Diodes Incorporated Reports Fourth Quarter and Fiscal 2016 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 first quarter of 2017, we expect revenue to range between $220 million and $240 million, or down 5.2 to up 3.4 percent sequentially, reflecting typical seasonality as well as a one month impact from the KFAB fire; that we expect gross margin to be 28.5 percent, plus or minus 1 percent; that non-GAAP operating expenses, which are GAAP operating expenses adjusted for retention costs and amortization of acquisition-related intangible assets, are expected to be approximately 25 percent of revenue, plus or minus 1 percent; that we expect other expense to be approximately $4.3 million which includes $1.5 million of KFAB cleanup and repair cost. Our income tax rate is expected to be 29 percent, plus or minus 3 percent; that shares used to calculate diluted EPS for the first quarter are anticipated to be approximately 49 million; and that the pre-tax closure costs related to KFAB are expected to be $10 to $12 million in 2017 with approximately $1.1 million in first quarter 2017. 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 that we may experience delays in the timely completion of process development at SFAB 2 or that we may face delays in recovering output lost as a result of the KFAB fire and in achieving a timely transfer of the KFAB wafer manufacturing operations to other facilities; the risks that our estimates of the costs and timing of the KFAB shutdown and transition of operations may be incorrect; the risks of cyclical downturns in the semiconductor industry and of changes in end-market demand that may 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 Twelve Months Ended

December 31,

December 31,
  2016     2015     2016       2015  
NET SALES $ 232,085 $ 214,381 $ 942,162 $ 848,904
 
COST OF GOODS SOLD   164,822     160,784     655,239     600,321  
 
Gross profit 67,263 53,597 286,923 248,583
 
OPERATING EXPENSES
Selling, general and administrative 39,091 40,963 158,256 139,245
Research and development 17,690 16,383 69,937 57,027
Amortization of acquisition-related intangible assets 5,099 2,966 20,478 8,596
Others   12     57     196     1,613  
Total operating expenses   61,892     60,369     248,867     206,481  
 
Income from operations 5,371 (6,772 ) 38,056 42,102
 
OTHER INCOME (EXPENSES)
Interest income 282 311 1,357 1,006
Interest expense (3,377 ) (1,630 ) (13,257 ) (4,232 )
Loss on securities carried at fair value - 545 - 400
Impairment on non-operating investment (3,218 ) (3,218 )
Other   3,591     693     2,097     1,319  
Total other expenses (2,722 ) (81 ) (13,021 ) (1,507 )
 
Income before income taxes and noncontrolling interest 2,649 (6,853 ) 25,035 40,595
 
INCOME TAX PROVISION (BENEFIT)   617     (2,097 )   6,558     14,082  
 
NET INCOME 2,032 (4,756 ) 18,477 26,513
 
Less: NET INCOME attributable to noncontrolling interest   (764 )   (17 )   (2,542 )   (2,239 )
 
NET INCOME (LOSS) attributable to common stockholders $ 1,268   $ (4,773 ) $ 15,935   $ 24,274  
 
EARNINGS PER SHARE attributable to common stockholders
Basic $ 0.03   $ (0.10 ) $ 0.33   $ 0.50  
Diluted $ 0.03   $ (0.10 ) $ 0.32   $ 0.49  
 
Number of shares used in computation
Basic   48,897     48,495     48,597     48,210  
Diluted   50,038     48,495     49,789     49,500  

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

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