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Diodes Incorporated Reports Second Quarter 2012 Financial Results



  Diodes Incorporated Reports Second Quarter 2012 Financial Results

 Achieves 10% Sequential Revenue Growth and Projects Continued Growth in the
                                Third Quarter

Business Wire

PLANO, Texas -- August 08, 2012

Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and supplier
of high-quality application specific standard products within the broad
discrete, logic and analog semiconductor markets, today reported its financial
results for the second quarter ended June 30, 2012.

Second Quarter Highlights

  * Revenue was $159.2 million, an increase of 10.0 percent from the $144.7
    million in the first quarter 2012, and a decrease of 6.2 percent from the
    record quarterly revenue of $169.8 million in the second quarter 2011;
  * Gross profit was $41.0 million, compared to $33.7 million in the first
    quarter 2012 and $55.6 million in the second quarter 2011;
  * Gross profit margin was 25.8 percent, compared to 23.3 percent in the
    first quarter 2012, and 32.8 percent in the second quarter 2011;
  * GAAP net income was $6.7 million, or $0.14 per diluted share, compared to
    first quarter 2012 of $4.9 million, or $0.10 per diluted share, and second
    quarter 2011 of $18.0 million, or $0.38 per diluted share;
  * Non-GAAP adjusted net income was $6.4 million, or $0.14 per diluted share,
    compared to first quarter 2012 of $4.1 million, or $0.09 per diluted
    share, and second quarter 2011 of $20.1 million, or $0.43 per diluted
    share;
  * Excluding $2.3 million of share-based compensation expense, both GAAP and
    non-GAAP adjusted net income would have increased by $0.05 per diluted
    share; and
  * Achieved $16.8 million cash flow from operations, negative ($8.4) million
    net cash flow due mainly to the $9.5 million pay down of a line of credit,
    and $4.5 million free cash flow, including $12.3 million in capital
    expenditures.

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive
Officer of Diodes Incorporated, stated, “I am pleased to report 10 percent
sequential revenue growth driven by improved demand across all of our
geographies and end markets as we continued to gain market share. The quarter
benefited from the ramping of new projects for our products used in
smartphones and tablets, where Diodes is very well positioned. Our growth is
particularly noteworthy considering our stronger than seasonal results last
quarter, which was the low point in the demand cycle. Margins also improved in
the quarter as we began to slowly shift to higher margin products, while also
benefiting from new product initiatives and manufacturing efficiency
improvements.

“In response to our expectation for continued growth in the third quarter, we
made targeted capital expenditures in our Shanghai facilities to increase
capacity for specific packages and products. Although uncertainty remains
regarding the global economic environment in the second half of the year, we
remain focused on increasing design wins, gaining market share and overall
efficiencies.”

Second Quarter 2012

Revenue for the second quarter 2012 was $159.2 million, an increase of 10.0
percent over the $144.7 million in the first quarter 2012, and a decrease of
6.2 percent from the record quarterly revenue of $169.8 million in the second
quarter 2011. Revenue was up sequentially due to continued improvements in
demand across all of the Company’s geographies and end markets.

Gross profit for the second quarter 2012 was $41.0 million, or 25.8 percent of
revenue, compared to $33.7 million, or 23.3 percent of revenue, in the first
quarter 2012, and $55.6 million, or 32.8 percent, in the second quarter 2011.
Gross profit margin improved sequentially due to a greater mix of higher
margin products combined with new product initiatives and the benefit of
manufacturing efficiencies.

Second quarter 2012 GAAP net income was $6.7 million, or $0.14 per diluted
share, compared to GAAP net income of $4.9 million, or $0.10 per diluted
share, in the first quarter 2012, and GAAP net income of $18.0 million, or
$0.38 per diluted share, in the second quarter 2011.

Non-GAAP adjusted net income for the second quarter 2012 was $6.4 million, or
$0.14 per diluted share, which excluded, net of tax, $0.8 million of non-cash
acquisition related intangible asset amortization costs and a $1.1 million
gain on the sale of assets, compared to non-GAAP adjusted net income of $4.1
million, or $0.09 per diluted share, in the first quarter 2012 and $20.1
million, or $0.43 per diluted share, in the second quarter 2011. The following
is a 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
                                                          June 30, 2012
GAAP net income                                           $    6,653      
                                                           
GAAP diluted earnings per share                           $    0.14       
                                                           
Adjustments to reconcile net income
to adjusted net income:
                                                           
Amortization of acquisition related intangible assets          844
                                                           
Gain on sale of assets                                         (1,104    )
                                                           
Non-GAAP adjusted net income                              $    6,393      
                                                           
Non-GAAP adjusted diluted earnings per share              $    0.14       
                                                                          

(See the reconciliation of net income to adjusted net income tables near the
end of the release for further details)

Included in second quarter 2012 GAAP and non-GAAP adjusted net income was
approximately $2.3 million, net of tax, non-cash share-based compensation
expense. Excluding share-based compensation expense, both GAAP and non-GAAP
adjusted diluted EPS would have increased by an additional $0.05 per share.

EBITDA, which represents earnings before net interest expense, income tax,
depreciation and amortization, for the second quarter 2012 was $23.2 million,
compared to $21.2 million for the first quarter 2012, and $40.5 million for
the second quarter 2011. For a reconciliation of GAAP net income to EBITDA
(non-GAAP), see the table near the end of the release for further details.

As of June 30, 2012, Diodes had approximately $168 million in cash and cash
equivalents, and working capital was approximately $373 million.

Business Outlook

Dr. Lu concluded, “As we look to the second half of 2012, we are approaching
the challenging environment cautiously as we began to see demand moderate in
June and growth in China is proving to be softer than expected. That said, we
remain focused on executing on our profitable growth model and expect revenue
in the third quarter to increase to a range between $162 million and $170
million. We expect gross margin to be 28 percent, plus or minus 2 percent.
Operating expenses in third quarter are expected to be 21.4 percent of
revenue, plus or minus 1 percent. We expect our income tax rate to range
between 7 and 13 percent, and shares used to calculate GAAP EPS for the third
quarter are anticipated to be approximately 47.2 million.”

Conference Call

Diodes will host a conference call on Wednesday, August 8, 2012 at 4:00 p.m.
Central Time (5:00 p.m. Eastern Time) to discuss its second quarter financial
results. Investors and analysts may join the conference call by dialing
1-800-510-0146 and providing the confirmation code 30749776. International
callers may join the teleconference by dialing 1-617-614-3449 and enter the
same confirmation code at the prompt. A telephone replay of the call will be
made available approximately two hours after the call and will remain
available until Monday, August 13, 2012 at midnight Central Time. The replay
number is 1-888-286-8010 with a pass code of 86613825. International callers
should dial 1-617-801-6888 and enter the same pass code at the prompt.
Additionally, this conference call will be broadcast live over the Internet
and can be accessed by all interested parties on the Investors section of
Diodes' website at http://www.diodes.com. To listen to the live call, please
go to the Investors section of Diodes’ website and click on the conference
call link at least 15 minutes prior to the start of the call to register,
download and install any necessary audio software. For those unable to
participate during the live broadcast, a replay will be available shortly
after the call on Diodes' website for approximately 60 days.

About Diodes Incorporated

Diodes Incorporated (Nasdaq: DIOD), a Standard and Poor's SmallCap 600 and
Russell 3000 Index company, is a leading global manufacturer and supplier of
high-quality application specific standard products within the broad discrete,
logic and analog semiconductor markets. Diodes serves the consumer
electronics, computing, communications, industrial, and automotive markets.
Diodes' products include diodes, rectifiers, transistors, MOSFETs, protection
devices, functional specific arrays, single gate logic, amplifiers and
comparators, Hall-effect and temperature sensors; power management devices,
including LED drivers, DC-DC switching and linear voltage regulators, and
voltage references along with special function devices, such as USB power
switches, load switches, voltage supervisors, and motor controllers. The
Company's corporate headquarters, logistics center, and Americas' sales office
are located in Plano, Texas. Design, marketing, and engineering centers are
located in Plano; San Jose, California; Taipei, Taiwan; Manchester, England;
and Neuhaus, Germany. The Company's wafer fabrication facilities are located
in Kansas City, Missouri and Manchester, with two manufacturing facilities
located in Shanghai, China, another in Neuhaus, and two joint venture
facilities located in Chengdu, China. Additional engineering, sales,
warehouse, and logistics offices are located in Fort Worth, Texas; Taipei;
Hong Kong; Manchester; and Munich, Germany, with support offices located
throughout the world. For further information, including SEC filings, visit
the Company's website at http://www.diodes.com.

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 regarding our expectation that:
Projects Continued Growth in Third Quarter; in response to our expectation for
continued growth in the third quarter, we made targeted capital expenditures
in our Shanghai facilities to increase capacity for specific packages and
products; although uncertainty remains regarding the global economic
environment in the second half of the year, we remain focused on increasing
design wins, gaining market share and overall efficiencies; as we look to the
second half of 2012, we are approaching the challenging environment cautiously
as we began to see demand moderate in June and growth in China is proving to
be softer than expected; that said, we remain focused on executing on our
profitable growth model and expect revenue in the third quarter to increase to
a range between $162 million and $170 million; we expect gross margin to be 28
percent, plus or minus 2 percent; operating expenses in third quarter are
expected to be 21.4 percent of revenue, plus or minus 1 percent; and we expect
our income tax rate to range between 7 and 13 percent, and shares used to
calculate GAAP EPS for the third quarter are anticipated to be approximately
47.2 million. Potential risks and uncertainties include, but are not limited
to, such factors as: 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; risks of domestic and foreign operations,
including excessive operation costs, labor shortages, higher tax rates and our
joint venture prospects; unfavorable currency exchange rates; our future
guidance may be incorrect; the global economic weakness may be more severe or
last longer than we currently anticipated; and other information detailed from
time to time in the Company's 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,
                 2012            2011              2012            2011
NET SALES        $ 159,239       $ 169,806         $ 303,902       $ 331,361
                                                                    
COST OF GOODS      118,211         114,191           229,168         218,353  
SOLD
                                                                    
Gross profit       41,028          55,615            74,734          113,008
                                                                    
OPERATING
EXPENSES
Selling,
general and        24,760          22,575            46,906          43,985
administrative
Research and       8,218           6,533             15,382          13,051
development
Amortization
of acquisition
related            1,103           1,153             2,198           2,288
intangible
assets
Loss (gain) on     (1,357  )       -                 (3,556  )       -        
sale of assets
Total
operating          32,724          30,261            60,930          59,324   
expenses
                                                                    
Income from        8,304           25,354            13,804          53,684
operations
                                                                    
OTHER INCOME
(EXPENSES)
Interest           115             312               287             533
income
Interest           (171    )       (1,036  )         (294    )       (1,970  )
expense
Amortization
of debt            -               (2,027  )         -               (4,011  )
discount
Other              307             838               945             304      
Total other
income             251             (1,913  )         938             (5,144  )
(expenses)
                                                                    
Income before
income taxes
and                8,555           23,441            14,742          48,540
noncontrolling
interest
                                                                    
INCOME TAX         856             4,718             1,474           9,553    
PROVISION
                                                                    
NET INCOME         7,699           18,723            13,268          38,987
                                                                    
Less: NET
INCOME
attributable       (1,046  )       (742    )         (1,744  )       (1,322  )
to
noncontrolling
interest
                                                                    
NET INCOME
attributable     $ 6,653         $ 17,981          $ 11,524        $ 37,665   
to common
stockholders
                                                                    
EARNINGS PER
SHARE
attributable
to common
stockholders
Basic            $ 0.15          $ 0.40            $ 0.25          $ 0.84     
Diluted          $ 0.14          $ 0.38            $ 0.25          $ 0.80     
                                                                    
Number of
shares used in
computation
Basic              45,642          45,325            45,551          45,074   
Diluted            46,859          47,148            46,916          46,837   
                                                                              

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 June 30, 2012:
                                                                     
                      Operating     Other Income     Income Tax     Net Income
                      Expenses      (Expense)        Provision
                                                                     
Per-GAAP                                                            $ 6,653   
                                                                     
Earnings per share
(Per-GAAP)
Diluted                                                             $ 0.14    
                                                                     
Adjustments to
reconcile net
income
to adjusted net
income:
                                                                     
Amortization of
acquisition related   1,103         -                (259   )         844
intangible assets
                                                                     
Gain on sale of       (1,330  )     -                226              (1,104 )
assets
                                                                     
Adjusted (Non-GAAP)                                                 $ 6,393   
                                                                     
Diluted shares used
in computing
earnings per share                                                    46,859  
                                                                     
Adjusted earnings
per share
(Non-GAAP)
Diluted                                                             $ 0.14    
                                                                              

Note: Included in GAAP and non-GAAP adjusted net income was approximately $2.3
million, net of tax, non-cash share-based compensation expense. Excluding
share based compensation expense, both GAAP and non-GAAP adjusted diluted EPS
would have increased by an additional $0.05 per share.

                                                                   
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)
 
For the three months ended June 30, 2011:
                                                                     
                      Operating     Other Income     Income Tax     Net Income
                      Expenses      (Expense)        Provision
                                                                     
Per-GAAP                                                            $  17,981
                                                                     
Earnings per share
(Per-GAAP)
Diluted                                                             $  0.38
                                                                     
Adjustments to
reconcile net
income
to adjusted net
income:
                                                                     
Amortization of
acquisition related   1,153         -                (323   )          830
intangible assets
                                                                     
Amortization of       -             2,027            (709   )          1,318
debt discount
                                                                     
Adjusted (Non-GAAP)                                                 $  20,129
                                                                     
Diluted shares used
in computing
earnings per share                                                     47,148
                                                                     
Adjusted earnings
per share
(Non-GAAP)
Diluted                                                             $  0.43
                                                                        

Note: Included in GAAP and non-GAAP adjusted net income was approximately $2.1
million, net of tax, non-cash share-based compensation expense. Excluding
share based compensation expense, both GAAP and non-GAAP adjusted diluted EPS
would have increased by an additional $0.05 per share.

                                                                   
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)
 
For the six months ended June 30, 2012:
                                                                     
                      Operating     Other Income     Income Tax     Net Income
                      Expenses      (Expense)        Provision
                                                                     
Per-GAAP                                                            $ 11,524  
                                                                     
Earnings per share
(Per-GAAP)
Diluted                                                             $ 0.25    
                                                                     
Adjustments to
reconcile net
income
to adjusted net
income:
                                                                     
Amortization of
acquisition related   2,198         -                (549   )         1,649
intangible assets
                                                                     
Gain on sale of       (3,452  )     -                735              (2,717 )
assets
                                                                     
Adjusted (Non-GAAP)                                                 $ 10,456  
                                                                     
Diluted shares used
in computing
earnings per share                                                    46,916  
                                                                     
Adjusted earnings
per share
(Non-GAAP)
Diluted                                                             $ 0.22    
                                                                              

Note: Included in GAAP and non-GAAP adjusted net income was approximately $4.6
million, net of tax, non-cash share-based compensation expense. Excluding this
expense, both GAAP and non-GAAP adjusted diluted EPS would have increased by
an additional $0.10 per share.

                                                                   
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME – Cont.
(in thousands, except per share data)
(unaudited)
 
For the six months ended June 30, 2011:
                                                                     
                      Operating     Other Income     Income Tax     Net Income
                      Expenses      (Expense)        Provision
                                                                     
Per-GAAP                                                            $  37,665
                                                                     
Earnings per share
(Per-GAAP)
Diluted                                                             $  0.80
                                                                     
Adjustments to
reconcile net
income
to adjusted net
income:
                                                                     
Amortization of
acquisition related   2,288         -                (641    )         1,647
intangible assets
                                                                     
Amortization of       -             4,011            (1,404  )         2,607
debt discount
                                                                     
Adjusted (Non-GAAP)                                                 $  41,919
                                                                     
Diluted shares used
in computing
earnings per share                                                     46,837
                                                                     
Adjusted earnings
per share
(Non-GAAP)
Diluted                                                             $  0.89
                                                                        

Note: Included in GAAP and non-GAAP adjusted net income was approximately $4.2
million, net of tax, non-cash share-based compensation expense. Excluding this
expense, both GAAP and non-GAAP adjusted diluted EPS would have increased by
an additional $0.09 per share.

ADJUSTED NET INCOME (Non-GAAP)

This measure consists of generally accepted accounting principles (“GAAP”) net
income, which is then adjusted solely for the purpose of adjusting for
amortization of acquisition related intangible assets, gain on sale of assets
and amortization of debt discount, as discussed below. Excluding gain on sale
of assets provides investors with a better depiction of the Company’s
operating results and provides a more informed baseline for modeling future
earnings expectations. Excluding the amortization of acquisition related
intangible assets and amortization of debt discount allows for comparison of
the Company’s current and historic operating performance. The Company excludes
the above listed items to evaluate the Company’s operating performance, to
develop budgets, to determine incentive compensation awards and to manage cash
expenditures. Presentation of the above non-GAAP measures allows investors to
review the Company’s results of operations from the same viewpoint as the
Company’s management and Board of Directors. The Company has historically
provided similar non-GAAP financial measures to provide investors an enhanced
understanding of its operations, facilitate investors’ analyses and
comparisons of its current and past results of operations and provide insight
into the prospects of its future performance. The Company also believes the
non-GAAP measures are useful to investors because they provide additional
information that research analysts use to evaluate semiconductor companies.
These non-GAAP measures should be considered in addition to results prepared
in accordance with GAAP, but should not be considered a substitute for or
superior to GAAP results and may differ from measures used by other companies.
The Company recommends a review of net income on both a GAAP basis and
non-GAAP basis be performed to get a comprehensive view of the Company’s
results. The Company provides a reconciliation of GAAP net income to non-GAAP
adjusted net income.

Amortization of acquisition related intangible assets – The Company excluded
the amortization of its acquisition related intangible assets including
developed technologies and customer relationships. The fair value of the
acquisition related intangible assets, which was allocated to the assets
through purchase accounting, is amortized using straight-line methods which
approximate the proportion of future cash flows estimated to be generated each
period over the estimated useful lives of the applicable assets. The Company
believes the exclusion of the amortization expense of acquisition related
assets is appropriate as a significant portion of the purchase price for its
acquisitions was allocated to the intangible assets that have short lives and
exclusion of the amortization expense allows comparisons of operating results
that are consistent over time for both the Company’s newly acquired and
long-held businesses. In addition, the Company excluded the amortization
expense as there is significant variability and unpredictability across other
companies with respect to this expense.

Gain on sale of assets – The Company excluded the gain recorded for the sale
of certain assets. During the first quarter 2012, the Company sold an
intangible asset located in Europe and this gain was excluded from
management’s assessment of the Company’s core operating performance as this
long-lived asset was a non-core intellectual asset. During the second quarter
2012, the Company sold a building located in Taiwan and this gain was excluded
from management’s assessment of the Company’s core operating performance. The
Company believes the exclusion of the gain on sale of these assets provides
investors an enhanced view of gains the Company may incur from time to time
and facilitates comparisons with results of other periods that may not reflect
such gains.

Amortization of debt discount – The Company excluded the amortization of debt
discount on its 2.25% Convertible Senior Notes (“Notes”). This amortization
was excluded from management’s assessment of the Company’s core operating
performance. Although the amortization of debt discount was recurring in
nature, the expected life of the Notes was five years as that was the earliest
date in which the Notes could be put back to the Company at par value. The
amortization period ended October 1, 2011, therefore the Company no longer
records amortization of debt discount.

ADJUSTED EARNINGS PER SHARE (Non-GAAP)

This non-GAAP financial measure is the portion of the Company’s GAAP net
income assigned to each share of stock, excluding amortization of acquisition
related intangible assets, gain on sale of assets and amortization of debt
discount as described above. Excluding gain on sale of assets provides
investors with a better depiction of the Company’s operating results and
provides a more informed baseline for modeling future earnings expectations,
as described in further detail above. Excluding the amortization of
acquisition related intangible assets and amortization of debt discount allows
for comparison of the Company’s current and historic operating performance, as
described in further detail above. This non-GAAP measure should be considered
in addition to results prepared in accordance with GAAP, but should not be
considered a substitute for or superior to GAAP results and may differ from
measures used by other companies. The Company recommends a review of diluted
earnings per share on both a GAAP basis and non-GAAP basis be performed to
obtain a comprehensive view of the Company’s results. Information on how these
share calculations are made is included in the reconciliation tables provided.

CASH FLOW ITEMS

Free cash flow (FCF) (Non-GAAP)

FCF for second quarter 2012 is a non-GAAP financial measure, which is
calculated by taking cash flow from operations less capital expenditures. For
second quarter 2012, the amount was $4.5 million ($16.8 million less (-) $12.3
million). FCF represents the cash and cash equivalents that we are able to
generate after taking into account cash outlays required to maintain or expand
property, plant and equipment. FCF is important because it allows us to pursue
opportunities to develop new products, make acquisitions and reduce debt.

                     DIODES INCORPORATED AND SUBSIDIARIES

             CONSOLIDATED RECONCILIATION OF NET INCOME TO EBITDA

EBITDA represents earnings before net interest expense, income tax provision,
depreciation and amortization. Management believes EBITDA is useful to
investors because it is frequently used by securities analysts, investors and
other interested parties, such as financial institutions in extending credit,
in evaluating companies in our industry and provides further clarity on our
profitability. In addition, management uses EBITDA, along with other GAAP
measures, in evaluating our operating performance compared to that of other
companies in our industry because the calculation of EBITDA generally
eliminates the effects of financing, operating in different income tax
jurisdictions, and accounting effects of capital spending, including the
impact of our asset base, which can differ depending on the book value of
assets and the accounting methods used to compute depreciation and
amortization expense. EBITDA is not a recognized measurement under GAAP, and
when analyzing our operating performance, investors should use EBITDA in
addition to, and not as an alternative for, income from operations and net
income, each as determined in accordance with GAAP. Because not all companies
use identical calculations, our presentation of EBITDA may not be comparable
to similarly titled measures used by other companies. Furthermore, EBITDA is
not intended to be a measure of free cash flow for management’s discretionary
use, as it does not consider certain cash requirements such as tax and debt
service payments.

The following table provides a reconciliation of net income to EBITDA (in
thousands, unaudited):

                                Three Months Ended
                                June 30,
                                2012         2011
                                              
Net income (per-GAAP)           $ 6,653      $ 17,981
Plus:
Interest expense, net (1)         56           2,751
Income tax provision              856          4,718
Depreciation and amortization     15,590       15,038
EBITDA (Non-GAAP)               $ 23,155     $ 40,488
                                              
                                              
                                Six Months Ended
                                June 30,
                                2012         2011
                                              
Net income (per-GAAP)           $ 11,524     $ 37,665
Plus:
Interest expense, net (2)         7            5,448
Income tax provision              1,474        9,553
Depreciation and amortization     31,363       28,961
EBITDA (Non-GAAP)               $ 44,368     $ 81,627
                                                

(1) Includes $0.0 million and $2.0 million for the three months ended June 30,
2012 and 2011, respectively, of amortization of debt discount.

(2) Includes $0.0 million and $4.0 million for the six months ended June 30,
2012 and 2011, respectively, of amortization of debt discount.

                                                      
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
ASSETS
(in thousands)
                                                        
                                       June 30,        December 31,
                                       2012            2011
CURRENT ASSETS                         (unaudited)
Cash and cash equivalents              $  168,293      $   129,510
Accounts receivable, net                  149,990          132,408
Inventories                               137,734          140,337
Deferred income taxes, current            6,006            5,450
Prepaid expenses and other                24,466           19,093
Total current assets                      486,489          426,798
                                                        
                                                        
PROPERTY, PLANT AND EQUIPMENT, net        226,943          225,393
                                                        
DEFERRED INCOME TAXES, non current        26,863           26,863
                                                        
OTHER ASSETS
Goodwill                                  68,450           67,818
Intangible assets, net                    22,187           24,197
Other                                     28,861           21,995
Total assets                           $  859,793      $   793,064
                                                            

                                                                 
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
 
LIABILITIES AND EQUITY
(in thousands, except share data)
                                                                   
                                                  June 30,        December 31,
                                                  2012            2011
CURRENT LIABILITIES                               (unaudited)
Lines of credit                                   $ 1,004         $  8,000
Accounts payable                                    77,313           66,063
Accrued liabilities                                 35,662           30,793
Income tax payable                                  -                4,855    
Total current liabilities                           113,979          109,711  
                                                                   
LONG-TERM DEBT, net of current portion              42,685           2,857
CAPITAL LEASE OBLIGATIONS, net of current           925              1,082
portion
OTHER LONG-TERM LIABILITIES                         35,458           30,699   
Total liabilities                                   193,047          144,349  
                                                                   
COMMITMENTS AND CONTINGENCIES
                                                                   
EQUITY
Diodes Incorporated stockholders' equity
Preferred stock - par value $1.00 per share;
1,000,000 shares authorized;
no shares issued or outstanding                     -                -
Common stock - par value $0.66 2/3 per share;
70,000,000 shares authorized;
45,821,854 and 45,432,252 issued and
outstanding at June 30, 2012 and
December 31, 2011, respectively                     30,549           30,423
Additional paid-in capital                          271,649          263,455
Retained earnings                                   387,168          375,644
Accumulated other comprehensive loss                (39,320 )        (35,762 )
Total Diodes Incorporated stockholders'             650,046          633,760  
equity
Noncontrolling interest                             16,700           14,955   
Total equity                                        666,746          648,715
Total liabilities and equity                      $ 859,793       $  793,064  

Contact:

Company Contact:
Diodes Incorporated
Laura Mehrl
Director of Investor Relations
P: 972-987-3959
E: laura_mehrl@diodes.com
or
Investor Relations Contact:
Shelton Group
Leanne Sievers
EVP, Investor Relations
P: 949-224-3874
E: lsievers@sheltongroup.com
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