Exhibit 99.1
IXYS Corporation Announces Record Revenues and Backlog In
September Quarter
Seventh Consecutive Quarter of Revenue Growth
SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 6, 2007--IXYS
Corporation (NASDAQ:IXYS) today reported record net revenues of $76.2
million for the second fiscal quarter ended September 30, 2007, an
increase of 6.0% as compared with net revenues of $71.9 million for
the same period in the prior fiscal year. This is the seventh quarter
of consecutive revenue growth for the company.
For the six months ended September 30, 2007, IXYS reported net
revenues of $152.1 million, an increase of 8.9% as compared with net
revenues of $139.6 million for the same period in the prior fiscal
year.
"Our consistent revenue growth is attributable to our broad
spectrum of power products, which have gained widespread adoption by
our long-standing customers. Simultaneously, we have worked to build
new customer and distributor relationships," stated Dr. Nathan Zommer,
President and CEO of IXYS. "As we make greater efforts to cross-sell
our divisional products and introduce new technologies, we are
experiencing increased product demand, which resulted in record
backlog."
Highlights for the quarter ended September 30, 2007:
-- Record revenues of $76.2 million, marking the seventh
consecutive quarter of revenue growth
-- Record backlog of $109.9 million
-- IXYS repurchased 277,000 shares for $2.7 million
Gross profit was $20.0 million, or 26.3% of net revenues, for the
quarter ended September 30, 2007, as compared to gross profit of $22.1
million, or 30.8% of net revenues, for the same quarter in the prior
fiscal year. Gross profit for the six months ended September 30, 2007
was $42.4 million, or 27.9% of net revenues, as compared to a gross
profit of $44.0 million, or 31.5% of net revenues, for the same period
in the prior fiscal year.
"While IXYS' main business lines proved resilient against a
volatile market, our IC business underperformed in the September 2007
quarter, particularly our ASIC products and telecom ICs," commented
Dr. Nathan Zommer.
Net income for the quarter ended September 30, 2007, was $3.9
million, or $0.12 per diluted share, as compared to $3.8 million, or
$0.11 per diluted share, for the same quarter in the prior fiscal
year. Net income for the six months ended September 30, 2007 was $11.0
million, or $0.33 per diluted share, as compared to net income of
$28.1 million, or $0.79 per diluted share, for the same period in the
prior fiscal year.
The results for the six months ended September 30, 2007 included
net credit adjustments to litigation provision of $6.0 million.
Results for the same period in the prior fiscal year included net
credit adjustments to litigation provision of $36.6 million.
The company repurchased approximately 277,000 IXYS shares for $2.7
million during the September 2007 quarter, and approximately 517,000
IXYS shares for $5.0 million in the six months ended September 2007.
"As of September 30, 2007, 1.4 million shares remained available for
repurchase under the existing repurchase authorization. We plan to
continue buying back shares under our authorized stock repurchase
program," commented Uzi Sasson, COO and CFO.
"Our goals remain constant: gain market share by cross selling our
power products, seek out higher margin business, reduce operating
costs and continue overall company growth," stated Mr. Sasson. "We are
aware of the current market volatility and macroeconomic trends
affecting the semiconductor industry generally. In that vein, we
project revenues for the December 2007 quarter to be relatively flat
as compared to the September 2007 quarter."
About IXYS
Since its inception in 1983, IXYS Corporation has been developing
technology-driven products to improve power conversion efficiency.
IXYS is a U.S. pioneer in the development of power semiconductors that
effectively monitor electrical voltage to produce maximum effect with
the least expenditure of energy.
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 can play a vital role in reducing energy costs and
consumption - as their products regulate the amount of energy utilized
by everyday products. With a customer base of over 2,000
telecommunications, transportation, industrial, medical and consumer
companies, IXYS is a significant provider of power semiconductors in
the U.S.
A forerunner in the alternative and renewable energy industry,
IXYS focuses on providing power semiconductors for equipment used in
harnessing wind and solar power for conversion to the electrical power
grid.
IXYS, and its subsidiary companies, offer a diversified product
base that addresses worldwide needs for power conversion, electrical
efficiency and renewable energy.
Safe Harbor Statement
The foregoing press release contains forward-looking statements,
including those related to our product demand, backlog, stock
repurchase program, macroeconomic trends and projection of revenues
for the December 2007 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 and capacity limits on our
ability to manufacture our products, 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 June 30,
2007, 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)
(unaudited)
September 30, March 31,
2007 2007
------------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 56,700 $ 54,196
Accounts receivable, net 46,622 42,519
Other receivables 1,540 2,006
Inventories, net 85,672 85,965
Prepaid expenses and other current assets 1,472 1,262
Deferred income taxes 11,943 14,345
------------- ---------
Total current assets 203,949 200,293
Plant and equipment, net 55,778 48,741
Other assets 13,883 11,780
Deferred income taxes 11,220 12,827
------------- ---------
Total assets $ 284,830 $ 273,641
============= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease
obligations $ 4,163 $ 3,686
Current portion of notes payable to bank 1,168 1,012
Accounts payable 19,577 19,926
Accrued expenses and other current
liabilities 23,333 33,261
------------- ---------
Total current liabilities 48,241 57,885
Capitalized lease and other long term
obligations, net of current portion 29,245 17,772
Pension liabilities 17,233 16,875
------------- ---------
Total liabilities 94,719 92,532
------------- ---------
Common stock 352 350
Additional paid-in capital 140,048 143,038
Retained earnings 38,158 29,605
Accumulated other comprehensive income 11,553 8,116
------------- ---------
Stockholders' equity 190,111 181,109
------------- ---------
Total liabilities and stockholders'
equity $ 284,830 $ 273,641
============= =========
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2007 2006 2007 2006
------------------ -------------------
Net revenues $ 76,165 $ 71,875 $152,066 $139,616
Cost of goods sold 56,160 49,755 109,673 95,612
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Gross profit 20,005 22,120 42,393 44,004
------------------ -------------------
Operating expenses:
Research, development and
engineering 5,131 4,921 10,204 10,029
Selling, general and
administrative 9,897 10,828 20,737 22,884
Litigation provision (1,195) 183 (5,979) (36,644)
------------------ -------------------
Total operating expenses 13,833 15,932 24,962 (3,731)
------------------ -------------------
Operating income 6,172 6,188 17,431 47,735
Other income (expense), net (1,217) 200 (604) (644)
------------------ -------------------
Income before income tax
provision 4,955 6,388 16,827 47,091
Provision for income tax
expense 1,006 2,600 5,874 19,007
------------------ -------------------
Net income $ 3,949 $ 3,788 $ 10,953 $ 28,084
================== ===================
Net income per share - basic $ 0.12 $ 0.11 $ 0.34 $ 0.82
================== ===================
Weighted average shares used in
per share calculation - basic 32,280 33,929 32,385 34,051
================== ===================
Net income per share - diluted $ 0.12 $ 0.11 $ 0.33 $ 0.79
================== ===================
Weighted average shares used in
per share calculation -
diluted 33,603 35,124 33,696 35,326
================== ===================
CONTACT: IXYS Corporation, Santa Clara
Uzi Sasson, 408-982-0700 (COO & CFO)