Diodes Incorporated Reports First Quarter 2016 Financial Results

GAAP gross profit for the first quarter 2016 was $64.2 million, or 28.8 percent of revenue, including $3.1 million inventory valuation adjustments related to the Pericom acquisition. Non-GAAP gross profit, excluding the inventory adjustment, was $67.3 million, or 30.2 percent of revenue, compared to 26.5 percent last quarter. GAAP gross profit in the first quarter 2015 was $63.9 million, or 31.0 percent of revenue, and in the fourth quarter 2015 was $53.6 million, or 25.0 percent of revenue. The 370 basis point sequential increase in non-GAAP gross profit margin was due primarily to improved product mix and a full quarter of Pericom.

GAAP operating expenses for the first quarter 2016 were $62.8 million, or 28.2 percent of revenue, and $56.8 million, or 25.5 percent of revenue, on a non-GAAP basis, including $6.0 million of transaction, retention and amortization of acquisition related intangible asset expenses. This compares to GAAP operating expenses of $47.0 million, or 22.8 percent of revenue, in the first quarter 2015 and $60.4 million, or 28.2 percent of revenue, in the fourth quarter 2015.

First quarter 2016 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 GAAP net loss of $4.8 million, or ($0.10) per share, in the fourth quarter 2015.

First quarter 2016 non-GAAP adjusted net income was $5.9 million, or $0.12 per diluted share, which excluded, net of tax, $3.5 million of purchase price accounting costs and $4.1 million of non-cash acquisition-related intangible asset amortization costs. This compares to non-GAAP adjusted net income of $12.7 million, or $0.26 per diluted share, in the first quarter 2015 and $6.7 million, or $0.14 per diluted share, in the fourth quarter 2015.

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

   
Three Months Ended
March 31, 2016
GAAP net loss $ (1,733 )
 
GAAP loss per share $ (0.04 )
 
Adjustments to reconcile net loss to Non-GAAP net income:
 
M&A Activities
 
Pericom 6,174
 
Inventory adjustment 2,907
 
Transaction costs 302
 
Retention costs 257
 
Amortization of acquisition related intangible assets 2,708
 
Others 1,450
 
Amortization of acquisition related intangible assets 1,450
 
Non-GAAP net income $ 5,891  
 
Non-GAAP diluted earnings per share $ 0.12  
 

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



Review Article Be the first to review this article
Aldec

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Diversity: Really, who cares
More Editorial  
Jobs
Senior R&D Engineer...Timing Closure Specialist for EDA Careers at San Jose or Anywhere, CA
Senior Methodology Automation Engineer for EDA Careers at San Jose, CA
DDR 3-4-5 Developer with VIP for EDA Careers at San Jose, CA
Senior Front-End RTL Design AE for EDA Careers at San Jose, CA
Proposal Support Coordinator for Keystone Aerial Surveys at Philadelphia, PA
Upcoming Events
11th International Conference on Verification and Evaluation of Computer and Communication Systems at 1455 DeMaisonneuve W. EV05.139 Montreal Quebec Canada - Aug 24 - 25, 2017
The Rise of Mechatronics at Dassault Systèmes San Diego 5005 Wateridge Vista Drive San Diego CA - Sep 12, 2017
The Rise of Mechatronics at Buca di Beppo - Pasadena 80 West Green Street Pasadena CA - Sep 13, 2017
S2C: FPGA Base prototyping- Download white paper



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — 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