Diodes Incorporated Reports Third Quarter 2013 Financial Results

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DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2013			2012			2013			2012
NET SALES	$	224,510		$	166,617		$	615,853		$	470,519

COST OF GOODS SOLD		154,951			123,012			438,818			352,180

Gross profit		69,559			43,605			177,035			118,339

OPERATING EXPENSES
Selling, general and administrative		33,810			25,796			99,266			72,702
Research and development		13,611			9,084			35,836			24,466
Amortization of acquisition related intangible assets		1,871			1,203			6,075			3,401
Restructuring		-			-			1,535			-
Gain on sale of assets		5			-			47			(3,556	)
Total operating expenses		49,297			36,083			142,759			97,013

Income from operations		20,262			7,522			34,276			21,326

OTHER INCOME (EXPENSES)
Interest income		576			234			979			584
Interest expense		(1,638	)		(212	)		(4,150	)		(569	)
Other		(1,706	)		1,901			1,201			2,846
Total other income (expenses)		(2,768	)		1,923			(1,970	)		2,861

Income before income taxes and noncontrolling interest		17,494			9,445			32,306			24,187

INCOME TAX PROVISION		3,604			509			11,653			1,983

NET INCOME		13,890			8,936			20,653			22,204

Less: NET INCOME attributable to noncontrolling interest		(271	)		(383	)		(325	)		(2,127	)

NET INCOME attributable to common stockholders	$	13,619		$	8,553		$	20,328		$	20,077

EARNINGS PER SHARE attributable to common stockholders
Basic	$	0.29		$	0.19		$	0.44		$	0.44
Diluted	$	0.28		$	0.18		$	0.43		$	0.43

Number of shares used in computation
Basic		46,605			45,997			46,260			45,702
Diluted		48,023			46,995			47,584			46,901

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

DIODES INCORPORATED AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME

(in thousands, except per share data)

(unaudited)

For the three months ended September 30, 2013:

Cost of
Goods
Sold

Operating
Expenses

Other
Income
(Expense)

Income Tax
Provision

Net Income

Per-GAAP

13,619

Earnings per share (Per-GAAP)

Diluted

0.28

Adjustments to reconcile net income to adjusted net income:

Retention costs

815

(122)

693

Amortization of acquisition related intangible assets

1,871

(371)

1,500

Adjusted (Non-GAAP)

15,812

Diluted shares used in computing earnings per share

48,023

Adjusted earnings per share (Non-GAAP)

Diluted

0.33

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