Diodes Incorporated Reports Third 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 fourth quarter of 2017, we expect revenue to range between $260 million and $280 million, or down 8.8 to 1.8 percent sequentially; that we expect non-GAAP gross margin to be 35.0 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 23.5 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 29.0 percent, plus or minus 1 percent; and that shares used to calculate diluted EPS for the fourth quarter are anticipated to be approximately 50.8 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 Nine Months Ended
September 30, September 30,
2017     2016 2017     2016
NET SALES $ 285,247 $ 250,694 $ 785,774 $ 710,077
 
COST OF GOODS SOLD   188,900     170,071     525,377     490,417  
 
Gross profit 96,347 80,623 260,397 219,660
 
OPERATING EXPENSES
Selling, general and administrative 43,525 38,321 122,912 119,165
Research and development 20,379 17,088 58,215 52,247
Amortization of acquisition-related intangible assets 4,694 5,117 14,098 15,379
Impairment of fixed assets 1,993 - 1,993 -
Restructuring 2,039 - 6,108 -
Other operating expenses   -     144     169     184  
Total operating expenses   72,630     60,670     203,495     186,975  
 
Income from operations 23,717 19,953 56,902 32,685
 
OTHER INCOME (EXPENSES)
Interest income 389 321 992 1,075
Interest expense (3,561 ) (3,684 ) (10,493 ) (9,880 )
Foreign currency loss, net (1,312 ) (1,439 ) (6,734 ) (2,045 )
Other income   597     480     1,128     551  
Total other expenses (3,887 ) (4,322 ) (15,107 ) (10,299 )
 
Income before income taxes and noncontrolling interest 19,830 15,631 41,795 22,386
 
INCOME TAX PROVISION   5,052     4,097     11,651     5,941  
 
NET INCOME 14,778 11,534 30,144 16,445
 
Less: NET INCOME attributable to noncontrolling interest   (328 )   (886 )   (1,298 )   (1,778 )
 
NET INCOME attributable to common stockholders $ 14,450   $ 10,648   $ 28,846   $ 14,667  
 
EARNINGS PER SHARE attributable to common stockholders
Basic $ 0.29   $ 0.22   $ 0.59   $ 0.30  
Diluted $ 0.29   $ 0.21   $ 0.58   $ 0.30  
 
Number of shares used in computation
Basic   49,057     48,814     48,633     48,496  
Diluted   50,416     49,922     50,061     49,565  
 

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

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