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Diodes Reports Q1

PLANO, Texas — 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 first quarter ended March 31, 2011.

First Quarter Highlights

  • Revenue was $161.6 million, an increase of 18 percent over the $136.8 million in the first quarter of 2010, and a decrease of 1 percent from the $163.8 million in the fourth quarter of 2010;
  • Gross profit was $57.4 million, an increase of 20 percent over the $47.8 million in the first quarter of 2010, and a decrease of 8 percent from the $62.6 million in the fourth quarter 2010;
  • Gross profit margin was 35.5 percent, compared to 34.9 percent in the first quarter 2010 and 38.3 percent in the fourth quarter 2010;
  • GAAP net income was $19.7 million, or $0.42 per diluted share, compared to first quarter of 2010 GAAP net income of $15.0 million, or $0.33 per diluted share, and fourth quarter of 2010 GAAP net income of $24.0 million, or $0.52 per diluted share;
  • Non-GAAP adjusted net income was $21.8 million, or $0.47 per diluted share, compared to first quarter 2010 adjusted net income of $15.7 million, or $0.35 per diluted share, and fourth quarter 2010 adjusted net income of $25.3 million, or $0.55 per diluted share;
  • Excluding $2.1 million of share-based compensation expense, both GAAP and non-GAAP adjusted net income would have increased by $0.04 per diluted share; and
  • Achieved $15.7 million cash flow from operations, $7.8 million net cash flow and $3.3 million free cash flow. Commenting on the results, Dr. Keh-Shew Lu, President and Chief Executive Officer of Diodes Incorporated, stated, “Our revenue for the quarter was stronger than typical first quarter seasonal patterns, resulting from market share gains in tablets, notebooks, smartphones and LED TVs. We had a strong quarter in Europe and Asia, while North America revenue declined sequentially. The quarter was impacted by reduced unit output from our Shanghai packaging facilities resulting from lower equipment utilization caused by China labor shortages mentioned last quarter and a larger than normal number of workers not returning from the Chinese New Year holiday. We shipped from finished goods inventory and reduced our contract assembly commitments, which allowed us to achieve sequential revenue growth in our core business. Gross margin for the quarter reflects reduced fixed cost coverage caused by the lower unit output. We continue hiring manufacturing operators to ensure maximum equipment utilization by matching fully-trained manpower with the available equipment. Overall, I am pleased with our results as we continue to execute on our profitable growth model, new product initiatives and design win traction, which will contribute to our growth in the coming quarter and year.”

    Read the full press release.

    {complink 12829|Diodes Inc.}

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