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BRIEF-Magnachip Q4 adjusted earnings per share $0.04
February 9, 2017 / 9:53 PM / 8 months ago

BRIEF-Magnachip Q4 adjusted earnings per share $0.04

Feb 10 (Reuters) - Magnachip Semiconductor Corp :

* Magnachip reports fourth quarter 2016 financial results

* Q4 adjusted non-gaap earnings per share $0.04

* Q4 revenue $180.5 million

* Sees q1 revenue $157 million to $163 million

* Magnachip Semiconductor Corp - for q1 of 2017 gross profit is anticipated to be in range of 24 pct to 26 pct

* Magnachip Semiconductor Corp - sees q1 gross profit is anticipated to be in range of 24 pct to 26 pct

* Magnachip Semiconductor -company this month launched a new headcount reduction plan that is expected to be two to three times larger than a 2016 program

* Magnachip Semiconductor - headcount reduction plan resulted last year in a reduction in headcount of 169 employees

* Magnachip Semiconductor -expects to use $30-40 million of proceeds from exchangeable senior notes offering to pay severance, other benefits to affected employees

* Magnachip Semiconductor says estimated annual cost savings from $20 million to $27 million, depending upon final size of workforce reduction Source text for Eikon: Further company coverage:

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