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| 8-K - IXYS CORPORATION 8-K - IXYS, LLC | a50053235.htm |
Exhibit 99.1
IXYS Announces Its Results for the Second Fiscal Quarter Ended September 30, 2011
Record Revenues for the First Six Months of FY2012
Sequential Increase in EPS
MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--November 2, 2011--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor company, today announced results for its second fiscal quarter ended September 30, 2011. Net revenues in the quarter ended September 30, 2011 were $99.0 million, an increase of $9.1 million, or 10.1%, as compared to net revenues of $89.9 million for the same period in the prior fiscal year.
For the six months ended September 30, 2011, IXYS reported net revenues of $200.8 million, an increase of 14.9% as compared with net revenues of $174.8 million for the same period in the prior fiscal year.
“We are pleased with the record revenues we achieved in the first half of our FY2012 despite the global economic slowdown. We showed a sequential increase in our earnings per share and the increase in our net income over last quarter contributed to a sequential increase in our stockholders’ equity. Our results reflect the broad adoption of IXYS products in stable industrial, telecom and medical markets and a diversified product portfolio that differentiates us from some of our semiconductor peers,” commented Dr. Nathan Zommer, Chairman and CEO of IXYS. “The fundamental drivers for our growth remain constant, with the introduction of new products that focus specifically on energy-efficiency applications, medical devices, electric transportation and clean technology.”
Net income for the quarter ended September 30, 2011 was $10.9 million, or $0.34 per diluted share, as compared to a net income of $6.9 million, or $0.22 per diluted share for the same quarter in the prior fiscal year. Net income for the six months ended September 30, 2011 was $20.9 million, or $0.64 per diluted share, as compared to a net income of $13.4 million, or $0.42 per diluted share, for the same period in the prior fiscal year.
Gross profit was $31.5 million, or 31.8% of net revenues, for the quarter ended September 30, 2011, as compared to gross profit of $31.8 million, or 35.4% of net revenues, for the same quarter in the prior fiscal year.
Gross profit for the six months ended September 30, 2011 was $66.5 million, or 33.1% of net revenues, as compared to a gross profit of $61.3 million, or 35.1% of net revenues, for the same period in the prior fiscal year.
Backlog was $171.1 million at September 30, 2011, as compared to $160.0 million at September 30, 2010. Backlog represents existing customer orders that, by their terms, can be shipped within the 12 months following September 30, 2011. Bookings were $76.9 million for the quarter ended September 30, 2011, as compared to $85.1 million for the comparable quarter of the prior year.
Cash and cash equivalents totaled $90.7 million at September 30, 2011, an increase of $14.7 million as compared to March 2011.
During the quarter ended September 30, 2011, the Company purchased about 461,000 shares of its common stock for about $5.5 million.
“Without question, the record-breaking first six months of FY12 bode well for our future success and validate our business model, which continues to focus on product diversification, R&D across the entire power spectrum, and addressing customer demand for technological advances,” stated Uzi Sasson, President and CFO of IXYS. “Historically, the semiconductor industry follows cyclical market trends. Additionally, we cannot dismiss the fact that the macroeconomic situation remains volatile. We will maintain a conservative outlook for the company and expect revenues for the December 2011 quarter to be 4%-8% lower than the revenues for the September 2011 quarter.”
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 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 the backlog, bookings, the fundamental drivers of growth, the introduction of new products, our future success, the macroeconomic situation, market trends, our outlook and our expectations for revenues during the December 2011 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 June 30, 2011. 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) | ||||||||||
| September 30, | March 31, | |||||||||
| 2011 | 2011 | |||||||||
|
ASSETS |
||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 90,668 | $ | 75,999 | ||||||
|
Accounts receivable, net |
55,707 | 55,222 | ||||||||
| Other receivables | 1,705 | 1,543 | ||||||||
| Inventories, net | 79,601 | 75,839 | ||||||||
| Prepaid expenses and other current assets | 3,034 | 6,742 | ||||||||
| Deferred income taxes | 10,554 | 10,660 | ||||||||
| Total current assets | 241,269 | 226,005 | ||||||||
| Plant and equipment, net | 55,378 | 52,311 | ||||||||
| Other assets | 20,429 | 22,099 | ||||||||
| Deferred income taxes | 24,785 | 24,774 | ||||||||
| Total assets | $ | 341,861 | $ | 325,189 | ||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
||||||||||
| Current liabilities: | ||||||||||
| Current portion of capitalized lease obligations | $ | 3,037 | $ | 2,860 | ||||||
| Current portion of notes payable to bank | 1,435 | 1,352 | ||||||||
| Accounts payable | 16,723 | 16,892 | ||||||||
| Accrued expenses and other current liabilities | 25,905 | 22,938 | ||||||||
| Total current liabilities | 47,100 | 44,042 | ||||||||
| Capitalized lease and other long term obligations, net of current portion | 37,963 | 37,373 | ||||||||
| Pension liabilities | 13,707 | 14,545 | ||||||||
| Total liabilities | 98,770 | 95,960 | ||||||||
| Common stock | 376 | 374 | ||||||||
| Additional paid-in capital | 137,477 | 141,138 | ||||||||
| Retained earnings | 100,877 | 79,954 | ||||||||
| Accumulated other comprehensive income | 4,361 | 7,763 | ||||||||
| Stockholders' equity | 243,091 | 229,229 | ||||||||
| Total liabilities and stockholders' equity | $ | 341,861 | $ | 325,189 | ||||||
| IXYS CORPORATION | |||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| (in thousands, except per share data) | |||||||||||||
| (unaudited) | |||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||
| September 30, | September 30, | ||||||||||||
| 2011 | 2010 | 2011 | 2010 | ||||||||||
| Net revenues | $ | 99,004 | $ | 89,910 | $ | 200,782 | $ | 174,785 | |||||
| Cost of goods sold | 67,526 | 58,102 | 134,269 | 113,484 | |||||||||
| Gross profit | 31,478 | 31,808 | 66,513 | 61,301 | |||||||||
| Operating expenses: | |||||||||||||
| Research, development and engineering | 6,504 | 6,597 | 13,437 | 13,609 | |||||||||
| Selling, general and administrative | 10,186 | 10,454 | 21,315 | 20,876 | |||||||||
| Amortiztion of intangibles | 603 | 1,923 | 1,245 | 3,846 | |||||||||
| Restructuring charges | - | 4 | - | 51 | |||||||||
| Total operating expenses | 17,293 | 18,978 | 35,997 | 38,382 | |||||||||
| Operating income | 14,185 | 12,830 | 30,516 | 22,919 | |||||||||
| Other income (expense), net | 1,460 | (2,278 | ) | 851 | 155 | ||||||||
| Income before income tax provision | 15,645 | 10,552 | 31,367 | 23,074 | |||||||||
| Provision for income tax | 4,698 | 3,671 | 10,444 | 9,667 | |||||||||
| Net income | $ | 10,947 | $ | 6,881 | $ | 20,923 | $ | 13,407 | |||||
| Net income per share - basic | $ | 0.35 | $ | 0.22 | $ | 0.67 | $ | 0.43 | |||||
| Weighted average shares used in per share calculation - basic | 31,383 | 31,149 | 31,445 | 31,269 | |||||||||
| Net income per share - diluted | $ | 0.34 | $ | 0.22 | $ | 0.64 | $ | 0.42 | |||||
| Weighted average shares used in per share calculation - diluted | 32,545 | 31,623 | 32,669 | 31,755 | |||||||||
CONTACT:
IXYS Corporation
Uzi Sasson, 408-457-9000
President &
CFO