Dialog Semiconductor Reports Record Third Quarter 2015 Results.

Third Quarter Year on Year Revenue Growth of 18%, Increasing Profitability and Cash Flow Generation

LONDON — (BUSINESS WIRE) — October 28, 2015 — Dialog Semiconductor plc (XETRA: DLG), a provider of highly integrated power management, AC/DC power conversion, solid state lighting and Bluetooth(R) Smart wireless technology, today reports results for its third quarter ending 2 October 2015

Q3 2015 financial highlights

- IFRS revenue up 18% over Q3 2014 at $330 million and up 4% over Q2 2015

- IFRS gross margin increased year on year to 46.3%

- Underlying (*) EBITDA (**) at $80.8 million or 24.5% of revenue

- IFRS operating profit (EBIT) up 44% over Q3 2014 to $60.4 million or 18.3% of revenue

- Underlying (*) basic and diluted EPS up 27% and 28% respectively over Q3 2014. IFRS basic and diluted EPS up 50% and 53% respectively over Q3 2014

- $52 million of cash generated from operations, up 76% over Q3 2014

Q3 2015 operational highlights

- Dialog announced entry into a conditional agreement to acquire Atmel(R) Corporation (NASDAQ : ATML) a leader in Microcontrollers (MCUs).

- Atmel will release today Q3 2015 results ending 30 September 2015. Dialog shareholders are encouraged to read those results.

- Acquisition to transform Dialog into a global leader in both power management and embedded processing with $2.7 billion of combined revenues(1)

- Increasing design-win momentum in Power Management with custom and standard products in leading smartphone OEMs

- Additional design-wins for our Bluetooth(R) Smart increasing penetration in Smart Home and gaming markets

- Established early leadership with deployment of Rapid ChargeTM power conversion products for smartphone power adapters in China

- Continued success in China smartphone market with sub-PMIC technology through platform integration with MediaTek

- Last twelve months revenues

Commenting on the results, Dialog Chief Executive Dr Jalal Bagherli, said:

"I am delighted to report a successful third quarter for Dialog with strong revenue growth, increasing year-on-year profitability and even faster earnings growth. We remain focused on successfully delivering the next phase of the steep ramp of new high volume products in Power Management, Bluetooth(R) Smart and Rapid ChargeTM technologies for market leading customers."

"We are now awaiting shareholder and regulatory approval for the Atmel acquisition, which we expect to close in the first quarter of 2016. The combined company will significantly broaden our customer base, leveraging the combined world class technologies, talent and distribution channels to offer more complete solutions for the high growth mobility and smart connected devices; a combined market opportunity worth approximately $20 billion by 2019."

Outlook

Given our current visibility we estimate Q4 2015 revenue in the range of $430 million to $460 million. At the mid-point, this will result in full year revenue of $1,402 million, delivering 21 percent revenue growth over 2014.

We anticipate that underlying gross margin for the full year will be consistent with the level achieved year to date. This will result in significant gross margin improvement for the full year 2015 over 2014.

Financial overview

IFRS

 

Third Quarter

   

US$ million

2015 2014 Var.

Revenue

330,4 281,0 +18%

Gross Margin

46,3% 44,8% +150bps

R&D %

18,0% 19,6% (160)bps

SG&A % (1)

10,0% 10,4% (40)bps

EBIT

60,4 41,9 +44%

EBIT %

18,3% 14,9% +340bps

Net income   (2)

43,0 25,6 +68%

Basic EPS $ (2)

0,57 0,38 +50%

Diluted EPS $ (2)

0,55 0,36 +53%

Cash from operations

51,6 29,3 +76%
 

Underlying

Third Quarter

US$ million

2015 2014 Var.

Gross Margin

47,1% 45,4% +170bps
EBITDA 80,8 60,8 +33%
EBITDA % 24,5% 21,6% +290bps
EBIT 70,4 51,7 +36%
EBIT % 21,3% 18,4% +290bps

Net Income

53,2 37,6 +41%

Basic EPS $

0,71 0,56 +27%

Diluted EPS $

0,68 0,53 +28%

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