Looks pretty good at first glance:
IXYS Corporation Announces Results for the June 30, 2005 Quarter
Thursday August 4, 4:30 pm ET
SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 4, 2005--IXYS Corporation (Nasdaq:SYXI - News) today released its financial results for its first fiscal quarter ended June 30, 2005.
For the first fiscal quarter ended June 30, 2005, IXYS reported net revenues of $63.3 million, an increase of 5.6% as compared with net revenues of $60.0 million for the same period in the prior fiscal year.
Gross profit was $21.1 million, or 33.4% of net revenues, for the quarter ended June 30, 2005, as compared to gross profit of $17.2 million, or 28.6% of net revenues, for the same quarter in the prior fiscal year.
Net income for the fiscal quarter ending June 30, 2005 was $5.1 million, or $0.14 per diluted share, as compared to a net income of $1.9 million or $0.05 per diluted share, in the same quarter for the prior fiscal year.
"We are pleased to report that, comparing the June 2005 quarter to the June 2004 quarter, we continued to grow the top line and the bottom line. Gross profits grew by 23% and net income grew by 176%. In the June quarter, we saw lower revenues from our consumer products business when compared to the March quarter, and lower than expected revenues in Europe. We have been taking actions to address our revenues in Europe and reduce our overhead there. We enjoyed the benefits of our lean organization and reported a net income of $5.1 million, the second highest profit for any quarter in our history. We continued our cash growth, and stockholders' equity grew to a record level of $169 million. Our stronger balance sheet allows us to continue to invest in new products and technology, as well as establish a stronger presence in Asia," commented Dr. Nathan Zommer, Chief Executive Officer.
"The summer months have historically been weak for IXYS," said Uzi Sasson, Chief Financial Officer. "Therefore, we expect revenues for the September quarter to be relatively flat, or slightly lower, as compared to the June quarter."
IXYS develops and markets primarily high performance power 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. Forward-looking statements include those regarding our actions to address revenues and overhead in Europe, the effect of our balance sheet on our investments and on our presence in Asia and our expectations for revenues in the September 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 turns business or an unexpected increase or leveling of our 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, 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 ixys.com, or by contacting the company directly.
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
June 30, March 31,
2005 2005
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 70,742 $ 58,299
Accounts receivable, net 35,444 41,388
Inventories, net 49,468 51,411
Prepaid expenses 6,983 4,134
Deferred income taxes 6,773 6,649
--------- ---------
Total current assets 169,410 161,881
Plant and equipment, net 35,078 27,814
Other assets 26,710 27,409
Deferred income taxes 2,610 2,787
--------- ---------
Total assets $233,808 $219,891
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease
obligations $ 2,423 $ 2,733
Current portion of notes payable to bank 806 0
Accounts payable 11,920 12,962
Accrued expenses and other liabilities 23,587 22,123
--------- ---------
Total current liabilities 38,736 37,818
Long term obligations, net of current portion 15,239 4,409
Pension liabilities 11,034 12,387
--------- ---------
Total liabilities 65,009 54,614
--------- ---------
Common stock, $0.01 par value:
Authorized: 80,000,000 shares; 33,769,763 issued
and 33,542,761 outstanding in June 30, 2005 and
33,586,196 issued and 33,359,194 outstanding in
March 31, 2005 338 336
Additional paid in capital 153,009 151,820
Notes receivable from stockholders (124) (355)
Retained earnings 10,631 5,492
Accumulated other comprehensive income 4,945 7,984
--------- ---------
Total stockholders' equity 168,799 165,277
--------- ---------
Total liabilities and stockholders' equity $233,808 $219,891
========= =========
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
---------------------
2005 2004
-------- --------
Net revenues $63,341 $59,954
Cost of goods sold 42,196 42,779
-------- --------
Gross profit 21,145 17,175
-------- --------
Operating expenses:
Research, development and engineering 4,156 4,552
Selling, general and administrative 9,257 9,376
-------- --------
Total operating expenses 13,413 13,928
-------- --------
Operating income 7,732 3,247
Other income (expense), net 425 (203)
-------- --------
Income before income tax provision 8,157 3,044
Income tax provision 3,018 1,181
-------- --------
Net income $ 5,139 $ 1,863
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Net income per share - basic $ 0.15 $ 0.06
======== ========
Weighted average shares used in per share
calculation - basic 33,416 32,952
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Net income per share - diluted $ 0.14 $ 0.05
======== ========
Weighted average shares used in per share
calculation - diluted 35,985 35,049
======== ========
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Contact:
IXYS Corporation
Uzi Sasson, 408-982-0700
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Source: IXYS Corporation
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