Diodes Incorporated Reports Third Quarter 2015 Financial Results

Income taxes during the first, second and third quarters of each year are accrued using an estimated worldwide annual effective tax rate, which is based on full-year forecasted income in each jurisdiction that Diodes operates. During the third quarter of 2015, the Company decreased its full-year income forecast, specifically in Asia. Effective tax rates in Asia are generally lower than in Europe and North America, and as a result, the estimated annual effective tax rate increased from approximately 26 percent in the second quarter to approximately 35 percent for the third quarter. To reflect this change, income tax expense in the third quarter was accrued to reflect an actual year-to-date 35 percent tax rate. This resulted in tax expense of $3.1 million for third quarter and a first half adjustment of $3.5 million for a total of $6.6 million, or an actual third quarter tax rate of approximately 64 percent.

Third quarter 2015 GAAP net income was $2.8 million, or $0.06 per diluted share, compared to second quarter 2015 of $15.1 million, or $0.31 per diluted share, and third quarter 2014 of $19.4 million, or $0.40 per diluted share.

Third quarter 2015 non-GAAP adjusted net income was $6.3 million, or $0.13 per diluted share, which excluded, net of tax, $1.4 million of non-cash, acquisition related intangible asset amortization costs, a $1.3 million asset impairment charge for SFAB equipment due to the conversion from 6 inch to 8 inch capacity, and $0.8 million of costs related to the proposed acquisition of Pericom Semiconductor. This compares to non-GAAP adjusted net income of $16.6 million, or $0.34 per diluted share, in second quarter 2015 and $21.2 million, or $0.43 per diluted share, in third quarter 2014.

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
September 30, 2015
GAAP net income $ 2,837
GAAP diluted earnings per share $ 0.06
Adjustments to reconcile net income to adjusted net income:
Impairment Loss of Long-lived Assets 1,250
M&A Transaction cost 755
Amortization of acquisition related intangible assets   1,468
Non-GAAP adjusted net income $ 6,310
Non-GAAP adjusted diluted earnings per share $ 0.13

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