Diodes Inc. Reports Record Fourth Quarter & Fiscal 2007 Financial Results
Diodes Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2007. For the fiscal year 2007, revenue increased 16.9% to a record $401.2 million, compared to $343.3 million for fiscal 2006. Gross profit increased 14.5% to $130.4 million, or 32.5% of revenue, compared to $113.9 million, or 33.2%, last year.
Net income increased 23.9% to $59.7 million, or $1.41 per diluted share, compared to $48.1 million, or $1.16 per share, in 2006. Adjusted net income, which excludes $4.3 million of net share-based compensation and $1.0 million in net restructuring charges in 2007, increased 21.5% to $64.9 million, or $1.50 per diluted share, compared to $53.4 million in 2006.
Revenue for the fourth quarter of 2007 increased 13.9% to $107.6 million, compared to $94.4 million reported in the fourth quarter of 2006. Sequentially, revenue were 2.2% higher due to a 1.2% increase in units sold and a more favorable product mix.
Gross profit for the fourth quarter of 2007 increased 14.2% to $36.0 million, or 33.5% of revenue, as compared to $31.5 million, or 33.4% of revenue, in the prior year quarter and 32.4% in the third quarter of 2007.
Commenting on the results, Dr. Keh-Shew Lu, President and CEO of Diodes Inc., said, "We are pleased to once again report record results for both the quarter and the year. Most notably in the quarter, we achieved strong gross margin improvements as a result of the benefits associated with internalizing our analog manufacturing as well as a shift in product mix towards our new, higher margin products. We also continued to make significant progress with our new product road map and overall design activity remained strong, in particular with our Hall sensors for cell phones and notebook computers. Additionally, Asia sales volume further expanded in the quarter with solid demand in the consumer and computer markets."
