Exhibit 99.1

 

 

Diodes Incorporated Reports Fourth Quarter and Fiscal 2014

Financial Results

Achieves Continued Gross Margin Improvement Year-Over-Year with Record Revenue and

Gross Profit

Plano, Texas – February 11, 2015

-- 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, 2014.

 

Year 2014 Highlights

·

Revenue grew to a record $890.7 million, an increase of 7.7 percent over the $826.8 million in 2013;

·

Gross profit was a record $277.3 million compared to $237.8 million in 2013;

·

GAAP gross margin was 31.1 percent compared to 28.8  percent in 2013;

·

GAAP net income was $63.7 million, or $1.31 per diluted share, compared to $26.5 million, or $0.56 per diluted share in 2013;

·

Non-GAAP adjusted net income was $70.1 million, or $1.44 per diluted share, compared to $50.1 million, or $1.05 per diluted share in 2013;

·

Excluding $9.2 million, net of tax,  share-based compensation expense, both GAAP net income and non-GAAP adjusted net income would have increased by $0.19 per diluted share; and

·

Achieved $134.3 million cash flow from operations and $76.5 million free cash flow, including $57.8 million of capital expenditures. Net cash flow was $46.4 million, which includes the pay down of $42.7 million of long-term debt.  

 

Fourth Quarter Highlights

·

Revenue was $223.7 million, an increase of 6.0 percent from the $211.0 million in the fourth quarter 2013, and a decrease of 4.3 percent from the $233.8 million in the third quarter 2014;

·

Gross profit was $70.7 million, compared to $60.8 million in the fourth quarter of 2013 and $74.7 million in the third quarter 2014;

·

Gross profit margin was 31.6 percent, compared to 28.8 percent in the fourth quarter 2013 and 32.0 percent in the third quarter 2014;

·

GAAP net income was $16.7 million, or $0.34 per diluted share, compared to fourth quarter 2013 of $6.2 million, or $0.13 per diluted share, and third quarter 2014 of $19.4 million, or $0.40 per diluted share;

·

Non-GAAP adjusted net income was $18.3 million, or $0.38 per diluted share, compared to $11.3 million, or $0.24 per diluted share, in fourth quarter 2013 and $21.2 million, or $0.43 per diluted share, in third quarter 2014;

·

Excluding $2.4 million, net of tax, share-based compensation expense, GAAP and non-GAAP adjusted net income would have increased by $0.05 per diluted share; and

·

Achieved $26.9 million of cash flow from operations, and $6.3 million of free cash flow, including $20.7 million of capital expenditures. Net cash flow was $6.2 million, which includes the pay down of $6.8 million of long-term debt.

 

Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer, stated, “Diodes once again achieved another year of solid results with record revenue and gross profit driving the highest net income and earnings per share since 2010. 2014 concluded Diodes’ 24th consecutive year of profitability. Gross margin increased 230 basis points over 2013, while operating expenses as a percentage of revenue decreased 200 basis points. Together, these factors resulted in GAAP net income increasing $37 million, or more than double 2013 results, and non-GAAP net income improving $20 million, or 40 percent.

 

“BCD’s margins improved from 2013 to 2014, but still impacted our gross margin by approximately 160 basis points in 2014 as compared to approximately 120 basis points in 2013. Margins for Diodes without BCD more than offset this impact as we continue to make progress with loading and performance improvements at our manufacturing facilities and expect utilization to gradually improve our margins over time, especially as we further ramp BCD’s fabs and transition the manufacturing in our Chengdu assembly-test facility from pilot-line to full production mode in second half 2015.

 


The following information was filed by Diodes Inc (DIOD) on Tuesday, February 17, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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