Diodes Incorporated Reports Third Quarter 2015 Financial Results

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such statements include statements regarding our expectation that: we currently expect this weak environment and the distributor inventory adjustments to extend into the fourth quarter so have taken additional measures to carefully manage expenses, including reductions in travel and vendor expenses as well as a freeze on new hires; since we are cautiously optimistic for overall improvements in 2016, we expect these actions to be temporary and do not anticipate the need for more aggressive steps; looking forward, I continue to believe Diodes’ increased focus on automotive, industrial and the high-volume portable and wearable markets will be key drivers of our business in the coming year; due to continued weakness in the overall environment, we expect revenue for the fourth quarter of 2015 to range between $191 million and $209 million, or flat to down 8.5 percent sequentially; we expect gross margin to be 26 percent, plus or minus 2 percent; operating expenses are expected to be approximately 24 percent of revenue, plus or minus 1 percent; we expect our income tax rate to be 35 percent, plus or minus 3 percent, and shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 50 million; for the full year 2015, we expect our capital expenditures to be 5 to 9 percent of revenue, excluding the Chengdu site expansion; repurchases will be funded from available working capital, including cash balances, advances under available credit facilities, cash flow from operations, and proceeds from exercises of equity compensation awards; the amount of shares of our common stock that may be repurchased; the effect of such repurchases on the dilution to shares outstanding resulting from equity compensation grants; the effect of such repurchases on earnings per share growth; and the objectives of the share repurchase program or the sources of funding the share repurchase program. Potential risks and uncertainties include, but are not limited to, such factors as: the risk that such expectations may not be met; the risk that the expected benefits of acquisitions may not be realized; the risk that we may not be able to maintain our current growth strategy or continue to maintain our current performance, costs and loadings in our manufacturing facilities; risks of domestic and foreign operations, including excessive operation costs, labor shortages, higher tax rates and our joint venture prospects; the risk of unfavorable currency exchange rates; our future guidance may be incorrect; the global economic weakness may be more severe or last longer than we currently anticipated; breaches of our information technology systems; the possibility that no shares will be repurchased; the risk that the expected benefits of share repurchases will not be realized; and other information including the “Risk Factors,” detailed from time to time in Diodes’ filings with the United States Securities and Exchange Commission.

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 Nine Months Ended
September 30, September 30,
2015 2014 2015   2014
NET SALES $ 208,888 $ 233,777 $ 634,522 $ 666,980
 
COST OF GOODS SOLD   147,252     159,045     439,536     460,363  
 
Gross profit 61,636 74,732 194,986 206,617
 
OPERATING EXPENSES
Selling, general and administrative 34,669 33,897 98,282 99,518
Research and development 13,745 13,864 40,644 39,565
Amortization of acquisition related intangible assets 1,828 1,987 5,630 5,960
Loss (gain) on fixed assets   1,421     (20 )   1,556     (916 )
Total operating expenses   51,663     49,728     146,112     144,127  
 
Income from operations 9,973 25,004 48,874 62,490
 
OTHER INCOME (EXPENSES)
Interest income 153 324 695 1,158
Interest expense (781 ) (1,074 ) (2,602 ) (3,489 )
Gain (loss) on securities carried at fair value (91 ) 169 (145 ) 1,364
Other   974     1,881     626     1,276  
Total other expenses 255 1,300 (1,426 ) 309
 
Income before income taxes and noncontrolling interest 10,228 26,304 47,448 62,799
 
INCOME TAX PROVISION   6,593     6,172     16,179     14,370  
 
NET INCOME 3,635 20,132 31,269 48,429
 
Less: NET INCOME attributable to noncontrolling interest   (798 )   (705 )   (2,222 )   (1,415 )
 
NET INCOME attributable to common stockholders $ 2,837   $ 19,427   $ 29,047   $ 47,014  
 
EARNINGS PER SHARE attributable to common stockholders
Basic $ 0.06   $ 0.41   $ 0.60   $ 1.00  
Diluted $ 0.06   $ 0.40   $ 0.59   $ 0.97  
 
Number of shares used in computation
Basic   48,586     47,548     48,114     47,047  
Diluted   49,564     48,736     49,351     48,385  
 

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