Exhibit 99.1
IXYS CORPORATION PRESS RELEASE
Contact: Arnold Agbayani
Vice President, Finance & CFO
IXYS Corporation
3540 Bassett Street
Santa Clara, California 95054
(408) 982-0700
IXYS CORPORATION ANNOUNCES REVISION TO UNAUDITED FOURTH QUARTER AND YEAR-END
FINANCIAL RESULTS PREVIOUSLY REPORTED FOR FISCAL YEAR 2002.
SANTA CLARA, CALIF. May 20, 2002 -- IXYS Corporation (NASDAQ:SYXI) today
reported that it was revising its unaudited financial results for the fourth
quarter of its fiscal year ended March 31, 2002 as well as for the fiscal year
ended March 31, 2002 due to an adjustment to the Company's accounting for its
January 2002 acquisition of Westcode Semiconductors Limited as a result of the
Company's annual audit.
This revision has resulted in an increase of $210,000 in the net loss reported
for the fourth fiscal quarter for the year ended March 31, 2002, from a
previously reported net loss of $374,000, or ($0.01) per basic share and ($0.01)
per diluted share, to $584,000, or ($0.02) per basic share and ($0.02) per
diluted share.
Net income for the fiscal year ended March 31, 2002 was $1.9 million, or $0.07
per basic share and $0.07 per diluted share, as compared to previously announced
net income of $2.1 million, or $0.08 per basic share and $0.07 per diluted
share.
Arnold Agbayani, Chief Financial Officer of IXYS, stated, "This revision does
not affect the Company's reporting of its revenues for the last fiscal quarter
or for the fiscal year just ended, and based on the slight but continuing
firming up of our bookings, we continue to be cautiously optimistic about the
short-term prospects of the Company. Accordingly, we still expect our revenues
for our fiscal quarter ending June 30, 2002 to be 10-15% higher than the quarter
just ended."
IXYS designs, develops, manufactures and markets high power, high performance
power semiconductors that improve system efficiency and reliability by
converting electricity at relatively high voltage and current levels into the
finely regulated power required by electronic products. IXYS focuses on the
market for power semiconductors that are capable of processing greater than 500
watts of power. IXYS' products are used primarily to control electricity in
power conversion systems for communications infrastructure applications, motor
drives for industrial applications and sophisticated medical electronics
applications.
The statements in this news release relating to our expectations for our first
fiscal quarter ending June 30, 2002 involve risks and uncertainties that could
cause actual results to differ from
1.
predicted results. These risks and uncertainties include the effect that a
continued slowdown in the semiconductor industry in general could have on our
operations. Further information on other factors that could affect the Company's
operations is detailed and included in the Company's Form 10-K for its fiscal
year ended March 31, 2001, as filed with the Securities and Exchange Commission,
which includes the IXYS Corporation audited financial statements as of March 31,
2001 and 2000. The Company 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.
2.
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
(UNAUDITED)
March 31, March 31,
2002 2001
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 32,316 $ 45,182
Accounts receivable, net 16,697 26,303
Inventories, net 46,317 34,035
Prepaid expenses 593 309
Deferred income taxes 2,230 2,561
--------- ---------
Total current assets 98,153 108,390
Plant and equipment, net 17,445 13,960
Other assets 6,417 4,749
Deferred income taxes 2,545 315
--------- ---------
Total assets $ 124,560 $ 127,414
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations $ 2,391 $ 1,737
Current portion of notes payable to bank 700 754
Accounts payable 5,606 10,649
Accrued expenses and other liabilities 8,383 13,243
--------- ---------
Total current liabilities 17,080 26,383
Capitalized lease and other long term obligations, net of current portion 4,888 3,425
Pension liabilities 7,373 4,882
--------- ---------
Total liabilities 29,341 34,690
--------- ---------
Common stock, $0.01 par value:
26,662,132 issued and outstanding in March 31, 2001
and 26,902,192 issued and 26,827,192 outstanding in March 31, 2002 268 267
Additional paid-in capital 92,340 91,873
Notes receivable from stockholders (853) (823)
Retained earnings 5,827 3,889
Accumulated other comprehensive loss (2,363) (2,482)
--------- ---------
Stockholders' equity 95,219 92,724
--------- ---------
Total liabilities and stockholders' equity $ 124,560 $ 127,414
========= =========
3.
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Fiscal Year Ended
March 31, March 31,
---------------------- ----------------------
2002 2001 2002 2001
-------- -------- -------- --------
Net revenues $ 20,395 $ 32,008 $ 82,821 $111,389
Cost of goods sold 14,780 19,651 56,918 69,967
-------- -------- -------- --------
Gross profit 5,615 12,357 25,903 41,422
-------- -------- -------- --------
Operating expenses:
Research, development and engineering 1,879 1,985 5,728 6,081
Selling, general and administrative 3,424 3,652 12,884 13,959
-------- -------- -------- --------
Total operating expenses 5,303 5,637 18,612 20,040
-------- -------- -------- --------
Operating income 312 6,720 7,291 21,382
Other income(expense), net (1,255) (564) (4,169) 526
-------- -------- -------- --------
Income(loss) before income tax provision (943) 6,156 3,122 21,908
Provision for income tax (359) 2,339 1,184 8,321
-------- -------- -------- --------
Net income (loss) ($ 584) $ 3,817 $ 1,938 $ 13,587
======== ======== ======== ========
Net income(loss) per share - basic ($ 0.02) $ 0.15 $ 0.07 $ 0.54
======== ======== ======== ========
Weighted average shares used in per share calculation - basic 26,771 26,000 26,745 25,239
======== ======== ======== ========
Net income(loss) per share - diluted ($ 0.02) $ 0.13 $ 0.07 $ 0.49
======== ======== ======== ========
Weighted average shares used in per share calculation - diluted 26,771 28,436 29,004 27,774
======== ======== ======== ========
4.