MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor company, today announced results for its third fiscal quarter ended December 31, 2011. Net revenues in the quarter ended December 31, 2011 were $80.0 million, a decrease of $11.7 million, or 12.7%, as compared to net revenues of $91.7 million for the same period in the prior fiscal year.
For the nine months ended December 31, 2011, IXYS reported net revenues of $280.8 million, an increase of $14.3 million, or 5.4%, as compared to net revenues of $266.5 million for the same period in the prior fiscal year.
“Year-to-date revenues outperformed the prior comparable period as a result of shipments from our substantial backlog. In the most recently completed quarter, demand dropped, which is notable in light of our recent string of record-breaking revenue quarters. The holiday slowdown this past quarter also had a significant effect. Nevertheless, our design win efforts remain strong in our end customers. We continue executing along our multi-year, long-term growth plans, as evidenced by our nine month year-to-year results,” commented Dr. Nathan Zommer, Chairman and CEO of IXYS.
Net income for the quarter ended December 31, 2011 was $5.7 million, or $0.18 per diluted share, as compared to a net income of $7.3 million, or $0.23 per diluted share, for the same period in the prior fiscal year. Net income for the nine months ended December 31, 2011 was $26.6 million, or $0.82 per diluted share, as compared to a net income of $20.7 million, or $0.65 income per diluted share, for the same period in the prior fiscal year.
Gross profit was $23.2 million, or 28.9% of net revenues, for the quarter ended December 31, 2011, as compared to gross profit of $29.1 million, or 31.7% of net revenues, for the same period in the prior fiscal year.
Gross profit for the nine months ended December 31, 2011 was $89.7 million, or 31.9% of net revenues, as compared to a gross profit of $90.4 million, or 33.9% of net revenues, for the same period in the prior fiscal year.
Cash and cash equivalents totaled $93.2 million, an increase of $2.5 million as compared to $90.7 million at September 30, 2011, and an increase of $17.2 million as compared to March 31, 2011.
“Cognizant of market volatility, we maintain a conservative business outlook, focusing on sales and R&D, while working diligently to control expenses,” stated Uzi Sasson, President and CFO of IXYS. “We expect the March 2012 quarter revenues to be 5% to 8% higher than the December 2011 quarter revenues.”
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 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.
Additional information may be obtained by visiting the 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 design win efforts, executing along our multi-year, long-term growth plans, market volatility, our outlook and our expectations for revenues during the March 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, adverse changes in customer demand and increasing product costs, among other things. Further information on other factors that could affect IXYS is detailed and included in reports IXYS filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2011. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||93,150||$||75,999|
|Accounts receivable, net||42,911||55,222|
|Prepaid expenses and other current assets||4,890||6,742|
|Deferred income taxes||10,457||10,660|
|Total current assets||239,538||226,005|
|Plant and equipment, net||56,437||52,311|
|Deferred income taxes||24,753||24,774|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capitalized lease obligations||$||2,840||$||2,860|
|Current portion of notes payable to bank||1,397||1,352|
|Accrued expenses and other current liabilities||19,769||22,938|
|Total current liabilities||44,386||44,042|
|Capitalized lease and other long term obligations, net of current portion||36,576||37,373|
|Additional paid-in capital||139,013||141,138|
|Accumulated other comprehensive income||437||7,763|
Total liabilities and stockholders' equity
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Cost of goods sold||56,889||62,647||191,158||176,131|
|Research, development and engineering||6,368||6,684||19,805||20,293|
|Selling, general and administrative||10,827||10,595||32,142||31,471|
|Amortization of intangibles||640||1,630||1,885||5,476|
|Total operating expenses||17,835||19,424||53,832||57,806|
|Other income (expense), net||665||303||1,516||458|
|Income before income tax provision||5,982||9,959||37,349||33,033|
|Provision for income tax||311||2,653||10,755||12,320|
|Net income per share - basic||$||0.18||$||0.23||$||0.85||$||0.66|
|Weighted average shares used in per share calculation - basic||31,203||31,096||31,335||31,210|
|Net income per share - diluted||$||0.18||$||0.23||$||0.82||$||0.65|
|Weighted average shares used in per share calculation - diluted||32,238||32,071||32,505||31,877|