|By Business Wire||
|February 5, 2014 04:30 PM EST||
IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced financial results for its third quarter of fiscal 2014, which ended December 31, 2013.
Net revenues for the quarter were $89.3 million, up $25.5 million, or 40.0%, from $63.8 million in net revenues for the December 2012 quarter. Sequentially, net revenues were up $3.4 million or 4.0%, from September 2013 net revenues of $85.9 million, marking the fourth consecutive quarter of revenue growth.
For the nine months ended December 31, 2013, IXYS reported net revenues of $246.4 million, an increase of $33.3 million, or 15.6%, as compared with net revenues of $213.1 million for the same period in the prior fiscal year.
“The results for this quarter reflect actions we took to broaden the range of our products and technologies. We are pleased with the revenue growth, and continued our sustained investment in products that helped us penetrate new markets. IXYS is now a stronger company, with an increasing presence in Asian markets and a wider selection of integrated circuit products,” commented Dr. Nathan Zommer, CEO and Founder of IXYS.
Net income for the quarter ended December 31, 2013 was $552,000, or $0.02 per diluted share, a decrease of $637,000 from the December 31, 2012 quarter, with net income of $1.2 million, or $0.04 per diluted share.
In comparing the December 31, 2013 quarter to the September 30, 2013 quarter, discrete tax items affected net income for the December quarter, as did seasonally lower sales of power semiconductors.
The December 2013 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $4.4 million, or $0.14 per diluted share, which was an increase of $2.1 million, as compared to the non-GAAP net income for the same period in the prior fiscal year.
Net income for the nine months ended December 31, 2013 was $5.9 million, or $0.19 per diluted share, as compared to net income of $9.6 million, or $0.30 per diluted share, for the same period in the prior fiscal year. For the nine months ended December 31, 2013 non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $14.1 million, or $0.44 per diluted share, as compared to non-GAAP net income of $13.1 million, or $0.41 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended December 31, 2013 was $25.8 million, or 28.9% of net revenues, as compared to gross profit of $19.0 million, or 29.7% of net revenues, for the same quarter in the prior fiscal year.
Gross profit for the nine months ended December 31, 2013 was $74.8 million, or 30.4% of net revenues, as compared to a gross profit of $66.4 million, or 31.2% of net revenues, for the same period in the prior fiscal year.
Cash and cash equivalents totaled $99.1 million at December 31, 2013, an increase of $3.9 million as compared to September 30, 2013. Cash generated from operations was $5.7 million. The company also declared a $0.03 per share dividend for the fifth consecutive quarter.
“As global macroeconomic conditions evolve, we are seeing pockets of strength in Asia, stability in the United States and uncharacteristic weakness in Europe. Customers remain cautious in this environment, with purchasing limited to products for immediate demand. Although semiconductor industry ordering trends remain modest, likely affected by the uncertainty in Europe, we expect a slight increase in revenues in the March 2014 quarter, as compared to revenues in the December 2013 quarter,” said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS.
Included above and within the attached schedules are certain non-GAAP financial figures. During the third quarter of fiscal 2014, ended December 31, 2013, the company incurred non-cash expenses, including those associated with amortization of intangible assets and stock compensation. Adjusting the net income in the December 31, 2013 quarter to exclude the impact of amortization of intangible assets and stock compensation expenses, results in a financial presentation for the company without the effect of these non-cash charges. Management believes non-GAAP net income and non-GAAP net income per share are useful measures of operating performance. However, the non-GAAP measures should be considered in addition to, not as a substitute for or superior to, net income and net income per share or other financial measures prepared in accordance with GAAP.
These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies in our industry may calculate non-GAAP net income and non-GAAP net income per share differently than we do, limiting their usefulness as comparative measures.
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 3,500 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 presence in Asian markets, macroeconomic conditions, customers’ cautiousness, purchasing, ordering trends and our revenues in the March 2014 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, capacity limitations, adverse changes in customer demand, declining economic conditions or 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-Q for the fiscal quarter ended September 30, 2013. 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||$||99,144||$||107,430|
|Accounts receivable, net||39,854||37,752|
|Prepaid expenses and other current assets||8,076||7,328|
|Deferred income taxes||7,439||7,167|
|Total current assets||248,160||243,506|
|Plant and equipment, net||51,915||51,995|
|Deferred income taxes||25,193||24,847|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capitalized lease obligations||$||2,727||$||2,458|
|Current portion of notes payable to bank||1,257||15,956|
|Accrued expenses and other current liabilities||49,689||16,992|
|Total current liabilities||67,110||48,228|
|Capitalized lease and other long term obligations, net of current portion||28,095||15,310|
|Additional paid-in capital||145,902||140,604|
|Accumulated other comprehensive income||4,692||(3,093||)|
|Total liabilities and stockholders' equity||$||381,055||$||333,476|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(in thousands, except per share data)|
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Cost of goods sold||63,565||44,841||171,614||146,682|
|Research, development and engineering||7,894||6,784||23,034||20,749|
|Selling, general and administrative||10,028||9,150||30,654||29,448|
|Amortization of intangibles||3,425||559||7,096||1,683|
|Total operating expenses||21,347||16,493||60,784||51,880|
|Other income (expense), net||(1,219||)||(507||)||(3,171||)||77|
|Income before income tax provision||3,217||1,971||10,866||14,645|
|Provision for income tax||2,665||782||4,952||5,092|
|Net income per share - basic||$||0.02||$||0.04||$||0.19||$||0.31|
|Weighted average shares used in per share calculation - basic||31,192||31,005||31,088||31,222|
|Net income per share - diluted||$||0.02||$||0.04||$||0.19||$||0.30|
|Weighted average shares used in per share calculation - diluted||32,032||31,487||31,838||31,917|
|Reconciliation of net income to Non-GAAP net income|
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Amortization of intangible assets||3,425||559||7,096||1,683|
|Stock compensation expense||374||472||1,098||1,857|
|Non-GAAP net income||$||4,351||$||2,220||$||14,108||$||13,093|
|Reconciliation of net income per share, diluted to Non-GAAP net income per share, diluted|
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Net income per share, diluted||$||0.02||$||0.04||$||0.19||$||0.30|
|Amortization of intangible assets||0.11||0.02||0.22||0.05|
|Stock compensation expense||0.01||0.01||0.03||0.06|
|Non-GAAP net income per share, diluted||$||0.14||$||0.07||$||0.44||$||0.41|
|Weighted average shares used in per share calculation, diluted||32,032||31,487||31,838||31,917|
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