Diodes Inc. has reported solid financial results for the second quarter ending June 30, 2007. Revenues for the second quarter of 2007 increased 16.4 percent to a record $96.3 million, compared to $82.7 million reported in the second quarter of 2006. Sequentially, revenues were 4.6 percent higher than the first quarter of 2007 as a 7 percent increase in units sold was partially offset by a 2 percent decrease in pricing. Second quarter net income, which included a one-time $1.8 million restructuring charge related to consolidating its Asia analog operations, was $12.2 million, compared to $11.4 million, in the second quarter of 2006.
On July 10th, the Company announced a 3-for-2 stock split in the form of a 50 percent stock dividend payable on July 30, 2007 to stockholders of record on July 20, 2007; therefore, in accordance with GAAP financial reporting, the split-adjusted earnings per share is reflected on the income statement included herein.
Adjusted net income for the second quarter of 2007, which primarily excludes $1.4 million SFAS 123R stock option expense and the one-time $1.8 million restructuring charge to consolidate the analog manufacturing from Taiwan to China, was $15 million, or $0.53 per share ($0.35 split adjusted), an increase of 16.3 percent compared to the $12.9 million, or $0.45 ($0.30 split adjusted) per share, reported in the year-ago quarter and $14.2 million, or $0.50 ($0.33 split adjusted) per share, reported in the first quarter of 2007.
Commenting on the second quarter results, Dr. Keh-Shew Lu, President and CEO of Diodes, said: "We are satisfied with our results during the second quarter as Diodes continued to outperform the industry across all regions. We are also pleased with the execution of our business plan, as we consolidated our analog manufacturing in Asia to improve our cost structure and launched numerous industry-leading innovative new products, positioning us well to deliver profitable growth in the quarters ahead. In addition, with a strong balance sheet, we continue to actively evaluate acquisition candidates to accelerate our profitable growth."
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