Diodes Incorporated Reports First Quarter 2014 Financial Results

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
March 31,
  2014       2013  
NET SALES $ 209,986 $ 176,964
 
COST OF GOODS SOLD   148,405     130,781  
 
Gross profit 61,581 46,183
 
OPERATING EXPENSES
Selling, general and administrative 32,330 30,376
Research and development 12,920 10,080
Amortization of acquisition related intangible assets 1,981 1,909
Loss on sale of assets   7     42  
Total operating expenses   47,238     42,407  
 
Income from operations 14,343 3,776
 
OTHER INCOME (EXPENSES)
Interest income 397 80
Interest expense (1,260 ) (945 )
Gain (loss) on securities carried at fair value (256 ) 366
Other   (231 )   1,020  
Total other income (expenses) (1,350 ) 521
 
Income before income taxes and noncontrolling interest 12,993 4,297
 
INCOME TAX PROVISION   2,547     6,574  
 
NET INCOME (LOSS) 10,446 (2,277 )
 
Less: NET LOSS (INCOME) attributable to noncontrolling interest   (244 )   351  
 
NET INCOME (LOSS) attributable to common stockholders $ 10,202   $ (1,926 )
 
EARNINGS (LOSS) PER SHARE attributable to common stockholders
Basic $ 0.22   $ (0.04 )
Diluted $ 0.21   $ (0.04 )
 
Number of shares used in computation
Basic   46,699     46,021  
Diluted   47,996     46,201  

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

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