Energy Efficiency

IXYS Reports Steadily Rising Revenues in Current Period

IXYS Corporation announced financial results for its fourth quarter and fiscal year ended March 31, 2014, including net revenues for the quarter of $89.9 million, up $23.0 million, or 34.4%, from $66.9 million in net revenues for the March 31, 2013 quarter. Sequentially, March 31, 2014 quarter net revenues were up from the December 31, 2013 quarter net revenues, marking the fifth consecutive quarter of revenue growth. For the twelve months ended March 31, 2014, IXYS reported net revenues of $336.3 million, an increase of $56.3 million, or 20.1%, as compared with net revenues of $280.0 million for the same period in the prior fiscal year.

"Revenues have been rising steadily over the past several quarters, with broad-based global sales growth. Our cross-selling efforts have been rewarded, as customers are seeking more products from IXYS from high power semiconductors to power management microcontrollers. Our business model is working; sales are expected to increase as global macroeconomic conditions continue to improve," commented Dr. Nathan Zommer, CEO and Founder of IXYS.

Net income for the quarter ended March 31, 2014 was $132,000, or $0.00 per diluted share, an increase of $2.0 million from the March 31, 2013 quarter, which showed a net loss of $1.9 million, or $0.06 loss per share.

The March 31, 2014 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $4.0 million, or $0.13 per diluted share, which was an increase of $5.0 million, as compared to the non-GAAP net loss of $958,000, or $0.03 loss per diluted share, for the same period in the prior fiscal year.

Net income for the twelve months ended March 31, 2014 was $6.0 million, or $0.19 per diluted share, as compared to net income of $7.6 million, or $0.24 per diluted share, for the same period in the prior fiscal year.

For the twelve months ended March 31, 2014, non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $18.4 million, or $0.58 per diluted share, as compared to non-GAAP net income of $12.1 million, or $0.38 per diluted share, for the same period in the prior fiscal year.

Gross profit for the quarter ended March 31, 2014 was $25.4 million, or 28.2% of net revenues, as compared to gross profit of $18.4 million, or 27.6% of net revenues, for the same quarter in the prior fiscal year. Gross profit for the twelve months ended March 31, 2014 was $100.2 million, or 29.8% of net revenues, as compared to gross profit of $84.9 million, or 30.3% of net revenues, for the same period in the prior fiscal year. Cash and cash equivalents totaled $98.8 million at March 31, 2014.

"We are starting to see signs of recovery in Europe and Asia, and the stability in the United States is continuing. Our balance sheet continues to be strong and our stockholders' equity has grown to more than $270 million. Customers worldwide have resumed purchasing trends, and demand for IXYS products has increased; however, our optimism must be mitigated by ongoing market volatility. Therefore, we expect revenues in the June 2014 quarter to be slightly higher than revenues in the March 2014 quarter," said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS.

IXYS Corp.
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