Greg-
I mentioned this one here a little while back(granted at higher levels). Take a look at this spectacular earnings report. Seems a good value play to me, I stuck some shares away in my IRAs before the split.
-Vinny
(BSNS WIRE) Diodes, Inc. Posts Record Results for Second Quarter 2000; Net
Diodes, Inc. Posts Record Results for Second Quarter 2000; Net Income Up 424%
Business Editors
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--July 27, 2000--Diodes
Incorporated (Nasdaq:DIOD), a leading manufacturer and supplier of
high quality discrete semiconductors, primarily to the
telecommunications, computing, electronics and automotive industries,
today reported record revenues and earnings for the three and six
months ended June 30, 2000.
Revenues for the second quarter increased 79% to a record $32.6
million, as compared to $18.2 million for the comparable quarter in
1999. Operating income for the second quarter rose 396% to $5.2
million, as compared to $1.1 million in the second quarter of 1999.
Net income for the same period rose 424% to $4.3 million, as compared
to $825,000 for the three months ended June 30, 1999.
Earnings per share reflects the effects of a three-for-two stock
split announced by the Company in June 2000. Diluted earnings per
share increased 360% to $0.46 ($0.69 pre-split) for the second quarter
of 2000, as compared to $0.10 ($0.16 pre-split) for the same period
last year. Sequentially, earnings per share of $0.46 ($0.69 pre-split)
compares to $0.34 ($0.51 pre-split) in the first quarter of 2000.
For the first six months of 2000, the Company earned a record $7.5
million, or $0.81 ($1.21 pre-split) per share, on record revenues of
$60.0 million, compared to net income of $1.5 million, or $0.19 ($0.29
pre-split) per share, on revenues of $34.3 million for the same period
in 1999.
Commenting on the Company's 41st consecutive quarter of
profitability, C.H. Chen, President and Chief Executive Officer of
Diodes, said, "This continues to be a year of significant milestones
for Diodes. These figures represent the highest recorded quarterly
results in our Company's history and reflect a growing demand for our
products in key markets. They are a vindication of an aggressive
strategic investment policy, aimed at creating state-of-the-art
manufacturing facilities in Mainland China."
Second Quarter Highlights:
- Revenues of $32.6 million up 79% over the same period in 1999
- Net income of $4.3 million increases 424% over same period
last year
- $4.5 million strategic investment in Diodes-China becomes
fully operational
- $6.5 million manufacturing expansion will be fully realized in
third quarter 2000
- Announces additional $9.0 million investment in manufacturing
facilities
- Stock begins trading on the Nasdaq National Market
- Declares three-for-two stock split; first stock split in
Company's history
Chen noted that the Company's gross profit margin rose to 32.2% in
the second quarter, as compared to 24.3% in the comparable quarter of
1999. This increase reflects robust demand for the Company's products
and an increased contribution from products manufactured by
Diodes-China. SG&A expenses were 16.2% of net sales in the quarter
compared to 18.5% in the second quarter of 1999.
"With capacity from our most recent expansion already sold out,
the Company has entered the next phase of our planned investment
program," continued Chen. "This will see expenditure of an additional
$9 million, bringing our total investment in the Diodes-China
manufacturing facility to nearly $40 million. We are on target to
complete this phase by the first quarter of 2001 and expect it to
generate an increase in capacity of somewhere in the region of 35-45%.
We expect the additional expansion of our manufacturing capacity to
better serve our customers' needs and to fuel our continued growth.
The outlook for Diodes and the market as a whole remains positive."
Chen continued, "We are fully aware that the ongoing expansion of
the Company brings with it increasing responsibilities to our growing
client and shareholder base. Our mission at Diodes is to create a
lean, flexible and service-focused organization, capable of responding
to our client needs and providing value to our shareholders. We will
work to continue our policy of introducing innovative, cost-effective
procedures in order to maximize the benefits of improving margins on
our world class product lines."
About Diodes Incorporated
Diodes, Inc. (Nasdaq:DIOD) is a leading manufacturer and supplier
of high-quality discrete semiconductor products, primarily to
manufacturers of telecommunications, computer, electronics and
automotive products. The Company's Far East subsidiaries, Diodes-China
and Diodes-Taiwan, manufacture products for sale to North America and
Asia. Diodes-China focuses on surface-mount devices destined for
wireless devices, notebook computers, pagers, PCMCIA cards and modems,
among others, while Diodes-Taiwan focuses on products destined for a
broad base of end products including those in the automotive and
electronics industries. The Company's ISO-9000 corporate sales,
marketing, engineering and logistics headquarters is located in
Southern California. For further information, visit the Company's
Web site at www.diodes.com.
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. Potential risks and
uncertainties include, but are not limited to, such factors as
fluctuations in product demand, the introduction of new products, the
Company's ability to maintain customer and vendor relationships,
technological advancements, impact of competitive products and
pricing, growth in targeted markets, risks of foreign operations, and
other information detailed from time to time in the Company's filings
with the United States Securities and Exchange Commission.
Note: Recent news releases, annual reports, and SEC filings are
available at the Company's Web site: diodes.com. Written
requests may be sent directly to the Company, or they may be e-mailed
to: diodes-fin@diodes.com.
-0-
*T
DIODES INCORPORATED AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1999 2000 1999 2000
Net sales $18,229,000 $32,600,000 $34,261,000 $60,037,000
Cost of goods
sold 13,800,000 22,111,000 25,922,000 41,111,000
Gross profit 4,429,000 10,489,000 8,339,000 18,926,000
Selling,
general and
administrative
expenses 3,376,000 5,270,000 6,496,000 9,812,000
Income from
operations 1,053,000 5,219,000 1,843,000 9,114,000
Other income
(expense)
Interest income 77,000 143,000 139,000 195,000
Interest expense (143,000) (372,000) (303,000) (588,000)
Other (9,000) 40,000 38,000 46,000
(75,000) (189,000) (126,000) (347,000)
Income before
income taxes
and minority
interest 978,000 5,030,000 1,717,000 8,767,000
Provision for
income taxes 120,000 535,000 137,000 1,027,000
Minority interest
in joint
venture
earnings (33,000) (175,000) (66,000) (280,000)
Net income $ 825,000 $4,320,000 $1,515,000 $7,460,000
Earnings per
share
Basic $ 0.11 $ 0.54 $ 0.20 $ 0.93
Diluted $ 0.10 $ 0.46 $ 0.19 $ 0.81
Weighted average
shares
outstanding
Basic 7,570,856 8,072,885 7,570,856 8,029,413
Diluted 7,904,228 9,340,505 7,871,879 9,250,361
*T
Note: Earnings per share and shares outstanding have been restated
to reflect the effect of a three-for-two stock split in July 2000.
--30--JC/la* BB/la
CONTACT: Diodes Incorporated, Westlake Village
Carl Wertz, 805/446-4800
or
Coffin Communications Group, Sherman Oaks, Calif.
Crocker Coulson, 818/789-0100
crocker.coulson@coffincg.com
KEYWORD: CALIFORNIA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: HARDWARE TELECOMMUNICATIONS AUTOMOTIVE
COMPUTERS/ELECTRONICS EARNINGS
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