IXYS Corporation (Nasdaq:SYXI) today announced that, for the third
fiscal quarter ended December 31, 2005, IXYS reported net revenues
of $60.3 million, as compared with net revenues of $66.3 million
for the same period in the prior fiscal year. Gross profit was
$18.9 million, or 31.4% of net revenues, for the quarter ended
December 31, 2005, as compared to gross profit of $20.1 million, or
30.3% of net revenues, for the same quarter in the prior fiscal
year. Net income for the quarter was $4.4 million, or $0.12 per
diluted share, as compared to a net income of $4.7 million or $0.14
per diluted share, for the same quarter in the prior fiscal year.
For the nine month period ended December 31, 2005, IXYS reported
net revenues of $187.1 million, as compared with net revenues of
$187.6 million for the same period in the prior fiscal year. Gross
profit for the nine month period ended December 31, 2005 was $61.3
million, or 32.8% of net revenues, as compared to gross profit of
$56.7 million, or 30.2% of net revenues, for the same period in the
prior fiscal year. Net income for the nine month period was $15.1
million, or $0.42 per diluted share, an increase of 44.4% as
compared to net income of $10.5 million, or $0.30 per diluted
share, for the same period in the prior fiscal year. "Consistent
with our long term growth plan, we are pleased to demonstrate cash
and profit growth on a year to date basis. We have seen the
sequential weakness and uncertainty of the consumer market and have
positioned IXYS for further diversification, growth and improved
gross margins," said Dr. Nathan Zommer, Chief Executive Officer.
"We are cautious about our next quarter, especially in light of the
recent uncertainty experienced by other companies in our industry,
and expect revenues for the March quarter to be relatively flat, as
compared to our December quarter," stated Uzi Sasson, Chief
Financial Officer. IXYS develops and markets primarily high
performance power and RF semiconductors and control ICs that are
used in controlling and converting electrical power efficiently in
power systems for telecommunication infrastructure, motor drives,
medical systems and transportation. IXYS also serves emerging
markets with digital and analog ICs that control flat panel
displays, medical instruments and telecommunication products. Safe
Harbor Statement The foregoing press release contains
forward-looking statements, including those related to
diversification, growth, improved profit margins and expectations
for revenues in the March 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, an unexpected
increase or leveling of our costs or reduced cash flows, among
other things. Further information on other factors that could
affect IXYS is detailed and included in IXYS' Form 10-Q for the
fiscal quarter ended September 30, 2005, as filed with the
Securities and Exchange Commission. IXYS undertakes no obligation
to publicly release the results of any revisions to these
forward-looking statements. Additional information may be obtained
by visiting IXYS' website at http://www.ixys.com, or by contacting
the company directly. -0- *T IXYS CORPORATION CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
(unaudited) December 31, March 31, 2005 2005 -------------
---------- ASSETS Current assets: Cash and cash equivalents $
77,173 $ 58,299 Accounts receivable, net 39,002 41,388 Inventories,
net 51,746 51,411 Prepaid expenses 4,333 4,134 Deferred income
taxes 6,806 6,649 ------------- ---------- Total current assets
179,060 161,881 Plant and equipment, net 39,305 27,814 Other assets
27,551 27,409 Deferred income taxes 2,460 2,787 -------------
---------- Total assets $248,376 $219,891 ============= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current
portion of capitalized lease obligations $ 2,199 $ 2,733 Notes
payable to bank 862 -- Accounts payable 13,924 12,962 Accrued
expenses and other liabilities 28,107 22,123 -------------
---------- Total current liabilities 45,092 37,818 Long term
obligations, net of current portion 14,035 4,566 Pension
liabilities 10,860 12,230 ------------- ---------- Total
liabilities 69,987 54,614 ------------- ---------- Common stock,
$0.01 par value: Authorized: 80,000,000 shares; 34,450,014 issued
and 33,971,012 outstanding on December 31, 2005 and 33,586,196
issued and 33,359,194 outstanding on March 31, 2005 345 336
Additional paid in capital 153,696 151,820 Notes receivable from
stockholders (58) (355) Retained earnings 20,586 5,492 Accumulated
other comprehensive income 3,820 7,984 ------------- ----------
Total stockholders' equity 178,389 165,277 ------------- ----------
Total liabilities and stockholders' equity $248,376 $219,891
============= ========== IXYS CORPORATION CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
(unaudited) Three Months Ended Nine Months Ended December 31,
December 31, -------------------- ------------------- 2005 2004
2005 2004 --------- --------- --------- --------- Net revenues
$60,336 $66,258 $187,062 $187,597 Cost of goods sold 41,399 46,203
125,749 130,857 --------- --------- --------- --------- Gross
profit 18,937 20,055 61,313 56,740 --------- --------- ---------
--------- Operating expenses: Research, development and engineering
4,960 4,778 13,199 14,400 Selling, general and administrative 8,707
8,226 27,869 25,753 --------- --------- --------- --------- Total
operating expenses 13,667 13,004 41,068 40,153 --------- ---------
--------- --------- Operating income 5,270 7,051 20,245 16,587
Other income, net 742 488 1,953 269 --------- --------- ---------
--------- Income before income tax provision 6,012 7,539 22,198
16,856 Income tax provision 1,601 2,790 7,104 6,405 ---------
--------- --------- --------- Net income $ 4,411 $ 4,749 $ 15,094 $
10,451 ========= ========= ========= ========= Net income per share
- basic $ 0.13 $ 0.14 $ 0.45 $ 0.32 ========= ========= =========
========= Weighted average shares used in per share calculation -
basic 33,593 33,076 33,514 33,029 ========= ========= =========
========= Net income per share - diluted $ 0.12 $ 0.14 $ 0.42 $
0.30 ========= ========= ========= ========= Weighted average
shares used in per share calculation - diluted 35,729 35,012 35,827
34,876 ========= ========= ========= ========= *T
Ixys (NASDAQ:SYXI)
Historical Stock Chart
From Jul 2024 to Aug 2024
Ixys (NASDAQ:SYXI)
Historical Stock Chart
From Aug 2023 to Aug 2024