IXYS Corporation Announces Record Revenues for the March 31, 2004 Fiscal Quarter and Fiscal Year
Tuesday May 18, 4:30 pm ET
SANTA CLARA, Calif.--(BUSINESS WIRE)--May 18, 2004--IXYS Corporation (Nasdaq:SYXI - News) today released its financial results for its fourth fiscal quarter and its fiscal year ended March 31, 2004.
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For the fourth fiscal quarter ending March 31, 2004, IXYS reported record net revenues of $53.7 million, compared with net revenues of $37.8 million for the same period in fiscal year 2003, which represented 41.9% period-to-period revenue growth. Sequentially, revenues increased 5.8% from the $50.7 million reported for the quarter ended December 31, 2003.
Gross profit was $7.9 million, or 14.7% of net revenues, for the quarter ended March 31, 2004, as compared to gross profit of $4.3 million, or 11.4% of net revenues, for the same quarter in the prior fiscal year.
Net loss for the fiscal quarter ending March 31, 2004 was $5.2 million, or $0.16 per diluted share, as compared to a net loss of $5.5 million, or $0.17 per diluted share in the same quarter for the prior fiscal year.
Fourth quarter results include charges for various inventory write downs, including excess and obsolete inventory and corrections to standard costs, of about $6.3 million and implementation expenses related to Sarbanes-Oxley compliance of about $650,000.
For the fiscal year ended March 31, 2004, IXYS Corporation reported net revenues of $187.4 million, compared to net revenues of $136.1 million for the prior fiscal year, which represented 37.7% year-to-year revenue growth.
For the fiscal year ended March 31, 2004, gross profit was $43.5 million, or 23.2% of net revenues, as compared to gross profit of $28.7 million, or 21.1% of net revenues, for the prior fiscal year.
Net loss for the fiscal year ended March 31, 2004 was $4.4 million, or $0.14 per diluted share, as compared to a net loss of $12.1 million, or $0.39 per diluted share, reported for the prior fiscal year.
"IXYS has demonstrated nine consecutive quarters of revenue growth, with seven consecutive quarters of record revenues. We ended the year with a record $77.3 million in backlog and had a 1.3 book-to-bill ratio in the March quarter. Sales of our RF products increased by 25% sequentially over the December quarter and that product line, strengthened by our acquisition of Microwave Technology in September, continues to exceed our expectations. Absent the inventory write down in the March quarter, our real product margins for the March quarter increased sequentially," commented Dr. Nathan Zommer, Chief Executive Officer. "We have executed well in all our divisions and grew above our plan, and yet increased our cash position. We have new design wins for our IC's in the medical, consumer and telecommunication markets, and for our power products in the transportation, appliance, industrial, energy and automotive markets."
"We have seen strong revenue growth and we expect this to continue through the June quarter as indicated by our strong backlog," said Arnold Agbayani, Chief Financial Officer. "Therefore, we expect revenues for the June quarter to be 4-7% higher than those of the March quarter. |
