DALLAS--(BUSINESS WIRE)--Jun. 8, 2009--
Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and
supplier of high-quality application specific standard products within
the broad discrete and analog semiconductor markets, today increased its
guidance for the second quarter of 2009.
Due to continued improvement in demand and order rates, primarily in
Asia, the Company is raising its previous guidance and now expects
second quarter revenue to increase 22 to 30 percent over the first
quarter revenue versus the prior guidance of 14 to 22 percent. The
Company is also raising its guidance for gross margin and now expects
second quarter gross margin to be approximately 24 to 28 percent versus
the prior guidance of 20 to 24 percent. The revenue increase is driven
primarily by demand for the Company’s products utilized in equipment
such as LCD televisions and panels, set-top boxes, mobile handsets and
netbooks as well as the production ramp up of previous design wins,
which are leading to market share gains.
The Company continues to expect operating expenses to be in line with
first quarter 2009 levels. In accordance with FSP APB 14-1, GAAP results
will include approximately $2.2 million of non-cash interest expense
from the amortization of debt discount related to the Company’s
Convertible Senior Notes. In addition, the Company expects income tax
expense to be approximately $2.0 to 2.5 million as the effective tax
rate for the second quarter of 2009 is based on improved profitability
from the first quarter of 2009 and will include non-cash U.S. income tax
expense associated with repatriating earnings of foreign subsidiaries to
the U.S. parent during the first quarter of 2009.
About Diodes Incorporated
Diodes Incorporated (Nasdaq:DIOD), a S&P 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://www.diodes.com.
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: due to continued improvement
in demand and order rates, primarily in Asia, the Company is raising its
previous guidance and now expects second quarter revenue to increase 22
to 30 percent over the first quarter revenue versus the prior guidance
of 14 to 22 percent; Company is also raising its guidance for gross
margin and now expects second quarter gross margin to be approximately
24 to 28 percent versus the prior guidance of 20 to 24 percent; the
revenue increase is driven primarily by demand for the Company’s
products utilized in equipment such as LCD televisions and panels,
set-top boxes, mobile handsets and netbooks as well as the production
ramp up of previous design wins, which are leading to market share
gains; the Company continues to expect operating expenses to be in line
with first quarter 2009 levels; GAAP results will include approximately
$2.2 million of non-cash interest expense from the amortization of debt
discount related to the Company’s Convertible Senior Notes in accordance
with FSP ABP 14-1; the Company expects income tax expense to be
approximately $2.0 to 2.5 million as the effective tax rate for the
second quarter of 2009 is based on improved profitability from the first
quarter of 2009 and will include non-cash U.S. income tax expense
associated with repatriating earnings of foreign subsidiaries to the
U.S. parent during the first quarter of 2009. Potential risks and
uncertainties include, but are not limited to, such factors as: the UBS
settlement may not provide us with the liquidity intended; we may not
realize or maintain the anticipated cost savings or increase loadings in
our manufacturing facilities; our future guidance may be incorrect; the
global economic weakness may be more severe or last longer than we
currently anticipated; 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://www.diodes.com.
Written requests may be sent directly to the Company, or they may be
e-mailed to: diodes-fin@diodes.com.
Source: Diodes Incorporated
Diodes Incorporated
Carl Wertz, 805-446-4800
VP of
Finance and Investor Relations
carl_wertz@diodes.com
or
Investor
Contact:
Shelton Group
Leanne K. Sievers, 949-224-3874
EVP,
Investor Relations
lsievers@sheltongroup.com
