|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|
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
May. 1, 2017 12:30 AM EDT Reads: 1,275
SYS-CON Events announced today that CollabNet, a global leader in enterprise software development, release automation and DevOps solutions, will be a Bronze Sponsor of SYS-CON's 20th International Cloud Expo®, taking place from June 6-8, 2017, at the Javits Center in New York City, NY. CollabNet offers a broad range of solutions with the mission of helping modern organizations deliver quality software at speed. The company’s latest innovation, the DevOps Lifecycle Manager (DLM), supports Value S...
May. 1, 2017 12:15 AM EDT Reads: 1,543
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
May. 1, 2017 12:00 AM EDT Reads: 1,198
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
May. 1, 2017 12:00 AM EDT Reads: 1,286
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 30, 2017 11:45 PM EDT Reads: 2,856
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Apr. 30, 2017 11:00 PM EDT Reads: 1,930
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 30, 2017 10:45 PM EDT Reads: 2,624
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 30, 2017 10:30 PM EDT Reads: 2,644
Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the USA and Europe, we work with a variety of customers from emerging startups to Fortune 1000 companies.
Apr. 30, 2017 10:00 PM EDT Reads: 2,682
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Apr. 30, 2017 09:45 PM EDT Reads: 2,525
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
Apr. 30, 2017 09:45 PM EDT Reads: 2,717
@ThingsExpo has been named the Most Influential ‘Smart Cities - IIoT' Account and @BigDataExpo has been named fourteenth by Right Relevance (RR), which provides curated information and intelligence on approximately 50,000 topics. In addition, Right Relevance provides an Insights offering that combines the above Topics and Influencers information with real time conversations to provide actionable intelligence with visualizations to enable decision making. The Insights service is applicable to eve...
Apr. 30, 2017 09:30 PM EDT Reads: 3,209
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
Apr. 30, 2017 09:15 PM EDT Reads: 2,355
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
Apr. 30, 2017 08:30 PM EDT Reads: 1,458
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Apr. 30, 2017 08:15 PM EDT Reads: 3,569