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MILPITAS, Calif.--([ BUSINESS WIRE ])--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced results for its fourth quarter and fiscal year ended March 31, 2012.

"The economy continues to be challenging but we have managed to maintain a consistent growth in our cash position. In the March quarter, we generated $6.3 million in cash from operations"

Net revenues for the fiscal year ended March 31, 2012 were a record $368.0 million, an increase of 1.3% from net revenues of $363.3 million in the prior fiscal year. Net income for the fiscal year ended March 31, 2012 was $30.3 million, or $0.93 per diluted share, as compared to net income of $36.6 million, or $1.14 per diluted share, in the prior fiscal year.

Included in the results for the quarter and year ended March 31, 2012 is a reduction to income of $6.4 million caused by the impairment of goodwill. Excluding the impact of the goodwill impairment, non-GAAP net income for the fiscal year ended March 31, 2012 would have been $35.1 million, or $1.08 per diluted share, as compared to non-GAAP net income of $29.2 million, or $0.91 per diluted share, in the prior fiscal year, where the effect of a tax adjustment and restructuring, impairment and nonperforming asset charges are excluded. These items consist of the release of a valuation allowance against deferred tax assets, the impairment of goodwill and intangible assets, restructuring charges and write-offs of nonperforming assets.

Net revenues for the fourth quarter of fiscal year 2012 were $87.2 million, up 8.9% sequentially from net revenues of $80.0 million in the immediately preceding quarter, and 9.9% lower as compared to net revenues of $96.8 million for the same quarter in the prior fiscal year.

Net income for the fourth quarter of fiscal year 2012 was $3.7 million, or $0.11 per diluted share, as compared to net income of $15.9 million, or $0.49 per diluted share, for the same quarter in the prior fiscal year. On the same basis used in the fiscal year comparison, non-GAAP net income for the quarter ended March 31, 2012 would have been $7.2 million, or $0.22 per diluted share, as compared to non-GAAP net income of $8.0 million, or $0.25 per diluted share, for the same quarter in the prior fiscal year.

aWe are pleased to have achieved another year of record revenues and we note that, on a non-GAAP basis, our fundamental operating profitability improved from year-to-year, once the effects of certain accounting adjustments of the last two years are eliminated,a commented Dr. Nathan Zommer, Chairman and CEO. aDuring the year, we integrated our technology and operational groups, expanded our product range and expanded our total market reach. We created the World of IXYS Ecosystema", where we provide our customers the total solution, from digital control ICs and our Zilog MCUs, through mixed signal driver and control ICs to RF power and power semiconductors. Very few semiconductor companies can offer these products in combination with a focus on clean energy, power electronics, medical, lighting and the automotive industry. Our strong financial results reflect our sustainable strategy.a

Gross profit for the fiscal year ended March 31, 2012 was $119.6 million, or 32.5% of net revenues, as compared to a gross profit of $122.1 million, or 33.6% of net revenues in the prior fiscal year.

Gross profit was $30.0 million, or 34.4% of net revenues, for the quarter ended March 31, 2012, as compared to gross profit of $31.7 million, or 32.8% of net revenues, for the same quarter in the prior fiscal year. The gross profit margin percentage increased by 5.5 percentage points from the immediately preceding quarter.

aDespite the worldwide economic weakness, our business remains healthy. We have also increased our manufacturing effectiveness, which led, in part, to our improved gross profit margin,a commented President and CFO Uzi Sasson. aWe continued our trend of showing consistent growth in stockholdersa equity to a record of $254.1 million at March 31, 2012.a

IXYSa cash balance at March 31, 2012 was $99.1 million, a record cash balance and an increase of $23.1 million over the cash balance at March 31, 2011.

aThe economy continues to be challenging but we have managed to maintain a consistent growth in our cash position. In the March quarter, we generated $6.3 million in cash from operations,a said Mr. Sasson. aHowever, our internal efforts to be more cost efficient do not grant us immunity to unfavorable market influences and we expect revenues for the June 2012 quarter to be relatively flat as compared to revenues for the March 2012 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 worldas 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.

Non-GAAP Financial Information

Included above and within the attached schedules are certain non-GAAP financial figures. Management believes non-GAAP net income and non-GAAP net income per share are useful measures of operating performance because they exclude the impact of the impairment of goodwill in fiscal 2012 and, for fiscal 2011, the release of a valuation allowance against deferred tax assets, the impairment of goodwill and intangible assets, restructuring charges and write-offs of non-performing assets. However, the non-GAAP measures should be considered in addition to, not as a substitute for, or superior to net income and net income per share, or other financial measures prepared in accordance with GAAP.

Safe Harbor Statement

The foregoing press release contains forward-looking statements, including those related to our sustainable strategy, our business remaining healthy, a challenging/weak economy, the trend in our stockholdersa equity, growth in our cash position and our revenues in the June 2012 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 constraints, 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-Q for the quarter ended December 31, 2011. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.