Diodes Incorporated Reports First Quarter 2016 Financial Results

Revenue Increases 8 Percent Year-Over-Year with First Full Quarter of Pericom;

Automotive Revenue Grows 60%

PLANO, Texas — (BUSINESS WIRE) — May 5, 2016 — Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete, logic, analog and mixed-signal semiconductor markets, today reported its financial results for the first quarter ended March 31, 2016.

First Quarter Highlights

  • Revenue was $222.7 million, which included the first full quarter of the Pericom acquisition, increasing 8.0 percent from the $206.2 million in the first quarter 2015 and 3.9 percent from the $214.4 million in the fourth quarter 2015;
  • Revenue excluding the contribution from Pericom was down 4.4 percent sequentially due to softness in the computing and communications markets along with weak domestic demand in China;
  • GAAP gross profit was $64.2 million, including a $3.1 million inventory valuation adjustment related to the Pericom purchase, and non-GAAP gross profit, excluding the inventory adjustment, was $67.3 million. This compares to GAAP gross profit of $63.9 million in the first quarter 2015 and $53.6 million in the fourth quarter of 2015;
  • GAAP gross profit margin was 28.8 percent and non-GAAP gross profit margin was 30.2 percent. This compares to GAAP gross profit margin of 31.0 percent in the first quarter 2015 and 25.0 percent in the fourth quarter 2015;
  • GAAP net loss was $1.7 million, or ($0.04) per share, compared to GAAP net income of $11.1 million, or $0.23 per diluted share, in the first quarter 2015 and a GAAP net loss of $4.8 million, or ($0.10) per share, in the fourth quarter 2015;
  • GAAP net loss includes $7.6 million of Pericom and previous acquisitions-related purchase price accounting adjustments versus $11.1 million in fourth quarter 2015;
  • Non-GAAP adjusted net income was $5.9 million, or $0.12 per diluted share, compared to $12.7 million, or $0.26 per diluted share, in first quarter 2015 and $6.7 million, or $0.14 per diluted share, in fourth quarter 2015;
  • Excluding $2.9 million, net of tax, non-cash share-based compensation expense, GAAP and non-GAAP adjusted net income would have increased by $0.06 per diluted share; and
  • Achieved $25.5 million of cash flow from operations, and $11.9 million of free cash flow, including $13.6 million of capital expenditures. Net cash flow was $18.6 million, which includes the pay down of $14.1 million of long-term debt.

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated, “During the first quarter, we achieved a 370 basis point sequential improvement in non-GAAP gross profit margin as a result of a full quarter of Pericom and improved product mix due to strong growth in our industrial and automotive end markets. In fact, revenue from our automotive market grew over 60 percent from first quarter 2015, reaching a record at 6 percent of revenue as we further expand our presence in this growing market. The broader semiconductor market experienced greater than typical negative seasonality in the quarter due primarily to weakness in PC’s and smartphones. Diodes’ revenue excluding Pericom performed better than the market due to increased content at key customers.

“The integration of Pericom remains on schedule from both a business unit and sales perspective, with these initiatives complete in North America and Europe. Our efforts are now focused on China and the rest of Asia, which should be completed within the second half of the year. We are working very closely with customers and the sales channel in order to maintain consistent work flow and production throughout this process. Overall, I am very pleased with the progress we have made so far and expect to further capitalize on cross-selling opportunities across a broader product portfolio and expanded customer base.

“As we look to the second quarter, we expect to grow revenue sequentially and reduce operating expenses as a percentage of sales as we benefit from additional cost synergies and operational efficiencies. Diodes has a proven track record of integrating acquisitions and realizing the full value of the combined businesses to drive long-term profitable growth, and we have made great strides towards achieving this success with Pericom.”

First Quarter 2016

Revenue for the first quarter 2016 was $222.7 million, which included the first full quarter of revenue contribution from the Pericom acquisition, increasing 8.0 percent from the $206.2 million in the first quarter 2015 and 3.9 percent from the $214.4 million in the fourth quarter 2015. Excluding the revenue from Pericom, Diodes first quarter 2016 revenue was down 4.4 percent sequentially due to softness in the computing market combined with weak domestic demand in China affecting the communications market.

1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
H-1B Visa: de Geus’ tragedy looms large
Peggy AycinenaIP Showcase
by Peggy Aycinena
IP for Cars: Lawsuits are like Sandstorms
More Editorial  
Jobs
Technical Support Engineer for EDA Careers at Freemont, CA
Mechanical Designer/Engineer for Palo Alto Networks at Santa Clara, CA
ASIC/FPGA Design Engineer for Palo Alto Networks at Santa Clara, CA
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Staff Software Engineer - (170059) for brocade at San Jose, CA
Lead Java Platform Engineer IOT-WEB for EDA Careers at San Francisco Area, CA
Upcoming Events
Embedded Systems Conference ESC Boston 2017 at Boston Convention & Exhibition Center Boston MA - May 3 - 4, 2017
2017 GPU Tech Conference at San Jose McEnery Convention Center 150 West San Carlos Street San Jose CA - May 8 - 11, 2017
High Speed Digital Design and PCB Layout at 13727 460 Ct SE North Bend WA - May 9 - 11, 2017
Nanotech 2017 Conference & Expo at Gaylord National Hotel & Convention Center WA - May 14 - 17, 2017
DAC2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy