Diodes Incorporated Reports Fourth Quarter and Fiscal 2015 Financial Results

GAAP gross profit for the fourth quarter 2015 was $53.9 million, or 25.1 percent of revenue, including $3.1 million inventory valuation adjustments related to the Pericom acquisition. Non-GAAP gross profit, excluding the $3.1 million inventory adjustment, was $56.9 million, or 26.5 percent of revenue. GAAP gross profit in the third quarter 2015 was $61.6 million, or 29.5 percent of revenue, and in the fourth quarter 2014 was $70.7 million, or 31.6 percent of revenue. The sequential decline in gross profit margin was due to lower capacity utilization, product mix and pricing.

Operating expenses for the fourth quarter 2015 were $52.8 million, or 24.6 percent of revenue, compared to $51.7 million, or 24.7 percent of revenue, in the third quarter 2015 and $48.6 million, or 21.7 percent of revenue, in the fourth quarter 2014.

Fourth quarter 2015 GAAP net income was $0.7 million, including $4.1 million of Pericom acquisition-related expense, or $0.01 per diluted share, compared to third quarter 2015 of $2.8 million, or $0.06 per diluted share, and fourth quarter 2014 of $16.7 million, or $0.34 per diluted share.

Fourth quarter 2015 non-GAAP net income was $6.7 million, or $0.14 per diluted share, which excluded, net of tax, $3.2 million of purchase price accounting costs, $2.4 million of non-cash, acquisition-related intangible asset amortization costs and $0.4 million of severance costs. This compares to non-GAAP net income of $6.3 million, or $0.13 per diluted share, in the third quarter 2015 and $18.3 million, or $0.38 per diluted share, in the fourth quarter 2014.

The following is a summary reconciliation of GAAP net income to non-GAAP net income and per share data, net of tax (in thousands, except per share data):

        Three Months Ended
December 31, 2015
GAAP net income $ 725
 
GAAP diluted earnings per share $ 0.01
 
Adjustments to reconcile net income to Non-GAAP net income:
 
M&A Activities
 
Pericom 4,112
 
Inventory adjustment 2,907
 
Transaction costs 216
 
Retention costs 86
 
Amortization of acquisition related intangible assets 903
 
Others 1,478
 
Amortization of acquisition related intangible assets 1,478
 
Severance   419
 
Non-GAAP net income $ 6,734
 
Non-GAAP diluted earnings per share $ 0.14

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