Diodes Reports Record Income for Quarter, Year

Diodes Inc. of Westlake Village, a semiconductor manufacturer, reported record revenue and earnings for the fourth quarter and year ended Dec. 31.

Revenue in the quarter rose to a record $23.2 million, compared with $14.9 million for the fourth quarter of 1998, an increase of 56%. Net income in the quarter was a record $2.4 million, or 41 cents per share, compared with $412,000 or 8 cents per share in the comparable period in 1998, an increase of more than 400%.

On a sequential basis, fourth-quarter revenue was 6% higher than third-quarter revenue of $21.8 million, and net income was 41% higher than third-quarter net income of $1.7 million, or 31 cents per share. In addition to the record results, this was the company’s 39th consecutive profitable quarter and fourth consecutive quarter in which both sales and income have increased.

Revenue for the 12 months ended Dec. 31 rose to $79.3 million, compared with $61.3 million for 1998, an increase of 29%. Net income for 1999 increased 107% to $5.6 million or $1.02 per share, compared with $2.7 million or, 50 cents per share, a year earlier.

Michael Rosenberg, president and chief executive of Diodes, attributed the record operating results to a combination of increased demand for the company’s products, improved product mix and better inventory management.

Diodes sells to manufacturers in the automotive, electronics, computing and telecommunications industries.