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EXHIBIT 99.4
For Immediate Release
Philip Bourdillon Carl Wertz, CFO
Silverman Heller Associates Diodes Incorporated
(310) 208-2550 (805) 446-4800
DIODES INCORPORATED REPORTS RECORD QUARTERLY REVENUES AND EARNINGS
Westlake Village, California - April 27, 2000 - Diodes Incorporated (Amex: DIO),
a manufacturer and supplier of discrete semiconductors to the automotive,
electronics, computing and telecommunications industries, today reported record
revenues and net income for its first quarter ended March 31, 2000.
Net sales for the quarter ended March 31, 2000 increased 71% to $27.3 million,
the highest quarterly sales in the Company's history, compared to $16.0 million
in the same period last year. Net income rose 349% to $3.1 million, or $0.51 per
diluted share, also the highest quarterly results in the Company's history,
compared to $690,000, or $0.13 per diluted share, in the first quarter of 1999.
C.H. Chen, President and CEO of Diodes Incorporated, credited the record sales
to a combination of stronger unit demand and more stable average sales prices.
Mr. Chen attributed the improvement in gross margin to 31.0% from 24.4% a year
ago to strengthened sales prices and the $4.5 million expansion announced last
summer in the Company's manufacturing facility in Shanghai, China. "We are
pleased with the success of the $4.5 million investment," said Mr. Chen, "and we
look forward to the contribution to margins when our $6.5 million expansion,
announced in December, comes on-line by mid 2000."
Selling, general and administrative expenses at 16.6% of sales reflect
separation compensation (equivalent to approximately $0.04 per share) paid to
the former President and Chief Executive Officer in March 2000. Absent the
separation compensation, said Mr. Chen, SG&A would have been 15.1% of sales,
compared to 19.5% a year ago.
"In light of the continued strong demand for the Company's products and the
increased output of the $6.5 million expansion, the growth outlook for year 2000
remains favorable," stated Mr. Chen. "Furthermore, we look forward to the
performance of our most recent $9 million expansion expected to be operational
at year-end," Mr. Chen concluded.
Diodes Incorporated (Amex: DIO) manufactures high-quality discrete semiconductor
devices and provides customer support to leading manufacturers in the
automotive, electronics, computing and telecommunications industries. Through
the Company's ISO-9000 and QS-9000 certified manufacturing facilities located in
Shanghai, China and Taipei, Taiwan, Diodes' products include small signal
transistors and MOSFETs, transient voltage suppressors (TVSs), zeners, diodes,
rectifiers and bridges. The Company's ISO-9000 corporate sales, marketing,
engineering and logistics headquarters is located in Southern California.
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.
Recent news releases, annual reports, and SEC filings are available at the
Company's web site: http://www.diodes.com. Written requests may be sent directly
to the Company, or they may be e-mailed to: diodes-fin@diodes.com.
(Statement of Income Follows)
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Diodes Incorporated and Subsidiaries
Consolidated Statement of Income
Three Months Ended
March 31,
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1999 2000
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Net sales $ 16,032,000 $ 27,437,000
Cost of goods sold 12,122,000 19,000,000
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Gross profit 3,910,000 8,437,000
Selling, general and
administrative expenses 3,121,000 4,542,000
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Income from operations 789,000 3,895,000
Other income (expense)
Interest income 62,000 52,000
Interest expense (160,000) (216,000)
Other 48,000 6,000
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(50,000) (158,000)
Income before income taxes and
minority interest 740,000 3,737,000
Provision for income taxes 17,000 492,000
Minority interest in joint venture (33,000) (105,000)
earnings
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Net income $ 690,000 $ 3,140,000
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Earnings per share
Basic $ 0.14 $ 0.59
Diluted $ 0.13 $ 0.51
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Weighted average shares outstanding
Basic 5,047,237 5,323,963
Diluted 5,233,425 6,136,327
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