Diodes Incorporated Reports Fourth Quarter and Fiscal 2013 Financial Results

Recent news releases, annual reports and SEC filings are available at the Company's website: http://www.diodes.com. Written requests may be sent directly to the Company, or they may be e-mailed to: diodes-fin@diodes.com.

     
 
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 
Three Months Ended Twelve Months Ended
December 31, December 31,
2013   2012 2013   2012
NET SALES $ 210,993 $ 163,287 $ 826,846 $ 633,806
 
COST OF GOODS SOLD   150,192     120,040     589,010     472,220  
 
Gross profit 60,801 43,247 237,836 161,586
 
OPERATING EXPENSES
Selling, general and administrative 32,840 28,661 132,106 101,363
Research and development 12,466 9,295 48,302 33,761
Amortization of acquisition related intangible assets 2,003 1,721 8,078 5,122
Impairment of goodwill 5,318 - 5,318 -
Restructuring - - 1,535 -
Loss (gain) on sale of assets   169     -     216     (3,556 )
Total operating expenses   52,796     39,677     195,555     136,690  
 
Income from operations 8,005 3,570 42,281 24,896
 
OTHER INCOME (EXPENSES)
Interest income 295 194 1,274 778
Interest expense (1,430 ) (307 ) (5,580 ) (876 )
Gain (loss) on securities carried at fair value (511 ) 3,724 601 7,100
Other   (80 )   (561 )   9     (1,091 )
Total other income (expenses) (1,726 ) 3,050 (3,696 ) 5,911
 
Income before income taxes and noncontrolling interest 6,279 6,620 38,585 30,807
 
INCOME TAX PROVISION   2,828     2,842     14,481     4,825  
 
NET INCOME 3,451 3,778 24,104 25,982
 
Less: NET (INCOME) LOSS attributable to noncontrolling interest   2,753     297     2,428     (1,830 )
 
NET INCOME attributable to common stockholders $ 6,204   $ 4,075   $ 26,532   $ 24,152  
 
EARNINGS PER SHARE attributable to common stockholders
Basic $ 0.13   $ 0.09   $ 0.57   $ 0.53  
Diluted $ 0.13   $ 0.09   $ 0.56   $ 0.51  
 
Number of shares used in computation
Basic   46,666     46,011     46,363     45,780  
Diluted   47,909     46,900     47,658     46,899  
 

Note: Throughout this release, we refer to “net income attributable to common stockholders” as “net income.”

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