StockSelector.com
  Research, Select, & Monitor Thursday, November 23, 2017 10:06:52 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
IXYS Corporation$24.45($.35)(1.41%)

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 IXYS Corporation Reports Results for the June 2017 Quarter
   Wednesday, August 02, 2017 4:30:05 PM ET

Quarter-End Highlights:

-- Net revenues were $83.5 million, an increase of $2.9 million or 3.6%, from $80.6 million in the prior year comparable quarter. The June 2017 quarter marked the third sequential quarterly increase in net revenues.

-- Gross profit margin was 31.8%, comparing favorably to the gross profit margin of 29.8% for the same quarter in the prior fiscal year.

-- Net income of $5.5 million in the June 2017 quarter was an increase of $2.5 million, or 82.0%, as compared to $3.0 million of net income in the prior year comparable quarter.

-- Cash at the end of June 2017 was $171.0 million, an increase of $3.1 million from the March 2017 quarter.

-- IXYS’ backlog was $114.0 million at June 30, 2017, the highest level since March 2012. Backlog at March 31, 2017 was $98.9 million.

IXYS Corporation (IXYS ), an international power semiconductor and IC company, today announced financial results for its first fiscal quarter ended June 30, 2017.

Net revenues for the quarter were $83.5 million, an increase of $2.9 million or 3.6%, as compared to $80.6 million in net revenues from the June 2016 quarter. Sequentially, June 2017 quarter net revenues increased by $170,000 from net revenues of $83.4 million in the March 2017 quarter. This marks the third consecutive quarter that net revenues increased.

"Increasing net revenues are attributable to improved global demand for our power semiconductor and IC product lines. The demand from customers is ramping up, as evidenced by the backlog of $114 million, the highest level IXYS has seen since March 2012. Backlog at March 31, 2017 was $98.9 million," commented Dr. Nathan Zommer, CEO and Founder of IXYS. "We intend to capitalize on the uptick in power semiconductor requirements, adding to our capacity and equipment to meet current and prospective customer needs. Organic growth also focused on R&D and product commercialization, as we introduced new products that address transportation, wireless, IoT, power grid management and industrial applications."

Net income for the quarter ended June 30, 2017 was $5.5 million, or $0.17 per diluted share, an increase of $2.5 million, or 82.0%, as compared to net income of $3.0 million, or $0.09 per diluted share, for the same period in the prior fiscal year.

June 2017 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquisition-related intangible assets and stock compensation, was $6.8 million, or $0.21 per diluted share, as compared to the non-GAAP net income of $4.5 million, or $0.14 per diluted share, for the same period in the prior fiscal year.

Gross profit for the quarter ended June 30, 2017 was $26.5 million, or 31.8% of net revenues, an increase of $2.6 million, as compared to gross profit of $24.0 million, or 29.8% of net revenues, for the same period in the prior fiscal year.

Cash and cash equivalents totaled $171.0 million at June 30, 2017. Adjusted EBITDA, which excludes stock-based compensation expense, was $11.3 million for the June 2017 quarter.

"Atypical of our summer seasonal slowdown, customer demand remains robust. We are seeing healthy sales throughout the industrial, commercial and communication infrastructure markets worldwide. Customers’ forecasts are equally promising, as we believe that many have placed orders based on optimistic business projections," noted Mr. Uzi Sasson, CEO and President of IXYS. "Therefore, we expect revenues in the September 2017 quarter to increase 4-6% from the June 2017 quarter."

Non-GAAP Information

Included above and within the attached schedules are certain non-GAAP financial figures. The company incurred non-cash charges, including those associated with the amortization of acquisition-related intangible assets and stock compensation. Adjusting the net income to exclude the impact of the amortization of acquisition-related intangible assets and stock compensation expenses and the applicable tax at the effective tax rate for the respective periods results in a financial presentation for the company without the effect of these non-cash charges. Similarly, adjusted EBITDA reflects the exclusion of depreciation and amortization of acquisition-related intangible assets, stock compensation expenses, interest and taxes, and may serve as an indication of the company’s ability to service its debt. Management believes non-GAAP net income, non-GAAP net income per share and adjusted EBITDA are useful measures of operating performance. 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.

This release includes references to backlog. Backlog represents existing customer orders that, by their terms, are expected to be shipped within the 12 months following June 30, 2017. Backlog is influenced by several factors including market demand, pricing and customer order patterns in reaction to product lead times. In the semiconductor industry, backlog quantities and shipment schedules under outstanding purchase orders are frequently revised to reflect changes in customer needs. Purchase orders or agreements calling for the sale of specific quantities are either contractually subject to quantity revisions or, as a matter of industry practice, often not enforced. Therefore, a significant portion of our order backlog may be cancelable. For these reasons, the amount of backlog as of any particular date may not be an accurate indicator of future results.

These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies in our industry may calculate non-GAAP net income, non-GAAP net income per share, adjusted EBITDA and backlog differently than we do, limiting their usefulness as comparative measures.

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 telecommunication industries. IXYS, with its subsidiaries, is a worldwide pioneer in the development of power semiconductors, solid state relays, high voltage integrated circuits, 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 play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. IXYS semiconductors are also key to developments of new medical devices and systems that provide unique solutions in diagnostics and therapy for the leading medical equipment OEMs worldwide. With an end-customer base of over 3,500 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 product and customer demand, backlog, organic growth, the addition to capacity and equipment, customer needs, sales in application markets, customer forecasts and business projections and our revenues in the September 2017 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, capacity limitations, adverse changes in customer demand, declining economic conditions, increasing product costs or changes in currency exchange rates, 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, 2017. 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)
                                                                      June 30,         March 31,
                                                                      2017             2017
              ASSETS
Current assets:
Cash and cash equivalents                                             $   171,010      $   167,904
Restricted cash                                                           1,422            1,330
Accounts receivable, net                                                  42,138           41,167
Inventories, net                                                          92,369           89,436
Prepaid expenses and other current assets                                 6,488            3,977
              Total current assets                                        313,427          303,814
Property, plant and equipment, net                                        44,065           42,240
Other assets                                                              66,978           63,186
Deferred income taxes                                                     24,917           24,739
              Total assets                                            $   449,387      $   433,979
              LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of notes payable to bank                                  1,107            1,058
Accounts payable                                                          10,523           11,409
Accrued expenses and other current liabilities                            23,539           25,347
              Total current liabilities                                   35,169           37,814
Notes payable and other liabilities, net of current portion               83,444           83,409
Pension liabilities                                                       15,558           14,901
              Total liabilities                                           134,171          136,124
Common stock                                                              384              383
Additional paid-in capital                                                165,187          159,008
Retained earnings                                                         171,321          167,009
Accumulated other comprehensive loss                                      (21,676 )        (28,545 )
              Total stockholders’ equity                                  315,216          297,855
              Total liabilities and stockholders’ equity              $   449,387      $   433,979
              IXYS CORPORATION
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              (in thousands, except per share data)
              (unaudited)
                                                                      Three Months Ended
                                                                      June 30,
                                                                      2017             2016
Net revenues                                                          $   83,542       $   80,638
Cost of goods sold                                                        56,996           56,644
              Gross profit                                                26,546           23,994
Operating expenses:
              Research, development and engineering                       7,573            7,910
              Selling, general and administrative                         10,006           10,038
              Amortization of acquisition-related intangibles assets      596              1,017
              Total operating expenses                                    18,175           18,965
              Operating income                                            8,371            5,029
Other (expense) income, net                                               (1,130  )        242
              Income before income tax provision                          7,241            5,271
Provision for income tax                                                  1,747            2,252
Net income                                                            $   5,494        $   3,019
Net income per share - basic                                          $   0.17         $   0.10
Weighted average shares used in per share calculation - basic             32,086           31,401
Net income per share - diluted                                        $   0.17         $   0.09
Weighted average shares used in per share calculation - diluted           33,044           32,001
Reconciliation of net income to non-GAAP net income (in thousands, unaudited):
                                                                               Three Months Ended
                                                                               June 30,
                                                                               2017                       2016
Net income                                                                     $           5,494          $           3,019
Amortization of acquisition-related intangible assets                                      596                        1,017
Stock compensation expense                                                                 907                        855
Tax on stock compensation expense                                                          (219        )              (365        )
Non-GAAP net income                                                            $           6,778          $           4,526
Reconciliation of net income per share, diluted to non-GAAP net income per share, diluted (unaudited):
                                                                               Three Months Ended
                                                                               June 30,
                                                                               2017                       2016
Net income per share, diluted                                                  $           0.17           $           0.09
Amortization of acquisition-related intangible assets                                      0.02                       0.03
Stock compensation expense                                                                 0.03                       0.03
Tax on stock compensation expense                                                          (0.01       )              (0.01       )
Non-GAAP net income per share, diluted                                         $           0.21           $           0.14
Weighted average shares used in per share calculation, diluted                             33,044                     32,001
Adjusted EBITDA (in thousands, unaudited)
                                          Three Months Ended
                                          June 30,
                                          2017        2016
Net income                                $   5,494   $   3,019
Add:
Income tax expense                            1,747       2,252
Interest expense                              694         635
Depreciation and amortization                 2,411       2,832
Stock compensation expense                    907         855
Adjusted EBITDA                           $   11,253  $   9,593
Contact:
Uzi Sasson
CEO & President
IXYS Corporation
1590 Buckeye Drive
Milpitas, California 95035
(408) 457-9000

<img src="http://www.globenewswire.com/newsroom/ti?ndecode=MTUwIzY5MjE1Njk=" alt="" width="1" height="1"/>



Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2017 StockSelector.com. All rights reserved.