Diodes Incorporated Reports Third Quarter 2015 Financial Results

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

      Three Months Ended     Nine Months Ended
September 30, September 30,
2015     2014 2015     2014
 
Net income (per-GAAP) $ 2,837 $ 19,427 $ 29,047 $ 47,014
Plus:
Interest expense, net 628 750 1,907 2,331
Income tax provision 6,593 6,172 16,179 14,370
Depreciation and amortization   19,599   18,921   57,969   57,254
EBITDA (Non-GAAP) $ 29,657 $ 45,270 $ 105,102 $ 120,969
 
         
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
ASSETS

(in thousands)

 
September 30, December 31,
2015 2014
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 188,755 $ 243,000
Short-term investments 24,586 11,726
Accounts receivable, net 202,467 188,248
Inventories 197,698 182,026
Deferred income taxes, current 11,193 11,295
Prepaid expenses and other   38,389   50,510
Total current assets   663,088   686,805
 
PROPERTY, PLANT AND EQUIPMENT, net 371,036 309,931
 
DEFERRED INCOME TAXES, non-current 32,259 32,550
 
OTHER ASSETS
Goodwill 79,389 81,229
Intangible assets, net 42,841 45,028
Other   24,580   23,614
Total assets $ 1,213,193 $ 1,179,157
 
         
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
LIABILITIES AND EQUITY

(in thousands, except share data)

 
September 30, December 31,
2015 2014
(unaudited)
CURRENT LIABILITIES
Lines of credit $ 261 $ 1,064
Accounts payable 86,388 79,390
Accrued liabilities 91,868 60,436
Income tax payable   9,106     8,381  
Total current liabilities   187,623     149,271  
 
LONG-TERM DEBT, net of current portion 93,510 140,787
OTHER LONG-TERM LIABILITIES   74,591     78,932  
Total liabilities   355,724     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; 48,588,184 and 47,591,092 issued and outstanding at September 30, 2015 and December 31, 2014, respectively 32,394 31,729
Additional paid-in capital 335,835 314,942
Retained earnings 519,053 490,006
Accumulated other comprehensive loss   (77,564 )   (68,402 )
Total Diodes Incorporated stockholders' equity   809,718     768,275  
Noncontrolling interest   47,751     41,892  
Total equity 857,469 810,167
Total liabilities and equity $ 1,213,193   $ 1,179,157  
 

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