Exhibit 99.1
Contact: | Uzi Sasson | |||
Chief Financial Officer | ||||
IXYS Corporation | ||||
3540 Bassett Street | ||||
Santa Clara, California 95054 | ||||
(408) 982-0700 |
IXYS CORPORATION ANNOUNCES ITS THIRD QUARTER RESULTS WITH RECORD PROFITS FOR THE NINE MONTHS OF THE FISCAL YEAR
SANTA CLARA, CA. January 30, 2006 — 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 gross 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.
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
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)
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 | ||||||||||||