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Diodes Incorporated Reports Fourth Quarter and Fiscal 2015 Financial Results
Achieves Continued Market Share Gains and Completes Acquisition of Pericom Semiconductor
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.
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
GAAP gross profit for the fourth quarter 2015 was
Operating expenses for the fourth quarter 2015 were
Fourth quarter 2015 GAAP net income was
Fourth quarter 2015 non-GAAP net income was
The following is a summary reconciliation of GAAP net income to non-GAAP net income and per share data, net of tax (in thousands, except per share data):
Three Months Ended | |||||||
December 31, 2015 | |||||||
GAAP net income | $ | 725 | |||||
GAAP diluted earnings per share | $ | 0.01 | |||||
Adjustments to reconcile net income to Non-GAAP net income: | |||||||
M&A Activities | |||||||
Pericom | 4,112 | ||||||
Inventory adjustment | 2,907 | ||||||
Transaction costs | 216 | ||||||
Retention costs | 86 | ||||||
Amortization of acquisition related intangible assets | 903 | ||||||
Others | 1,478 | ||||||
Amortization of acquisition related intangible assets | 1,478 | ||||||
Severance | 419 | ||||||
Non-GAAP net income | $ | 6,734 | |||||
Non-GAAP diluted earnings per share | $ | 0.14 |
(See the reconciliation tables of net income to non-GAAP net income near the end of the release for further details.)
Included in the fourth quarter 2015 GAAP and non-GAAP net income was approximately
EBITDA, which represents earnings before net interest expense, income tax, depreciation and amortization, for the fourth quarter 2015, was
For the fourth quarter 2015, net cash provided by operating activities was
Fiscal 2015
For 2015, revenue was
GAAP net income was
Twelve Months Ended | |||||||
December 31, 2015 | |||||||
GAAP net income | $ | 29,772 | |||||
GAAP diluted earnings per share | $ | 0.60 | |||||
Adjustments to reconcile net income to Non-GAAP net income: | |||||||
M&A Activities | |||||||
Pericom | 4,867 | ||||||
Inventory adjustment | 2,907 | ||||||
Transaction costs | 971 | ||||||
Retention costs | 86 | ||||||
Amortization of acquisition related intangible assets | 903 | ||||||
Others | 6,037 | ||||||
Retention costs | 70 | ||||||
Amortization of acquisition related intangible assets | 5,967 | ||||||
Impairment loss on long-lived assets | 1,250 | ||||||
Severance | 419 | ||||||
Non-GAAP net income | $ | 42,345 | |||||
Non-GAAP diluted earnings per share | $ | 0.86 |
(See the reconciliation tables of net income to net income near the end of the release for further details.)
Included in 2015 GAAP and non-GAAP net income was approximately
EBITDA, which represents earnings before net interest expense, income tax provision, depreciation and amortization, for 2015 was
For fiscal 2015, net cash provided by operating activities was
Balance Sheet
As of
Share Repurchase
During the fourth quarter, Diodes returned approximately
The results announced today are preliminary, as they are subject to the Company finalizing its closing procedures and customary quarterly review by the Company's independent registered public accounting firm. As such, these results are subject to revision until the Company files its Annual Report on Form 10-K for the fiscal year 2015.
Business Outlook
Dr. Lu concluded, “For the first quarter of 2016, we expect revenue to range between
Conference Call
Diodes will host a conference call on
About
On
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: 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; 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; 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; for the first quarter of 2016, we expect revenue to range between
Recent news releases, annual reports and
DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||||||||||||
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||||||
NET SALES | $ | 214,382 | $ | 223,671 | $ | 848,904 | $ | 890,651 | ||||||||||||
COST OF GOODS SOLD | 160,531 | 153,009 | 600,067 | 613,372 | ||||||||||||||||
Gross profit | 53,851 | 70,662 | 248,837 | 277,279 | ||||||||||||||||
OPERATING EXPENSES | ||||||||||||||||||||
Selling, general and administrative | 34,728 | 34,183 | 133,010 | 133,701 | ||||||||||||||||
Research and development | 15,004 | 12,571 | 55,648 | 52,136 | ||||||||||||||||
Amortization of acquisition related intangible assets | 2,967 | 1,954 | 8,597 | 7,914 | ||||||||||||||||
Loss (gain) on fixed assets | 57 | (67 | ) | 1,613 | (983 | ) | ||||||||||||||
Total operating expenses | 52,756 | 48,641 | 198,868 | 192,768 | ||||||||||||||||
Income from operations | 1,095 | 22,021 | 49,969 | 84,511 | ||||||||||||||||
OTHER INCOME (EXPENSES) | ||||||||||||||||||||
Interest income | 311 | 312 | 1,006 | 1,470 | ||||||||||||||||
Interest expense | (1,630 | ) | (843 | ) | (4,232 | ) | (4,332 | ) | ||||||||||||
Gain (loss) on securities carried at fair value | 545 | (410 | ) | 400 | 1,364 | |||||||||||||||
Other | 693 | 2,113 | 1,319 | 2,979 | ||||||||||||||||
Total other expenses | (81 | ) | 1,172 | (1,507 | ) | 1,481 | ||||||||||||||
Income before income taxes and noncontrolling interest | 1,014 | 23,193 | 48,462 | 85,992 | ||||||||||||||||
INCOME TAX PROVISION | 272 | 5,988 | 16,451 | 20,359 | ||||||||||||||||
NET INCOME | 742 | 17,205 | 32,011 | 65,633 | ||||||||||||||||
Less: NET INCOME attributable to noncontrolling interest | (17 | ) | (540 | ) | (2,239 | ) | (1,955 | ) | ||||||||||||
NET INCOME attributable to common stockholders | $ | 725 | $ | 16,665 | $ | 29,772 | $ | 63,678 | ||||||||||||
EARNINGS PER SHARE attributable to common stockholders | ||||||||||||||||||||
Basic | $ | 0.02 | $ | 0.35 | $ | 0.62 | $ | 1.35 | ||||||||||||
Diluted | $ | 0.01 | $ | 0.34 | $ | 0.60 | $ | 1.31 | ||||||||||||
Number of shares used in computation | ||||||||||||||||||||
Basic | 48,495 | 47,587 | 48,210 | 47,184 | ||||||||||||||||
Diluted | 49,518 | 48,739 | 49,500 | 48,594 |
Note: Throughout this release, we refer to “net income attributable to common stockholders” as “net income.”
DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||||||
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME | ||||||||||||||
(in thousands, except per share data) |
||||||||||||||
(unaudited) |
||||||||||||||
For the three months ended December 31, 2015: |
||||||||||||||
Operating | Income Tax | |||||||||||||
COGS | Expenses | Provision | Net Income | |||||||||||
Per-GAAP | $ | 725 | ||||||||||||
Earnings per share (Per-GAAP) | ||||||||||||||
Diluted | $ | 0.01 | ||||||||||||
Adjustments to reconcile net income to Non-GAAP net income: | ||||||||||||||
M&A Activities | ||||||||||||||
Pericom | 4,112 | |||||||||||||
Inventory adjustment | 3,060 | (153 | ) | |||||||||||
Transaction costs | 332 | (116 | ) | |||||||||||
Retention costs | 132 | (46 | ) | |||||||||||
Amortization of acquisition related intangible assets | 1,101 | (198 | ) | |||||||||||
Others | 1,478 | |||||||||||||
Amortization of acquisition related intangible assets | 1,866 | (388 | ) | |||||||||||
Severance | 645 | (226 | ) | 419 | ||||||||||
Non-GAAP | $ | 6,734 | ||||||||||||
Diluted shares used in computing earnings per share | 49,518 | |||||||||||||
Non-GAAP earnings per share | ||||||||||||||
Diluted | $ | 0.14 |
Note: Included in GAAP and non-GAAP net income was approximately
DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||
CONSOLIDATED RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME – Cont. | |||||||||||
(in thousands, except per share data) |
|||||||||||
(unaudited) |
|||||||||||
For the three months ended December 31, 2014: |
|||||||||||
Operating | Income Tax | ||||||||||
Expenses | Provision | Net Income | |||||||||
Per-GAAP | $ | 16,665 | |||||||||
Earnings per share (Per-GAAP) | |||||||||||
Diluted | $ | 0.34 | |||||||||
Adjustments to reconcile net income to Non-GAAP net income: | |||||||||||
Retention costs | 125 | (19 | ) | 106 | |||||||
Amortization of acquisition related intangible assets | 1,954 | (392 | ) | 1,562 | |||||||
Non-GAAP | $ | 18,333 | |||||||||
Diluted shares used in computing earnings per share | 48,739 | ||||||||||
Non-GAAP earnings per share | |||||||||||
Diluted | $ | 0.38 |
Note: Included in GAAP and non-GAAP net income was approximately
DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME – Cont. | ||||||||||||||
(in thousands, except per share data) |
||||||||||||||
(unaudited) |
||||||||||||||
For the twelve months ended December 31, 2015: |
||||||||||||||
Operating | Income Tax | |||||||||||||
COGS | Expenses | Provision | Net Income | |||||||||||
Per-GAAP | $ | 29,772 | ||||||||||||
Earnings per share (Per-GAAP) | ||||||||||||||
Diluted | $ | 0.60 | ||||||||||||
Adjustments to reconcile net income to Non-GAAP net income: | ||||||||||||||
M&A Activities | ||||||||||||||
Pericom | 4,867 | |||||||||||||
Inventory adjustment | 3,060 | (153 | ) | |||||||||||
Transaction costs | 1,493 | (522 | ) | |||||||||||
Retention costs | 132 | (46 | ) | |||||||||||
Amortization of acquisition related intangible assets | 1,101 | (198 | ) | |||||||||||
Others | 6,037 | |||||||||||||
Retention costs | 83 | (13 | ) | |||||||||||
Amortization of acquisition related intangible assets | 7,496 | (1,529 | ) | |||||||||||
Impairment loss on long-lived assets | 1,470 | (220 | ) | 1,250 | ||||||||||
Severance | 645 | (226 | ) | 419 | ||||||||||
Non-GAAP | $ | 42,345 | ||||||||||||
Diluted shares used in computing earnings per share | 49,500 | |||||||||||||
Non-GAAP earnings per share | ||||||||||||||
Diluted | $ | 0.86 |
Note: Included in GAAP and non-GAAP net income was approximately
DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||||
CONSOLIDATED RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME – Cont. | |||||||||||||
(in thousands, except per share data) |
|||||||||||||
(unaudited) |
|||||||||||||
For the twelve months ended December 31, 2014: |
|||||||||||||
Operating | Income Tax | ||||||||||||
Expenses | Provision | Net Income | |||||||||||
Per-GAAP | $ | 63,678 | |||||||||||
Earnings per share (Per-GAAP) | |||||||||||||
Diluted | $ | 1.31 | |||||||||||
Adjustments to reconcile net income to Non-GAAP net income: | |||||||||||||
Retention costs | 1,286 | (193 | ) | 1,093 | |||||||||
Gain on sale of assets | (1,176 | ) | 200 | (976 | ) | ||||||||
Amortization of acquisition related intangible assets | 7,914 | (1,627 | ) | 6,287 | |||||||||
Non-GAAP | $ | 70,082 | |||||||||||
Diluted shares used in computing earnings per share | 48,594 | ||||||||||||
Non-GAAP earnings per share | |||||||||||||
Diluted | $ | 1.44 |
Note: Included in GAAP and non-GAAP net income was approximately
GAAP to NON-GAAP ADJUSTMENTS
This measure consists of accounting principles generally accepted in
Detail of non-GAAP adjustments:
Impairment of long-lived assets – The Company excluded costs accrued for impairment of long-lived assets related to assets that will no longer be used in our production process as we transition from six inch to eight inch production capability in our
Inventory adjustments or valuations – The Company excluded cost incurred for inventory valuations. The Company adjusted the inventory acquired from the Pericom acquisition to account for the reasonable profit allowance for the selling effort on finished goods inventory and the reasonable profit allowance for the completing and selling effort on the work–in-progress inventory. This non-cash adjustment to inventory is not recurring in nature, however it could be recurring to the extent there are additional acquisitions. The Company believes the exclusion of the Pericom inventory adjustment and valuation provides investors with a more accurate reflection of costs likely to be incurred in the absence of an unusual event such as an acquisition and facilitates comparisons with the results of other periods that may not reflect such costs.
Severance costs – The Company excluded severance costs incurred during the fourth quarter of 2015. These one-time costs will reduce the Company’s cost structure in order to enhance operating effectiveness and improve profitability. These charges are excluded from management’s assessment of the Company’s operating performance. The Company believes the exclusion of the severance charges provides investors an enhanced view of the cost structure of the Company’s operations and facilitates comparisons with the results of other periods that may not reflect such charges or may reflect different levels of such charges.
Acquisition costs – The Company excluded costs associated with acquiring Pericom, which consisted of advisory, legal and other professional and consulting fees. These costs were expensed in the third and fourth quarters of 2015 when the costs were incurred and services were received, and in which the corresponding tax adjustments were made for the non-deductible portions of these expenses. The Company believes the exclusion of the acquisition related costs provides investors with a more accurate reflection of costs likely to be incurred in the absence of an unusual event such as an acquisition and facilitates comparisons with the results of other periods that may not reflect such costs.
Retention costs – The Company excluded employee retention costs accrued within operating expenses associated with acquisitions. Although these retention costs will be recurring every quarter until the final retention payment has been made, they are not part of the employees’ normal annual salaries and therefore are being excluded. The Company believes the exclusion of retention costs related to the acquisitions provides investors with a more accurate reflection of costs likely to be incurred in the absence of an unusual event such as an acquisition and facilitates comparisons with the results of other periods that may not reflect such costs.
Amortization of acquisition related intangible assets – The Company excluded the amortization of its acquisition related intangible assets including developed technologies and customer relationships. The fair value of the acquisition related intangible assets, which was recognized through acquisition accounting, is amortized using straight-line methods which approximate the proportion of future cash flows estimated to be generated each period over the estimated useful lives of the applicable assets. The Company believes the exclusion of the amortization expense of acquisition related assets is appropriate as a significant portion of the purchase price for its acquisitions was allocated to the intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for both the Company’s newly acquired and long-held businesses. In addition, the Company excluded the amortization expense as there is significant variability and unpredictability among companies with respect to this expense.
Gain on sale of assets –During the second quarter of 2015, the Company sold a building located in
Tax expense related to tax audit – The Company excluded additional tax expense in regard to a tax audit of the
NON-GAAP EARNINGS PER SHARE
This non-GAAP financial measure is the portion of the Company’s GAAP net income assigned to each share of stock, excluding retention costs, amortization of acquisition related intangible assets, inventory valuations, acquisition costs and tax payments related to tax audit, as discussed above. Excluding retention costs, inventory valuations, acquisition costs and tax payments related to tax audit provides investors with a better depiction of the Company’s operating results and provides a more informed baseline for modeling future earnings expectations. Excluding the amortization of acquisition related intangible assets allows for comparison of the Company’s current and historic operating performance, as described in further detail above. This non-GAAP measure should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results and may differ from measures used by other companies. For example, we do not adjust for any amounts attributable to noncontrolling interest except for one-time non-cash items outside the course of ordinary business, such as impairment of goodwill. The Company recommends a review of diluted earnings per share on both a GAAP basis and non-GAAP basis be performed to obtain a comprehensive view of the Company’s results. Information on how these share calculations are made is included in the reconciliation tables provided.
CASH FLOW ITEMS
Free cash flow (FCF) (Non-GAAP)
FCF for the fourth quarter of 2015 is a non-GAAP financial measure, which is calculated by subtracting capital expenditures from cash flow from operations. For the fourth quarter of 2015, FCF was
CONSOLIDATED RECONCILIATION OF NET INCOME TO EBITDA
EBITDA represents earnings before net interest expense, income tax provision, depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties, such as financial institutions in extending credit, in evaluating companies in our industry and provides further clarity on our profitability. In addition, management uses EBITDA, along with other GAAP and non-GAAP measures, in evaluating our operating performance compared to that of other companies in our industry. The calculation of EBITDA generally eliminates the effects of financing, operating in different income tax jurisdictions, and accounting effects of capital spending, including the impact of our asset base, which can differ depending on the book value of assets and the accounting methods used to compute depreciation and amortization expense. EBITDA is not a recognized measurement under GAAP, and when analyzing our operating performance, investors should use EBITDA in addition to, and not as an alternative for, income from operations and net income, each as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA may not be comparable to similarly titled measures used by other companies. For example, our EBITDA takes into account all net interest expense, income tax provision, depreciation and amortization without taking into account any attributable to noncontrolling interest. Furthermore, EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not consider certain cash requirements such as tax and debt service payments.
The following table provides a reconciliation of net income to EBITDA (in thousands, unaudited):
Three Months Ended | Twelve Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net income (per-GAAP) | $ | 725 | $ | 16,665 | $ | 29,772 | $ | 63,678 | ||||||||
Plus: | ||||||||||||||||
Interest expense, net | 1,319 | 531 | 3,226 | 2,862 | ||||||||||||
Income tax provision | 272 | 5,988 | 16,451 | 20,359 | ||||||||||||
Depreciation and amortization | 22,131 | 19,517 | 80,100 | 76,771 | ||||||||||||
EBITDA (Non-GAAP) | $ | 24,447 | $ | 42,701 | $ | 129,549 | $ | 163,670 |
DIODES INCORPORATED AND SUBSIDIARIES | ||||||||||
CONSOLIDATED CONDENSED BALANCE SHEETS | ||||||||||
(in thousands, except share data) |
||||||||||
December 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
(unaudited) | ||||||||||
CURRENT ASSETS | ||||||||||
Cash and cash equivalents | $ | 218,435 | $ | 243,000 | ||||||
Short-term investments | 64,685 | 11,726 | ||||||||
Accounts receivable, net | 218,496 | 188,248 | ||||||||
Inventories | 202,832 | 182,026 | ||||||||
Prepaid expenses and other | 46,103 | 50,510 | ||||||||
Total current assets | 750,551 | 675,510 | ||||||||
PROPERTY, PLANT AND EQUIPMENT, net | 439,340 | 309,931 | ||||||||
DEFERRED INCOME TAXES, non-current | 44,761 | 43,845 | ||||||||
OTHER ASSETS | ||||||||||
Goodwill | 144,923 | 81,229 | ||||||||
Intangible assets, net | 196,409 | 45,028 | ||||||||
Other | 36,696 | 23,614 | ||||||||
Total assets | $ | 1,612,680 | $ | 1,179,157 | ||||||
December 31, | December 31, | |||||||||
2015 | 2014 | |||||||||
(unaudited) | ||||||||||
CURRENT LIABILITIES | ||||||||||
Lines of credit | $ | - | $ | 1,064 | ||||||
Accounts payable | 86,463 | 79,390 | ||||||||
Accrued liabilities | 77,801 | 60,149 | ||||||||
Income tax payable | 5,117 | 8,381 | ||||||||
Current portion of long-term debt | 10,282 | 287 | ||||||||
Total current liabilities | 179,663 | 149,271 | ||||||||
LONG-TERM DEBT, net of current portion | 455,941 | 140,787 | ||||||||
DEFERRED TAX LIABILITIES - non current | 31,658 | - | ||||||||
OTHER LONG-TERM LIABILITIES | 90,153 | 78,932 | ||||||||
Total liabilities | 757,415 | 368,990 | ||||||||
COMMITMENTS AND CONTINGENCIES | ||||||||||
EQUITY | ||||||||||
Diodes Incorporated stockholders' equity | ||||||||||
Preferred stock - par value $1.00 per share; 1,000,000 shares authorized; no shares issued or outstanding | — | — | ||||||||
Common stock - par value $0.66 2/3 per share; 70,000,000 shares authorized; |
||||||||||
48,148,077 and 47,591,092 issued and outstanding at December 31, 2015 and December 31, 2014, respectively |
32,404 | 31,729 | ||||||||
Additional paid-in capital | 350,855 | 314,942 | ||||||||
Retained earnings | 519,778 | 490,006 | ||||||||
Treasury stock | (11,009 | ) | — | |||||||
Accumulated other comprehensive loss | (84,416 | ) | (68,402 | ) | ||||||
Total Diodes Incorporated stockholders' equity | 807,612 | 768,275 | ||||||||
Noncontrolling interest | 47,653 | 41,892 | ||||||||
Total equity | 855,265 | 810,167 | ||||||||
Total liabilities and equity | $ | 1,612,680 | $ | 1,179,157 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160216006285/en/
Source:
Company Contact:
Diodes Incorporated
Laura Mehrl
Director of Investor Relations
P: 972-987-3959
E: laura_mehrl@diodes.com
or
Investor Relations Contact:
Shelton Group
Leanne Sievers
EVP, Investor Relations
P: 949-224-3874
E: lsievers@sheltongroup.com