Officer	

Exhibit Index

Exhibit No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated August 2, 2012, announcing the results for the second quarter ended June 30, 2012.	

Exhibit 99.1
Press Release

 
MagnaChip Reports Second Quarter 2012 Financial Results
 
 	•	 	Q2 Revenue Increased 14.5% Sequentially Driven By Strong Growth From Power Solutions (33.4%) and Foundry (34.6%) Revenue	
 
 	•	 	Gross Margin Expanded 280 Basis Points to 31.0% in Q2	
 
 	•	 	Expects Q3 Revenue to Increase 7% to 11% and Gross Margin to Increase 100 to 200 Basis Points on a Sequential Basis	
SEOUL, South Korea and CUPERTINO, Calif., August 2, 2012 — MagnaChip Semiconductor Corporation (“MagnaChip”) (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results for the second quarter ended June 30, 2012.
Revenue for the second quarter of 2012 was $202.6 million, a 14.5% increase compared to $177.0 million for the first quarter of 2012, and a 0.5% decrease compared to $203.7 million for the second quarter of 2011.
Gross margin was $62.9 million or 31.0%, as a percent of revenue, for the second quarter of 2012. This compares to gross margin of $49.9 million or 28.2% for the first quarter of 2012 and $66.2 million or 32.5% for the second quarter of 2011.
“I am very pleased that the second quarter represented our sixth consecutive quarter of meeting revenue and gross margin guidance in what is being described as a challenging macro environment. Our foundry services and power solutions segments saw greater than anticipated order strength and revenue growth during the quarter,” said Sang Park, MagnaChip Chairman and CEO. “This is possible because of our alignment with strategic customers in high growth markets—including the leading smart phone and tablet PC makers. During the last three years, we have made solid progress shifting our customer base and refocusing our product portfolio. Our direct and indirect revenue from the top two smart phone/tablet PC makers has almost tripled in the first half of this year compared to the first half of 2010.”
Net income, on a GAAP basis, for the second quarter of 2012 totaled $4.3 million or $0.12 per diluted share. This compares to net income of $15.3 million or $0.40 per diluted share for the first quarter of 2012 and net income of $31.6 million or $0.78 per diluted share for the second quarter of 2011. Net income was impacted primarily by a foreign currency loss of $10.6 million during the quarter which was primarily related to non-cash translation losses for intercompany balances that were denominated in U.S. dollars.

Adjusted net income, a non-GAAP measurement, for the second quarter of 2012 totaled $17.9 million or $0.48 per diluted share compared to $6.5 million or $0.17 per diluted share for the first quarter of 2012 and $22.5 million or $0.56 per diluted share for the second quarter of 2011.
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’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.
Combined cash balances (cash and cash equivalents plus restricted cash) totaled $161.0 million at the end of the second quarter of 2012, an increase of $0.4 million from the end of the prior quarter. Cash provided from operations totaled approximately $26.7 million for the second quarter of 2012.
Revenue by Segment

In thousands of US dollars	  	Three Months Ended	 	 	
 	  	June 30, 2012	 	  	March 31, 2012	 	  	June 30, 2011	 	 	
Semiconductor Manufacturing Services	  	$	91,318	  	  	$	67,863	  	  	$	96,458	  	 	
Display Solutions	  	 	76,784	  	  	 	83,225	  	  	 	82,719	  	 	
Power Solutions	  	 	33,699	  	  	 	25,253	  	  	 	23,739	  	 	
Other	  	 	833	  	  	 	661	  	  	 	763	  	 	
Total Revenue	  	$	202,634	  	  	$	177,002	  	  	$	203,679	  	 	
Second Quarter and Recent Company Highlights
 
 	•	 	Sixth Consecutive Quarter of Achieving Financial Guidance.	
 
 	•	 	Factory Utilization Increased to More than 90% in the Second Quarter.	
 
 	•	 	Achieved GAAP EPS of $0.12 Per Diluted Share and Adjusted EPS of $0.48.	
 
 	•	 	Completed Successful Secondary Offering of 7 Million Shares of Common Stock in May.	
 
 	•	 	Repurchased 539 Thousand Shares under MagnaChip’s Stock Repurchase Program Announced October 11, 2011.	
Business Outlook
For the third quarter of 2012, MagnaChip expects:
 
 	•	 	Revenue to increase 7% to 11% to $217 million to $225 million on a sequential basis.	
 
 	•	 	Gross margin to increase 100 to 200 basis points to 32.0% to 33.0% sequentially.	
Non-GAAP Metrics
Adjusted EBITDA excludes charges related to depreciation and amortization, interest expense, net, income tax expense, restructuring and impairment charges, stock-based compensation expense, foreign currency loss (gain), net, derivative valuation gain, net, secondary offering expense, and loss on early extinguishment of senior notes. Adjusted net income (loss) excludes charges related to restructuring and impairment charges, stock-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency loss (gain), net, derivative valuation gain, net, secondary offering expense, and loss on early extinguishment of senior notes. A reconciliation of GAAP results to non-GAAP results is included following the financial statements.

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. For more information, please visit  www.magnachip.com . Information on or accessible through, MagnaChip’s website is not a part of, and is not incorporated into, this release.
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. These statements include statements about our ability to capitalize on improving market dynamics and future operating and financial performance including third quarter 2012 revenue and gross profit. All forward-looking statements included in this release 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 general economic conditions, the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new products and technologies, ability to ramp new products into volume production, industry wide shifts in supply and demand for semiconductor products, industry and/or company overcapacity, effective and cost efficient utilization of manufacturing capacity, financial stability in foreign markets and the impact of foreign exchange rates, unanticipated costs and expenses or the inability to identify expenses which can be eliminated, compliance with U.S. and international trade and export laws and regulations by us and our distributors, and other risks detailed from time to time in MagnaChip’s filings with the SEC, including our Form 10-K filed on March 8, 2012 and 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. MagnaChip 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.

CONTACTS:	  	 	
 	 	
In the United States:
Robert Pursel
Director of Investor Relations
Tel. 408-625-1262
robert.pursel@magnachip.com	  	In Korea:
Chankeun Park
Senior Manager, Public Relations
Tel. +82-2-6903-3195
chankeun.park@magnachip.com	
# # #

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except share data)
(Unaudited)

 	  	Three Months Ended	 	
 	  	June 30,
2012	 	 	March 31,
2012	 	 	June 30,
2011	 	
Net sales	  	$	202,634	  	 	$	177,002	  	 	$	203,679	  	
Cost of sales	  	 	139,776	  	 	 	127,087	  	 	 	137,497	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	62,858	  	 	 	49,915	  	 	 	66,182	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	31.0	% 	 	 	28.2	% 	 	 	32.5	% 	
Selling, general and administrative expenses	  	 	20,093	  	 	 	18,209	  	 	 	17,458	  	
Research and development expenses	  	 	19,762	  	 	 	19,831	  	 	 	20,614	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	2,475	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	23,003	  	 	 	11,875	  	 	 	25,635	  	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(5,619	) 	 	 	(5,580	) 	 	 	(6,369	) 	
Foreign currency gain (loss), net	  	 	(10,586	) 	 	 	11,109	  	 	 	18,234	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	(4,103	) 	
Other	  	 	701	  	 	 	89	  	 	 	203	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	(15,504	) 	 	 	5,618	  	 	 	7,965	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income before income taxes	  	 	7,499	  	 	 	17,493	  	 	 	33,600	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	  	 	3,159	  	 	 	2,230	  	 	 	1,970	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	4,340	  	 	$	15,263	  	 	$	31,630	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	0.12	  	 	$	0.41	  	 	$	0.81	  	
- Diluted	  	$	0.12	  	 	$	0.40	  	 	$	0.78	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares—Basic	  	 	36,713,569	  	 	 	37,524,127	  	 	 	39,066,303	  	
Weighted average number of shares—Diluted	  	 	37,566,699	  	 	 	38,298,336	  	 	 	40,294,902	  	

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 30,	 	 	March 31,	 	 	June 30,	 	
 	  	2012	 	 	2012	 	 	2011	 	
Net income	  	$	4,340	  	 	$	15,263	  	 	$	31,630	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	7,923	  	 	 	7,474	  	 	 	15,412	  	
Interest expense, net	  	 	5,619	  	 	 	5,580	  	 	 	6,368	  	
Income tax expense	  	 	3,159	  	 	 	2,230	  	 	 	1,970	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	2,475	  	
Stock-based compensation expense	  	 	457	  	 	 	458	  	 	 	605	  	
Foreign currency loss (gain), net	  	 	10,586	  	 	 	(11,109	) 	 	 	(18,234	) 	
Derivative valuation gain, net	  	 	(701	) 	 	 	(85	) 	 	 	(203	) 	
Secondary offering expense	  	 	1,216	  	 	 	—  	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	4,103	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	32,599	  	 	$	19,811	  	 	$	44,126	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	0.87	  	 	$	0.52	  	 	$	1.10	  	
Weighted average number of shares—Diluted	  	 	37,566,699	  	 	 	38,298,336	  	 	 	40,294,902	  	
Net income	  	$	4,340	  	 	$	15,263	  	 	$	31,630	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	2,475	  	
Stock-based compensation expense	  	 	457	  	 	 	458	  	 	 	605	  	
Amortization of intangibles	  	 	1,980	  	 	 	1,993	  	 	 	2,080	  	
Foreign currency loss (gain), net	  	 	10,586	  	 	 	(11,109	) 	 	 	(18,234	) 	
Derivative valuation gain, net	  	 	(701	) 	 	 	(85	) 	 	 	(203	) 	
Secondary offering expense	  	 	1,216	  	 	 	—  	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	4,103	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income	  	$	17,878	  	 	$	6,520	  	 	$	22,456	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	0.48	  	 	$	0.17	  	 	$	0.56	  	
Weighted average number of shares - Diluted	  	 	37,566,699	  	 	 	38,298,336	  	 	 	40,294,902	  	
We define Adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expense, (iv) restructuring and impairment charges (v) stock-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation gain, net, (viii) secondary offering expense, and (ix) loss on early extinguishment of senior notes.
We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income by adjusting net income to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income as net income adjusted to exclude (i) restructuring and impairment charges (ii) stock-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation gain, net, (vi) secondary offering expense, and (vii) loss on early extinguishment of senior notes.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)

 	  	June 30,
2012	 	 	December 31,
2011	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	155,764	  	 	$	162,111	  	
Restricted cash	  	 	5,218	  	 	 	6,830	  	
Accounts receivable, net	  	 	135,090	  	 	 	125,922	  	
Inventories, net	  	 	75,417	  	 	 	62,836	  	
Other receivables	  	 	2,497	  	 	 	256	  	
Prepaid expenses	  	 	4,940	  	 	 	6,032	  	
Other current assets	  	 	8,102	  	 	 	15,909	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	387,028	  	 	 	379,896	  	
 	  	 	 	 	 	 	 	 	
Property, plant and equipment, net	  	 	219,021	  	 	 	182,663	  	
Intangible assets, net	  	 	18,139	  	 	 	16,787	  	
Long-term prepaid expenses	  	 	4,137	  	 	 	4,790	  	
Other non-current assets	  	 	17,379	  	 	 	18,539	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	645,704	  	 	$	602,675	  	
 	  	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	92,906	  	 	$	77,848	  	
Other accounts payable	  	 	23,344	  	 	 	13,452	  	
Accrued expenses	  	 	39,550	  	 	 	31,723	  	
Current portion of capital lease obligations	  	 	—  	  	 	 	2,852	  	
Derivative liabilities	  	 	8,449	  	 	 	9,757	  	
Other current liabilities	  	 	6,566	  	 	 	2,007	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	170,815	  	 	 	137,639	  	
Long-term borrowings, net	  	 	201,519	  	 	 	201,389	  	
Accrued severance benefits, net	  	 	96,883	  	 	 	90,755	  	
Other non-current liabilities	  	 	5,939	  	 	 	6,222	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	475,156	  	 	 	436,005	  	
 	  	 	 	 	 	 	 	 	
Stockholders’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 39,468,338 shares issued and 36,353,545 outstanding at June 30, 2012 and 39,439,115 shares issued and 37,907,575 outstanding at December 31, 2011	  	 	395	  	 	 	394	  	
Additional paid-in capital	  	 	100,027	  	 	 	98,929	  	
Retained earnings	  	 	113,553	  	 	 	93,950	  	
Treasury stock, 3,114,793 shares at June 30, 2012	  	 	(28,728	) 	 	 	(11,793	)	
Accumulated other comprehensive loss	  	 	(14,699	) 	 	 	(14,810	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	170,548	  	 	 	166,670	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	645,704	  	 	$	602,675	  	

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)

 	  	Three Months
Ended	 	 	Six Months
Ended	 	
 	  	June 30,
2012	 	 	June 30,
2012	 	 	June 30,
2011	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Net income	  	$	4,340	  	 	$	19,603	  	 	$	54,098	  	
Adjustments to reconcile net income to net cash provided by operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	7,923	  	 	 	15,397	  	 	 	29,315	  	
Provision for severance benefits	  	 	6,272	  	 	 	10,975	  	 	 	8,396	  	
Amortization of debt issuance costs and original issue discount	  	 	255	  	 	 	497	  	 	 	491	  	
Loss (gain) on foreign currency translation, net	  	 	12,879	  	 	 	55	  	 	 	(44,109	) 	
Loss (gain) on disposal of property, plant and equipment, net	  	 	79	  	 	 	(190	) 	 	 	(11	) 	
Loss on disposal of intangible assets, net	  	 	4	  	 	 	15	  	 	 	8	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	2,475	  	
Stock-based compensation	  	 	457	  	 	 	915	  	 	 	1,246	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	4,103	  	
Other	  	 	(471	) 	 	 	(348	) 	 	 	1,104	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable	  	 	(9,635	) 	 	 	(8,296	) 	 	 	2,103	  	
Inventories	  	 	(8,638	) 	 	 	(11,498	) 	 	 	(14,300	) 	
Other receivables	  	 	1,444	  	 	 	(2,580	) 	 	 	(1,309	) 	
Other current assets	  	 	315	  	 	 	8,851	  	 	 	(884	) 	
Deferred tax assets	  	 	275	  	 	 	1,146	  	 	 	824	  	
Accounts payable	  	 	2,073	  	 	 	14,654	  	 	 	12,139	  	
Other accounts payable	  	 	9,975	  	 	 	9,677	  	 	 	13,800	  	
Accrued expenses	  	 	(1,996	) 	 	 	7,890	  	 	 	3,141	  	
Other current liabilities	  	 	4,386	  	 	 	6,611	  	 	 	(1,155	) 	
Payment of severance benefits	  	 	(2,493	) 	 	 	(4,816	) 	 	 	(3,745	) 	
Other	  	 	(735	) 	 	 	(1,996	) 	 	 	(232	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	26,709	  	 	 	66,562	  	 	 	67,498	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from investing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Decrease (increase) in restricted cash	  	 	(1,361	) 	 	 	1,634	  	 	 	—  	  	
Proceeds from disposal of plant, property and equipment	  	 	618	  	 	 	891	  	 	 	23	  	
Purchase of plant, property and equipment	  	 	(21,970	) 	 	 	(46,728	) 	 	 	(26,926	) 	
Payment for intellectual property registration	  	 	(375	) 	 	 	(565	) 	 	 	(324	) 	
Payment for acquisition	  	 	—  	  	 	 	(8,642	) 	 	 	—  	  	
Decrease in short-term financial instruments	  	 	—  	  	 	 	173	  	 	 	—  	  	
Collection of guarantee deposits	  	 	39	  	 	 	70	  	 	 	979	  	
Payment of guarantee deposits	  	 	2	  	 	 	(176	) 	 	 	(1,483	) 	
Other	  	 	(5	) 	 	 	(53	) 	 	 	(402	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(23,052	) 	 	 	(53,396	) 	 	 	(28,133	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from financing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from issuance of common stock	  	 	75	  	 	 	183	  	 	 	8,818	  	
Repurchase of senior notes	  	 	—  	  	 	 	—  	  	 	 	(38,150	) 	
Repayment of obligations under capital lease	  	 	(1,458	) 	 	 	(2,968	) 	 	 	(3,182	) 	
Acquisition of treasury stock	  	 	(5,000	) 	 	 	(16,935	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(6,383	) 	 	 	(19,720	) 	 	 	(32,514	) 	
Effect of exchange rates on cash and cash equivalents	  	 	1,867	  	 	 	207	  	 	 	(1,259	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net increase (decrease) in cash and cash equivalents	  	 	(859	) 	 	 	(6,347	) 	 	 	5,592	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	  	 	 	 	 	 	 	 	 	 	 	 	
Beginning of the period	  	 	156,623	  	 	 	162,111	  	 	 	172,172	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
End of the period	  	$	155,764	  	 	$	155,764	  	 	$	177,764