Diodes Incorporated Reports Fourth Quarter and Fiscal 2015 Financial Results

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

    Three Months Ended     Twelve Months Ended
December 31, December 31,
2015     2014 2015     2014
 
Net income (per-GAAP) $ 725 $ 16,665 $ 29,772 $ 63,678
Plus:
Interest expense, net 1,319 531 3,226 2,862
Income tax provision 272 5,988 16,451 20,359
Depreciation and amortization   22,131   19,517   80,100   76,771
EBITDA (Non-GAAP) $ 24,447 $ 42,701 $ 129,549 $ 163,670
 
 
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS

(in thousands, except share data)

 
    December 31,     December 31,
  2015     2014  
(unaudited)
CURRENT ASSETS
Cash and cash equivalents $ 218,435 $ 243,000
Short-term investments 64,685 11,726
Accounts receivable, net 218,496 188,248
Inventories 202,832 182,026
Prepaid expenses and other   46,103     50,510  
Total current assets   750,551     675,510  
 
PROPERTY, PLANT AND EQUIPMENT, net 439,340 309,931
 
DEFERRED INCOME TAXES, non-current 44,761 43,845
 
OTHER ASSETS
Goodwill 144,923 81,229
Intangible assets, net 196,409 45,028
Other   36,696     23,614  
Total assets $ 1,612,680   $ 1,179,157  
 
 
December 31, December 31,
  2015     2014  
(unaudited)
CURRENT LIABILITIES
Lines of credit $ - $ 1,064
Accounts payable 86,463 79,390
Accrued liabilities 77,801 60,149
Income tax payable 5,117 8,381
Current portion of long-term debt   10,282     287  
Total current liabilities   179,663     149,271  
 
LONG-TERM DEBT, net of current portion 455,941 140,787
DEFERRED TAX LIABILITIES - non current 31,658 -
OTHER LONG-TERM LIABILITIES   90,153     78,932  
Total liabilities   757,415     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;

48,148,077 and 47,591,092 issued and outstanding at December 31, 2015 and December 31, 2014, respectively

32,404 31,729
Additional paid-in capital 350,855 314,942
Retained earnings 519,778 490,006
Treasury stock (11,009 )
Accumulated other comprehensive loss   (84,416 )   (68,402 )
Total Diodes Incorporated stockholders' equity 807,612 768,275
Noncontrolling interest   47,653     41,892  
Total equity   855,265     810,167  
Total liabilities and equity $ 1,612,680   $ 1,179,157  

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