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): May 5, 2016

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.
1, Allée Scheffer, L-2520
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 first quarter ended March 31, 2016, as presented in a press release dated May 5, 2016.
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 exhibit is furnished as part of this report:

Exhibit
No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated May 5, 2016, announcing the results for the first quarter ended March 31, 2016.	

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: May 5, 2016	 	 	 	By:	 	/s/ Theodore Kim	
 	 	 	 	 	 	Theodore Kim	
 	 	 	 	 	 	Chief Compliance Officer, Executive Vice President, General Counsel and Secretary	

Exhibit Index

Exhibit
No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated May 5, 2016, announcing the results for the first quarter ended March 31, 2016.	

Exhibit 99.1

 	  	Press Release

 
MagnaChip Reports First Quarter 2016 Financial Results
Total AMOLED Sales Increased 42% Sequentially
SEOUL, South Korea and SAN JOSE, Calif., May 5, 2016 — 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 first quarter ended March 31, 2016.
Revenue for the first quarter of 2016, a typically seasonally soft quarter, was $148.1 million, a 2.8% decline compared to $152.4 million for the fourth quarter of 2015, and down 10.2% compared to $164.9 million for the first quarter of 2015. Revenue was better-than-expected despite the closure of MagnaChip’s legacy 6” semiconductor fab during the first quarter because of the strength in demand serviced by the company’s 8” fabs. Foundry Services revenue in the first quarter of 2016 was $60.0 million and Standard Products Group revenue was $88.0 million.
Gross profit was $34.2 million, or 23.1% as a percent of revenue for the first quarter of 2016. This compared with gross profit of $29.9 million, or 19.6%, for the fourth quarter of 2015 and $35.0 million, or 21.2%, for the first quarter of 2015. Foundry gross profit was 23.8% and Standard Products Group gross profit was 23.6% in the first quarter of 2016.
Net income, on a GAAP basis, for the first quarter of 2016 totaled $8.1 million, or $0.23 per basic and diluted share, compared to net income of $22.9 million, or $0.66 per basic and diluted share in the fourth quarter of 2015 and a net loss of $20.0 million or $0.59 per basic share, for the first quarter of 2015. Net income in the first quarter of 2016 included a restructuring gain of $7.8 million from the sale of the Company’s legacy 6” fab equipment, and a net foreign currency gain of $8.2 million, almost all of which is non-cash.
“Revenue in the first quarter exceeded our prior guidance, fueled by a 42% sequential increase in total sales for our AMOLED display drivers ICs, primarily for smartphones,” said YJ Kim, Chief Executive Officer of MagnaChip. Mr. Kim added, “MagnaChip is well positioned to benefit from the growing adoption of AMOLED technology in a range of mobile and wearable devices such as smartphones, tablets, smartwatches and virtual reality headsets, as well as in large displays for high-end televisions.”
Chief Financial Officer Jonathan Kim said, “As part of MagnaChip’s focus on managing costs, we closed a legacy 6” fab in the first quarter.” Mr. Kim added, “While we continue to explore opportunities to further control spending and strengthen our balance sheet, we also are devoting considerable attention and financial resources to support revenue growth and a gradual recovery in our business that we expect over the course of this year.”
Adjusted Net Loss, a non-GAAP measurement, for the first quarter of 2016 totaled $2.8 million, or $0.08 per basic share, compared to Adjusted Net Income, also a non-GAAP measurement, of $5.2 million, or $0.15 per basic and diluted share, in the fourth quarter of 2015 and Adjusted Net Loss of $9.6 million, or $0.28 per basic share, for the first quarter of 2015.

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a 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. A reconciliation of GAAP results to non-GAAP results is included following the financial statements.
Cash and cash equivalents totaled $73.5 million at the end of the first quarter, essentially flat compared with the fourth quarter when excluding the one-time effects in the fourth quarter of pre-paid deposits for the sale of our 6” fab equipment and prepayments received for end-of-life products related to the 6” fab.
The following table sets forth information relating to our operating segments:

 	  	Three Months Ended	 	 	 	 	
 	  	March 31,
2016	 	  	March 31,
2015	 	 	 	 	
Net Sales	  	 	 	 	  	 	 	 	 	 	 	
Foundry Services Group	  	$	59,979	  	  	$	74,520	  	 	 	 	
Standard Products Group	  	 	 	 	  	 	 	 	 	 	 	
Display Solutions	  	 	58,059	  	  	 	56,353	  	 	 	 	
Power Solutions	  	 	29,918	  	  	 	33,837	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	
Total Standard Products Group	  	 	87,977	  	  	 	90,190	  	 	 	 	
All other	  	 	149	  	  	 	175	  	 	 	 	
 	  	 	 	 	  	 	 	 	 	 	 	
Total net sales	  	$	148,105	  	  	$	164,885	  	 	 	 	

 	  	Three Months Ended
March 31, 2016	 	 	Three Months Ended
March 31, 2015	 	
 	  	    Amount    	 	  	% of
    Net Sales    	 	 	    Amount    	 	  	% of
    Net Sales    	 	
Gross Profit	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Foundry Services Group	  	$	14,293	  	  	 	23.8	% 	 	$	15,377	  	  	 	20.6	% 	
Standard Products Group	  	 	20,760	  	  	 	23.6	  	 	 	19,425	  	  	 	21.5	  	
All other	  	 	(804	) 	  	 	(540.0	) 	 	 	175	  	  	 	100.0	  	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
Total gross profit	  	$	34,249	  	  	 	23.1	% 	 	$	34,977	  	  	 	21.2	% 	
 	  	 	 	 	  	 	 	 	 	 	 	 	  	 	 	 	
First Quarter and Recent Company Highlights
 
 	•	 	Total AMOLED display driver sales increased 42% in Q1 compared with Q4 2015	
 
 	•	 	Closed a legacy 6” fab and sold the 6” fab equipment to a third party	
 
 	•	 	Announced that cumulative shipments of OLED TV display driver ICs surpassed six million units	
 
 	•	 	Began Delivery of e-Compass Sensors in China	
 
 	•	 	Selected for “The Best Cooperative Partner Award” by Sitronix Technology	
 
 	•	 	Announced its Annual U.S. Foundry Technology Symposium in Santa Clara and Austin in May 2016	
Business Outlook
For the second quarter of 2016, MagnaChip anticipates:
 
 	•	 	Revenue will be in the range of $156 million to $162 million, a sequential increase of 5% to 9%, reflecting a recovery in the Foundry order pipeline and strong demand for AMOLED display driver ICs.	

 	•	 	Gross profit to be in the range of 21% to 24% as a percent of revenue.	
Conference Call
MagnaChip will hold a conference call at 5 p.m. EDT today (May 5, 2016) to discuss the first quarter financial results. The conference call will be webcast live and is also available by dialing 1-866-776-2061 in the U.S. or 1-706-679-0298 for all other locations. The conference ID number is 90598586 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. EDT start time to ensure a timely connection. The webcast and earnings release will be accessible at www.magnachip.com. A replay of the conference call will be available the same day and will run for 72 hours. The replay access numbers are 1-855-859-2056 or 1-404-537-3406. The access code is 90598586.
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 future operating and financial performance, including second quarter 2016 revenue and gross profit expectations. 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 February 22, 2016 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. +1-408-625-1262
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	 	
 	  	March 31,
2016	 	 	December 31,
2015	 	 	March 31,
2015	 	
Net sales	  	$	148,105	  	 	$	152,430	  	 	$	164,885	  	
Cost of sales	  	 	113,856	  	 	 	122,528	  	 	 	129,908	  	
Gross profit	  	 	34,249	  	 	 	29,902	  	 	 	34,977	  	
Gross profit %	  	 	23.1	%	 	 	19.6	%	 	 	21.2	%	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	
Selling, general and administrative expenses	  	 	19,952	  	 	 	18,653	  	 	 	25,030	  	
Research and development expenses	  	 	17,815	  	 	 	18,879	  	 	 	22,160	  	
Restructuring gain	  	 	(7,785	)	 	 	—  	 	 	 	—  	 	
Total operating expenses	  	 	29,982	  	 	 	37,532	  	 	 	47,190	  	
Operating income (loss)	  	 	4,267	  	 	 	(7,630	)	 	 	(12,213	)	
Interest expense	  	 	(4,057	)	 	 	(4,081	)	 	 	(4,125	)	
Foreign currency gain (loss), net	  	 	8,195	  	 	 	17,080	  	 	 	(3,176	)	
Other income, net	  	 	535	  	 	 	617	  	 	 	618	  	
Income (loss) before income tax expenses	  	 	8,940	  	 	 	5,986	  	 	 	(18,896	)	
Income tax expenses (benefits)	  	 	815	  	 	 	(16,868	)	 	 	1,133	  	
Net income (loss)	  	$	8,125	  	 	$	22,854	  	 	$	(20,029	)	
Earnings (loss) per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	0.23	  	 	$	0.66	  	 	$	(0.59	)	
- Diluted	  	$	0.23	  	 	$	0.66	  	 	$	(0.59	)	
Weighted average number of shares - Basic	  	 	34,698,904	  	 	 	34,698,777	  	 	 	34,056,468	  	
Weighted average number of shares - Diluted	  	 	34,918,568	  	 	 	34,713,034	  	 	 	34,056,468	  	

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	 	
 	  	March 31,
2016	 	 	December 31,
2015	 	 	March 31,
2015	 	
Net income (loss)	  	$	8,125	  	 	$	22,854	  	 	$	(20,029	)	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	6,024	  	 	 	6,424	  	 	 	6,870	  	
Interest expense, net	  	 	3,999	  	 	 	4,020	  	 	 	4,063	  	
Income tax expenses (benefits)	  	 	815	  	 	 	(16,868	)	 	 	1,133	  	
Restructuring and other (gain), net	  	 	(6,832	)	 	 	—  	 	 	 	—  	 	
Equity-based compensation expense	  	 	536	  	 	 	398	  	 	 	185	  	
Foreign currency loss (gain), net	  	 	(8,195	)	 	 	(17,080	)	 	 	3,176	  	
Derivative valuation loss (gain), net	  	 	(42	)	 	 	(61	)	 	 	—  	 	
Restatement related expenses	  	 	3,592	  	 	 	(891	)	 	 	7,058	  	
Adjusted EBITDA	  	$	8,022	  	 	$	(1,204	)	 	$	2,456	  	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic / Diluted	  	$	0.23	  	 	$	(0.03	)	 	$	0.07	  	
Weighted average number of shares - Basic	  	 	34,698,904	  	 	 	34,698,777	  	 	 	34,056,468	  	
Weighted average number of shares - Diluted	  	 	34,918,568	  	 	 	34,713,034	  	 	 	34,666,095	  	
Net income (loss)	  	$	8,125	  	 	$	22,854	  	 	$	(20,029	)	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Restructuring and other (gain), net	  	 	(6,832	)	 	 	—  	 	 	 	—  	 	
Equity-based compensation expense	  	 	536	  	 	 	398	  	 	 	185	  	
Foreign currency loss (gain), net	  	 	(8,195	)	 	 	(17,080	)	 	 	3,176	  	
Derivative valuation loss (gain), net	  	 	(42	)	 	 	(61	)	 	 	—  	 	
Restatement related expenses	  	 	3,592	  	 	 	(891	)	 	 	7,058	  	
Adjusted net income (loss)	  	$	(2,816	)	 	$	5,220	  	 	$	(9,610	)	
Adjusted net income (loss) per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic / Diluted	  	$	(0.08	)	 	$	0.15	  	 	$	(0.28	)	
Weighted average number of shares - Basic	  	 	34,698,904	  	 	 	34,698,777	  	 	 	34,056,468	  	
Weighted average number of shares - Diluted	  	 	34,918,568	  	 	 	34,713,034	  	 	 	34,666,095	  	
We define Adjusted EBITDA for the periods indicated as net income (loss), adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) restructuring and other (gain), net, (v) equity-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation loss (gain), net, and (viii) restatement related expenses.
We present Adjusted Net Income (loss) as a further supplemental measure of our performance. We prepare Adjusted Net Income (loss) by adjusting net income (loss) 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 (loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income for the periods as net income (loss), adjusted to exclude (i) restructuring and other (gain), net, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss (gain), net, and (v) restatement related expenses.

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

 	  	    March 31,    
2016	 	 	December 31,
2015	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	73,527	  	 	$	90,882	  	
Restricted cash	  	 	29,580	  	 	 	—  	 	
Accounts receivable, net	  	 	55,156	  	 	 	63,498	  	
Inventories, net	  	 	71,003	  	 	 	57,619	  	
Other receivables	  	 	2,756	  	 	 	31,932	  	
Prepaid expenses	  	 	10,320	  	 	 	7,075	  	
Hedge collateral	  	 	2,000	  	 	 	6,000	  	
Other current assets	  	 	3,067	  	 	 	3,228	  	
Total current assets	  	 	247,409	  	 	 	260,234	  	
Property, plant and equipment, net	  	 	190,556	  	 	 	191,985	  	
Intangible assets, net	  	 	2,797	  	 	 	2,629	  	
Long-term prepaid expenses	  	 	11,188	  	 	 	12,117	  	
Deferred income tax assets	  	 	236	  	 	 	238	  	
Other non-current assets	  	 	6,649	  	 	 	6,897	  	
Total assets	  	$	458,835	  	 	$	474,100	  	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	60,126	  	 	$	55,476	  	
Other accounts payable	  	 	5,794	  	 	 	10,961	  	
Accrued expenses	  	 	74,470	  	 	 	76,721	  	
Deferred revenue	  	 	—  	 	 	 	10,060	  	
Deposits received	  	 	—  	 	 	 	8,165	  	
Other current liabilities	  	 	6,769	  	 	 	5,128	  	
Total current liabilities	  	 	147,159	  	 	 	166,511	  	
Long-term borrowings, net	  	 	220,548	  	 	 	220,375	  	
Accrued severance benefits, net	  	 	138,100	  	 	 	134,148	  	
Other non-current liabilities	  	 	12,652	  	 	 	15,396	  	
Total liabilities	  	 	518,459	  	 	 	536,430	  	
Stockholders’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 41,277,669 shares issued and 34,698,904 outstanding at March 31 2016, and 41,147,707 shares issued and 34,568,942 outstanding at December 31, 2015	  	 	412	  	 	 	411	  	
Additional paid-in capital	  	 	125,153	  	 	 	124,618	  	
Accumulated deficit	  	 	(88,085	)	 	 	(96,210	)	
Treasury stock, 6,578,765 shares at March 31, 2016 and December 31,2015	  	 	(90,918	)	 	 	(90,918	)	
Accumulated other comprehensive loss	  	 	(6,186	)	 	 	(231	)	
Total stockholders’ equity (deficit)	  	 	(59,624	)	 	 	(62,330	)	
Total liabilities and stockholders’ equity	  	$	458,835	  	 	$	474,100	  	

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

 	  	Three Months Ended	 	
 	  	    March 31,    
2016	 	 	    March 31,    
2015	 	
Cash flows from operating activities	  	
Net income (loss)	  	$	8,125	  	 	$	(20,029	)	
Adjustments to reconcile net income (loss) to net cash used in operating activities	  	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	6,024	  	 	 	6,870	  	
Provision for severance benefits	  	 	5,771	  	 	 	7,260	  	
Amortization of debt issuance costs and original issue discount	  	 	173	  	 	 	162	  	
Loss (gain) on foreign currency, net	  	 	(8,857	)	 	 	4,179	  	
Restructuring and impairment charges (gains)	  	 	(7,785	)	 	 	—  	 	
Stock-based compensation	  	 	536	  	 	 	185	  	
Other	  	 	(10	) 	 	 	(242	) 	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	
Accounts receivable, net	  	 	7,716	  	 	 	133	  	
Inventories, net	  	 	(11,946	)	 	 	(1,701	)	
Other receivables	  	 	(326	)	 	 	6,140	  	
Other current assets	  	 	(1,559	)	 	 	(1,329	)	
Accounts payable	  	 	4,920	  	 	 	5,902	  	
Other accounts payable	  	 	(3,748	)	 	 	(4,881	)	
Accrued expenses	  	 	(3,729	)	 	 	(7,626	)	
Deferred revenue	  	 	(9,777	)	 	 	(1,604	)	
Other current liabilities	  	 	828	  	 	 	(170	)	
Other non-current Liabilities	  	 	(325	)	 	 	(220	)	
Payment of severance benefits	  	 	(4,098	)	 	 	(1,341	)	
Other	  	 	(114	)	 	 	(367	)	
Net cash used in operating activities	  	 	(18,181	)	 	 	(8,679	)	
Cash flows from investing activities	  	 	 	 	 	 	 	 	
Purchase of plant, property and equipment	  	 	(4,288	)	 	 	(557	)	
Payment for intellectual property registration	  	 	(237	)	 	 	(77	)	
Collection of guarantee deposits	  	 	374	  	 	 	—  	 	
Proceeds from settlement of hedge collateral	  	 	3,993	  	 	 	—  	 	
Payment of guarantee deposits	  	 	(14	)	 	 	(411	)	
Other	  	 	10	  	 	 	15	  	
Net cash used investing activities	  	 	(162	)	 	 	(1,030	)	
Cash flows from financing activities	  	 	 	 	 	 	 	 	
Net cash provided by financing activities	  	 	—  	 	 	 	—  	 	
Effect of exchange rates on cash and cash equivalents	  	 	988	  	 	 	(1,330	)	
Net decrease in cash and cash equivalents	  	 	(17,355	)	 	 	(11,039	)	
Cash and cash equivalents	  	 	 	 	 	 	 	 	
Beginning of the period	  	 	90,882	  	 	 	102,434	  	
End of the period	  	$	73,527	  	 	$	91,395	  	
 	 	 	
Non-cash operating activities	  	 	 	 	 	 	 	 	
Insurance proceeds in restricted cash reclassified from other receivables	  	$	(29,571	) 	 	$	—  	 	
Non-cash investing activities	  	 	 	 	 	 	 	 	
Property, plant and equipment additions in other accounts payable	  	$	605	  	 	$	785