Diodes Incorporated Reports Fourth Quarter and Fiscal 2015 Financial Results

Achieves Continued Market Share Gains and Completes Acquisition of Pericom Semiconductor

PLANO, Texas — (BUSINESS WIRE) — February 16, 2016 — 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 fourth quarter and fiscal year ended December 31, 2015.

Fourth Quarter Summary

  • Completed the acquisition of Pericom Semiconductor on November 24 and included initial purchase accounting adjustments in the fourth quarter 2015 GAAP results;
  • Revenue was $214.4 million, which included approximately $14.6 million of revenue from Pericom, and compares to $208.9 million in the third quarter 2015 and $223.7 million in the fourth quarter 2014;
  • GAAP gross profit was $53.9 million, including a $3.1 million inventory valuation adjustment related to the Pericom purchase and non-GAAP gross profit, excluding the $3.1 million inventory adjustment, was $56.9 million. This compares to GAAP gross profit of $61.6 million in the third quarter 2015 and $70.7 million in the fourth quarter of 2014;
  • GAAP gross profit margin was 25.1 percent and non-GAAP gross profit margin was 26.5 percent. This compares to GAAP gross profit margin of 29.5 percent in the third quarter 2015 and 31.6 percent in the fourth quarter 2014;
  • GAAP net income was $0.7 million, or $0.01 per diluted share, compared to $2.8 million, or $0.06 per diluted share, in the third quarter 2015 and $16.7 million, or $0.34 per diluted share, in the fourth quarter 2014;
  • GAAP net income was reduced by $4.1 million of Pericom-related purchase price accounting adjustments;
  • Non-GAAP net income was $6.7 million, or $0.14 per diluted share, compared to $6.3 million, or $0.13 per diluted share, in third quarter 2015 and $18.3 million, or $0.38 per diluted share, in fourth quarter 2014;
  • Excluding $2.5 million, net of tax, share-based compensation expense, GAAP and non-GAAP adjusted net income would have increased by $0.05 per diluted share;
  • Repurchased 466,010 shares of common stock totaling approximately $11.0 million;
  • Achieved $21.4 million of cash flow from operations, and ($16.9) million of free cash flow, including $38.2 million of capital expenditures. Net cash flow was $29.7 million, which includes an increase of $372.2 million of long-term debt associated with the acquisition of Pericom.

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated, “Diodes closed 2015 with increased market share, the achievement of our 25th consecutive year of profitability, as well as the successful completion of the Pericom Semiconductor acquisition. Pericom is well-aligned with our acquisition strategy and expands our analog footprint, while also adding a strong mixed-signal connectivity offering that will drive expanded product content in target applications. Over the past two months since closing the acquisition, we have been diligently working on the integration efforts to maximize sales, design, operations and administrative efficiencies for 2016. As expected, this transaction is accretive to our margins and non-GAAP earnings per share. Also during the quarter, we implemented the share buyback program approved by our board last quarter, repurchasing 466,010 shares and allowing us to return approximately $11 million to our shareholders.”

Dr. Lu further commented, “This past year was characterized by weaker demand across several key end markets and geographies. The softer environment impacted loading and utilization at our manufacturing facilities, but also provided unique opportunities in terms of market share gains at key customers. Gross margins were under pressure especially in the second half of the year. However, I believe we are well positioned for margin expansion in 2016 based on improvements in product mix and manufacturing performance as well as the benefit from previous cost reductions. Similar to past cycles, our flexible business model enabled us to respond quickly to the changing conditions in order to preserve revenue and gross profit.

“Looking forward to the coming year, we remain focused on integrating the Pericom acquisition to capitalize on the opportunities for margin expansion and cross-selling synergies for expanded content across targeted and emerging applications.”

Fourth Quarter 2015

Revenue for the fourth quarter 2015 was $214.4 million, which included approximately $14.6 million of revenue from Pericom, and compares to $208.9 million in the third quarter 2015 and $223.7 million in the fourth quarter 2014. Excluding the contribution from Pericom, revenue for the quarter was down 4.3 percent sequentially due primarily to softness in the computing market, weak domestic demand in China as well as normal seasonality.

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