Exhibit 99.1
IXYS Announces Results for First Fiscal Quarter Ended June 30, 2009
MILPITAS, Calif.--(BUSINESS WIRE)--July 28, 2009--IXYS Corporation (NASDAQ:IXYS) today reported net revenues of $48.9 million for the first fiscal quarter ended June 30, 2009, a decrease of 38.4%, as compared with net revenues of $79.3 million for the same period in the prior fiscal year. The sequential quarter decline from March 31, 2009 to June 30, 2009 was smaller at 16%.
“We believe that the decline in revenues was due mainly to the slowdown in the global economy; a pattern that has lasted now for three quarters. It appears that the decline may have leveled out, since our book to bill ratios in parts of our business have gone above 1. Despite the revenue drop, we continued our business development investment in all fronts. This resulted in expanding our product lines and penetration into new applications, like the LED based lighting and Cleantech industries,” commented Dr. Nathan Zommer, CEO of IXYS Corporation.
Gross profit was $10.3 million, or 21.2% of net revenues, for the quarter ended June 30, 2009, as compared to gross profit of $24.8 million, or 31.2% of net revenues, for the same quarter in the prior fiscal year.
Net loss for the quarter ended June 30, 2009 was $3.9 million, or $0.13 loss per diluted share, as compared to a net income of $5.5 million, or $0.17 per diluted share for the same quarter in the prior fiscal year.
“The revenue decline in the June 2009 quarter as compared to the March 2009 quarter was primarily driven by a $7 million decrease in revenues in Europe and a $3 million decrease in revenues in North America. We have taken and continue to take steps to reduce our cost structure and conserve cash. Through the collection of receivables and our cash conservation efforts, our cash increased $8.6 million from March 31, 2009 to June 30, 2009,” stated Uzi Sasson, COO & CFO at IXYS. “Our bookings improved by about $11 million from the March 2009 quarter to the June 2009 quarter; however, given the uncertainty of volatile macroeconomic conditions, we decline to give a revenue forecast for the September 2009 quarter.”
About IXYS Corporation
Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve power conversion efficiency, generate clean energy, improve automation, and provide advance products for the transportation, medical and telecommunication industries. IXYS is a worldwide pioneer in the development of power semiconductors and high voltage integrated circuits (HVIC) that are key to reducing the world’s dependence on fossil fuels.
Diminishing natural resources, demand for cheap 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 provider of 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 the decline in revenues leveling out, our book to bill ratios, bookings and continued steps to reduce cost structure and conserve cash. 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, increased competition, capacity limits on our ability to manufacture our products, 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 IXYS’ Form 10-K for the fiscal year ended March 31, 2009, 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.
IXYS CORPORATION | ||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
(in thousands) | ||||||
(unaudited) | ||||||
June 30, | March 31, | |||||
2009 | 2009 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 64,158 | $ | 55,577 | ||
Accounts receivable, net | 30,512 | 37,251 | ||||
Other receivables | 1,380 | 671 | ||||
Inventories, net | 74,894 | 75,601 | ||||
Prepaid expenses and other current assets | 4,714 | 3,323 | ||||
Deferred income taxes | 13,017 | 12,797 | ||||
Total current assets | 188,675 | 185,220 | ||||
Plant and equipment, net | 51,817 | 52,912 | ||||
Other assets | 6,172 | 6,728 | ||||
Deferred income taxes | 8,199 | 7,972 | ||||
Total assets | $ | 254,863 | $ | 252,832 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
Current liabilities: | ||||||
Current portion of capitalized lease obligations | $ | 3,801 | $ | 3,739 | ||
Current portion of notes payable to bank | 1,480 | 1,455 | ||||
Accounts payable | 12,742 | 13,767 | ||||
Accrued expenses and other current liabilities | 14,641 | 15,342 | ||||
Total current liabilities | 32,664 | 34,303 | ||||
Capitalized lease and other long term obligations, net of current portion | 26,550 | 26,862 | ||||
Pension liabilities | 14,420 | 13,175 | ||||
Total liabilities | 73,634 | 74,340 | ||||
Common stock | 362 | 361 | ||||
Additional paid-in capital | 133,772 | 132,177 | ||||
Retained earnings | 40,116 | 43,984 | ||||
Accumulated other comprehensive income | 6,979 | 1,970 | ||||
Stockholders' equity | 181,229 | 178,492 | ||||
Total liabilities and stockholders' equity | $ | 254,863 | $ | 252,832 | ||
IXYS CORPORATION | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended | |||||||
Jun. 30 | Jun. 30 | ||||||
2009 | 2008 | ||||||
Net revenues | $ | 48,885 | $ | 79,336 | |||
Cost of goods sold | 38,541 | 54,574 | |||||
Gross profit | 10,344 | 24,762 | |||||
Operating expenses: | |||||||
Research, development and engineering | 4,569 | 5,394 | |||||
Selling, general and administrative | 8,348 | 11,059 | |||||
Total operating expenses | 12,917 | 16,453 | |||||
Operating income (loss) | (2,573 | ) | 8,309 | ||||
Other income (expense), net | (1,741 | ) | 766 | ||||
Income (loss) before income tax provision | (4,314 | ) | 9,075 | ||||
Provision for (benefit from) income tax | (446 | ) | 3,591 | ||||
Net income (loss) | $ | (3,868 | ) | $ | 5,484 | ||
Net income (loss) per share - basic | $ | (0.13 | ) | $ | 0.18 | ||
Weighted average shares used in per share calculation - basic | 30,679 | 31,181 | |||||
Net income (loss) per share - diluted | $ | (0.13 | ) | $ | 0.17 | ||
Weighted average shares used in per share calculation - diluted | 30,679 | 32,226 |
CONTACT:
IXYS Corporation
Uzi Sasson, 408-457-9000
COO & CFO