(May 5th, 2020, Taipei News) LSC (TWSE : 5305) held its board meeting and approved the Company’s 1st quarter consolidated financial report of year 2020. All the product lines revenue were impacted by Covid 19 in the 1st quarter, however the major declined of 45% and 47% in the 1st quarter revenue on a YoY and a QoQ basis respectively because On-Bright Electronics sales was no longer consolidated starting this year. The consolidated 1st Quarter sales was NTD1.45 billion, proceeds from disposal of 16.5% of On-Brights’ shares together with profit injection from Diodes Inc. amounted to a NTD7.09 earnings per share contribution for the quarter.
The board members also approved the NTD1.2 cash dividends distribution proposal.Should the share swap transaction took place before the record date of cash dividend distribution, shareholders are not eligible since their shares held before have already been converted. If share-swap transaction record date fell after cash dividend distribution, LSC and Diodes Inc will discuss and make price adjustment complying to article 3.7 stated in the share-swap transaction contract, and will publicize resolutions accordingly.
Diodes Inc has received all required regulatory approvals from the Taiwan authorities for its proposed acquisition which includes the Taiwan Fair Trade Commission (TFTC) approval and the Foreign Investment Approval (FIA) from the Investment Commission of the Ministry of Economic Affairs. Diodes continues to work closely with their advisors for the transaction, to comply with all customary regulatory procedures in China.
The Board Members approved the consolidated financial results of Q1 2020 as of May 5th, 2020, details as below: