IXYS Announces Results for the Third Fiscal Quarter Ended December 31, 2012
Seventh Consecutive Quarter of Record Cash. Stock Buyback of 486,000 Shares.
MILPITAS, Calif.--(BUSINESS WIRE)-- IXYS Corporation (IXYS), an international power semiconductor and IC company, today announced results for its third fiscal quarter ended December 31, 2012.
Net revenues in the quarter ended December 31, 2012 were $63.8 million, a decrease of $16.2 million, or 20.3%, as compared to net revenues of $80.0 million for the same period in the prior fiscal year.
For the nine months ended December 31, 2012, IXYS reported net revenues of $213.1 million, a decrease of $67.7 million, or 24.1%, as compared with net revenues of $280.8 million for the same period in the prior fiscal year.
We are proud to belong to the class of semiconductor companies that proved profitable even in challenging macroeconomic conditions. We identified the market slowdown in a timely manner, and acted accordingly in streamlining our business for improved efficiency and manufacturing productivity, commented Dr. Nathan Zommer, Chairman and CEO of IXYS. Notwithstanding these volatile markets, we continued our focused R&D and technology innovation, which resulted in sustained product introductions, new patents and new customers. We continue to win designs in applications where our comprehensive product portfolio differentiates us from competitors.
Cash and cash equivalents totaled $107.0 million at December 31, 2012, an increase of $7.8 million as compared to March 2012. The company continued to be profitable, with another quarter ending in record cash. During the quarter ended December 31, 2012, the company purchased about 486,000 shares of its common stock for about $4.4 million. IXYS can still purchase approximately 660,000 shares under its current buyback programs.
We increased our operating efficiency and reduced expenses to remain profitable despite short-term reduced revenues. Such efforts allowed us to increase cash, marking the seventh consecutive quarter of record high cash. A strong balance sheet, sustained gross margins, a reduction in net inventories and healthy cash flows position us for the expected market recovery, stated Uzi Sasson, President and CFO of IXYS.
Net income for the quarter ended December 31, 2012 was $1.2 million, or $0.04 per diluted share, as compared to a net income of $5.7 million, or $0.18 per diluted share, for the same quarter in the prior fiscal year. Net income for the nine months ended December 31, 2012 was $9.6 million, or $0.30 per diluted share, as compared to a net income of $26.6 million, or $0.82 per diluted share, for the same period in the prior fiscal year.
Gross profit was $19.1 million, or 29.9% of net revenues, for the quarter ended December 31, 2012, as compared to a gross profit of $23.2 million, or 28.9% of net revenues, for the same quarter in the prior fiscal year.
Gross profit for the nine months ended December 31, 2012 was $66.8 million, or 31.3% of net revenues, as compared to a gross profit of $89.7 million, or 31.9% of net revenues, for the same period in the prior fiscal year.
Multiple markets have started trending upward; however, the industrial and telecom sectors are still volatile, noted Uzi Sasson, President and CFO of IXYS. Therefore, we expect revenues for the March 2013 quarter to be relatively flat or slightly higher as compared to the revenues for the December 2012 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 worlds 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 our profitability, product introductions, new patents, additional cash generation, design wins, sustained gross margins, cash flows, the expected market recovery, market trends, volatility and our expectations for revenues during the March 2013 quarter. Actual results may vary materially from those contained in the forward-looking statements, due to adverse macroeconomic events in Europe, Asia or the United States, 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, 2012. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|December 31,||March 31,|
|Cash and cash equivalents||$||106,958||$||99,113|
|Accounts receivable, net||31,803||48,420|
|Prepaid expenses and other current assets||4,562||6,081|
|Deferred income taxes||8,464||8,450|
|Total current assets||240,037||249,157|
|Plant and equipment, net||54,331||56,071|
|Deferred income taxes||26,089||25,629|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capitalized lease obligations||$||2,506||$||2,873|
|Current portion of notes payable to bank||16,209||1,696|
|Accrued expenses and other current liabilities||14,792||22,023|
|Total current liabilities||44,422||41,019|
|Capitalized lease and other long term obligations, net of current portion||16,049||33,783|
|Additional paid-in capital||139,607||141,445|
|Accumulated other comprehensive income||919||2,090|
|Total liabilities and stockholders' equity||$||334,271||$||343,910|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Cost of goods sold||44,753||56,889||146,364||191,158|
|Research, development and engineering||6,532||6,368||19,933||19,805|
|Selling, general and administrative||9,490||10,827||30,582||32,142|
|Amortization of intangibles||559||640||1,683||1,885|
|Total operating expenses||16,581||17,835||52,198||53,832|
|Other income (expense), net||(507||)||665||77||1,516|
|Income before income tax provision||1,971||5,982||14,645||37,349|
|Provision for income tax||782||311||5,092||10,755|
|Net income per share - basic||$||0.04||$||0.18||$||0.31||$||0.85|
|Weighted average shares used in per share calculation - basic||31,005||31,203||31,222||31,335|
|Net income per share - diluted||$||0.04||$||0.18||$||0.30||$||0.82|
|Weighted average shares used in per share calculation - diluted||31,487||32,238||31,917||32,505|
Uzi Sasson, 408-457-9000
President & CFO
Source: IXYS CorporationCopyright Business Wire 2013