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IXYS Announces Results for the Third Fiscal Quarter Ended December 31, 2012

IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced results for its third fiscal quarter ended December 31, 2012.

Net revenues in the quarter ended December 31, 2012 were $63.8 million, a decrease of $16.2 million, or 20.3%, as compared to net revenues of $80.0 million for the same period in the prior fiscal year.

For the nine months ended December 31, 2012, IXYS reported net revenues of $213.1 million, a decrease of $67.7 million, or 24.1%, as compared with net revenues of $280.8 million for the same period in the prior fiscal year.

“We are proud to belong to the class of semiconductor companies that proved profitable even in challenging macroeconomic conditions. We identified the market slowdown in a timely manner, and acted accordingly in streamlining our business for improved efficiency and manufacturing productivity,” commented Dr. Nathan Zommer, Chairman and CEO of IXYS. “Notwithstanding these volatile markets, we continued our focused R&D and technology innovation, which resulted in sustained product introductions, new patents and new customers. We continue to win designs in applications where our comprehensive product portfolio differentiates us from competitors.”

Cash and cash equivalents totaled $107.0 million at December 31, 2012, an increase of $7.8 million as compared to March 2012. The company continued to be profitable, with another quarter ending in record cash. During the quarter ended December 31, 2012, the company purchased about 486,000 shares of its common stock for about $4.4 million. IXYS can still purchase approximately 660,000 shares under its current buyback programs.

“We increased our operating efficiency and reduced expenses to remain profitable despite short-term reduced revenues. Such efforts allowed us to increase cash, marking the seventh consecutive quarter of record high cash. A strong balance sheet, sustained gross margins, a reduction in net inventories and healthy cash flows position us for the expected market recovery,” stated Uzi Sasson, President and CFO of IXYS.

Net income for the quarter ended December 31, 2012 was $1.2 million, or $0.04 per diluted share, as compared to a net income of $5.7 million, or $0.18 per diluted share, for the same quarter in the prior fiscal year. Net income for the nine months ended December 31, 2012 was $9.6 million, or $0.30 per diluted share, as compared to a net income of $26.6 million, or $0.82 per diluted share, for the same period in the prior fiscal year.

Gross profit was $19.1 million, or 29.9% of net revenues, for the quarter ended December 31, 2012, as compared to a gross profit of $23.2 million, or 28.9% of net revenues, for the same quarter in the prior fiscal year.

Gross profit for the nine months ended December 31, 2012 was $66.8 million, or 31.3% of net revenues, as compared to a gross profit of $89.7 million, or 31.9% of net revenues, for the same period in the prior fiscal year.

“Multiple markets have started trending upward; however, the industrial and telecom sectors are still volatile,” noted Uzi Sasson, President and CFO of IXYS. “Therefore, we expect revenues for the March 2013 quarter to be relatively flat or slightly higher as compared to the revenues for the December 2012 quarter.”

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 world’s dependence on fossil fuels.

Diminishing natural resources, demand for renewable energy and environmental directives for energy efficiency represent a significant challenge. IXYS’ 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 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.

Additional information may be obtained by visiting IXYS’ 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 profitability, product introductions, new patents, additional cash generation, design wins, sustained gross margins, cash flows, the expected market recovery, market trends, volatility and our expectations for revenues during the March 2013 quarter. Actual results may vary materially from those contained in the forward-looking statements, due to adverse macroeconomic events in Europe, Asia or the United States, changes in customer delivery schedules, the cancellation of orders, an unanticipated decline in our business, increased competition, cash flow difficulties, unanticipated technological hurdles, adverse changes in customer demand and increasing product costs, among other things. Further information on other factors that could affect IXYS is detailed and included in reports IXYS filed with the Securities and Exchange Commission including its Form 10-Q for the quarter ended September 30, 2012. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

   
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
December 31, March 31,
2012 2012
ASSETS
Current assets:
Cash and cash equivalents $ 106,958 $ 99,113
Accounts receivable, net 31,803 48,420
Other receivables 866 853
Inventories, net 87,384 86,240
Prepaid expenses and other current assets 4,562 6,081
Deferred income taxes   8,464   8,450
Total current assets 240,037 249,157
Plant and equipment, net 54,331 56,071
Other assets 13,814 13,053
Deferred income taxes   26,089   25,629
 
Total assets $ 334,271 $ 343,910
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Current portion of capitalized lease obligations $ 2,506 $ 2,873
Current portion of notes payable to bank 16,209 1,696
Accounts payable 10,915 14,427
Accrued expenses and other current liabilities   14,792   22,023
Total current liabilities 44,422 41,019
Capitalized lease and other long term obligations, net of current portion 16,049 33,783
Pension liabilities   14,266   15,001
Total liabilities   74,737   89,803
 
Common stock 379 378
Additional paid-in capital 139,607 141,445
Retained earnings 118,629 110,194
Accumulated other comprehensive income   919   2,090
Stockholders' equity   259,534   254,107
 
Total liabilities and stockholders' equity $ 334,271 $ 343,910
 

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
               
Three Months Ended Nine Months Ended
December 31, December 31,

 

2012   2011 2012   2011
 
Net revenues $ 63,812 $ 80,041 $ 213,130 $ 280,823
Cost of goods sold   44,753       56,889   146,364     191,158
Gross profit   19,059       23,152   66,766     89,665
 
Operating expenses:
Research, development and engineering 6,532 6,368 19,933 19,805
Selling, general and administrative 9,490 10,827 30,582 32,142
Amortization of intangibles   559       640   1,683     1,885
Total operating expenses   16,581       17,835   52,198     53,832
Operating income 2,478 5,317 14,568 35,833
Other income (expense), net   (507 )     665   77     1,516
 
Income before income tax provision 1,971 5,982 14,645 37,349
Provision for income tax   782       311   5,092     10,755
Net income $ 1,189     $ 5,671 $ 9,553   $ 26,594
 
Net income per share - basic $ 0.04     $ 0.18 $ 0.31   $ 0.85
 
Weighted average shares used in per share calculation - basic   31,005       31,203   31,222     31,335
 
Net income per share - diluted $ 0.04     $ 0.18 $ 0.30   $ 0.82
 
Weighted average shares used in per share calculation - diluted   31,487       32,238   31,917     32,505

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