Digital Power

IXYS Reports Continued and Strong Revenue Growth in Most-Recent Quarter

IXYS Corporation announced net revenues for the third quarter of fiscal 2014, which ended December 31, 2013, 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.

IXYS Corp.
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