Ixys (NASDAQ:SYXI)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Ixys Charts. Click Here for more Ixys Charts.](/p.php?pid=staticchart&s=N%5ESYXI&p=8&t=15)
IXYS Corporation (Nasdaq:SYXI) today announced that, for
the third fiscal quarter ended December 31, 2005, IXYS reported net
revenues of $60.3 million, as compared with net revenues of $66.3
million for the same period in the prior fiscal year.
Gross profit was $18.9 million, or 31.4% of net revenues, for the
quarter ended December 31, 2005, as compared to gross profit of $20.1
million, or 30.3% of net revenues, for the same quarter in the prior
fiscal year. Net income for the quarter was $4.4 million, or $0.12 per
diluted share, as compared to a net income of $4.7 million or $0.14
per diluted share, for the same quarter in the prior fiscal year.
For the nine month period ended December 31, 2005, IXYS reported
net revenues of $187.1 million, as compared with net revenues of
$187.6 million for the same period in the prior fiscal year. Gross
profit for the nine month period ended December 31, 2005 was $61.3
million, or 32.8% of net revenues, as compared to gross profit of
$56.7 million, or 30.2% of net revenues, for the same period in the
prior fiscal year. Net income for the nine month period was $15.1
million, or $0.42 per diluted share, an increase of 44.4% as compared
to net income of $10.5 million, or $0.30 per diluted share, for the
same period in the prior fiscal year.
"Consistent with our long term growth plan, we are pleased to
demonstrate cash and profit growth on a year to date basis. We have
seen the sequential weakness and uncertainty of the consumer market
and have positioned IXYS for further diversification, growth and
improved gross margins," said Dr. Nathan Zommer, Chief Executive
Officer.
"We are cautious about our next quarter, especially in light of
the recent uncertainty experienced by other companies in our industry,
and expect revenues for the March quarter to be relatively flat, as
compared to our December quarter," stated Uzi Sasson, Chief Financial
Officer.
IXYS develops and markets primarily high performance power and RF
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,
including those related to diversification, growth, improved profit
margins and expectations for revenues in the March 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, an unexpected increase or leveling of our costs or reduced
cash flows, among other things. Further information on other factors
that could affect IXYS is detailed and included in IXYS' Form 10-Q for
the fiscal quarter ended September 30, 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 http://www.ixys.com, or by contacting the company directly.
-0-
*T
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
December 31, March 31,
2005 2005
------------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 77,173 $ 58,299
Accounts receivable, net 39,002 41,388
Inventories, net 51,746 51,411
Prepaid expenses 4,333 4,134
Deferred income taxes 6,806 6,649
------------- ----------
Total current assets 179,060 161,881
Plant and equipment, net 39,305 27,814
Other assets 27,551 27,409
Deferred income taxes 2,460 2,787
------------- ----------
Total assets $248,376 $219,891
============= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease
obligations $ 2,199 $ 2,733
Notes payable to bank 862 --
Accounts payable 13,924 12,962
Accrued expenses and other liabilities 28,107 22,123
------------- ----------
Total current liabilities 45,092 37,818
Long term obligations, net of current portion 14,035 4,566
Pension liabilities 10,860 12,230
------------- ----------
Total liabilities 69,987 54,614
------------- ----------
Common stock, $0.01 par value:
Authorized: 80,000,000 shares; 34,450,014
issued and 33,971,012 outstanding on
December 31, 2005 and 33,586,196 issued and
33,359,194 outstanding on March 31, 2005 345 336
Additional paid in capital 153,696 151,820
Notes receivable from stockholders (58) (355)
Retained earnings 20,586 5,492
Accumulated other comprehensive income 3,820 7,984
------------- ----------
Total stockholders' equity 178,389 165,277
------------- ----------
Total liabilities and
stockholders' equity $248,376 $219,891
============= ==========
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
December 31, December 31,
-------------------- -------------------
2005 2004 2005 2004
--------- --------- --------- ---------
Net revenues $60,336 $66,258 $187,062 $187,597
Cost of goods sold 41,399 46,203 125,749 130,857
--------- --------- --------- ---------
Gross profit 18,937 20,055 61,313 56,740
--------- --------- --------- ---------
Operating expenses:
Research, development
and engineering 4,960 4,778 13,199 14,400
Selling, general and
administrative 8,707 8,226 27,869 25,753
--------- --------- --------- ---------
Total operating
expenses 13,667 13,004 41,068 40,153
--------- --------- --------- ---------
Operating income 5,270 7,051 20,245 16,587
Other income, net 742 488 1,953 269
--------- --------- --------- ---------
Income before income
tax provision 6,012 7,539 22,198 16,856
Income tax provision 1,601 2,790 7,104 6,405
--------- --------- --------- ---------
Net income $ 4,411 $ 4,749 $ 15,094 $ 10,451
========= ========= ========= =========
Net income per share
- basic $ 0.13 $ 0.14 $ 0.45 $ 0.32
========= ========= ========= =========
Weighted average shares
used in per share
calculation - basic 33,593 33,076 33,514 33,029
========= ========= ========= =========
Net income per share
- diluted $ 0.12 $ 0.14 $ 0.42 $ 0.30
========= ========= ========= =========
Weighted average shares
used in per share
calculation - diluted 35,729 35,012 35,827 34,876
========= ========= ========= =========
*T