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IXYS Corporation Announces Record Revenues for the June 2011 Quarter

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  Published in Science and Technology on Thursday, July 28th 2011 at 13:41 GMT by Market Wire
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MILPITAS, Calif. & BIEL, Switzerland--([ BUSINESS WIRE ])--IXYS Corporation (NASDAQ:IXYS), an international power and IC semiconductor company, today reported record revenues and backlog for the fiscal quarter ended June 30, 2011.

"Clearly, our business remains highly profitable, and we expect to continue generating strong cash from operations in the ensuing quarters"

Net revenues for the quarter ended June 30, 2011 were $101.8 million, up 5% sequentially from net sales of $96.8 million in the immediately preceding quarter, and up 20% from net revenues of $84.9 million in the prior yeara™s first quarter. This marks the eighth consecutive quarter of revenue growth and the first time in the company's history that quarterly revenues exceeded the $100 million mark.

aAs evidenced by this $100 million milestone, which is another sequential record for quarterly revenues, IXYS has positioned itself as one of the fastest growing diversified power semiconductor companies. We attribute our success to the breadth of our product portfolio and technological advances - from power semiconductors to microcontroller ICs. Our sales and marketing team continued to introduce new products to the marketplace on a worldwide basis. The combination of our in-house fab facilities and external foundries provides us with a competitive advantage and the ability to address the surging demand for our products," commented Dr. Nathan Zommer, Chairman & CEO. "We have continued our R&D investments in power semiconductors, HVICs and MCUs that address new applications for power management, efficient LED lighting, renewable energy, motor control and electric transportation."

Net income for the quarter ended June 30, 2011 was $10.0 million, or $0.30 per diluted share, which is an increase of 52.9% from net income of $6.5 million, or $0.21 per diluted share, in the prior yeara™s first quarter.

Gross profit was $35.0 million, or 34.4% of net revenues, for the quarter ended June 30, 2011, as compared to gross profit of $29.5 million, or 34.7% of net revenues, for the same quarter in the prior fiscal year.

IXYS experienced record backlog of $193.2 million at June 30, 2011, up $14.5 million from March 31, 2011 and up more than $28.3 million when compared to $164.9 million at June 30, 2010. Backlog represents existing customer orders that, by their terms, can be shipped within the 12 months following June 30, 2011. Bookings were $116.2 million for the quarter ended June 30, 2011, as compared to $111.4 million for the prior quarter.

The company ended June 2011 with $87.7 million in cash, which is an increase of $11.7 million over the cash at March 31, 2011. "Clearly, our business remains highly profitable, and we expect to continue generating strong cash from operations in the ensuing quarters," commented Mr. Uzi Sasson, President & CFO.

During the quarter ended June 30, 2011, the Company purchased about 118,000 shares of its common stock under its existing share repurchase program for about $1.5 million.

Mr. Sasson continued, "This is the summer quarter, where we have traditionally experienced seasonal production issues and situations where customers have delayed delivery. Combined with the uncertain macroeconomic environment, we are faced with a challenging quarter for shipments. However, with our strong backlog, we expect our product revenues for the September 2011 quarter to be similar to those of the June quarter.a

About IXYS Corporation

Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve energy conversion efficiency, generate clean energy, improve automation, and provide advanced products for the transportation, medical and telecommunications industries. IXYS, with its subsidiaries, is a worldwide pioneer in the development of power semiconductors, solid state relays, high voltage integrated circuits (HVIC), and microcontrollers that are necessary in conserving energy and in reducing the worlda™s dependence on fossil fuels.

Diminishing natural resources, demand for renewable energy and environmental directives for energy efficiency represent a significant challenge. IXYSa™ power semiconductors and mixed-signal integrated circuits (IC) play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. With an end customer base of over 2,500 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.

Additional information may be obtained by visiting IXYSa™ website at [ http://www.ixys.com ], or by contacting the company directly.

Safe Harbor Statement

The foregoing press release contains forward-looking statements, including those related to our future growth, demand, backlog, bookings, orders, profitability, future cash generation, macroeconomic environment, and our revenues in the September 2011 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, increased competition, cash flow difficulties, unanticipated technological hurdles, manufacturing challenges and capacity limitations, adverse changes in customer demand, declining economic conditions and increasing product costs, among other things. Further information on other factors that could affect IXYS is detailed and included in reports that IXYS has filed with the Securities and Exchange Commission, including its Form 10-K for the fiscal year ended March 31, 2011. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.