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IXYS Corporation (IXYS), an international power and IC
semiconductor company, today reported its results for its first fiscal
quarter, which ended June 30, 2012.
Net revenues for the quarter ended June 30, 2012 were $80.9 million, a
decrease of $20.9 million from net revenues of $101.8 million in the
prior year’s first quarter. Sequentially, net revenues in the quarter
ended June 30, 2012 decreased by $6.3 million from net revenues of $87.2
million in the March 31, 2012 quarter.
"We are pleased with the bottom line performance of our company despite
the apparent slowdown in the markets we serve. Our performance even in
these difficult times affirms our product strategy, as well as our
ability to keep our costs under control," commented Dr. Nathan Zommer,
Chairman and CEO. "We have continued our R&D investments in power
semiconductors, HVIC, MCUs and RF MMICs, thus positioning IXYS for
future growth."
Net income for the quarter ended June 30, 2012 was $6.0 million, or
$0.19 per diluted share, a decrease of $4.0 million, as compared to net
income of $10.0 million, or $0.30 per diluted share, in the prior year’s
first quarter. Sequentially, net income in the quarter ended June 30,
2012 increased by $2.3 million over net income of $3.7 million in the
March 31, 2012 quarter.
Gross profit was $27.2 million, or 33.6% of net revenues, for the
quarter ended June 30, 2012, as compared to gross profit of $35.0
million, or 34.4% of net revenues, for the same quarter in the prior
fiscal year. Sequentially, gross profit in the quarter ended June 30,
2012 decreased by $2.8 million from gross profit of $30.0 million, or
34.4% of net revenues, in the March 31, 2012 quarter.
The company ended June 2012 with record cash of $103.4 million, which is
an increase of $4.3 million over the cash at March 31, 2012. "Our
results manifest the strengths of our products and technologies and our
ability to remain profitable, even during challenging times," commented
Mr. Uzi Sasson, President and CFO.
"The summer quarter traditionally has been challenging for IXYS and we
expect that this summer will also be weak. Therefore, we expect revenues
for the September 2012 quarter to be 8% to 12% lower than those of the
June 2012 quarter," Mr. Sasson continued.
About IXYS Corporation
Since its founding in Silicon Valley, IXYS Corporation has been
developing technology-driven products to improve energy conversion
efficiency, generate clean energy, improve automation, and provide
advanced products for the transportation, medical and telecommunications
industries. IXYS, with its subsidiaries, is a worldwide pioneer in the
development of power semiconductors, solid state relays, high voltage
integrated circuits (HVIC), and microcontrollers that are necessary in
conserving energy and in reducing the world’s dependence on fossil fuels.
Diminishing natural resources, demand for renewable energy and
environmental directives for energy efficiency represent a significant
challenge. IXYS’ power semiconductors and mixed-signal integrated
circuits (IC) play a vital role in reducing energy costs and consumption
by optimizing the energy efficiency of everyday products. With an end
customer base of over 2,500 telecommunications, transportation,
industrial, medical and consumer companies, IXYS is a worldwide
recognized provider of advanced semiconductors.
Additional information may be obtained by visiting IXYS’ website at http://www.ixys.com,
or by contacting the company directly.
Safe Harbor Statement
The foregoing press release contains forward-looking statements,
including those related to our future growth, profitability, our summer
quarter and our revenues in the September 2012 quarter. Actual results
may vary materially from those contained in the forward-looking
statements, due to changes in customer delivery schedules, the
cancellation of orders, an unanticipated decline in our business,
increased competition, cash flow difficulties, unanticipated
technological hurdles, manufacturing challenges and capacity
limitations, adverse changes in customer demand, declining economic
conditions and increasing product costs, among other things. Further
information on other factors that could affect IXYS is detailed and
included in reports that IXYS has filed with the Securities and Exchange
Commission, including its Form 10-K for the fiscal year ended March 31,
2012. IXYS undertakes no obligation to publicly release the results of
any revisions to these forward-looking statements.
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, March 31,
2012 2012
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ASSETS
Current assets:
Cash and cash equivalents $ 103,388 $ 99,113
Accounts receivable, net 45,138 48,420
Inventories, net 85,808 86,240
Prepaid expenses and other current assets 4,885 6,934
Deferred income taxes 8,315 8,450
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Total current assets 247,534 249,157
Plant and equipment, net 53,149 56,071
Other assets 15,533 13,053
Deferred income taxes 25,539 25,629
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Total assets $ 341,755 $ 343,910
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LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of capitalized lease obligations $ 2,573 $ 2,873
Current portion of notes payable to bank 939 1,696
Accounts payable 15,551 14,427
Accrued expenses and other current liabilities 19,559 22,023
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Total current liabilities 38,622 41,019
Capitalized lease and other long term obligations, net of current 32,252 33,783
portion
Pension liabilities 14,140 15,001
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Total liabilities 85,014 89,803
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Common stock 379 378
Additional paid-in capital 143,131 141,445
Retained earnings 116,176 110,194
Accumulated other comprehensive income (2,945 ) 2,090
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Stockholders’ equity 256,741 254,107
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Total liabilities and stockholders’ equity $ 341,755 $ 343,910
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IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Fiscal Quarter Ended
June 30,
------------------------------
2012 2011
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Net revenues $ 80,857 $ 101,778
Cost of goods sold 53,668 66,743
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Gross profit 27,189 35,035
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Operating expenses:
Research, development and engineering 6,649 6,933
Selling, general and administrative 11,187 11,129
Amortization of intangibles 640 642
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Total operating expenses 18,476 18,704
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Operating income 8,713 16,331
Other income (expense), net 528 (609 )
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Income before income tax provision 9,241 15,722
Provision for income tax 3,234 5,746
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Net income $ 6,007 $ 9,976
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Net income per share - basic $ 0.19 $ 0.32
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Weighted average shares used in per share calculation - basic 31,351 31,508
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Net income per share - diluted $ 0.19 $ 0.30
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Weighted average shares used in per share calculation - diluted 32,378 32,806
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SOURCE: IXYS Corporation
IXYS Corporation
Uzi Sasson, 408-457-9000
President & CFO
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