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| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | |||||||||||||||||||||
|
(unaudited) |
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|
(in thousands, except per share data) |
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| Three Months Ended | Nine Months Ended | ||||||||||||||||||||
|
September 30, |
September 30, | ||||||||||||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
| NET SALES | $ | 224,510 | $ | 166,617 | $ | 615,853 | $ | 470,519 | |||||||||||||
| COST OF GOODS SOLD | 154,951 | 123,012 | 438,818 | 352,180 | |||||||||||||||||
| Gross profit | 69,559 | 43,605 | 177,035 | 118,339 | |||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||
| Selling, general and administrative | 33,810 | 25,796 | 99,266 | 72,702 | |||||||||||||||||
| Research and development | 13,611 | 9,084 | 35,836 | 24,466 | |||||||||||||||||
| Amortization of acquisition related intangible assets | 1,871 | 1,203 | 6,075 | 3,401 | |||||||||||||||||
| Restructuring | - | - | 1,535 | - | |||||||||||||||||
| Gain on sale of assets | 5 | - | 47 | (3,556 | ) | ||||||||||||||||
| Total operating expenses | 49,297 | 36,083 | 142,759 | 97,013 | |||||||||||||||||
| Income from operations | 20,262 | 7,522 | 34,276 | 21,326 | |||||||||||||||||
| OTHER INCOME (EXPENSES) | |||||||||||||||||||||
| Interest income | 576 | 234 | 979 | 584 | |||||||||||||||||
| Interest expense | (1,638 | ) | (212 | ) | (4,150 | ) | (569 | ) | |||||||||||||
| Other | (1,706 | ) | 1,901 | 1,201 | 2,846 | ||||||||||||||||
| Total other income (expenses) | (2,768 | ) | 1,923 | (1,970 | ) | 2,861 | |||||||||||||||
| Income before income taxes and noncontrolling interest | 17,494 | 9,445 | 32,306 | 24,187 | |||||||||||||||||
| INCOME TAX PROVISION | 3,604 | 509 | 11,653 | 1,983 | |||||||||||||||||
| NET INCOME | 13,890 | 8,936 | 20,653 | 22,204 | |||||||||||||||||
| Less: NET INCOME attributable to noncontrolling interest | (271 | ) | (383 | ) | (325 | ) | (2,127 | ) | |||||||||||||
| NET INCOME attributable to common stockholders | $ | 13,619 | $ | 8,553 | $ | 20,328 | $ | 20,077 | |||||||||||||
| EARNINGS PER SHARE attributable to common stockholders | |||||||||||||||||||||
| Basic | $ | 0.29 | $ | 0.19 | $ | 0.44 | $ | 0.44 | |||||||||||||
| Diluted | $ | 0.28 | $ | 0.18 | $ | 0.43 | $ | 0.43 | |||||||||||||
| Number of shares used in computation | |||||||||||||||||||||
| Basic | 46,605 | 45,997 | 46,260 | 45,702 | |||||||||||||||||
| Diluted | 48,023 | 46,995 | 47,584 | 46,901 | |||||||||||||||||
|
Note: Throughout this release, we refer to “net income attributable to common stockholders” as “net income.” |
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| DIODES INCORPORATED AND SUBSIDIARIES | |||||||||||||||
| RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME | |||||||||||||||
|
(in thousands, except per share data) |
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|
(unaudited) |
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|
For the three months ended September 30, 2013: |
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|
Cost of
|
Operating
|
Other
|
Income Tax
|
Net Income | |||||||||||
| Per-GAAP | $ | 13,619 | |||||||||||||
| Earnings per share (Per-GAAP) | |||||||||||||||
| Diluted | $ | 0.28 | |||||||||||||
|
Adjustments to reconcile net income to adjusted net income: |
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| Retention costs | - | 815 | - | (122) | 693 | ||||||||||
| Amortization of acquisition related intangible assets | - | 1,871 | - | (371) | 1,500 | ||||||||||
| Adjusted (Non-GAAP) | $ | 15,812 | |||||||||||||
|
Diluted shares used in computing earnings per share |
48,023 | ||||||||||||||
| Adjusted earnings per share (Non-GAAP) | |||||||||||||||
| Diluted | $ | 0.33 | |||||||||||||
