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
Jobs
Senior Electrical Engineer for Allen & Shariff Corporation at Pittsburgh, Pennsylvania
Upcoming Events
Methodics User Group Meeting at Maxim Integrated 160 Rio Robles San Jose CA - Jun 5 - 6, 2018
2018 FLEX Korea at Room 402/ 403, COEX Seoul Korea (South) - Jun 20 - 21, 2018
IEEE 5G World FOrum at 5101 Great America Parkway Santa Clara CA - Jul 9 - 11, 2018
SEMICON West 2018 at Moscone Center North, Room 24-25, 730 Howard St, San Francisco, CA 94103, USA San Francisco CA - Jul 11 - 12, 2018
TrueCircuits: IoTPLL
DAC2018



Internet Business Systems © 2018 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 PolicyAdvertise