Diodes Incorporated Reports First Quarter 2015 Financial Results

The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):

     
Three Months Ended
March 31,
2015     2014
 
Net income (per-GAAP) $ 11,132 $ 10,202
Plus:
Interest expense, net 766 863
Income tax provision 4,187 2,547
Depreciation and amortization   19,172   19,176
EBITDA (Non-GAAP) $ 35,257 $ 32,788
 
         
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
ASSETS

(in thousands)

 
March 31, December 31,
2015 2014
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 222,113 $ 243,000
Short-term investments 26,722 11,726
Accounts receivable, net 177,628 188,248
Inventories 187,379 182,026
Deferred income taxes, current 11,301 11,295
Prepaid expenses and other   46,455   50,510
Total current assets   671,598   686,805
 
PROPERTY, PLANT AND EQUIPMENT, net 325,278 309,931
 
DEFERRED INCOME TAXES, non-current 32,556 32,550
 
OTHER ASSETS
Goodwill 79,665 81,229
Intangible assets, net 42,663 45,028
Other   23,270   23,614
Total assets $ 1,175,030 $ 1,179,157
 
         
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
LIABILITIES AND EQUITY

(in thousands, except share data)

 
March 31, December 31,
2015 2014
(unaudited)
CURRENT LIABILITIES
Lines of credit $ 973 $ 1,064
Accounts payable 84,017 79,390
Accrued liabilities 62,513 60,436
Income tax payable   8,047     8,381  
Total current liabilities   155,550     149,271  
 
LONG-TERM DEBT, net of current portion 117,734 140,787
OTHER LONG-TERM LIABILITIES   78,918     78,932  
Total liabilities   352,202     368,990  
 
COMMITMENTS AND CONTINGENCIES
 
EQUITY
Diodes Incorporated stockholders' equity

Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding

Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; 47,963,677 and 47,591,092 issued and outstanding at March 31, 2015 and December 31, 2014, respectively

31,977 31,729
Additional paid-in capital 324,023 314,942
Retained earnings 501,138 490,006
Accumulated other comprehensive loss   (76,873 )   (68,402 )
Total Diodes Incorporated stockholders' equity   780,265     768,275  
Noncontrolling interest   42,563     41,892  
Total equity 822,828 810,167
Total liabilities and equity $ 1,175,030   $ 1,179,157  

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