IXYS Corporation Announces Record Revenues and Backlog In September Quarter
Tuesday November 6, 4:30 pm ET
Seventh Consecutive Quarter of Revenue Growth
SANTA CLARA, Calif.--(BUSINESS WIRE)--IXYS Corporation (NASDAQ:IXYS - News) 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.” |
