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Diodes Incorporated Reports Third Quarter 2009 Financial Results
Revenue Increases 18% and Gross Profit Increases 37%, Sequentially
GAAP EPS of
Financial and Business Highlights:
-
Revenue was
$122.1 million , an increase of$18.2 million , or 17.5 percent, over second quarter revenue of$103.9 million ; -
Gross profit was
$37.6 million , an increase of 37.2 percent over the second quarter of$27.4 million ; - Gross margin was 30.8 percent, a 450 basis point increase over the second quarter gross margin of 26.3 percent;
-
GAAP net income was
$7.0 million , or$0.16 per diluted share, compared to a second quarter net loss of$3.0 million , or($0.07) per share; -
Non-GAAP adjusted net income was
$9.0 million , or$0.21 per diluted share, compared to a second quarter adjusted net income of$2.5 million , or$0.06 per diluted share; -
Achieved
$19.4 million cash flow from operations,$15.9 million free cash flow and$16.6 million net cash flow for the third quarter, bringing the year to date cash flow from operations to$44.0 million , free cash flow to$31.0 million and net cash flow to$22.6 million ; -
EBITDA was
$21.4 million , a 29 percent improvement over the$16.6 million for the second quarter; and -
Repurchased
$19.8 million principal amount of Convertible Senior Notes in exchange for Common Stock, bringing total repurchases to approximately$91 million .
Revenue for the third quarter of 2009 was
Gross profit for the third quarter of 2009 was
Commenting on the quarter, Dr.
Third quarter GAAP net income was
Non-GAAP adjusted net income was
GAAP net income | $ | 7,020 | |||
GAAP diluted earnings per share | $ | 0.16 | |||
Adjustments to reconcile net income | |||||
to adjusted net income: | |||||
Amortization of debt discount | 1,208 | ||||
Amortization of acquisition related intangible assets | 915 | ||||
Other | (82 | ) | |||
Non-GAAP adjusted net income | $ | 9,061 | |||
Non-GAAP adjusted diluted earnings per share | $ | 0.21 | |||
See below for further details of the reconciliation.
Included in GAAP and non-GAAP adjusted net income was approximately
EBITDA, which represents earnings before net interest expense, income
tax provision, depreciation and amortization, for the third quarter of
2009 was
As of
Dr. Lu further commented, “Our future performance will be further driven by increased global demand for our products and improved capacity utilization at our wafer fabrication facilities. Complementing our strong organic growth, our 2008 acquisition of Zetex will continue to enhance Diodes’ scale, product offerings and capability to innovate, which will drive additional growth within our expanded serviceable markets. As we continue to increase our global footprint, we believe we are well positioned for continued market share gains in our high-growth target markets.”
Business Outlook
Dr. Lu concluded, “For the fourth quarter of 2009, we expect revenue to
continue to grow and range between
Conference Call
Diodes will host a conference call on
About
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: our future performance will
be further driven by increased global demand for our products and
improved capacity at our wafer fabrication facilities; our 2008
acquisition of Zetex will continue to enhance Diodes’ scale, product
offerings and capability to innovate, which will drive additional growth
within our expanded serviceable markets; as we continue to increase our
global footprint, we are well positioned for continued market share
gains in our high-growth target markets; for the fourth quarter of 2009,
we expect revenue to continue to grow and 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 | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2008 | 2009 | 2008 | 2009 | ||||||||||||||
(As Adjusted) | (As Adjusted) | ||||||||||||||||
NET SALES | $ | 134,047 | $ | 122,122 | $ | 345,645 | $ | 304,070 | |||||||||
COST OF GOODS SOLD | 95,929 | 84,547 | 235,993 | 224,632 | |||||||||||||
Gross profit | 38,118 | 37,575 | 109,652 | 79,438 | |||||||||||||
OPERATING EXPENSES | |||||||||||||||||
Selling, general and administrative | 20,841 | 19,079 | 52,435 | 50,375 | |||||||||||||
Research and development | 7,212 | 6,284 | 15,618 | 16,944 | |||||||||||||
Amortization of acquisition related intangible assets | 1,804 | 1,271 | 2,275 | 3,480 | |||||||||||||
Purchased in-process research and development | 7,865 | - | 7,865 | - | |||||||||||||
Restructuring | - | (291 | ) | - | (440 | ) | |||||||||||
Total operating expenses | 37,722 | 26,343 | 78,193 | 70,359 | |||||||||||||
Income from operations | 396 | 11,232 | 31,459 | 9,079 | |||||||||||||
OTHER INCOME (EXPENSES) | |||||||||||||||||
Interest income | 1,824 | 805 | 9,826 | 3,907 | |||||||||||||
Interest expense | (3,213 | ) | (1,784 | ) | (7,041 | ) | (5,709 | ) | |||||||||
Amortization of debt discount | (2,748 | ) | (1,981 | ) | (8,073 | ) | (6,471 | ) | |||||||||
Other | (897 | ) | (1,062 | ) | (2,393 | ) | (1,074 | ) | |||||||||
Total other expenses | (5,034 | ) | (4,022 | ) | (7,681 | ) | (9,347 | ) | |||||||||
Income (loss) before income taxes and noncontrolling interest | (4,638 | ) | 7,210 | 23,778 | (268 | ) | |||||||||||
INCOME TAX PROVISION (BENEFIT) | (722 | ) | (629 | ) | 2,258 | 4,924 | |||||||||||
NET INCOME (LOSS) | (3,916 | ) | 7,839 | 21,520 | (5,192 | ) | |||||||||||
Less: NET INCOME attributable to noncontrolling interest | (659 | ) | (819 | ) | (1,938 | ) | (1,507 | ) | |||||||||
NET INCOME (LOSS) attributable to common stockholders | $ | (4,575 | ) | $ | 7,020 | $ | 19,582 | $ | (6,699 | ) | |||||||
EARNINGS (LOSS) PER SHARE attributable to common stockholders | |||||||||||||||||
Basic | $ | (0.11 | ) | $ | 0.17 | $ | 0.48 | $ | (0.16 | ) | |||||||
Diluted | $ | (0.11 | ) | $ | 0.16 | $ | 0.46 | $ | (0.16 | ) | |||||||
Number of shares used in computation | |||||||||||||||||
Basic | 40,889 | 42,533 | 40,585 | 41,761 | |||||||||||||
Diluted | 40,889 | 44,013 | 42,746 | 41,761 | |||||||||||||
Note: (1) The three and nine months ended
(2) Throughout this release, we refer to “net income (loss) attributable to common stockholders” as “net income (loss).”
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME
(in
thousands, except per share data)
(unaudited)
For the three months ended
Operating Expenses | Other Income (Expense) | Income Tax Provision | Net Income | |||||||||||||
Per-GAAP | $ | 7,020 | ||||||||||||||
Earnings per share (Per-GAAP) | ||||||||||||||||
Diluted | $ | 0.16 | ||||||||||||||
Adjustments to reconcile net income | ||||||||||||||||
to adjusted net income: | ||||||||||||||||
Amortization of acquisition related intangible assets | 1,271 | - | (356 | ) | 915 | |||||||||||
Restructuring | (291 | ) | - | 111 | (180 | ) | ||||||||||
Loss on extinguishment of debt | - | 161 | (63 | ) | 98 | |||||||||||
Amortization of debt discount | - | 1,981 | (773 | ) | 1,208 | |||||||||||
Adjusted (Non-GAAP) | $ | 9,061 | ||||||||||||||
Diluted shares used in computing | ||||||||||||||||
earnings per share | 44,013 | |||||||||||||||
Adjusted earnings per share (Non-GAAP) | ||||||||||||||||
Diluted | $ | 0.21 | ||||||||||||||
Note: Included in GAAP and non-GAAP adjusted net income was
approximately
For the three months ended
Cost of Goods Sold | Operating Expenses | Other Income (Expense) | Income Tax Provision | Net Income (Loss) | |||||||||||||
Per-GAAP | $ | (4,575 | ) | ||||||||||||||
Loss per share (Per-GAAP) | |||||||||||||||||
Diluted | $ | (0.11 | ) | ||||||||||||||
Adjustments to reconcile net loss | |||||||||||||||||
to adjusted net income: | |||||||||||||||||
Amortization of acquisition related intangible assets | - | 1,804 | - | (503 | ) | 1,301 | |||||||||||
Inventory valuations and deprecation adjustments | 5,388 | - | - | - | 5,388 | ||||||||||||
In-process research and development | - | 7,865 | - | - | 7,865 | ||||||||||||
Amortization of debt discount | - | - | 2,748 | (1,072 | ) | 1,676 | |||||||||||
Adjusted (Non-GAAP) | $ | 11,655 | |||||||||||||||
Diluted shares used in computing | |||||||||||||||||
earnings per share | 42,638 | ||||||||||||||||
Adjusted earnings per share (Non-GAAP) | |||||||||||||||||
Diluted | $ | 0.27 | |||||||||||||||
Note: Included in GAAP net loss and non-GAAP adjusted net income was
approximately
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME – Con’t
(in
thousands, except per share data)
(unaudited)
For the nine months ended
Operating Expenses | Other Income (Expense) | Income Tax Provision | Net Income (Loss) | ||||||||||||||
Per-GAAP | $ | (6,699 | ) | ||||||||||||||
Loss per share (Per-GAAP) | |||||||||||||||||
Diluted | $ | (0.16 | ) | ||||||||||||||
Adjustments to reconcile net loss | |||||||||||||||||
to adjusted net income: | |||||||||||||||||
Amortization of acquisition related intangible assets | 3,480 | - | (977 | ) | 2,503 | ||||||||||||
Restructuring | (440 | ) | - | (85 | ) | (525 | ) | ||||||||||
Gain on extinguishment of debt | - | (1,192 | ) | 465 | (727 | ) | |||||||||||
Forgiveness of debt | - | (1,501 | ) | 188 | (1,313 | ) | |||||||||||
Amortization of debt discount | - | 6,471 | (2,526 | ) | 3,945 | ||||||||||||
Taxes on repatriation of earnings | - | - | 10,631 | 10,631 | |||||||||||||
Adjusted (Non-GAAP) | $ | 7,815 | |||||||||||||||
Diluted shares used in computing | |||||||||||||||||
earnings per share | 42,967 | ||||||||||||||||
Adjusted earnings per share (Non-GAAP) | |||||||||||||||||
Diluted | $ | 0.18 | |||||||||||||||
Note: Included in GAAP net loss and non-GAAP adjusted net income was
approximately
For the nine months ended
Cost of Goods Sold | Operating Expenses | Other Income (Expense) | Income Tax Provision | Net Income | |||||||||||
Per-GAAP | $ | 19,582 | |||||||||||||
Earnings per share (Per-GAAP) | |||||||||||||||
Diluted | $ | 0.46 | |||||||||||||
Adjustments to reconcile net income | |||||||||||||||
to adjusted net income: | |||||||||||||||
Amortization of acquisition related intangible assets | - | 2,275 | - | (635) | 1,640 | ||||||||||
Inventory valuations and deprecation adjustments | 5,388 | - | - | - | 5,388 | ||||||||||
In-process research and development | - | 7,865 | - | - | 7,865 | ||||||||||
Currency hedge on purchase price | - | - | 1,540 | (570) | 970 | ||||||||||
Amortization of debt discount | - | - | 8,073 | (3,148) | 4,925 | ||||||||||
Adjusted (Non-GAAP) | $ | 40,370 | |||||||||||||
Diluted shares used in computing | |||||||||||||||
earnings per share | 42,746 | ||||||||||||||
Adjusted earnings per share (Non-GAAP) | |||||||||||||||
Diluted | $ | 0.94 | |||||||||||||
Note: Included in GAAP and non-GAAP adjusted net income was
approximately
ADJUSTED NET INCOME (LOSS)
This measure consists of generally accepted accounting principles (“GAAP”) net income (loss), which is then adjusted solely for the purpose of adjusting for amortization of acquisition related intangible assets, restructuring costs, gain (loss) on extinguishment of debt, amortization of debt discount, inventory valuations and depreciation adjustments, in-process research and development (“IPR&D”) expense, forgiveness of debt, taxes on repatriation of earnings and currency hedge on purchase price, as discussed below. Excluding restructuring costs, gain (loss) on extinguishment of debt, inventory valuations and depreciation adjustments, IPR&D expense, forgiveness of debt, taxes on repatriation of earnings and currency hedge on purchase price 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 and amortization of debt discount allows for comparison of the Company’s current and historic operating performance. The Company excludes the above listed items to evaluate the Company’s operating performance, to develop budgets, to determine incentive compensation awards and to manage cash expenditures. Presentation of the above non-GAAP measures allows investors to review the Company’s results of operations from the same view point as the Company’s management and Board of Directors. The Company has historically provided similar non-GAAP financial measures to provide investors an enhanced understanding of its operations, facilitate investors’ analyses and comparisons of its current and past results of operations and provide insight into the prospects of its future performance. The Company also believes the non-GAAP measures are useful to investors because they provide additional information that research analysts use to evaluate semiconductor companies. These non-GAAP measures 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. The Company recommends a review of net income on both a GAAP basis and non-GAAP basis be performed to get a comprehensive view of the Company’s results. The Company provides a reconciliation of GAAP net income (loss) to non-GAAP adjusted net income.
Detail of non-GAAP adjustments:
Amortization of acquisition related intangible assets – The Company has 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 allocated to the assets through purchase 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 across companies with respect to this expense.
Restructuring costs – The Company has recorded various restructuring charges to reduce its cost structure in order to enhance operating effectiveness and improve profitability. These restructuring activities impacted various functional areas of the Company’s operations in several locations and were undertaken to meet specific business objectives in light of the facts and circumstances at the time of each restructuring event. These restructuring charges are excluded from management’s assessment of the Company’s operating performance. The Company believes the exclusion of the restructuring 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.
Gain (loss) on extinguishment of debt – The Company excluded the gains and losses from extinguishment of debt from the repurchase of its 2.25% Convertible Senior Notes (“Notes”), which was accounted for under FASB ASC 470-20. These gains and losses were excluded from management’s assessment of the Company’s core operating performance. The Company believes the exclusion of the gains and losses on extinguishment of debt provides investors an enhanced view of gains and losses the Company may incur from time to time and facilitates comparisons with results of other periods that may not reflect such gains or losses.
Amortization of debt discount
– The Company has excluded the amortization of debt discount on its
Notes, which is recorded in accordance with FASB ASC 470-20. This
amortization was excluded from management’s assessment of the Company’s
core operating performance. Although the amortization of debt discount
is recurring in nature, the expected life of the Notes is five years as
that is the earliest date in which the Notes can be put back to the
Company at par value. As such, the amortization period ends
Inventory valuations and depreciation adjustments - The Company has excluded the inventory valuation and depreciation adjustments. Under GAAP, the Company adjusted the inventory acquired from Zetex 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-process inventory. This non-cash adjustment to inventory is not recurring in nature and as such we believe that the exclusion of this adjustment provides investors useful information facilitating an understanding of our gross profit and margins as this impact reduces our gross profit and margins to percentages lower than we have historically achieved and expect to achieve in the future. The exclusion of the depreciation expense allows comparisons of operating results that are consistent over time for both the Company’s newly acquired and long-held businesses. In addition, we exclude the deprecation expense as there is significant variability and unpredictability across companies with respect to this expense.
IPR&D expense - The Company has excluded the non-recurring IPR&D expense, which is non-cash and related to the acquisition of Zetex, from its non-GAAP results. Under GAAP, the Company immediately expensed all the acquired IPR&D as it had not yet reached technological feasibility and had no alternative further use as of the date of acquisition. This adjustment to R&D expense is not recurring in nature and as such we believe that the exclusion of this adjustment provides investors useful information facilitating an understanding of earnings as this impact reduces our earnings to amounts lower than we have historically achieved and expect to achieve in the future.
Forgiveness of debt –
The Company excluded the forgiveness of debt related to one of its
Taxes on repatriation of earnings
– The Company has excluded the non-cash income tax expense related to
the repatriation of earnings. During the first quarter of 2009, the
Company repatriated approximately
Currency hedge on purchase price – The Company incurred a one-time, non-cash currency hedge loss related to the Zetex acquisition in the second quarter of 2008. This currency hedge loss is excluded from management's assessment of our operating performance for 2008. The Company believes the exclusion of the non-recurring currency hedge loss provides investors an enhanced view of the one-time adjustment the Company may incur from time to time and facilitates comparisons with the results of other periods that may not reflect such charges.
ADJUSTED EARNINGS (LOSS) PER SHARE
This non-GAAP financial measure is the portion of the Company’s GAAP net income (loss) assigned to each share of stock, excluding amortization of acquisition related intangible assets, restructuring costs, gain (loss) on extinguishment of debt, amortization of debt discount, inventory valuations and depreciation adjustments, IPR&D expense, forgiveness of debt, taxes on repatriation of earnings and currency hedge on purchase price, as described above. Excluding restructuring costs, gain (loss) on extinguishment of debt, inventory valuations and depreciation adjustments, IPR&D expense, forgiveness of debt, taxes on repatriation of earnings and currency hedge on purchase price provides investors with a better depiction of the Company’s operating results and provides a more informed baseline for modeling future earnings expectations, as described in further detail above. Excluding the amortization of acquisition related intangible assets and amortization of debt discount 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. 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 table provided.
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED
RECONCILIATION OF NET INCOME (LOSS) 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 measures, in evaluating our operating performance compared to that of other companies in our industry because 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. 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 (loss) to EBITDA (in thousands, unaudited):
Three Months Ended | |||||||||
September 30, | |||||||||
2008 | 2009 | ||||||||
Net income (loss) (per-GAAP) | $ | (4,575 | ) | $ | 7,020 | ||||
Plus: | |||||||||
Interest expense (income), net (1) | 4,137 | 2,960 | |||||||
Income tax provision (benefit) | (722 | ) | (629 | ) | |||||
Depreciation and amortization | 20,602 | 12,092 | |||||||
EBITDA (Non-GAAP) | $ | 19,442 | $ | 21,443 | |||||
Nine Months Ended | |||||||||
September 30, | |||||||||
2008 | 2009 | ||||||||
Net income (loss) (per-GAAP) | $ | 19,582 | $ | (6,699 | ) | ||||
Plus: | |||||||||
Interest expense (income), net (2) | 5,288 | 8,273 | |||||||
Income tax provision | 2,258 | 4,924 | |||||||
Depreciation and amortization | 37,533 | 35,079 | |||||||
EBITDA (Non-GAAP) | $ | 64,661 | $ | 41,577 | |||||
(1) Includes
(2) Includes
DIODES INCORPORATED AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS ASSETS (in thousands) (unaudited) |
||||||||
December 31, | September 30, | |||||||
2008 | 2009 | |||||||
(As Adjusted) | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 103,496 | $ | 126,072 | ||||
Short-term investment securities | - | 311,900 | ||||||
Accounts receivable, net | 74,574 | 101,695 | ||||||
Inventories | 99,118 | 82,880 | ||||||
Deferred income taxes, current | 3,994 | 8,542 | ||||||
Prepaid expenses and other | 15,578 | 11,783 | ||||||
Total current assets | 296,760 | 642,872 | ||||||
LONG-TERM INVESTMENT SECURITIES | 320,625 | - | ||||||
PROPERTY, PLANT AND EQUIPMENT, net | 174,667 | 163,521 | ||||||
OTHER ASSETS | ||||||||
Goodwill | 56,791 | 67,616 | ||||||
Intangible assets, net | 35,928 | 35,751 | ||||||
Other | 5,907 | 4,854 | ||||||
Total assets | $ | 890,678 | $ | 914,614 | ||||
Note: The
DIODES INCORPORATED AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS LIABILITIES AND EQUITY (in thousands, except share data) (unaudited) |
||||||||||
December 31, | September 30, | |||||||||
2008 | 2009 | |||||||||
(As Adjusted) | ||||||||||
CURRENT LIABILITIES | ||||||||||
Lines of credit and short-term debt | $ | 6,098 | $ | 207,149 | ||||||
Accounts payable | 47,561 | 57,339 | ||||||||
Accrued liabilities | 31,195 | 32,241 | ||||||||
Income tax payable | 358 | 3,484 | ||||||||
Current portion of long-term debt | 1,339 | 372 | ||||||||
Current portion of capital lease obligations | 377 | 313 | ||||||||
Total current liabilities | 86,928 | 300,898 | ||||||||
LONG-TERM DEBT, net of current portion | ||||||||||
Convertible senior notes | 155,451 | 123,098 | ||||||||
Long-term borrowings | 217,146 | 3,540 | ||||||||
CAPITAL LEASE OBLIGATIONS, net of current portion | 1,854 | 1,726 | ||||||||
DEFERRED INCOME TAXES, non-current | 7,986 | 18,189 | ||||||||
OTHER LONG-TERM LIABILITIES | 22,935 | 36,820 | ||||||||
Total liabilities | 492,300 | 484,271 | ||||||||
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; 41,378,816 and 43,508,314 issued and outstanding at December 31, 2008 and September 30, 2009, respectively |
27,586 | 29,006 | ||||||||
Additional paid-in capital | 167,964 | 205,549 | ||||||||
Retained earnings | 241,814 | 235,114 | ||||||||
Accumulated other comprehensive loss | (48,439 | ) | (48,788 | ) | ||||||
Total Diodes Incorporated stockholders' equity | 388,925 | 420,881 | ||||||||
Noncontrolling interest | 9,453 | 9,462 | ||||||||
Total equity | 398,378 | 430,343 | ||||||||
Total liabilities and equity | $ | 890,678 | $ | 914,614 | ||||||
Note: The
Source:
Company Contact:
Diodes Incorporated
Carl Wertz,
805-446-4800
VP, 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