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Diodes Incorporated Increases Fourth Quarter 2009 Revenue Guidance
The Company is increasing its revenue guidance for the fourth quarter of 2009 due to continued strength in Asian markets. Revenue is expected to range between $128 million and $131 million, or 4.8 percent to 7.3 percent sequential growth, compared to its previous guidance of $126 million to $130 million, or 3.2 percent to 6.5 percent sequential growth. The Company is maintaining its fourth quarter 2009 gross margin guidance of 31 percent to 33 percent and continues to expect operating expenses to be comparable to those of the third quarter 2009 on a percent of revenue basis.
In addition, the Company now expects a tax benefit of approximately $2.5 million to $3.5 million in the fourth quarter of 2009. For 2010, the Company estimates its tax rate to range between 13 percent and 23 percent versus its previous guidance of between 15 percent and 25 percent.
In accordance with FASB ASC 470-20 (formerly FSP APB 14-1), GAAP results for the fourth quarter of 2009 will include approximately $2.0 million of pre-tax, non-cash interest expense from the amortization of debt discount related to the Company's 2.25% convertible senior notes.
About Diodes Incorporated
Diodes Incorporated (Nasdaq:DIOD), a Standard & Poor's SmallCap 600 and Russell 3000 Index company, is a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete and analog semiconductor markets, serving the consumer electronics, computing, communications, industrial and automotive markets. Diodes' products include diodes, rectifiers, transistors, MOSFETs, protection devices, functional specific arrays, amplifiers and comparators, Hall-effect sensors and temperature sensors, power management devices including LED drivers, DC-DC switching regulators, linear voltage regulators and voltage references, along with special function devices including USB power switch, load switch, voltage supervisor and motor controllers. The Company's corporate headquarters are located in Dallas, Texas. A sales, marketing, engineering and logistics office is located in Westlake Village, California. Design centers are located in Dallas; San Jose, California; Taipei, Taiwan; Manchester, England and Neuhaus, Germany. The Company's wafer fabrication facilities are located in Kansas City, Missouri and Manchester; with two manufacturing facilities located in Shanghai, China, another in Neuhaus, and a joint venture facility located in Chengdu, China. Additional engineering, sales, warehouse and logistics offices are located in Taipei; Hong Kong; Manchester and Munich, Germany, with support offices located throughout the world. For further information, including SEC filings, visit the Company's website at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.diodes.com%2F&esheet=6116868&lan=en_US&anchor=http%3A%2F%2Fwww.diodes.com&index=1&md5=9ab7ffecf8a74763fcaa90979b7fd0f6.
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 regarding our expectation that: the Company is increasing its revenue guidance for the fourth quarter of 2009 due to continued strength in Asian markets; revenue is expected to range between $128 million and $131 million, or 4.8 percent to 7.3 percent sequential growth; the Company is maintaining its fourth quarter 2009 gross margin guidance of 31 percent to 33 percent and continues to expect operating expenses to be comparable to those of the third quarter 2009 on a percent of revenue basis; the Company now expects a tax benefit of approximately $2.5 million to $3.5 million in the fourth quarter of 2009; for 2010, the Company estimates its tax rate to range between 13 percent and 23 percent; and in accordance with FASB ASC 470-20 (formerly FSP APB 14-1), GAAP results for the fourth quarter of 2009 will include approximately $2.0 million of pre-tax, non-cash interest expense from the amortization of debt discount related to the Company's 2.25% convertible senior notes.Potential risks and uncertainties include, but are not limited to, such factors as: we may not realize the anticipated improved demand; we may not realize or maintain the anticipated cost savings or increased loadings in our manufacturing facilities; the global economic weakness may be more severe or last longer than we currently anticipate; and other information detailed from time to time in the Company's 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://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.diodes.com%2F&esheet=6116868&lan=en_US&anchor=http%3A%2F%2Fwww.diodes.com&index=2&md5=9696c331f55fb41579ea352c0915718d. Written requests may be sent directly to the Company, or they may be e-mailed to: diodes-fin@diodes.com.
SOURCE: Diodes Incorporated
Company Contact:
Diodes Incorporated
Carl Wertz, 805-446-4800
Vice President, Finance and Investor Relations
carl_wertz@diodes.com
or
Investor Relations Contact:
Shelton Group
Leanne Sievers, 949-224-3874
EVP, Investor Relations
lsievers@sheltongroup.com
