Diodes Incorporated Reports Fourth Quarter and Fiscal 2016 Financial Results

Achieves Record Annual Revenue and Gross Profit

PLANO, Texas — (BUSINESS WIRE) — February 14, 2017 — 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 fourth quarter and fiscal year ended December 31, 2016.

Year 2016 Highlights

  • Revenue grew to a record $942.2 million, an increase of 11.0 percent over the $848.9 million in 2015 due primarily to the Pericom acquisition;
  • GAAP gross profit was a record $286.9 million as compared to $248.6 million in 2015;
  • GAAP gross margin improved 120 basis points to 30.5 percent from 29.3 percent in 2015;
  • GAAP net income was $15.9 million, or $0.32 per diluted share, compared to $24.3 million, or $0.49 per diluted share in 2015;
  • Non-GAAP adjusted net income was $38.4 million, or $0.77 per diluted share, compared to $42.3 million, or $0.86 per diluted share in 2015;
  • Excluding $9.1 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.18 per diluted share; and
  • Achieved $124.7 million cash flow from operations and $66.2 million free cash flow, including $58.5 million of capital expenditures or 6.2 percent of revenue. Net cash flow was $29.4 million, which includes the pay down of $36.4 million of long-term debt and $18 million for the stock buyback.

Fourth Quarter Highlights

  • Revenue was $232.1 million, a decrease of 7.4 percent from the $250.7 million in the third quarter 2016 due mainly to the KFAB fire, and an increase of 8.3 percent from the $214.4 million in fourth quarter 2015 due primarily to the Pericom acquisition;
  • Gross profit was $67.3 million, including approximately $5.3 million of fab expenses associated with the KFAB fire, compared to $80.6 million in third quarter 2016 and $53.6 million in fourth quarter 2015;
  • Gross profit margin was 29.0 percent, compared to 32.2 percent in third quarter 2016 and 25.0 percent in fourth quarter 2015;
  • GAAP net income was $1.3 million, or $0.03 per diluted share, including approximately $4.0 million or $0.08 per diluted share negative impact due to the KFAB fire and $2.1 million or $0.04 per diluted share negative impact due to a non-cash impairment of a non-operating investment, compared to GAAP net income $10.6 million, or $0.21 per diluted share, in third quarter 2016 and a GAAP net loss of $4.8 million, or ($0.10) per share, in fourth quarter 2015 due mainly to the Pericom acquisition;
  • Non-GAAP adjusted net income was $7.7 million, or $0.15 per diluted share, compared to $15.1 million, or $0.30 per diluted share, in third quarter 2016 and $6.7 million, or $0.14 per diluted share, in fourth quarter 2015;
  • Excluding $0.8 million, net of tax, non-cash share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.02 per diluted share;
  • Repurchased 691,196 shares of common stock totaling approximately $18.0 million; and
  • Achieved $49.8 million of cash flow from operations, and $38.3 million free cash flow, including $11.5 million of capital expenditures. Net cash flow was $27.3 million, including the stock repurchase.

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated,

“Diodes ended the year achieving record revenue and gross profit, driven by increased content at new customers as well as higher contribution from new products. We also made solid progress on our integration of Pericom Semiconductor throughout the year, which sets the stage for expanded growth opportunities in 2017.

“Additionally, our automotive revenue reached a record level, increasing almost 50% over the prior year and representing 7% of our annual revenue. Over the past three years, Diodes has significantly advanced our automotive strategy through investments in new products and customer expansion. Going forward, we expect to further expand revenue growth and capture additional share through new product introductions and design wins.

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