IXYS Corporation (NASDAQ: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
"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
"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
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
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 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 2,000 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
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