Diodes Incorporated Reports Second Quarter 2017 Financial Results

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Any statements set forth above that are not historical facts are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such statements include statements containing forward-looking words such as “expect,” “anticipate,” “sets the stage,” “continuing,” “working diligently to,” “position the Company for,” “aim,” “estimate,” and variations thereof, including without limitation statements, whether direct or implied, regarding expectations of revenue growth, market share gains and increase in gross profits in 2017 and beyond; that for the third quarter of 2017, we expect revenue to range between $270 million and $290 million, or up 2.2 to 9.8 percent sequentially; that we expect gross margin to be 34.5 percent, plus or minus 1 percent; that non-GAAP operating expenses, which are GAAP operating expenses adjusted for KFAB closure costs, retention costs and amortization of acquisition-related intangible assets, are expected to be approximately 22.5 percent of revenue, plus or minus 1 percent; that we expect interest expense to be approximately $3.0 million; that our income tax rate is expected to be 30.0 percent, plus or minus 3 percent; and that shares used to calculate diluted EPS for the second quarter are anticipated to be approximately 50.3 million. Potential risks and uncertainties include, but are not limited to, such factors as: the risk that such expectations may not be met; the risk that the expected benefits of acquisitions may not be realized or that integration of acquired businesses, such as Pericom, may not continue as rapidly as we anticipate; the risk that we may not be able to maintain our current growth strategy or continue to maintain our current performance, costs and loadings in our manufacturing facilities; the risk that we may not be able to increase our automotive or other revenue and market share; risks of domestic and foreign operations, including excessive operation costs, labor shortages, higher tax rates and our joint venture prospects; the risk that we may not continue our share repurchase program; the risks of cyclical downturns in the semiconductor industry and of changes in end-market demand or product mix that may affect gross margin or render inventory obsolete; the risk of unfavorable currency exchange rates; the risk that our future outlook or guidance may be incorrect; the risks of global economic weakness or instability in global financial markets; the risks of trade restrictions, tariffs or embargoes; the risk of breaches of our information technology systems; and other information including the “Risk Factors” detailed from time to time in Diodes’ filings with the United States Securities and Exchange Commission.

Recent news releases, annual reports and SEC filings are available at the Company’s website: http://www.diodes.com. Written requests may be sent directly to the Company, or they may be e-mailed to: diodes-fin@diodes.com.

             
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

 
Three Months Ended Six Months Ended
June 30, June 30,
2017     2016 2017   2016
NET SALES $ 264,224 $ 236,645 $ 500,527 $ 459,383
 
COST OF GOODS SOLD   174,085     161,828     336,477     320,346  
 
Gross profit 90,139 74,817 164,050 139,037
 
OPERATING EXPENSES
Selling, general and administrative 39,697 41,390 79,387 80,844
Research and development 19,796 17,010 37,836 35,159
Amortization of acquisition-related intangible assets 4,646 5,131 9,404 10,262
Restructuring 1,838 4,069
Other operating expenses   334     9     169     40  
Total operating expenses   66,311     63,540     130,865     126,305  
 
Income from operations 23,828 11,277 33,185 12,732
 
OTHER INCOME (EXPENSES)
Interest income 308 298 603 754
Interest expense (3,447 ) (3,684 ) (6,932 ) (6,196 )
Foreign currency (loss) gain, net (1,628 ) 673 (5,422 ) (606 )
Other income   802     228     531     71  
Total other expenses (3,965 ) (2,485 ) (11,220 ) (5,977 )
 
Income before income taxes and noncontrolling interest 19,863 8,792 21,965 6,755
 
INCOME TAX PROVISION   6,039     2,396     6,599     1,844  
 
NET INCOME 13,824 6,396 15,366 4,911
 
Less: NET INCOME attributable to noncontrolling interest   (645 )   (644 )   (970 )   (892 )
 
NET INCOME attributable to common stockholders $ 13,179   $ 5,752   $ 14,396   $ 4,019  
 
EARNINGS PER SHARE attributable to common stockholders
Basic $ 0.27   $ 0.12   $ 0.30   $ 0.08  
Diluted $ 0.26   $ 0.12   $ 0.29   $ 0.08  
 
Number of shares used in computation
Basic   48,518     48,383     48,418     48,336  
Diluted   49,944     49,500     49,807     49,380  
 

Note: Throughout this release, we refer to “net income attributable to common stockholders” as “net income.”

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