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Diodes Closes 2010

DALLAS — Diodes Incorporated (Nasdaq: DIOD), a leading global manufacturer and supplier of high-quality application specific standard products within the broad discrete, logic and analog semiconductor markets, today reported its financial results for the fiscal year and fourth quarter ended December 31, 2010.

Year 2010 Highlights

  • Revenue increased to a record $612.9 million, an increase of 41.1 percent over the $434.4 million in 2009;
  • Gross profit increased $103.7 million to a record $224.9 million, an increase of 85.6 percent compared to 2009;
  • Gross margin increased 880 basis points to 36.7 percent;
  • GAAP net income was a record $76.7 million, or $1.68 per diluted share, up from 2009 GAAP net income of $7.5 million, or $0.17 per diluted share;
  • Non-GAAP adjusted net income was a record $82.9 million, or $1.82 per diluted share, up from 2009 adjusted net income of $24.1 million, or $0.55 per diluted share;
  • Excluding $8.5 million of share-based compensation expense, both GAAP and non-GAAP adjusted net income would have increased by $0.19 per diluted share; and
  • Achieved $118.0 million cash flow from operations, $28.9 million net cash flow and $29.2 million free cash flow.
  • Fourth Quarter Highlights

  • Achieved seventh consecutive quarter of sequential revenue growth;
  • Revenue was $163.8 million, an increase of 25.7 percent over the $130.3 million in the fourth quarter of 2009, and an increase of 0.4 percent over $163.1 million in the third quarter of 2010;
  • Gross profit was $62.6 million, an increase of 49.8 percent over the $41.8 million in the fourth quarter of 2009, and an increase of 2.6 percent over the $61.0 million in the third quarter 2010;
  • Gross margin was 38.3 percent, a 620 basis point increase over the 32.1 percent in the fourth quarter 2009, and a 90 basis point increase over the 37.4 percent in the third quarter 2010;
  • Income before income taxes and non-controlling interest was $31.1 million, an increase of 172.8 percent over the $11.4 million in the fourth quarter 2009, and an increase of 13.5 percent over the $27.4 million in the third quarter of 2010;
  • GAAP net income was $24.0 million, or $0.52 per diluted share, compared to fourth quarter of 2009 GAAP net income of $14.2 million, or $0.32 per diluted share, and third quarter of 2010 GAAP net income of $21.2 million, or $0.46 per diluted share;
  • Non-GAAP adjusted net income was $25.3 million, or $0.55 per diluted share, compared to fourth quarter 2009 adjusted net income of $16.3 million, or $0.36 per diluted share, and third quarter of 2010 adjusted net income of $23.2 million, or $0.51 per diluted share;
  • Excluding $2.1 million of share-based compensation expense, both GAAP and non-GAAP adjusted net income would have increased by $0.05 per diluted share; and
  • Achieved $28.0 million cash flow from operations, $7.1 million net cash flow and $5.5 million free cash flow.
  • Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer of Diodes Incorporated, stated, “I am pleased to once again report another solid quarter and year of profitable growth for Diodes. Our fourth quarter represents our seventh consecutive quarter of sequential revenue growth driven by the continued ramp-up of prior design wins and customer acceptance of our new product portfolio. We also generated record gross margin primarily due to the benefits of an improved product mix, our aggressive cost reductions, as well as efficiencies at our manufacturing facilities. While our model rate for gross margin continues to be in the 35 percent range, we always strive to improve our margin in support of our profitable growth strategy.

    “For the year, revenue increased over 40 percent and was further highlighted by the achievement of our 20th consecutive year of profitability. We continue to set new financial records, which highlight our successful execution on new product initiatives and design win traction combined with our exceptional operational and manufacturing performance. These accomplishments reflect the success of our profitable growth model, and we remain committed to achieving growth rates that exceed our addressable markets. This approach has consistently produced favorable results for Diodes and our shareholders, and we plan to continue to execute on this proven strategy.”

    {complink 12829|Diodes Inc.}

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