SEOUL, South Korea, Sept. 8 /PRNewswire/ -- MagnaChip Semiconductor Ltd., a leading Asia-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications, today, updated its financial guidance for the second half of 2008.
Based on customer forecasts and the status of design wins, the Company expects revenue for the third quarter of 2008 to be in the range of $185 million to $190 million.
EBITDA for the third quarter of 2008 is expected to be in the range of $11 million to $13 million.
The Company currently expects revenue for the fourth quarter of 2008 to be in the range of $210 million to $220 million.
Sang Park, Chairman and CEO of MagnaChip Semiconductor, commented, "We have updated our guidance to reflect lower than expected demand, as our customers continue to tighten their inventory control due to the current uncertain economic environment. In spite of the challenging external markets, we are confident we can meet our updated revenue ranges. We continue to add new accounts and to offer new products and services which we expect to contribute to our revenue performance in future quarters."
Robert Krakauer, President and CFO of MagnaChip Semiconductor, said, "In spite of the tough environment, our new product development and operational execution continue to improve. We remain focused on improving profitability as a corporate priority. Overall, we believe we are well-positioned for strong performance throughout 2009."
About MagnaChip Semiconductor
Headquartered in Seoul, South Korea, MagnaChip Semiconductor is a leading, Asia-based designer and manufacturer of analog and mixed-signal semiconductor products for high volume consumer applications, such as mobile phones, digital televisions, flat panel displays, notebook computers, mobile multimedia devices and digital cameras. The Company has a broad range of analog and mixed-signal semiconductor technology, supported by its 29-year operating history, large portfolio of registered and pending patents and extensive engineering and manufacturing process expertise. For more information, visit www.magnachip.com.
Forward-Looking Statements:
Certain statements contained in this press release contain forward-looking statements regarding MagnaChip Semiconductor's operations, economic performance and financial condition. Although MagnaChip Semiconductor believes that the expectations reflected in these statements are reasonable, no assurance can be given that such expectations will prove to have been correct as a result of many factors, including those described in our annual report on Form 10-K for the year ended December 31, 2007, which was filed with the Securities and Exchange Commission on March 31, 2008.
Press Contacts:
MagnaChip
In Korea: In the U.S.:
Mi-Jeong HAN, PR Manager Joseph Villalta at The Ruth Group
Tel: 82-2-6903-3195 Tel: +646-536-7003
mj.hang@magnachip.com jvillalta@theruthgroup.com
SOURCE MagnaChip Semiconductor Ltd.
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