WESTLAKE VILLAGE, Calif. -- Diodes Inc. here today reported sales of $26.1 million for the fourth quarter ended Dec. 31, an increase of 12.5% compared to $23.2 million in the like period in 1999.
Net income for the same period rose 18.1% to $2.8 million, or $0.31 or share, as compared to $2.4 million, or $0.27 a share, a year ago.
The supplier of discrete chips missed its projections. It was supposed to earn $0.46 a share, according to Zacks Investment Research.
For the year, the company earned $14.9 million, or $1.62 per share, compared to $5.7 million, or $0.68 per share, in 1999. Sales were $118.5 million in 2000, compared to $79.3 million in 1999.
Despite the growth in 2000, the company is said it will experience a slowdown in 2001. "Diodes has been impacted by the sharp slowdown in demand that has affected so many of our competitors and our customers, particularly in the PC, Internet infrastructure and communications sector," said C.H. Chen, president and chief executive of the company.
"Looking into 2001, we anticipate softness in the first two quarters as this inventory correction works through the supply chain," he added.