Welcome!

News Feed Item

IXYS Corporation Reports Strong Revenue Growth in the December 31, 2013 Quarter

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.

Non-GAAP Information

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.

 
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
    December 31,   March 31,
2013 2013
ASSETS
Current assets:
Cash and cash equivalents $ 99,144 $ 107,430
Accounts receivable, net 39,854 37,752
Inventories, net 93,647 83,829
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
Other assets 55,787 13,128
Deferred income taxes   25,193   24,847  
 
Total assets $ 381,055 $ 333,476  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Current portion of capitalized lease obligations $ 2,727 $ 2,458
Current portion of notes payable to bank 1,257 15,956
Accounts payable 13,437 12,822
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
Pension liabilities   16,349   16,330  
Total liabilities   111,554   79,868  
 
Common stock 380 379
Additional paid-in capital 145,902 140,604
Retained earnings 118,527 115,718
Accumulated other comprehensive income   4,692   (3,093 )
Stockholders' equity   269,501   253,608  
 
Total liabilities and stockholders' equity $ 381,055 $ 333,476  
 

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
    Three Months Ended     Nine Months Ended
December 31, December 31,
2013     2012 2013     2012
       
Net revenues $ 89,348 $ 63,812 $ 246,435 $ 213,130
Cost of goods sold   63,565         44,841     171,614         146,682
Gross profit   25,783         18,971     74,821         66,448
 
Operating expenses:
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
Operating income 4,436 2,478 14,037 14,568
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 $ 552       $ 1,189   $ 5,914       $ 9,553
 
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,
2013     2012 2013     2012
       
Net income $ 552 $ 1,189 $ 5,914 $ 9,553
 
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,
2013     2012 2013     2012
 
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
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
The proper isolation of resources is essential for multi-tenant environments. The traditional approach to isolate resources is, however, rather heavyweight. In his session at 18th Cloud Expo, Igor Drobiazko, co-founder of elastic.io, drew upon his own experience with operating a Docker container-based infrastructure on a large scale and present a lightweight solution for resource isolation using microservices. He also discussed the implementation of microservices in data and application integrat...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and containers together help companies achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of Dev...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Updating DevOps to the latest production data slows down your development cycle. Probably it is due to slow, inefficient conventional storage and associated copy data management practices. In his session at @DevOpsSummit at 20th Cloud Expo, Dhiraj Sehgal, in Product and Solution at Tintri, will talk about DevOps and cloud-focused storage to update hundreds of child VMs (different flavors) with updates from a master VM in minutes, saving hours or even days in each development cycle. He will also...
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
A look across the tech landscape at the disruptive technologies that are increasing in prominence and speculate as to which will be most impactful for communications – namely, AI and Cloud Computing. In his session at 20th Cloud Expo, Curtis Peterson, VP of Operations at RingCentral, will highlight the current challenges of these transformative technologies and share strategies for preparing your organization for these changes. This “view from the top” will outline the latest trends and developm...