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8-K - IXYS CORPORATION 8K - IXYS, LLCa50365784.htm

Exhibit 99.1

IXYS Corporation Announces June 2012 Quarter Results

MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--August 3, 2012--IXYS Corporation (NASDAQ:IXYS), an international power and IC semiconductor company, today reported its results for its first fiscal quarter, which ended June 30, 2012.

Net revenues for the quarter ended June 30, 2012 were $80.9 million, a decrease of $20.9 million from net revenues of $101.8 million in the prior year’s first quarter. Sequentially, net revenues in the quarter ended June 30, 2012 decreased by $6.3 million from net revenues of $87.2 million in the March 31, 2012 quarter.

“We are pleased with the bottom line performance of our company despite the apparent slowdown in the markets we serve. Our performance even in these difficult times affirms our product strategy, as well as our ability to keep our costs under control,” commented Dr. Nathan Zommer, Chairman and CEO. “We have continued our R&D investments in power semiconductors, HVIC, MCUs and RF MMICs, thus positioning IXYS for future growth.”

Net income for the quarter ended June 30, 2012 was $6.0 million, or $0.19 per diluted share, a decrease of $4.0 million, as compared to net income of $10.0 million, or $0.30 per diluted share, in the prior year’s first quarter. Sequentially, net income in the quarter ended June 30, 2012 increased by $2.3 million over net income of $3.7 million in the March 31, 2012 quarter.

Gross profit was $27.2 million, or 33.6% of net revenues, for the quarter ended June 30, 2012, as compared to gross profit of $35.0 million, or 34.4% of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit in the quarter ended June 30, 2012 decreased by $2.8 million from gross profit of $30.0 million, or 34.4% of net revenues, in the March 31, 2012 quarter.

The company ended June 2012 with record cash of $103.4 million, which is an increase of $4.3 million over the cash at March 31, 2012. “Our results manifest the strengths of our products and technologies and our ability to remain profitable, even during challenging times,” commented Mr. Uzi Sasson, President and CFO.


“The summer quarter traditionally has been challenging for IXYS and we expect that this summer will also be weak. Therefore, we expect revenues for the September 2012 quarter to be 8% to 12% lower than those of the June 2012 quarter,” Mr. Sasson continued.

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 2,500 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 future growth, profitability, our summer quarter and our revenues in the September 2012 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 and capacity limitations, adverse changes in customer demand, declining economic conditions and 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-K for the fiscal year ended March 31, 2012. 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)
 
June 30, March 31,
2012 2012
ASSETS
Current assets:
Cash and cash equivalents $ 103,388 $ 99,113
Accounts receivable, net 45,138 48,420
Inventories, net 85,808 86,240
Prepaid expenses and other current assets 4,885 6,934
Deferred income taxes   8,315     8,450
Total current assets 247,534 249,157
Plant and equipment, net 53,149 56,071
Other assets 15,533 13,053
Deferred income taxes   25,539     25,629
 
Total assets $ 341,755   $ 343,910
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Current portion of capitalized lease obligations $ 2,573 $ 2,873
Current portion of notes payable to bank 939 1,696
Accounts payable 15,551 14,427
Accrued expenses and other current liabilities   19,559     22,023
Total current liabilities 38,622 41,019
Capitalized lease and other long term obligations, net of current portion 32,252 33,783
Pension liabilities   14,140     15,001
Total liabilities   85,014     89,803
 
Common stock 379 378
Additional paid-in capital 143,131 141,445
Retained earnings 116,176 110,194
Accumulated other comprehensive income   (2,945 )   2,090
Stockholders' equity   256,741     254,107
 
Total liabilities and stockholders' equity $ 341,755   $ 343,910
 

   
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
 
Fiscal Quarter Ended
June 30,
2012   2011
 
Net revenues $ 80,857 $ 101,778
Cost of goods sold   53,668   66,743  
Gross profit   27,189   35,035  
 
Operating expenses:
Research, development and engineering 6,649 6,933
Selling, general and administrative 11,187 11,129
Amortization of intangibles   640   642  
Total operating expenses   18,476   18,704  
Operating income 8,713 16,331
Other income (expense), net   528   (609 )
Income before income tax provision 9,241 15,722
Provision for income tax   3,234   5,746  
 
Net income $ 6,007 $ 9,976  
 
Net income per share - basic $ 0.19 $ 0.32  
 
Weighted average shares used in per share calculation - basic   31,351   31,508  
 
Net income per share - diluted $ 0.19 $ 0.30  
 
Weighted average shares used in per share calculation - diluted   32,378   32,806  
 

CONTACT:
IXYS Corporation
Uzi Sasson, 408-457-9000
President & CFO