10-Q

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
(MARK ONE)
(x)    Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2012
or
(  )   Transition Report Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934    (No Fee Required)
Commission File No. 0-12718
SUPERTEX, INC.
(Exact name of Registrant as specified in its Charter)
California	94-2328535
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification #)
1235 Bordeaux Drive
Sunnyvale, California 94089
(Address of principal executive offices)
Registrant’s Telephone Number, Including Area Code:  (408) 222-8888
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.Yes  [ X ] No  [    ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for shorter period that the registrant was required to submit and post such files). Yes  [ X ]                                       No  [   ]
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act). Check one. Large accelerated filer [  ] Accelerated filer [ X ] Non-accelerated filer [ ] Smaller Reporting Company[  ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes  [   ]                                                                                No  [ X ]
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class	Outstanding onAugust 3, 2012
Common Stock, no par value	11,800,306
Exhibit index is on Page 35
Total number of pages: 36

1

SUPERTEX, INC.

QUARTERLY REPORT - FORM 10Q

Table of Contents		Page No.
	PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Condensed Consolidated Statements of Income	3
	Condensed Consolidated Statements of Comprehensive Income	4
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
Item 4.	Controls and Procedures	32
	PART II – OTHER INFORMATION
Item 1.	Legal Proceedings	33
Item 1A.	Risk Factors	33
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	34
Item 3.	Defaults Upon Senior Securities	34
Item 4.	Removed and Reserved	34
Item 5.	Other Information	34
Item 6.	Exhibits	35
Signature		36

2

PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

SUPERTEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except per share amounts)

Three Months Ended

June 30, 2012 July 2, 2011

Net sales	$	16,059	$	18,058
Cost of sales		8,565		8,992
Gross profit		7,494		9,066
Research and development		3,486		3,814
Selling, general and administrative		3,384		3,251
Total operating expenses		6,870		7,065
Income from operations		624		2,001
Interest income		301		252
Other (expense) income, net		(99)		116
Income before provision for income taxes		826		2,369
Provision for income taxes		229		700
Net income	$	597	$	1,669

Net income per share
Basic	$	0.05	$	0.13
Diluted	$	0.05	$	0.13

Shares used in per share computation:

Basic	11,999	12,755
Diluted	12,001	12,777

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

3

SUPERTEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands)

Three Months Ended

June 30, 2012 July 2, 2011

Net income	$	597	$	1,669
Other comprehensive income:
Unrealized gain on available-for-sale investments, net		406		522
Tax benefit (provision) related to other comprehensive income		(142)		(185)
Other comprehensive income, net of tax		264		337
Comprehensive income	$	861	$	2,006

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

4

SUPERTEX, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

June 30, 2012 March 31, 2012

ASSETS

Current Assets:
Cash and cash equivalents	$	13,415	$	19,860
Short-term investments		134,258		111,137
Trade accounts receivable, net		7,754		8,021
Inventories		12,924		14,438
Prepaid expenses and other current assets		6,914		6,786
Prepaid income taxes		3,017		3,032
Deferred income taxes		7,545		7,529
Total current assets		185,827		170,803
Long-term investments		13,600		25,900
Property, plant and equipment, net		4,674		4,941
Other assets		585		621
Deferred income taxes, noncurrent		5,344		5,375
Total assets	$	210,030	$	207,640

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Trade accounts payable	$	2,472	$	1,994
Accrued salaries and employee benefits		12,170		12,434
Other accrued liabilities		610		615
Deferred revenue		2,600		2,560
Income taxes payable		234		23
Total current liabilities		18,086		17,626
Income taxes payable, noncurrent		4,148		4,161
Deferred tax liabilities, noncurrent		127		-
Other accrued liabilities, noncurrent		564		561
Total liabilities		22,925		22,348
Commitments and contingencies (Note 9)
Shareholders’ Equity:
Preferred stock, no par value -- 10,000 shares authorized; none issued and outstanding		-		-
Common stock, no par value -- 30,000 shares authorized; issued and outstanding 12,004 shares as of June 30, 2012 and 11,992 shares as of March 31, 2012		69,060		68,031
Accumulated other comprehensive loss		(1,081)		(1,345)
Retained earnings		119,126		118,606
Total shareholders’ equity		187,105		185,292
Total liabilities and shareholders’ equity	$	210,030	$	207,640

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

5

SUPERTEX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited, in thousands)

Three Months Ended

June 30, 2012 July 2, 2011

				(As Revised)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	597	$	1,669
Non-cash adjustments to net income:
Depreciation and amortization		358		498
Provision for doubtful accounts and sales returns		130		51
Provision for excess and obsolete inventories		156		958
Deferred income taxes		(127)		(13)
Stock-based compensation		745		593
Tax benefit related to stock-based compensation plans		7		-
Unrealized loss (gain) from short-term investments, categorized as trading		97		(99)
Amortization of premium on short-term investments		597		946
Changes in operating assets and liabilities:
Trade accounts receivable		137		(927)
Inventories		1,358		73
Prepaid expenses and other assets		(92)		451
Prepaid income taxes		15		(152)
Trade accounts payable and accrued expenses		165		1,059
Deferred revenue		40		84
Income taxes payable		325		(1,834)
Net cash provided by operating activities		4,508		3,357
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment		(43)		(408)
Purchases of investments		(49,624)		(58,787)
Sales of investments		6,398		24,189
Maturities and redemptions of investments		32,117		45,558
Net cash (used in) provided by investing activities		(11,152)		10,552
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options and employee stock purchase plan		312		266
Stock repurchases		(113)		(3,179)
Net cash provided by (used in) financing activities		199		(2,913)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(6,445)		10,996
CASH AND CASH EQUIVALENTS:
Beginning of period		19,860		23,962
End of period	$	13,415	$	34,958

Supplemental cash flow disclosures:
Income taxes paid, net of refunds	7	2,599

The accompanying Notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.

6

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1 – Organization and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Supertex, Inc. (“Supertex,” the “Company,” “we,” and “us”) and its subsidiary have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America.  This financial information reflects all adjustments, which are, in the opinion of the Company’s management, of normal recurring nature and necessary to state fairly the balance sheet as of June 30, 2012; the statements of income for the three months ended June 30, 2012 and July 2, 2011; the statements of comprehensive income for the three months ended June 30, 2012 and July 2, 2011; and the statements of cash flows for the three months ended June 30, 2012 and July 2, 2011.  The March 31, 2012 balance sheet was derived from the audited financial statements included in the fiscal 2012 Annual Report on Form 10-K, but does not include all disclosures required by GAAP in the United States of America.  All significant intercompany transactions and balances have been eliminated. 

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).  Certain information and footnote disclosures normally included in these financial statements have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading.  These financial statements should be read in conjunction with the audited consolidated financial statements of Supertex, Inc. for the fiscal year ended March 31, 2012, which were included in the fiscal 2012 Annual Report on Form 10-K.

The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the financial statements. The results of operations for the three months ended June 30, 2012 are not necessarily indicative of the results to be expected for any future periods.

The Company reports on a fiscal year basis and it operates and reports based on quarterly periods ending on the Saturday nearest to the end of the applicable calendar quarter, except in a 53-week fiscal year, in which case the additional week falls into the fourth quarter of the fiscal year.  Fiscal 2013 will be a 52-week year.  The three months ended June 30, 2012 and July 2, 2011, both consist of thirteen weeks.

7

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Revision to previously issued financial statements

The condensed consolidated statements of cash flows for the period ended July 2, 2011 has been revised as previously reported in Footnote 1 of the quarterly report on Form 10-Q for the period ended December 31, 2011.

Recent Accounting Pronouncements

In June 2011, Financial Accounting Standard Board (“FASB”) issued new authoritative guidance regarding Presentation of Comprehensive Income.  This amendment attempts to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  In order to facilitate convergence with International Financial Reporting Standards (“IFRS”), FASB has decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.  Also, this amendment requires that all non-owner changes in stockholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements.  This amendment is effective for annual periods beginning after December 15, 2011 and interim periods within these years (the fiscal quarter ending June 30, 2012 for the Company) and is applied retrospectively.  On October 21, 2011, the FASB proposed a deferral of the requirement to present reclassifications of other comprehensive income on the face of the income statement. Companies would still be required to adopt all other requirements contained in the guidance. The adoption of these amended standards affected the presentation of other comprehensive income, as the Company has elected to present two separate but consecutive statements, but did not have an effect on our financial position or results of operations.

Note 2 – Fair Value

The Company measures its cash equivalents, short-term investments and long-term investments at fair value.  Fair value is defined as the price that would be received from selling an asset and paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

A three-tiered fair value hierarchy has been established as the basis for considering the above assumptions and determining the inputs used in the valuation methodologies in measuring fair values.  The three levels of inputs are defined as follows:

Level 1 – Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 – Observable inputs such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets.

Level 3 – Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use.

8

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. If a financial instrument uses an input that is significant to the fair value calculation, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.  The Company’s financial assets and liabilities measured at fair value on a recurring basis include cash equivalents and investment securities,both short-term and long-term.

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities.

The Company’s money market investments, certificates of deposit purchased directly from the bank, and Non-Qualified Deferred Compensation (NQDCP) assets and liabilities are valued using Level 1 inputs. Fixed income available-for-sale portfolio, mainly consisting of municipal bonds, US government agency bonds, corporate bonds and certificates of deposits bought in the secondary market, are valued using Level 2 inputs.

The Company’s long-term investments consist entirely of auction rate securities (“ARS”), which are collateralized by student loans.Of its two ARS holdings, the credit rating of one with a par value of $12,800,000  was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012. The other ARS investment with a par value of $2,500,000 still holds an AAA or Aaa credit rating, which have not been reduced as of or subsequent to June 30, 2012.  Due to the lack of availability of observable market quotes for the Company’s investment portfolio of these ARS, the fair value was estimated based on a discounted cash flow model using Level 3 inputs. The assumptions used in the discounted cash flow model include estimates for interest rates, timing and amounts of cash flows, liquidity of the underlying security, expected holding periods, and contractual terms of the security. In light of the current market condition for ARS, the Company developed different scenarios for the significant inputs used in the discounted cash flow model, including but not limited to a liquidity discount of 125 and 150 basis points per year for the current ARS market, and the timing of recovery of the ARS market from three to five years.  The Company concluded that the fair value of those of its ARS which were classified as level 3 assets was $13,600,000 as of June 30, 2012 net of a temporary impairment of $1,700,000 to par value.

The Company also considered the quality, amount of collateral, and US government guarantee for the ARS and looked to other marketplace transactions and information received from other third party brokers in order to assess whether the fair value based on the discounted cash flow model is reasonable. The valuation of the Company’s investment portfolio is subject to uncertainties that are difficult to predict. Factors that may affect the Company’s valuation include changes to credit ratings of the securities as well as the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral values, discount rates, counterparty risk and ongoing strength, and quality of market credit and liquidity. Significant inputs to the investment valuations are unobservable in the active markets and therefore the Company’s ARS are classified as Level 3 in the hierarchy.

9

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

The following tables summarize assets and liabilities measured at fair value on a recurring basis as ofJune 30, 2012 and March 31, 2012,  excluding accrued interest (in thousands):

June 30, 2012

Fair value measurements

Assets Level 1 Level 2 Level 3 Total

Money market funds $ 8,005  (1) $  - $  - $ 8,005 

Municipal bonds		-		46,443		-		46,443
Corporate bonds		-		41,375		-		41,375
Government agency bonds		-		29,657		-		29,657
Certificate of deposits		3,000		5,167		-		8,167
Equity mutual funds related to NQDCP		8,616		-		-		8,616
Long-term investments in ARS		-		-		13,600		13,600
Total assets at fair value	$	19,621	$	122,642	$	13,600	$	155,863

Liabilities

Obligation related to NQDCP	$	8,616	$	-	$	-	$	8,616
	March 31, 2012
	Fair value measurements
Assets	Level 1		Level 2		Level 3		Total

Money market funds $ 16,453  (1) $  - $  - $ 16,453 

Municipal bonds		-		32,268		-		32,268
Corporate bonds		-		36,947		-		36,947
Government agency bonds		-		26,010		-		26,010
Certificate of deposits		3,000		4,262		-		7,262
Equity mutual funds related to NQDCP		8,650		-		-		8,650
Long-term investments in ARS		-		-		25,900		25,900
Total assets at fair value	$	28,103	$	99,487	$	25,900	$	153,490

Liabilities

Obligation related to NQDCP $ 8,650  $  - $  - $ 8,650 

^{_________________________}

(1) The money market funds of $8,005,000 and $16,453,000 were classified as cash equivalents as of June 30, 2012 and March 31, 2012, respectively.

10

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

There were no significant transfers between Level 1 and Level 2 during the three months ended June 30, 2012 or July 2, 2011. The following table includes the activity for Auction Rate Securities that are classified as Level 3 of the valuation hierarchy (in thousands):

Three Months Ended

June 30, 2012 July 2, 2011

Beginning balance of ARS classified as Level 3	$	25,900	$	30,200
Total unrealized gains included in other comprehensive income		450		400
Redemptions of investments in ARS		(12,750)		(2,400)
Ending balance of ARS classified as Level 3	$	13,600	$	28,200

The Company recognizes transfers into and out of levels within the fair value hierarchy at the end of the fiscal month in which the actual event or change in circumstances that caused the transfer occurs.

During the three months ended June 30, 2012, the Company received$12,750,000relating to ARS with a carrying value at the time of $11,772,000 redeemed at par value. See Note 3 for further discussion of the Company’s ARS.

Note 3 – Cash and Cash Equivalents and Investments

The Company’s cash equivalents consist primarily of investments in money market funds as follows (in thousands):

	June 30, 2012		March 31, 2012
Cash	$	5,410	$	3,407
Cash equivalents:
Money market funds		8,005		16,453
Total cash and cash equivalents	$	13,415	$	19,860

11

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

The Company’s portfolio of short-term and long-terminvestments is as follows (in thousands):

June 30, 2012

Amortized Unrealized Unrealized Carrying

Cost Gain Loss Value

Short-term investments:

Trading securities:
Equity mutual funds related to NQDCP	$	8,616	$	-	$	-	$	8,616
Available-for-sale securities:
Municipal bonds		46,438		60		(55)		46,443
Corporate bonds		41,364		68		(57)		41,375
Government agency bonds		29,633		36		(12)		29,657
Certificates of deposits		8,177		3		(13)		8,167
Total short-term investments	$	134,228	$	167	$	(137)	$	134,258

Long-term investments:
Available-for sale securities	$	15,300	$	-	$	(1,700)	$	13,600

March 31, 2012

Amortized Unrealized Unrealized Carrying

Cost Gain Loss Value

Short-term investments:

Trading securities
Equity mutual funds related to NQDCP	$	8,650	$	-	$	-	$	8,650
Available-for-sale securities:
Municipal bonds		32,250		39		(21)		32,268
Corporate bonds		36,912		68		(33)		36,947
Government agency bonds		25,984		33		(7)		26,010
Certificates of deposits		7,267		4		(9)		7,262
Total short-term investments	$	111,063	$	144	$	(70)	$	111,137

Long-term investments:
Available-for sale securities	$	28,050	$	-	$	(2,150)	$	25,900

12

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

The Company’s  short-term and long-term investments by contractual maturity are as follows (in thousands):

June 30, 2012 March 31, 2012

Short-term investment:

Trading securities:
Due in one year or less	$	8,616	$	8,650
Available-for-sale securities:
Due in 12 months or less		58,873		62,504
Due in 12 to 24 months		27,394		29,903
Due in 24 to 36 months		15,033		2,682
Due in 36 to 49 months		24,342		7,398
Total short-term investments	$	134,258	$	111,137

Long-term investment:

Available-for-sale securities at fair value:
Due after ten years	$	13,600	$	25,900
Total long-term investments	$	13,600	$	25,900

Short-term investments classified as trading securities consisted entirely of investments in mutual funds held by the Company’s Non-Qualified Deferred Compensation Plan (“NQDCP”). Unrealized gains (losses) on trading securities are recorded in the Condensed Consolidated Statement of Income. Unrealized loss on trading securities was $97,000 for the three months ended June 30, 2012 compared to a gain of $99,000 for the same period of the prior fiscal year.

The Company’s available-for-sale portfolio as of June 30, 2012 was comprised of municipal bonds, corporate bonds, government agency bonds, certificates of deposits and ARS. Unrealized gains (losses) on available-for-sale securities are recorded in other comprehensive income as increases (declines) in fair values and are considered to be temporary.

During the three months ended June 30, 2012, the Company disposed of short-term available-for-sale securities totaling $25,765,000 at par, compared to $67,347,000 for the same period of the prior fiscal year.  The realized gains and losses of these transactions were immaterial.

The Company’s ARS have contractual maturities between 25 and 29 years. They are in the form of auction rate bonds whose interest rates had historically been reset every thirty-five days through an auction process. At the end of each reset period, investors could sell or continue to hold the securities at par. These ARS held by the Company are backed by pools of student loans and are primarily guaranteed by the U.S. Department of Education, although the credit rating of one ARS with a par value of $12,800,000 was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012. 

ARS with a par value of $15,300,000, whose carrying value was $13,600,000,  were classified as non-current assets and were presented as long-term investments on the Company’s balance sheet as of June 30, 2012.

The Company has concluded that the decline in fair value of the ARS investments as of June 30, 2012 is considered to be temporary in part due to the following:

· these investments are of investment grade credit quality and a significant portion of them are 13       SUPERTEX, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED) (unaudited)   collateralized and are guaranteed by the U.S. Department of Education;

· as of June 30, 2012, there have been no defaults on the ARS held by the Company;

· of the two ARS holdings, the credit rating of one with a par value of $12,800,000 was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012. The other ARS investment still holds a AAA or Aaa credit rating, which has not been reduced as of or subsequent to June 30, 2012.

· the Company has the intent and ability to hold these investments until the anticipated recovery in market value occurs or they are redeemed at par value; and

· to the extent the Company’s ARS have been redeemed, they were redeemed at par value. The Company received ARS redemptions at par value of $4,700,000, $36,450,000 and $19,250,000, all at par valuein fiscal years 2012, 2011 and 2010, respectively. Additionally, during the three months ended June 30, 2012, two of its ARS were fully or partially redeemed at par value for $12,750,000.

If uncertainties in the credit and capital markets continue or these markets deteriorate further, the Company may incur additional temporary impairment to its ARS holdings. The Company will continue to monitor its ARS holdings and may be required to record an impairment charge through the income statement if the decline in fair value is determined to be other-than-temporary or the credit quality of its ARS holdings declines.

Note 4 – Inventories

The Company’s inventories consist of high technology semiconductor devices and integrated circuits that are specialized in nature, subject to rapid technological obsolescence, and sold in a highly competitive industry.  Inventory balances at the end of each period are stated at the lower of cost (determined on a first-in, first-out basis) or net realizable value.

Inventories consist of (in thousands):

June 30, 2012 March 31, 2012

Raw materials $ 626  $ 936 

Work-in-process		7,728		8,221
Finished goods		3,406		4,195
Finished goods at distributors and on consignment		1,164		1,086
Total Inventories	$	12,924	$	14,438

The Company wrote down excess and obsolete inventory totaling $156,000forthe three months endedJune 30, 2012 compared to $958,000for the same period of the prior fiscal year. The Company sold previously written-down inventory of $345,000 for the three months endedJune 30, 2012.  For the same period of the prior fiscal year, such sales were $295,000.

14

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Note 5 - Comprehensive Income 

As of June 30, 2012, the total unrealized loss on available-for-sale investments amounted to $1,670,000, which was recorded in accumulated other comprehensive loss, net of tax of $589,000. As of July 2, 2011, the total unrealized loss on available-for-sale investments amounted to $2,074,000, which was recorded in accumulated other comprehensive loss, net of tax of $729,000.

Note 6 - Stock-Based Compensation

The employee stock-based compensation expense for the three months ended June 30, 2012 was $745,000compared to $593,000 for the same period of the prior fiscal year.

The Company granted no stock options during the three months ended June 30, 2012. For the same period of the prior fiscal year, the Company granted options with an estimated grant date fair value of $931,000. As of June 30, 2012, the unrecorded stock-based compensation related to stock options was $4,826,000 (net of estimated forfeitures) and will be recognized over an estimated weighted average amortization period of approximately 1.8 years.

The Company’s shareholders approved the adoption of the 2001 Stock Option Plan (the “2001 Plan”) and the reservation of 2,000,000 shares of common stock for issuance under 2001 Plan at the August 17, 2001 annual meeting of shareholders. Options granted under the 2001 Plan were granted at the fair market value of the Company’s common stock on the date of grant and generally expired seven years from the date of grant or thirty days after termination of service, whichever occurs first.  The options generally were exercisable beginning one year from date of grant and generally vest ratably over a five-year period. On August 24, 2006, the Company’s board of directors approved a change in grant policy of the 2001 Plan to only grant non-statutory stock options to better align the Company’s compensation plan to employee incentives and to Company objectives. On August 17, 2007, the Company’s board of directors approved that all future stock option grants would have a ten-year term, which is within the guidelines of the Company’s 2001 Plan, subject to earlier expiration thirty days after termination of service. As of August 14, 2009, no further options may be granted under the 2001 Plan.

The Company’s shareholders approved the adoption of the 2009 Equity Incentive Plan (the “2009 Plan”) at the August 14, 2009 annual meeting for shareholders. Under the 2009 Plan, the total number of shares of Company common stock reserved for issuance consists of 1,000,000 shares plus (1) the 159,509 shares which remained authorized for issuance under the 2001 Plan but which were not subject to outstanding stock awards as of August 14, 2009, and (2) those of the 1,440,400 shares, subject to stock awards outstanding under the 2001 Plan as of August 14, 2009, that terminate prior to exercise and would otherwise be returned to the share reserves under the 2001 Plan, with the total shares in addition to the 1,000,000 shares thus being up to a maximum of 1,599,909 shares. The 2009 Plan allows the Company to continue its prior option practices under the 2001 Plan to grant non-statutory options to key employees with an exercise price equal to the fair market value of the Company’s stock on the date of grant. The Company’s options typically have a term of ten years and vest in 20% installmentson each of the first  fiveanniversaries of the date of grant. The 2009 Plan also provides the Company with the flexibility in designing equity incentives, including restricted stock awards, stock appreciation rights, restricted stock unit awards, performance stock awards, and performance cash awards.

15

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

The following table summarizes the activities under the 2001 and 2009 Plans for the three months ended June 30, 2012:

Options Outstanding

Available for Grant Number of Shares     Weighted Average Exercise Price

Balance, March 31, 2012	677,429	1,677,962	$	26.49
Granted	-	-
Exercised	-	(14,320)		17.39
Canceled	26,800	(26,800)		25.25
Balance, June 30, 2012	704,229	1,636,842	$	26.59

The weighted average fair value of options, as determined under the authoritative guidance for stock compensation, granted under the 2009 Plan during the three months endedJuly 2, 2011 was  $8.10per share. The Company did not grant stock options during the three months ended June 30, 2012.  The total intrinsic value of options exercised (which is the amount by which the stock price exceeded the exercise price of the option on the date of the exercise) during the three months ended June 30, 2012 was $26,000.  During the three months ended June 30, 2012, the amount of cash received from employees as a result of employee stock option exercises was $249,000. 

The options outstanding and exercisable as of June 30, 2012, under the 2001 and 2009 Plans are in the following exercise price ranges:

                    Options Outstanding                    Options Exercisable

Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (Years) Weighted-Average Exercise Price Number Outstanding Weighted-Average Exercise Price

$	18.46	-	$	19.99	243,400.00	9.22	$	19.31	6,000	$	19.51
	20.00	-		24.99	605,302.00	7.25		21.39	278,458		21.16
	25.00	-		29.99	313,380.00	6.32		27.03	202,452		26.92
	30.00	-		34.99	233,060.00	2.46		33.77	215,760		33.76
	35.00	-		39.99	90,800.00	4.96		35.83	76,640		35.83
	40.00	-		44.99	132,900.00	1.33		40.90	132,900		40.90
	45.00	-		46.92	18,000.00	1.42		46.92	18,000		46.92
$	18.46	-	$	46.92	1,636,842.00	6.01	$	26.59	930,210	$	29.85

16

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Options outstanding and options exercisable had no intrinsic value as of June 30, 2012.

2000 Employee Stock Purchase Plan (“ESPP”).Under the ESPP, eligible employees may elect to withhold up to 20% of their cash compensation to purchase shares of the Company’s common stock at a price equal to 95% of the market value of the stock at the time of purchase, which is at the end of the six-month offering period.  An eligible employee may purchase no more than 500 shares during any six-month offering period. For the three months ended June 30, 2012, the amount of cash received from employees as a result of ESPP purchases was  $63,000 compared to $89,000 for the same period of the prior fiscal year.

Note 7 – Income Taxes

The provision for income taxes for the three months ended June 30, 2012 was $229,000 on income before tax of $826,000 at the effective tax rate of 28% compared to a provision for income taxes of $700,000 on income before tax of $2,369,000 at the effective tax rate of 30% in the first quarter of the prior fiscal year. The year-over-year quarterly change in estimated effective tax rate was primarily due to a higher percentage of the estimatedpre-tax profit applying to a lower tax bracket in fiscal 2013 compared to the estimated pre-tax profitfor 2012 at the same time last year and due to a higher tax rate in the first quarter of fiscal 2012 resulting from recording a reserve for an uncertain tax position.

The income tax provision for interim periods reflects the Company’s computed estimated annual effective tax rate and differs from the taxes computed at the federal and state statutory rates primarily due to the effects of foreign rate differentials, R&D tax credits, domestic manufacturing tax deduction, non-deductible stock-based compensation expense, tax exempt interest income and tax contingencies.

During the three months ended June 30, 2012,  the liability for uncertain income tax positions excluding accrued interest and penalties increased from $3,661,000 to $3,664,000. Of the total $3,664,000 of unrecognized tax benefits, $2,847,000 represents the amount that, if recognized, would favorably affect the Company’s effective income tax rate in a future period. The Company cannot conclude on the range of cash payments that will be made within the next twelve months associated with its uncertain tax positions.

The Company records interest and penalties related to unrecognized tax benefits in income tax expense. On June 30, 2012, the Company had approximately $478,000 accrued for estimated interest and $152,000 for estimated penalties related to uncertain tax positions. For the three months ended June 30, 2012, the Company recorded a reduction of estimatedinterest of $16,000 and estimated penalties of $1,000.

The balance of unrecognized income tax benefits, including accrued interest and accrued penalties on June 30, 2012, was approximately $1,706,000related to tax positions for which it is reasonably possible that the statute of limitations will expire in various jurisdictions within the next twelve months.

The Company’s major tax jurisdictions are the United States federal, State of California and Hong Kong and the Company’s income tax returns are no longer subject to examination by these taxing authorities for fiscal years before2002.

17

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Note 8 - Net Income per Share  

Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of common shares outstanding for the period.  Diluted EPS reflects the potential dilution that could occur from common shares that may be issued through stock options and ESPP only, since the Company does not have warrants or any other convertible securities outstanding.  A reconciliation of the numerator and denominator of basic and diluted earnings per share is provided as follows (in thousands, except per share amounts):

Three Months Ended

June 30, 2012 July 2, 2011

BASIC:
Net income	$	597	$	1,669

Weighted average shares outstanding for the period 11,999  12,755 

Net income per share $ 0.05  $ 0.13 

DILUTED:
Net income	$	597	$	1,669
Weighted average shares outstanding for the period		11,999		12,755
Effect of dilutive securities: stock options and ESPP		2		22

Total 12,001  12,777 

Net income per share $ 0.05  $ 0.13 

Options to purchase 1,656,126 shares of the Company’s common stock at an average price of $26.57 per sharefor the three months endedJune 30, 2012 were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

Forthe three months ended July 2, 2011, options to purchase 1,351,271 shares of the Company’s common stock at an average price of $28.26 per sharewere outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

Note 9 – Commitments and Contingencies

Indemnification

As is customary in the Company’s industry, the Company has agreed to defend certain customers, distributors, suppliers, and subcontractors against certain claims which third parties may assert that its products allegedly infringe on certain of their intellectual property rights, including patents, trademarks, trade secrets, or copyrights.  The Company has agreed to pay certain amounts of any resulting damage awards and typically has the option to replace any infringing product with non-infringing product.  The terms of these indemnification obligations are generally perpetual from the effective date of the agreement.  In certain cases, there are limits on and exceptions to the Company’s potential liability for indemnification relating to intellectual property infringement claims.  The Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements.  To date, the Company has not paid any damage awards nor has it been required to defend any claims related to its indemnification obligations, and accordingly, it has not accrued any amounts for indemnification obligations.  However, there can be no assurance that the Company will not have any financial exposure under those indemnification obligations in the future.

18

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Legal Proceedings

From time to time the Company is subject to possible claims or assessments from third parties arising in the normal course of business.  Management has reviewed such possible claims and assessments with the Company’s outside legal counsel and believes that it is unlikely that they will result in any material adverse effect on the Company’s financial condition, results of operations, or cash flows.  The Company is not currently involved in any legal proceeding that it believes will materially and adversely affect its business, financial condition,results of operations or cash flows.

Product Return and Warranty Reserves

The Company’s standard policy is to accept the return of defective parts for credit from non-distributor customers for a period of 90 days from date of shipment. This period may be extended in certain cases. The Company records estimated product returns as a reduction to revenue in the same period as the related revenues are recorded. These estimates are based on historical experience, analysis of outstanding returned material authorizations and allowance authorization data.

The reductions to revenue for estimated product returns for the three months ended June 30, 2012 and July 2, 2011 are as follows (in thousands):

Description Balance at Beginning of Period Charge⁽¹⁾ Deductions and Other Balance at End of Period

Three months ended June 30, 2012 $ 213  $ 134  $ (8) $ 339 

Three months ended July 2, 2011 $ 234  $ 24  $ (43) $ 215 

___________________

⁽¹⁾ Represent amounts charged to the allowance for sales returns.  

While the Company’s sales returns are historically within the allowance established, it cannot guarantee that it will continue to experience the same return rates that it has had in the past.  Any significant increase in product failure rates and the resulting sales returns could have a material adverse effect on the operating results for the period or periods in which such returns materialize.

For sales through distributors, the Company’s policy is to replace under warranty defective products at its own expense for a period of 90 days from date of shipment. This period may be extended in certain cases. This liability is limited to replacement of the product along with freight and delivery costs. In certain cases, the Company may pay for rework.

The Company reserves for estimated warranty costs in the same period as the related revenues are recorded. The estimate is based on historical expenses and is recorded as cost of sales. The warranty reserve was $51,000 as ofJune 30, 2012. Such amount was $45,000 as of March 31, 2012.

19

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Operating Lease Obligations

The Company’s future minimum lease payments under non-cancelable operating leases as of June 30, 2012 are as follows (in thousands):

Payment Due by Fiscal Year Operating Lease

2013 $ 615 

2014		709
2015		671
2016		662
2017		55
	$	2,712

The Company leases facilities under non-cancelable lease agreements expiring at various times through April 2016.  Rental expense for the three months ended June 30, 2012 amounted to $281,000 compared to $288,000 for the same period of last fiscal year.

Note 10 – Common Stock Repurchase

Stock repurchase activities for the three months ended June 30, 2012 and July 2, 2011 are as follows:

Three Months Ended

June 30, 2012 July 2, 2011

Number of shares repurchased		6,000		151,000
Cost of shares repurchased	$	113,000	$	3,179,000
Average price per share	$	17.97	$	21.04

In January 2011, the Board of Directors designated $60,000,000 of its cash, cash equivalents and investments for a major stock repurchase during the period from January 2011 through March 2013, and accordingly, increased the Company’s share repurchase program from approximately 556,000 shares to 2,500,000 shares. The amended repurchase program has no expiration date except when an aggregate of 2,500,000 shares have been repurchased, either in the open market or through private transactions. Under this program, cumulatively the Company had repurchased approximately 1,180,000 shares for $23,519,000 as of June 30, 2012.

Since the inception of the Company’s initial share repurchase program in 1992 through June 30, 2012, the Company has repurchased a total of approximately 3,524,000 shares of the common stock for an aggregate cost of $60,070,000 under its share repurchase programs. Upon their repurchase, shares are restored to the status of authorized but unissued shares. As of June 30, 2012, there were approximately 1,320,000 shares authorized for future repurchase under the Company’s current repurchase program.

Subsequent to June 30, 2012, the Company has repurchased an additional 226,000 shares for $3,846,000 as of August 7, 2012.

20

SUPERTEX, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS – (CONTINUED)

(unaudited)

Note 11 – Segment Information

The Company operates in one reportable segment comprising the design, development, manufacturing and marketing of high voltage semiconductor devices including analog and mixed signal integrated circuits.  The Company’s chief operating decision maker, who is currently the Company’s chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance. 

The Company’s principal markets are in Asia, the United States, and Europe.  Below is a summary of sales by major geographic area for the three months ended June 30, 2012 and July 2, 2011 (in thousands):

Three Months Ended

Net Sales June 30, 2012 July 2, 2011

United States	$	5,379	$	6,181
China		3,838		4,935
Asia (excluding China and Singapore)		2,927		2,532
Singapore		2,012		2,592
Europe		1,743		1,708
Other		160		110
Net Sales	$	16,059	$	18,058

Net property, plant and equipment by country as of June 30, 2012 and March 31, 2012 are as follows (in thousands):

June 30, 2012 March 31, 2012

United States $ 3,836  $ 4,019 

Hong Kong		838		922
Property, plant and equipment, net	$	4,674	$	4,941

Note 12 – Significant Customers 

The Company sells its products to OEMs through its direct sales and marketing personnel, and through its independent sales representatives and distributors. Revenue from sales to distributors and the related cost of sales are recognized only upon resale to end-user customers, that is on a sell-through basis.

A major medical equipment company and a commercial printer manufacturer each accounted for approximately 11% of net sales for the three months endedJune 30, 2012. Nearly all of the sales to these two customers were through distributors and contract manufacturers. Also, a distributor accounted for approximately 11% of net sales for the three months ended June 30, 2012. 

There were no other customers that the Company believes accounted for more than 10% of the Company’s net sales for the three months endedJune 30, 2012 and July 2, 2011.

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Condensed Consolidated Financial Statements and related Notes thereto contained elsewhere in this Report.  The information contained in this quarterly report on Form 10-Q is not a complete description of our business or the risks associated with an investment in our common stock.  You are urged to carefully review and consider the various disclosures we made in this Report and in other reports filed with the SEC, including the annual report on Form 10-K for the fiscal year ended March 31, 2012.

Cautionary Statement Regarding Forward Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements.  These forward-looking statements are not historical facts, and are based on current expectations, estimates, and projections about our industry, our beliefs, our assumptions, and our goals and objectives.  Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," and "estimates," and variations of these words and similar expressions are intended to identify forward-looking statements.  Examples of the kinds of forward-looking statements in this report include statements regarding the following: (1) our expectation that through the introduction of our new integrated solutions along with our discrete building block product offerings, we will continue to be a major player in the medical ultrasound market and that the recent sales volatility is due to general economic conditions and due to low channel inventory levels; (2) our belief that there are significant growth opportunities for the medical ultrasound market in China and India;  ((3) our belief that sales of LED driver ICs for general lighting will grow as they are designed in new lighting applications; (4) our belief that R&D expenses as a percentage of net sales may fluctuate from quarter to quarter; (5) our expectation that we will spend approximately $4,300,000 for capital acquisitions in fiscal 2013; (6) our belief that existing cash and cash equivalents and short-term investments together with cash flow from operations will be sufficient to meet our liquidity and capital requirements through the next twelve months; (7) our belief that we have substantial production capacity in place to handle our forecasted business in fiscal 2013 and 2014; (8) our belief that the credit quality of the auction-rate securities (“ARS”) we hold is high and our expectation that we will receive the full principal associated with these ARS;(9) our belief that the auction failures  of our ARS will not materially impact our ability to fund our working capital needs, capital expenditures, or other business requirements; (10) our belief that the estimated range of fair values of our ARS is appropriate; (11) our lack of intention to sell our ARS securities below par value and our view that it is more likely than not that we will not be required to sell our ARS securities until their value returns to par; (12) our belief that the declines in our ARS fair values due to the lack of liquidity are temporary and the credit risk of default or not redeeming at par is very low; (13) our belief that the credit rating of  our ARS would remain relatively high following any decline in the credit rating of U.S. government obligations; (14) our belief that our exposure to foreign currency risk is relatively small; and (15) our belief that it is unlikely that any legal claims will result in a material adverse effect on our financial position, results of operations or cash flows.

These statements are only predictions, are not guarantees of future performance, and are subject to risks, uncertainties, and other factors, some of which are beyond our control and are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.  These risks and uncertainties include material adverse changes in the demand for our customer’s products in which the Company’s products are used; that competition to supply semiconductor devices in the markets in which the Company competes increases and causes price erosion; that demand does not materialize and increase for recently released customer products incorporating the Company’s products; that we have delays in developing and releasing into production our planned new products; that there could be unexpected manufacturing issues as production ramps up; that the demand for the Company’s products or results of its product development changes such that it would be unwise not to decrease research and development; that the IRS will determine that more US income was realized than the Company claimed or that fewer expenses were allowable; that some of the Company’s equipment will be unexpectedly damaged or become obsolete, thereby

22

requiring replacement; and that Federal deficit issues will not result in substantial reductions to the credit rating of U.S. government obligations which in turn would materially affect our auction rate securities; as well as those described in "Factors Which May Affect Operating Results" under Item 1A of Part I , “Risk Factors” in the Company’s  annual report on Form 10-K for the fiscal year ended March 31, 2012.  The information included in this Form 10-Q is provided as of the filing date with the SEC and future events or circumstances could differ significantly from the forward-looking statements included herein.  Accordingly, the readers are cautioned not to place undue reliance on such statements. The Company undertakes no obligation to update any forward-looking statement as a result of new information, future events, or otherwise,except as required by law.

Critical Accounting Policies

Our critical accounting policies are those that both (1) are most important to the portrayal of the financial condition and results of operations and (2) require management’s most difficult, subjective, or complex judgments, often requiring estimates about matters that are inherently uncertain. There have been no material changes from the methodology applied by management for critical accounting estimates previously disclosed in our fiscal 2011 Annual Report on Form 10-K. 

Overview

We design, develop, manufacture, and market integrated circuits (“ICs”) and application specific discrete DMOS transistors, utilizing state-of-the-art high voltage DMOS, HVCMOS and HVBiCMOS analog and mixed signal technologies.  We are an industry leader in certain high voltage ICs (HVCMOS and HVBiCMOS) which take advantage of the best features of CMOS, bipolar and DMOS technologies and integrate them into the same IC.  These ICs are used for medical ultrasound imaging, LED backlighting for LCD TVs and computer monitors, LED general lighting, telecommunications, printer, flat panel display, industrial and consumer product industries. We also offer custom processing services using customer-owned designs and mask tooling with our process technologies. Our current growth strategy relies on our ability to continuously and successfully introduce and market new innovative products that meet our customers’ requirements.

Results of Operations

Net Sales 

We operate in one reportable segment comprising the design, development, manufacturing and marketing of high voltage semiconductor devices including analog and mixed signal ICs and specialty double-diffused metal oxide semiconductor (“DMOS”) transistors.We have a broad customer base, which in some cases manufactures electronic end products and equipment spanning multiple markets. As such, the assignment of revenue to the markets described in the overview above requires the use of estimates, judgment, and extrapolation. Actual results may differ slightly from those reported here.   During the first fiscal quarter of 2012 we reviewed our assignment of products to markets and made minor adjustments to the market assignment for certain DMOS products. Additionally, we renamed the “imaging” market “EL/printers”to avoid confusion with the medical imaging market.

Net sales for the three months ended June 30, 2012 were $16,059,000, an 11% decrease compared to $18,058,000 for the same period of the prior fiscal year and a 2% decrease sequentially. These year-over-year and sequential decreases were primarily due to decreases in sales of our analog switches and high voltage pulser ICs and chipsets for medical ultrasound products, LED driver ICs for backlighting LCD TVs, and  industrial and other products.  Partially offsetting these reductions were higher sales of optical MEMS drivers and printer head ICs.

23

The table below shows our estimate of the breakdown of net sales by end market for the three months ended June 30, 2012, July 2, 2011 and March 31, 2012, as well as year-over-year and sequential percentage changes (in thousands except percentages):

Three Months Ended

Net Sales June 30, 2012 March 31, 2012 July 2, 2011 Sequential Change Year-Over-Year Change

Medical Electronics	$	5,492	$	6,983	$	7,053	-21%	-22%
EL/Printers		5,184		4,457		4,665	16%	11%
Industrial/Other		2,438		2,586		3,528	-6%	-31%
Telecom		1,596		871		1,020	83%	56%
LED Lighting		1,349		1,554		1,792	-13%	-25%
Net Sales	$	16,059	$	16,451	$	18,058	-2%	-11%

Three Months Ended

Net Sales June 30, 2012 March 31, 2012 July 2, 2011

Medical Electronics	34%	43%	39%
EL/Printers	32%	27%	26%
Industrial/Other	15%	16%	19%
Telecom	10%	5%	6%
LED Lighting	9%	9%	10%
Net Sales	100%	100%	100%

Our medical electronics product family, primarily for ultrasound imaging, accounted for the largest sales of all of our five markets for the three months ended June 30, 2012, March 31, 2012 and July 2, 2011. Sales to that market for the three months ended June 30, 2012 decreased 22% and 21%, respectively, compared to same period of the prior fiscal year and sequentially due to decreased sales of our analog switches and high voltage pulser ICs and chipsets.

Sales to this market for the past six quarters have been characterized by alternating quarters of significantly increased or decreased sales sequentially, with the exception of the second quarter of fiscal 2012. Sales in the first quarter of fiscal 2013 were on a down cycle, while sales of the same quarter last fiscal year were on an up cycle. We believe the volatility is primarily due to our end customers’ fluctuating sales due to changing general economic conditions and due to low channel inventory levels.    

In recent years, the overall ultrasound market has been shifting from big console systems to transportable and hand-held ultrasound imaging units, which has driven the ultrasound imaging market growth along with product upgrades for cart-wheel consoles and large stationary systems.  Because of space and power constraints, there are more requirements for integration, and with our high voltage IC technology we have been among the most qualified to support these requirements. Geographically, the imaging equipment market is expanding very rapidly in China and India.  Traditionally, OEMs in the United States, Germany, and Japan have been the main developers and manufacturers of medical ultrasound imaging machines to whom we have sold our products successfully. Companies in those regions continue to grow and develop new machines although most of them have moved their operations to Asia to reduce cost. Today we see significant opportunities with Chinese and Korean medical ultrasound imaging machine companies. We are expanding our product development activities

24

and product offerings to capitalize on these exciting market growth opportunities.  Through the introduction of our new integrated solutions complemented by our discrete transistor and array building block product offerings, we believe we will continue to be a major player in this business.

Sales of our product offerings for the EL/printers market, which consist of EL inverter ICs, commercial printing ICs, display ICs and custom processing services, for the three months ended June 30, 2012 were 11% higher compared to the same period in the last fiscal year and 16% higher sequentially. These increases were primarily due to greater shipments of commercial printing ICs and custom processing services.  Additionally, sales of drivers to an OLED market manufacturing application were higher than the same period last year but lower sequentially.

Sales in the industrial and other markets for the three months ended June 30, 2012 decreased 31% when compared to the same period in the prior fiscal year and were 6% lower sequentially. The year-over-year quarterly reduction is due to reduced sales of products for an ATE application and for various products for a broad set of applications. The sequential decline was due to lower custom processing services sales.

The year-over-year quarterly sales decline of LED driver ICs of 25% resulted primarily from a very soft TV market. Sequentially, total LED driver IC sales decreased by 13% due primarily to lower shipments to a computer monitor application. We believe that sales of LED driver ICs for general lighting will grow as our new products are being designed into new lighting applications.  

Sales to the telecom market for the three months ended June 30, 2012 increased 56% compared to the same period of the prior fiscal year and 83% sequentially primarily due to higher unit shipments of high voltage driver ICs for optical MEMS applications.

Our principal markets are in Asia, the U.S., and Europe.  Sales by geographic regions as well as year-over-year and sequential percentage changes were as follows, where international sales include sales to U.S. based customers if the products are delivered to their contract manufacturers outside the U.S. (in thousands except percentages):

Three Months Ended

Net Sales June 30, 2012 March 31, 2012 July 2, 2011 Sequential Change Year-Over-Year Change

United States	$	5,379	$	6,061	$	6,181	-11%	-13%
China		3,838		3,749		4,935	2%	-22%
Asia (excluding China and Singapore)		2,927		2,834		2,532	3%	16%
Singapore		2,012		1,880		2,592	7%	-22%
Europe		1,743		1,861		1,708	-6%	2%
Other		160		66		110	142%	45%
Net Sales	$	16,059	$	16,451	$	18,058	-2%	-11%

International Sales	$	10,680	$	10,390	$	11,877	3%	-10%
Domestic Sales		5,379		6,061		6,181	-11%	-13%
Net Sales	$	16,059	$	16,451	$	18,058	-2%	-11%

Total net sales to international customers for the three months ended June 30, 2012 compared to the same period last year decreased 10% primarily due to reduced sales of our analog switches and high voltage pulser ICs and

25

chipsets for medical ultrasound products, LED driver ICs for backlighting LCD TVs, and  industrial and other products. Partially offsetting these reductions were higher sales of printer head ICs. Compared to the prior quarter, total net sales to international customers increased 3% primarily due to higher sales of printer head  ICs.Total net sales to domestic customers for the three months ended June 30, 2012 decreased 13%  compared to the same period of the prior fiscal year and 11% sequentially primarily due to lower unit shipments of medical ultrasound products.

Our assets are primarily located in the United States and Hong Kong.

Cost of Sales and Gross Profit

Gross profit represents net sales less cost of sales.  Cost of sales includes the cost of raw silicon wafers; the costs associated with assembly, packaging, test, quality assurance and product yields; the cost of personnel, facilities and depreciation on equipment for manufacturing and its support; and charges for excess or obsolete inventory.

Three Months Ended

(Dollars in thousands) June 30, 2012 March 31, 2012 July 2, 2011

Gross Margin Percentage		47%		47%		50%
Included in Gross Margin Percentage Above:
Gross Margin Benefit from Cost of Previously Written Down Inventory Sold	$	345	$	401	$	$ 295
Percentage of Net Sales		2%		2%		2%

Gross profit for the three months ended June 30, 2012 was $7,494,000 and compared to $7,728,000 and $9,066,000, respectively, for the prior quarter and for the same period of the prior fiscal year. As a percentage of net sales, gross margin was 47% for the three months ended June 30, 2012 compared to 47%and 50%, respectively, for the prior quarter and for the same period of the prior fiscal year. The year-over-year quarterly decreases in gross profit and gross margin were primarily attributable to decreased sales resulting in lower fab utilization, partially offset by a decrease in charges for excess and obsolete inventory. During the first quarter of fiscal 2013 we increased our wafer fab capacity utilization to 50% from 35% in the prior quarter,  however the product sold in the first quarter of fiscal 2013 was built in previous quarters when FAB utilization was lower, and therefore product cost was higher than the product built in the first quarter of fiscal 2013, which will be shipped in future quarters.

We wrote down excess and obsolete inventory totaling $156,000 for the three months ended June 30, 2012 compared to$1,721,000for the prior quarterand $958,000for the same period of the prior fiscal year. 

Research and Development (“R&D”) Expenses

R&D expenses include payroll and benefits, development costs, and depreciation. We also expense prototype wafers and mask sets related to new product development as R&D expenses. 

Three Months Ended

(Dollars in thousands) June 30, 2012 March 31, 2012 July 2, 2011 Sequential Change Year-Over-Year Change

R&D Expenses	$	3,486	$	3,885	$	3,814	-10%	-9%
Percentage of Net Sales		22%		24%		21%

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The quarterly year-over-year decrease of $328,000 was due primarily to a decrease in the cost of development wafer processing. The sequential decrease of $399,000 was primarily due to reduced expense of $281,000 related to our Non-Qualified Deferred Compensation Plan (“NQDCP”) as the assets in the NQDCP decreased in fair market value by $69,000 compared to an increase in fair market value of $213,000 last year. An increase or decrease in the fair value of our NDQCP assets corresponds to an increase or decrease in the NDQCP liability. To recognize the increase or decrease in the NDQCP plan assets, we record the difference in fair value to other income (expense) net. Correspondingly, to recognize the increase or decrease in the NDQCP liability, we record the difference to other benefits expense, as the investments are beneficially owned by employees in various departments.

Some aspects of our R&D efforts require significant short-term expenditures.  As such, timing of such expenditures may cause fluctuations in our R&D expenses, which, as a percentage of net sales, may fluctuate from quarter to quarter.

Selling, General and Administrative (“SG&A”) Expenses

SG&A expenses consist primarily of employee related expenses, commissions to sales representatives, occupancy expenses including expenses associated with our regional sales offices, cost of advertising and publications, and outside professional services such as legal, auditing and tax. 

Three Months Ended

(Dollars in thousands) June 30, 2012 March 31, 2012 July 2, 2011 Sequential Change Year-Over-Year Change

SG&A Expenses	$	3,384	$	3,614	$	3,251	-6%	4%
Percentage of Net Sales		21%		22%		18%

The year-over-year quarterly increase of $133,000 was primarily due to higher professional services expense due to timing of the work performed. The sequential decrease of $230,000 was primarily due to lower NQDCP expense of $265,000 as the assets in the NQDCP decreased in fair market value by $2,000 compared to an increase in fair market value of $263,000 for the prior quarter.

Interest Income and Other Income (Expense), Net

Three Months Ended

(Dollars in thousands) June 30, 2012 March 31, 2012 July 2, 2011 Sequential Change Year-Over-Year Change

Interest Income	$	301	$	262	$	252	15%	19%
Other (Expense) Income, Net		(99)		575		116	-117%	-185%
Total Interest  and Other Income, Net	$	202	$	837	$	368	-76%	-45%

Percentage of Net Sales 1%  5%  2% 

Interest income consists primarily of interest income from our cash, cash equivalents and short-term and long-term investments. For the three months ended June 30, 2012, interest income increased $49,000 and $39,000, respectively, compared to the same period of the prior fiscal year and for the prior quarter. These increases

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resulted from higher investment yields due to longer average maturities and the sequential increase also  resulted from a higher cash balance.  

Other income (expense), net, consists of changes in the fair market value of investments held by our NQDCP, sales of fixed assets, foreign exchange gains and losses and other miscellaneous income and expense items. Other expense, net for the first fiscal quarter was $99,000 compared to income of $116,000 for the same period last year, or an increase of $215,000 primarily due to a decrease in fair market value of our NQDCP of $97,000 whereas it had increased $99,000 last year.  Sequentially, the increase was $674,000 and resulted primarily from an increase of $659,000 in fair value of our NQDCP asset of $562,000 in the prior quarter compared to a decrease of $97,000 in the first quarter of fiscal 2013. 

Provision for Income Taxes

The income tax provision for the interim period represents federal, state and foreign taxes and reflects our computed estimated annual effective tax rate. The tax provision differs from the taxes computed at the federal and state statutory rates primarily due to the effect of foreign rate differentials, R&D tax credits, domestic manufacturing tax deduction, non-deductible stock-based compensation expense, tax exempt interest income and tax contingencies.

The income tax provision for the three months ended June 30, 2012 was $229,000 on profit before tax of $826,000 at the effective tax rate of 28% compared to an income tax benefit of $207,000 on income before tax of $1,066,000 at the effective tax benefit rate of 19% for the prior quarter, and an income tax provision of $700,000 on income before tax of $2,369,000 at the effective tax rate of 30% in the first quarter of the prior fiscal year. The year-over-year quarterly change in estimated effective tax rate was primarily due to a higher percentage of the estimated pre-tax profit applying to a lower tax bracket in fiscal 2013 compared to the estimated pre-tax profit for 2012 profit at the same time last fiscal year and due to a higher tax rate in the first quarter of fiscal 2012 resulting from recording a reserve for an uncertain tax position. The sequential tax rate difference is primarily due to an expiration of a statute of limitations on an uncertain position in the fourth quarter of fiscal 2012 and changes in where we expect our income and losses to be generated this year between our US and Hong Kong entities which have different tax rates.

We maintain liabilities for uncertain tax positions within our income taxes payable account. The determination of the liability amount involves considerable judgment and estimation, and is continuously monitored by management, based on the best information available including changes in tax regulations, the outcome of relevant court cases and other information. 

Financial Condition

Overview

We ended the first quarter of fiscal 2013 with $161,273,000 in cash, cash equivalents, short-term and long-term investments. This represents an increase of $4,376,000 when compared with the amount of $156,897,000 as of March 31, 2012 resulting from cash provided by operating activities of $4,508,000. Working capital is defined as current assets less current liabilities. As of June 30, 2012, working capital was $167,741,000, an increase of $14,564,000 from $153,177,000 as of March 31, 2012. The increase in working capital was primarily the result of auction rate security redemptions of $12,750,000 and cash provided by operating activities of $4,508,000.

Since we announced the twenty-six month $60 million stock repurchase program at the end of January 2011, as of August 7, 2012, we have repurchased approximately 1,406,000 shares for $27,365,000.

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Liquidity and Capital Resources

In summary, our cash flows are as follows (in thousands):

Three Months Ended

June 30, 2012 July 2, 2011

Net cash provided by operating activities	$	4,508	$	3,357
Net cash (used in) provided by investing activities		(11,152)		10,552
Net cash provided by (used in) financing activities		199		(2,913)
Net (decrease) increase in cash and cash equivalents	$	(6,445)	$	10,996

Operating Activities

Net cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. For the three months ended June 30, 2012, net cash provided by operating activities was $4,508,000 compared to $3,357,000 for the same period of the prior fiscal year. The increase of $1,151,000 resulted from an increase in changes in assets and liabilities of $1,948,000 compared to a decrease last year of $1,246,000, partially offset by lower net income after non-cash adjustments of $2,043,000. These lower net income after non-cash adjustments were primarily due to lower net income of $1,072,000 and a decrease in the provision for excess and obsolete inventory resulting from lower inventory balances compared to last year. Also contributing to the lower non-cash adjustments was a lower amortization of premium paid on our short-term investments. The increase from changes in assets and liabilities was primarily due to an increase in income taxes payable compared to a decrease last year and due to reduced inventories as products with relatively high unit costs were shipped in the quarter. 

Investing Activities

Investing cash flows consist typically of capital expenditures and purchases of short-term and long-term investments, partially offset by sales, maturities and redemptions of short-term and long-term investments. Net cash used in investing activities for the three months ended June 30, 2012 was $11,152,000 compared to net cash provided of $10,552,000 for the same period last fiscal year. This difference of $21,704,000 was primarily due to decreased sales and maturities of short-term investments of $31,232,000, partially offset by decreased purchases of investments of $9,163,000. We expect to spend approximately $4,300,000 for capital acquisitions in fiscal 2013, of which we have spent $43,000 during the first three months of fiscal 2013. We believe that we have substantial production capacity in place to handle our forecasted business for the remainder of fiscal 2013 and fiscal 2014.  We also believe that existing cash and cash equivalents and short-term investments together with cash flow from operations will be sufficient to meet our liquidity and capital requirements through the next twelve months.

Our investment portfolio is primarily comprised of corporate bonds, municipal bonds, government agency bonds, discount notes, certificates of deposits, and ARS.

As further described in Note 3, auction failures of our ARS have limited our ability to liquidate them to date at par value, and may continue to limit our ability to liquidate them at par value for some period of time. However, we do not believe the auction failures will materially impact our ability to fund our working capital needs, capital expenditures, or other business requirements. As of June 30, 2012, we had approximately $167,741,000 of working capital, including approximately $147,673,000 of cash, cash equivalents, and short-term investments, and we have generated positive cash from our operations every quarter over the past 20 years.

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Financing Activities

Financing cash flows consists primarily of proceeds from the exercise of stock options under the 2001 and 2009 Plans and sale of stock through the ESPP, stock repurchased under our previously announced stock repurchase plan, and reclassification of non-cash excess tax benefit from operating into financing activities as required by authoritative guidance for stock compensation. Net cash provided by financing activities for the three months ended June 30, 2012 was $199,000 due to proceeds from the exercise of stock options granted under the 2001 and 2009 Plans and stock purchases under the ESPP of $312,000 less repurchases of $113,000. Net cash used in financing activities for the three months ended July 2, 2011 was $2,913,000 due to repurchases of our shares in the open market, partially offset by the proceeds from the exercise of stock options granted under the 2001 and 2009 Plans and stock purchases under the ESPP of $266,000. 

Off-Balance Sheet Arrangements

We do not have nor have we ever had any off-balance sheet arrangements that have, or are likely to have, a current or future material effect on our financial condition, sales, expenses, results of operations, liquidity, capital expenditures, or capital resources. See Note 9, “Commitments and Contingencies” regarding our indemnification agreements.

Contractual Obligations

We purchase products from a variety of suppliers and use several contract assemblers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help assure adequate material supplies at low cost, we may enter into agreements with contract assemblers and suppliers which commit us to a minimum purchase over a specified time period at a negotiated low price.   In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being released. Consequently, only a portion of our reported purchase commitments arising from these agreements are firm, non-cancelable, and unconditional commitments.

The following table summarizes our significant contractual cash obligations as of December 31, 2011, which consist of operating facility lease obligations and purchase obligations as described above, and the effects such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):

	Due in Fiscal Years
Contractual Obligations	Total		2013 (remaining 9 months)		2014		2015		2016		2017
Operating lease obligations (1)	$	2,712	$	615	$	709	$	671	$	662	$	55
Purchase obligations		4,224		3,012		491		675		22		24
Total contractual cash obligations	$	6,936	$	3,627	$	1,200	$	1,346	$	684	$	79

 ______________________________

_____________

⁽¹⁾ We lease facilities under non-cancelable lease agreements expiring at various times through April 2016.  Rental expense for the three months ended June 30, 2012 amounted to $281,000 compared to $288,000 for the same period of the prior fiscal year.

As of June 30, 2012, our liability for uncertain tax positions, net of offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, state income taxes, interest deductions, and other receivables, was $2,847,000. As of June 30, 2012, we have accrued $478,000 of interest and $152,000 of penalties associated with our uncertain tax positions. We did not include these obligations in the table above as

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we cannot determine the exact amount or timing of such cash payments that would be made associated with these uncertain tax positions.     

Recent Accounting Pronouncements

In June 2011, Financial Accounting Standard Board (“FASB”) issued new authoritative guidance regarding Presentation of Comprehensive Income.  This amendment attempts to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.  In order to facilitate convergence with International Financial Reporting Standards (“IFRS”), FASB has decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.  Also, this amendment requires that all non-owner changes in stockholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements.  This amendment is effective for annual periods beginning after December 15, 2011 and interim periods within these fiscal years (the fiscal quarter ending June 30, 2012 for us) and is applied retrospectively.  On October 21, 2011, the FASB proposed a deferral of the requirement to present reclassifications of other comprehensive income on the face of the income statement. Companies would still be required to adopt all other requirements contained in the guidance.  The adoption of these amended standards affected the presentation of other comprehensive income, as we have elected to present two separate but consecutive statements, but did not have an effect on our financial position or results of operations.

Available Information

We file electronically with the SEC our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments, if any, to those reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.  The SEC maintains an Internet site at http://www.sec.gov that contains these reports, proxy and information statements and other information regarding Supertex, Inc. We make available free of charge and through our Internet website at www.supertex.com copies of these reports as soon as reasonably practicable after filing or furnishing the information to the SEC.  Copies of such documents may be requested by contacting our Investor Relations department at (408) 222-8888 ext. 4295.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

We are exposed to financial market risks due primarily to changes in interest rates.  We do not use derivatives to alter the interest characteristics of the investment securities.  We have no holdings of derivative or commodity instruments.  Our investment portfolio is comprised of corporate bonds, municipal bonds, government agency bonds, discount notes, certificates of deposits and ARS. During the three months ended June 30, 2012, investments and cash and cash equivalents generated interest income of $301,000 compared to $252,000 for the same period of the prior fiscal year.  Based on the par value of our investments (excluding the fair market value of our NQDCP) and cash and cash equivalent balances as of June 30, 2012, a one-percentage point change in interest rates would cause a change in our quarterly interest income by approximately $386,000.

As of June 30, 2012, we had no long-term debt outstanding.

Our ARS are in the form of auction rate bonds whose interest rates were reset every thirty-five days through an auction process. ARS are subject to the risk that the secondary market might fail to provide the liquidity opportunity at the rate reset points. This risk, which we encountered with regard to our ARS beginning February 2008, manifests itself in sponsoring broker-dealers withdrawing from the auction process that provides the rate reset and liquidity. We believe the declines in our ARS fair value due to the lack of liquidity are temporary. In

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the event we need to access the funds associated with failed auctions, they are not expected to be available until one of the following occurs: a successful auction occurs, the issuer redeems the issue, a buyer is found outside of the auction process, or the underlying security has matured. As of June 30, 2012, our ARS had a total par value of $15,300,000 and contractual maturities between 25 and 29 years.

Due to the temporary impairment in value of our ARS, we recorded an unrealized loss of $1,700,000 to their par value as of June 30, 2012, which decreased from $2,150,000 as of March 31, 2012, primarily because of additional redemptions of our ARS at par value during three months ended June 30, 2012. 

The ARS we hold are backed by student loans and are primarily guaranteed by the US Department of Education. In addition, all the ARS we hold are rated by the major independent rating agencies as AAA or AA+/A with a negative outlook, which are investment grades. As a result, we believe the credit risk of default or not redeeming at par is very low.

If the issuer of the ARS is unable to successfully close future auctions or does not redeem the ARS, or the US government fails to support its guaranty of its obligations, or the credit quality of these ARS declines, we may be required to further adjust the carrying value of these ARS and record other-than-temporary impairment charges in future periods, which could materially affect our financial condition. However, we expect that we will receive the principal associated with these ARS through one of the means described above. Based on our ARS holdings specifically as of June 30, 2012, a one-percentage point change in interest rates would cause a change in our quarterly interest income by approximately $38,000.  

Foreign Currency Exchange Risks

We do not hedge any potential risk from any foreign currency exposure. With our operations in Hong Kong, we may be exposed to an adverse change in the exchange rate of the Hong Kong dollar which is traditionally pegged to the U.S. dollar.  We believe that our exposure is relatively small, thus we do not employ hedging techniques designed to mitigate fluctuations in this exchange rate.  However, we could experience unanticipated currency gains or losses if the Hong Kong dollar ceases to be pegged to the U.S. dollar.  As the level of activity at our Hong Kong operation changes over time, actual currency gains or losses could have an adverse effect to our consolidated financial statements.

Item 4.  Controls and Procedures

(a) Disclosure Controls and Procedures.

Disclosure Controls and Procedures: Our disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, including, without limitation, that such information is accumulated and communicated to our management, including our principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosures.

Limitations on the Effectiveness of Disclosure Controls: In designing and evaluating our disclosure controls and procedures, we recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.  Additionally, in designing disclosure controls and procedures, we necessarily were required to apply our judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.  The design of any disclosure controls and procedures also is based in part upon certain assumptions about the

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likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. 

Evaluation of Disclosure Controls and Procedures:  Our chief executive officer and chief financial officer have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) as of June 30, 2012, and have determined that they are effective at the reasonable assurance level.

(b) Internal Control over Financial Reporting.

Our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) is designed to provide reasonable assurance regarding the reliability of our financial reporting and preparation of financial statements for external purposes in accordance with GAAP.   There were no changes in our internal control over financial reporting that occurred during the three months ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect such control.

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

From time to time, we are subject to possible claims or assessments from third parties arising in the normal course of business.  We have reviewed such possible claims and assessments with outside legal counsel and believe that it is unlikely that they will result in a material adverse effect on our financial position, results of operations or cash flows.

Item 1A.Risk Factors

There have been no material changes to the risk factors disclosed in Item 1A of Part I of our Form 10-K for the fiscal year ended March 31, 2012, filed on June 13, 2012, which risk factors are hereby incorporated by reference, except as described in the last paragraph under the heading “Interest Rate Risk” in Part I, Item 3 of this Form 10-Q.

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Item 2.Unregistered Sales of Equity Securities and Use of Proceeds

The following is a summary of share purchase activities by us during the three months ended June 30, 2012. There was no purchase activity during that period by an “affiliated purchaser” of ours as defined in Rule 10b-18(a)(3).

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number of Shares that May yet be Purchased Under the Plans or Programs
4/1/12 – 4/28/12	1,269	$ 18.01	1,269	1,324,898
4/29/12 – 5/26/12	-		-	1,324,898
5/27/12 – 6/30/12	5,036	17.96	5,036	1,319,862
Total	6,305	$ 17.97	6,305

_________________________________

(1)

Our current share repurchase program, under which we repurchased these 6,305 shares during the three months ended June 30, 2012, has been in place since 1999. Although we publicly announced the most recent 1,944,145 share program increase, we are not certain but do not believe we publicly announced this program at its inception, although our financial statements have reflected purchases from time to time under this program. These 6,305 shares were purchased in open market transactions.

(2)

We adopted a share repurchase program in 1992 authorizing the repurchase of 1,000,000 shares. The board of directors terminated this program in 1999 after 938,000 shares had been repurchased and adopted a share repurchase program authorizing the repurchase of 900,000 shares plus the 62,000 shares authorized for repurchase under the 1992 program whose repurchase had not been affected. As described in footnote (1), we are not certain but do not believe that we publicly announced the inception of the 1999 repurchase program. On January 30, 2008, and January 21, 2011, the board of directors amended the 1999 repurchase program to add 1,000,000 and 1,944,145 shares, respectively. The 1999 repurchase program has no expiration date, other than, unless extended, when all of the shares in the program have been repurchased. As of June 30, 2012, there were 1,319,862, shares remaining in the 1999 repurchase program. Neither this program nor any other repurchase program or plan has expired during the three months ended June 30, 2012 nor have we decided to terminate any repurchase plan or program prior to expiration. There are no existing repurchase plans or programs under which we do not intend to make further purchases.

We have had share repurchase programs in place since 1992 under which our board of directors authorized us to repurchase an aggregate of 4,844,145 shares.

Since the inception of these repurchase programs in 1992 through June 30, 2012, we have repurchased a total of 3,524,283 shares of the common stock for an aggregate cost of approximately $60,070,000. Upon their repurchase, shares are restored to the status of authorized but unissued shares. As of June 30, 2012, there were 1,319,862 shares authorized for future repurchase under our current program. 

Item 3.  Defaults Upon Senior Securities

None

Item 4.  Removed and Reserved

Item 5.  Other Information

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None

Item 6.  Exhibits

Exhibit 31.1 & 31.2 - Certification of Chief Executive Officer and of Chief Financial Officer pursuant to Securities and Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 & 32.2 - Certification of Chief Executive Officer and of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	SUPERTEX, INC.
	(Registrant)
Dated:  August 9, 2012
	By: /s/PHILLIP A. KAGEL
	Phillip A. Kagel
	Vice President, Finance and Chief Financial Officer
	(Principal Financial and Accounting Officer)

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EX-31.1

Exhibit 31.1

Certifications Under Rule 13a-14(a)/l5d-14(a)

I, Henry C. Pao, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Supertex, Inc., a California corporation;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  August  9, 2012	/s/HENRY C. PAO
	Henry C. Pao, Ph.D.
	President & Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

Certifications Under Rule 13a-14(a)/l5d-14(a)

I, Phillip A. Kagel, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Supertex, Inc., a California corporation;

2.Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report;

3.Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this quarterly report is being prepared;

(b)   designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:  August 9, 2012	/s/PHILLIP A. KAGEL
	Phillip A. Kagel
	Vice President, Finance and Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

Statement of Chief Executive Officer under 18 U.S.C. § 1350

I, Henry C. Pao, the chief executive officer of Supertex, Inc., a California corporation (the “Company”), certify pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, that to my knowledge:

(i)the quarterly report of the Company on Form 10-Q for the period ended June 30, 2012 , as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d), whichever is applicable, of the Securities Exchange Act of 1934, and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Dated:  August 9, 2012	/s/HENRY C. PAO
	Henry C. Pao, Ph.D.
	President & Chief Executive Officer
	(Principal Executive Officer)

The material contained in this Exhibit 32.1 is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

EX-32.2

Exhibit 32.2

Statement of Chief Financial Officer under 18 U.S.C. § 1350

I, Phillip A. Kagel, the chief financial officer of Supertex, Inc., a California corporation (the “Company”), certify pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code, that to my knowledge:

(i)the quarterly report of the Company on Form 10-Q for the period ended June 30, 2012, as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of Section 13(a) or 15(d), whichever is applicable, of the Securities Exchange Act of 1934, and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.

Dated:  August 9, 2012	/s/PHILLIP A. KAGEL
	Phillip A. Kagel
	Vice President, Finance and Chief Financial Officer
	(Principal Financial and Accounting Officer)

The material contained in this Exhibit 32.2 is not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing.

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Income Taxes (Details) (USD $)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012
Income Taxes [Abstract]
(Benefit from) provision for income taxes	$ 229,000	$ 700,000
Income before provision for income taxes	826,000	2,369,000
Effective income tax rate	28.00%	30.00%
Unrecognized tax benefits	3,664,000		3,661,000
Unrecognized tax benefits that would affect income tax rate	2,847,000
Accrued income tax interest	478,000
Accrued income tax penalties	152,000
Income tax interest	16,000
Income tax penalties	1,000
Unrecognized tax benefits reasonably possible to expire in the next twelve months	$ 1,706,000

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Cash And Cash Equivalents And Investments (Schedule Of Investments By Contractual Maturity) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Cash and Cash Equivalents and Investments [Abstract]
Trading securities, due in one year or less	$ 8,616	$ 8,650
Due in 12 months or less	58,873	62,504
Due in 12 months to 24 months	27,394	29,903
Due in 24 months to 36 months	15,033	2,682
Due in 36 months to 49 months	24,342	7,398
Short-term investments	134,258	111,137
Available for sale securities, due after ten years	13,600	25,900
Long-term investments	$ 13,600	$ 25,900

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Common Stock Repurchase (Tables)

3 Months Ended

Jun. 30, 2012

Common Stock Repurchase [Abstract]

Schedule Of Stock Repurchase Activity

	Three Months Ended
	June 30, 2012		July 2, 2011
Number of shares repurchased		6,000		151,000
Cost of shares repurchased	$	113,000	$	3,179,000
Average price per share	$	17.97	$	21.04

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Commitments And Contingencies (Schedule Of Operating Lease Obligations) (Details) (USD $)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Commitments and Contingencies [Abstract]
2013	$ 615,000
2014	709,000
2015	671,000
2016	662,000
2017	55,000
Operating lease payments due, total	2,712,000
Operating Leases, Rent Expense	$ 281,000	$ 288,000

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Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) (USD $)	3 Months Ended
	Jun. 30, 2012
Share-based Compensation [Abstract]
Beg balance, Options outstanding	1,677,962
Options exercised	(14,320)
Options canceled	26,800
End balance, Options outstanding	1,636,842
Beg balance, options outstanding weighted average exercise price	$ 26.49
Exercised, weighted average exercise price	$ 17.39
Canceled, weighted average exercise price	$ 25.25
End balance, options outstanding weighted average exercise price	$ 26.59
Beg Balance, available for grant	677,429
Options cancelled	26,800
End Balance, available for grant	704,229

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Cash and Cash Equivalents and Investments

3 Months Ended

Jun. 30, 2012

Cash and Cash Equivalents and Investments [Abstract]

Cash and Cash Equivalents and Investments

Note 3 – Cash and Cash Equivalents and Investments

The Company’s cash equivalents consist primarily of investments in money market funds as follows (in thousands):

	June 30, 2012		March 31, 2012
Cash	$	5,410	$	3,407
Cash equivalents:
Money market funds		8,005		16,453
Total cash and cash equivalents	$	13,415	$	19,860

The Company’s portfolio of short-term and long-term investments is as follows (in thousands):

	June 30, 2012
		Amortized		Unrealized		Unrealized		Carrying
		Cost		Gain		Loss		Value
Short-term investments:
Trading securities:
Equity mutual funds related to NQDCP	$	8,616	$	-	$	-	$	8,616
Available-for-sale securities:
Municipal bonds		46,438		60		(55)		46,443
Corporate bonds		41,364		68		(57)		41,375
Government agency bonds		29,633		36		(12)		29,657
Certificates of deposits		8,177		3		(13)		8,167
Total short-term investments	$	134,228	$	167	$	(137)	$	134,258
Long-term investments:
Available-for sale securities	$	15,300	$	-	$	(1,700)	$	13,600
	March 31, 2012
		Amortized		Unrealized		Unrealized		Carrying
		Cost		Gain		Loss		Value
Short-term investments:
Trading securities
Equity mutual funds related to NQDCP	$	8,650	$	-	$	-	$	8,650
Available-for-sale securities:
Municipal bonds		32,250		39		(21)		32,268
Corporate bonds		36,912		68		(33)		36,947
Government agency bonds		25,984		33		(7)		26,010
Certificates of deposits		7,267		4		(9)		7,262
Total short-term investments	$	111,063	$	144	$	(70)	$	111,137
Long-term investments:
Available-for sale securities	$	28,050	$	-	$	(2,150)	$	25,900

The Company’s short-term and long-term investments by contractual maturity are as follows (in thousands):

	June 30, 2012		March 31, 2012
Short-term investment:
Trading securities:
Due in one year or less	$	8,616	$	8,650
Available-for-sale securities:
Due in 12 months or less		58,873		62,504
Due in 12 to 24 months		27,394		29,903
Due in 24 to 36 months		15,033		2,682
Due in 36 to 49 months		24,342		7,398
Total short-term investments	$	134,258	$	111,137
Long-term investment:
Available-for-sale securities at fair value:
Due after ten years	$	13,600	$	25,900
Total long-term investments	$	13,600	$	25,900

Short-term investments classified as trading securities consisted entirely of investments in mutual funds held by the Company’s Non-Qualified Deferred Compensation Plan (“NQDCP”). Unrealized gains (losses) on trading securities are recorded in the Condensed Consolidated Statement of Income. Unrealized loss on trading securities was $97,000 for the three months ended June 30, 2012 compared to a gain of $99,000 for the same period of the prior fiscal year.

The Company’s available-for-sale portfolio as of June 30, 2012 was comprised of municipal bonds, corporate bonds, government agency bonds, certificates of deposits and ARS. Unrealized gains (losses) on available-for-sale securities are recorded in other comprehensive income as increases (declines) in fair values and are considered to be temporary.

During the three months ended June 30, 2012, the Company disposed of short-term available-for-sale securities totaling $25,765,000 at par, compared to $67,347,000 for the same period of the prior fiscal year.The realized gains and losses of these transactions were immaterial.

The Company’s ARS have contractual maturities between 25 and 29 years. They are in the form of auction rate bonds whose interest rates had historically been reset every thirty-five days through an auction process. At the end of each reset period, investors could sell or continue to hold the securities at par. These ARS held by the Company are backed by pools of student loans and are primarily guaranteed by the U.S. Department of Education, although the credit rating of one ARS with a par value of $12,800,000 was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012.

ARS with a par value of $15,300,000, whose carrying value was $13,600,000, were classified as non-current assets and were presented as long-term investments on the Company’s balance sheet as of June 30, 2012.

The Company has concluded that the decline in fair value of the ARS investments as of June 30, 2012 is considered to be temporary in part due to the following:

·these investments are of investment grade credit quality and a significant portion of them are collateralized and are guaranteed by the U.S. Department of Education;

• as of June 30, 2012, there have been no defaults on the ARS held by the Company;

• of the two ARS holdings, the credit rating of one with a par value of $12,800,000 was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012. The other ARS investment still holds a AAA or Aaa credit rating, which has not been reduced as of or subsequent to June 30, 2012.

• the Company has the intent and ability to hold these investments until the anticipated recovery in market value occurs or they are redeemed at par value; and

• to the extent the Company’s ARS have been redeemed, they were redeemed at par value. The Company received ARS redemptions at par value of $4,700,000, $36,450,000 and $19,250,000, all at par valuein fiscal years 2012, 2011 and 2010, respectively. Additionally, during the three months ended June 30, 2012, two of its ARS were fully or partially redeemed at par value for $12,750,000.

If uncertainties in the credit and capital markets continue or these markets deteriorate further, the Company may incur additional temporary impairment to its ARS holdings. The Company will continue to monitor its ARS holdings and may be required to record an impairment charge through the income statement if the decline in fair value is determined to be other-than-temporary or the credit quality of its ARS holdings declines.

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Common Stock Repurchase (Details) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended		6 Months Ended	246 Months Ended
	Jan. 21, 2012	Aug. 07, 2012	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012	Jun. 30, 2012	Jan. 21, 2011
Common Stock Repurchase [Abstract]
Share repurchase authorized amount	$ 60,000,000
Number of shares authorized to be repurchased							2,500,000
Number of shares repurchased		226,000	6,000	151,000	1,180,000	3,524,000
Cost of shares repurchased			113,000	3,179,000	23,519,000	60,070,000
Cost of shares repurchased		$ 3,846,000
Remaining authorized repurchase number of shares			1,320,000		1,320,000	1,320,000	556,000
Average price per share			$ 17.97	$ 21.04

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Fair Value (Schedule Of Level 3 Assets) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Jun. 30, 2012 Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2012 Fair Value, Inputs, Level 3 [Member]	Jun. 30, 2012 Auction Rate Securities [Member] Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2012 Auction Rate Securities [Member] Fair Value, Inputs, Level 3 [Member]
Beginning Balance	$ 25,900	$ 30,200	$ 13,600	$ 25,900	$ 13,600	$ 25,900
Total unrealized gains included in other comprehensive income	450	400
Redemption of investments in ARS	(12,750)	(2,400)
End Balance	$ 13,600	$ 28,200	$ 13,600	$ 25,900	$ 13,600	$ 25,900

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Fair Value (Schedule Of Assets And Liabilities Measured On A Recurring Basis) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012	Jul. 02, 2011	Apr. 02, 2011
Investments, Fair Value Disclosure	$ 13,600	$ 25,900	$ 28,200	$ 30,200
Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure	19,621	28,103
Liabilities, Fair Value Disclosure	8,616	8,650
Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	122,642	99,487
Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure	13,600	25,900
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure	8,005	16,453
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure	3,000	3,000
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	5,167	4,262
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments, Fair Value Disclosure	8,616	8,650
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	29,657	26,010
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	46,443	32,268
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments, Fair Value Disclosure	41,375	36,947
Auction Rate Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments, Fair Value Disclosure	$ 13,600	$ 25,900

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Segment Information (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012
Net sales	$ 16,059	$ 18,058
Property, plant and equipment, net	4,674		4,941
UNITED STATES
Net sales	5,379	6,181
Property, plant and equipment, net	3,836		4,019
CHINA
Net sales	3,838	4,935
SINGAPORE
Net sales	2,012	2,592
Asia Excluding China And Singapore [Member]
Net sales	2,927	2,532
Europe [Member]
Net sales	1,743	1,708
Other Country [Member]
Net sales	160	110
HONG KONG
Property, plant and equipment, net	$ 838		$ 922

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Cash And Cash Equivalents And Investments (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012	Apr. 02, 2011	Apr. 03, 2010
Unrealized loss (gain) from short-term investments, categorized as trading	$ (97,000)	$ 99,000
ARS redemptions at par value	12,750,000		4,700,000	36,450,000	19,250,000
Proceeds from Sale and Maturity of Short-Term Available-for-sale securities	25,765,000	67,347,000
Maximum [Member]
Available for sale contractual maturities period	29 years
Minimum [Member]
Available for sale contractual maturities period	25 years
Standard & Poor's, AAA Rating [Member]
ARS non-current	2,500,000
Standard & Poor's, AA+ Rating [Member]
ARS non-current	$ 12,800,000

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Cash And Cash Equivalents And Investments (Schedule Of Cash And Cash Equivalents) (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012	Jul. 02, 2011	Apr. 02, 2011
Cash and Cash Equivalents and Investments [Abstract]
Cash	$ 5,410	$ 3,407
Cash equivalents	8,005	16,453
Total cash and cash equivalents	$ 13,415	$ 19,860	$ 34,958	$ 23,962

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Fair Value

3 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Fair Value

Note 2 – Fair Value

The Company measures its cash equivalents, short-term investments and long-term investments at fair value. Fair value is defined as the price that would be received from selling an asset and paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.

A three-tiered fair value hierarchy has been established as the basis for considering the above assumptions and determining the inputs used in the valuation methodologies in measuring fair values.The three levels of inputs are defined as follows:

Level 1 – Unadjusted quoted market prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2 – Observable inputs such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets.

Level 3 – Valuations based on models where significant inputs are not observable. The unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use.

The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. If a financial instrument uses an input that is significant to the fair value calculation, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.The Company’s financial assets and liabilities measured at fair value on a recurring basis include cash equivalents and investment securities, both short-term and long-term.

The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate their fair value due to their short maturities.

The Company’s money market investments, certificates of deposit purchased directly from the bank, and Non-Qualified Deferred Compensation (NQDCP) assets and liabilities are valued using Level 1 inputs. Fixed income available-for-sale portfolio, mainly consisting of municipal bonds, US government agency bonds, corporate bonds and certificates of deposits bought in the secondary market, are valued using Level 2 inputs.

The Company’s long-term investments consist entirely of auction rate securities (“ARS”), which are collateralized by student loans. Of its two ARS holdings, the credit rating of one with a par value of $12,800,000was reduced to AA+ by S&P in February 2012 and to A with a negative outlook by Fitch in June 2012. The other ARS investment with a par value of $2,500,000 still holds an AAA or Aaa credit rating, which have not been reduced as of or subsequent to June 30, 2012.Due to the lack of availability of observable market quotes for the Company’s investment portfolio of these ARS, the fair value was estimated based on a discounted cash flow model using Level 3 inputs. The assumptions used in the discounted cash flow model include estimates for interest rates, timing and amounts of cash flows, liquidity of the underlying security, expected holding periods, and contractual terms of the security. In light of the current market condition for ARS, the Company developed different scenarios for the significant inputs used in the discounted cash flow model, including but not limited to a liquidity discount of 125 and 150 basis points per year for the current ARS market, and the timing of recovery of the ARS market from three to five years.The Company concluded that the fair value of those of its ARS which were classified as level 3 assets was $13,600,000 as of June 30, 2012 net of a temporary impairment of $1,700,000 to par value.

The Company also considered the quality, amount of collateral, and US government guarantee for the ARS and looked to other marketplace transactions and information received from other third party brokers in order to assess whether the fair value based on the discounted cash flow model is reasonable. The valuation of the Company’s investment portfolio is subject to uncertainties that are difficult to predict. Factors that may affect the Company’s valuation include changes to credit ratings of the securities as well as the underlying assets supporting those securities, rates of default of the underlying assets, underlying collateral values, discount rates, counterparty risk and ongoing strength, and quality of market credit and liquidity. Significant inputs to the investment valuations are unobservable in the active markets and therefore the Company’s ARS are classified as Level 3 in the hierarchy.

The following tables summarize assets and liabilities measured at fair value on a recurring basis as of June 30, 2012 and March 31, 2012, excluding accrued interest (in thousands):

	June 30, 2012
	Fair value measurements
Assets	Level 1			Level 2		Level 3		Total
Money market funds	$	8,005	(1)	$	-	$	-	$	8,005
Municipal bonds		-			46,443		-		46,443
Corporate bonds		-			41,375		-		41,375
Government agency bonds		-			29,657		-		29,657
Certificate of deposits		3,000			5,167		-		8,167
Equity mutual funds related to NQDCP		8,616			-		-		8,616
Long-term investments in ARS		-			-		13,600		13,600
Total assets at fair value	$	19,621		$	122,642	$	13,600	$	155,863
Liabilities
Obligation related to NQDCP	$	8,616		$	-	$	-	$	8,616
	March 31, 2012
	Fair value measurements
Assets	Level 1			Level 2		Level 3		Total
Money market funds	$	16,453	(1)	$	-	$	-	$	16,453
Municipal bonds		-			32,268		-		32,268
Corporate bonds		-			36,947		-		36,947
Government agency bonds		-			26,010		-		26,010
Certificate of deposits		3,000			4,262		-		7,262
Equity mutual funds related to NQDCP		8,650			-		-		8,650
Long-term investments in ARS		-			-		25,900		25,900
Total assets at fair value	$	28,103		$	99,487	$	25,900	$	153,490
Liabilities
Obligation related to NQDCP	$	8,650		$	-	$	-	$	8,650

^{_________________________}

(1)The money market funds of $8,005,000 and $16,453,000 were classified as cash equivalents as of June 30, 2012 and March 31, 2012, respectively.

There were no significant transfers between Level 1 and Level 2 during the three months ended June 30, 2012 or July 2, 2011. The following table includes the activity for Auction Rate Securities that are classified as Level 3 of the valuation hierarchy (in thousands):

	Three Months Ended
		June 30, 2012	July 2, 2011
Beginning balance of ARS classified as Level 3	$	25,900	$	30,200
Total unrealized gains included in other comprehensive income		450		400
Redemptions of investments in ARS		(12,750)		(2,400)
Ending balance of ARS classified as Level 3	$	13,600	$	28,200

The Company recognizes transfers into and out of levels within the fair value hierarchy at the end of the fiscal month in which the actual event or change in circumstances that caused the transfer occurs.

During the three months ended June 30, 2012, the Company received $12,750,000 relating to ARS with a carrying value at the time of $11,772,000 redeemed at par value. See Note 3 for further discussion of the Company’s ARS.

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Cash And Cash Equivalents And Investments (Schedule Of Investments) (Details) (USD $)	Jun. 30, 2012	Mar. 31, 2012
Short-term Investments, Total	$ 134,258,000	$ 111,137,000
Available-for-sale securities, long-term	13,600,000	25,900,000
Unrealized Loss	(1,700,000)	(2,150,000)
Amortized Cost	15,300,000	28,050,000
Certificates of Deposit [Member]
Available-for-sale securities	8,167,000	7,262,000
Unrealized Gain	3,000	4,000
Unrealized Loss	(13,000)	(9,000)
Amortized Cost	8,177,000	7,267,000
Equity Securities [Member]
Trading securities, short-term	8,616,000	8,650,000
US Government Agencies Debt Securities [Member]
Available-for-sale securities	29,657,000	26,010,000
Unrealized Gain	36,000	33,000
Unrealized Loss	(12,000)	(7,000)
Amortized Cost	29,633,000	25,984,000
US States and Political Subdivisions Debt Securities [Member]
Available-for-sale securities	46,443,000	32,268,000
Unrealized Gain	60,000	39,000
Unrealized Loss	(55,000)	(21,000)
Amortized Cost	46,438,000	32,250,000
Corporate Debt Securities [Member]
Available-for-sale securities	41,375,000	36,947,000
Unrealized Gain	68,000	68,000
Unrealized Loss	(57,000)	(33,000)
Amortized Cost	41,364,000	36,912,000
Short-term Investments [Member]
Short-term Investments, Total	134,258,000	111,137,000
Unrealized Gain	167,000	144,000
Unrealized Loss	(137,000)	(70,000)
Total short-term investments, amortized cost	$ 134,228,000	$ 111,063,000

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Net Income Per Share (Schedule Of Earnings Per Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Net income per share
Net income	$ 597	$ 1,669
Weighted average number of common shares outstanding - basic	11,999,000	12,755,000
Basic earnings (loss) per common share	$ 0.05	$ 0.13
Effect of dilutive securities: stock options and ESPP	$ 2	$ 22
Weighted average number of common shares outstanding - diluted	12,001,000	12,777,000
Net income per share, diluted	$ 0.05	$ 0.13
Antidilutive securities excluded from computation of EPS	1,656,126	1,351,271
Antidilutive securities excluded from computation of earnings per share average price per share	$ 26.57	$ 28.26

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) Share data in Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
CONDENSED CONSOLIDATED STATEMENTS OF INCOME [Abstract]
Net sales	$ 16,059,000	$ 18,058,000
Cost of sales	8,565,000	8,992,000
Gross profit	7,494,000	9,066,000
Research and development	3,486,000	3,814,000
Selling, general and administrative	3,384,000	3,251,000
Total operating expenses	6,870,000	7,065,000
Income from operations	624,000	2,001,000
Interest income	301,000	252,000
Other (expense) income, net	(99,000)	116,000
Income before provision for income taxes	826,000	2,369,000
Provision for income taxes	229,000	700,000
Net income	$ 597,000	$ 1,669,000
Net income per share
Basic	$ 0.05	$ 0.13
Diluted	$ 0.05	$ 0.13
Shares used in per share computation:
Basic	11,999	12,755
Diluted	12,001	12,777

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Significant Customers (Details)	3 Months Ended
	Jun. 30, 2012
Significant Customers [Abstract]
Estimated net sales to significant customers (each of the three major customers)	11.00%

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 597,000	$ 1,669,000
Non-cash adjustments to net income:
Depreciation and amortization	358,000	498,000
Provision for doubtful accounts and sales returns	130,000	51,000
Provision for excess and obsolete inventories	156,000	958,000
Deferred income taxes	(127,000)	(13,000)
Stock-based compensation	745,000	593,000
Tax benefit related to stock-based compensation plans	7,000
Unrealized loss (gain) from short-term investments, categorized as trading	97,000	(99,000)
Amortization of premium on short-term investments	597,000	946,000
Changes in operating assets and liabilities:
Trade accounts receivable	137,000	(927,000)
Inventories	1,358,000	73,000
Prepaid expenses and other assets	(92,000)	451,000
Prepaid income taxes	15,000	(152,000)
Trade accounts payable and accrued expenses	165,000	1,059,000
Deferred revenue	40,000	84,000
Income taxes payable	325,000	(1,834,000)
Net cash provided by operating activities	4,508,000	3,357,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(43,000)	(408,000)
Purchases of investments	(49,624,000)	(58,787,000)
Sales of investments	6,398,000	24,189,000
Maturities and redemptions of investments	32,117,000	45,558,000
Net cash (used in) provided by investing activities	(11,152,000)	10,552,000
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from exercise of stock options and employee stock purchase plan	312,000	266,000
Stock repurchases	(113,000)	(3,179,000)
Net cash provided by (used in) financing activities	199,000	(2,913,000)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(6,445,000)	10,996,000
CASH AND CASH EQUIVALENTS:
Beginning of period	19,860,000	23,962,000
End of period	13,415,000	34,958,000
Supplemental cash flow disclosures:
Income taxes paid, net of refunds	$ 7,000	$ 2,599,000

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Comprehensive Income (Details) (USD $)	Jun. 30, 2012	Jul. 02, 2011
Comprehensive Income [Abstract]
Accumulated other comprehensive loss available for sale securities tax	$ 589,000	$ 729,000
Available-for-sale Securities, Gross Unrealized Gain (Loss)	$ 1,670,000	$ 2,074,000

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Stock-Based Compensation (Tables)

3 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Schedule Of Stock Option Activity

		Options Outstanding
	Available for Grant	Number of Shares		Weighted Average Exercise Price
Balance, March 31, 2012	677,429	1,677,962	$	26.49
Granted	-	-
Exercised	-	(14,320)		17.39
Canceled	26,800	(26,800)		25.25
Balance, June 30, 2012	704,229	1,636,842	$	26.59

Schedule Of Options Outstanding And Exercisable

					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number Outstanding	Weighted-Average Remaining Contractual Life (Years)		Weighted-Average Exercise Price	Number Outstanding		Weighted-Average Exercise Price
$	18.46	-	$	19.99	243,400.00	9.22	$	19.31	6,000	$	19.51
	20.00	-		24.99	605,302.00	7.25		21.39	278,458		21.16
	25.00	-		29.99	313,380.00	6.32		27.03	202,452		26.92
	30.00	-		34.99	233,060.00	2.46		33.77	215,760		33.76
	35.00	-		39.99	90,800.00	4.96		35.83	76,640		35.83
	40.00	-		44.99	132,900.00	1.33		40.90	132,900		40.90
	45.00	-		46.92	18,000.00	1.42		46.92	18,000		46.92
$	18.46	-	$	46.92	1,636,842.00	6.01	$	26.59	930,210	$	29.85

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Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended										3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012	Aug. 17, 2001	Aug. 17, 2001 Expiration From Grant Date [Member]	Aug. 17, 2001 Expiration From Termination Of Service [Member]	Aug. 14, 2009 2001 Stock Option Plan [Member]	Aug. 17, 2001 2001 Stock Option Plan [Member]	Aug. 17, 2007 2001 Stock Option Plan [Member] Expiration From Grant Date [Member]	Aug. 17, 2007 2001 Stock Option Plan [Member] Expiration From Termination Of Service [Member]	Jun. 30, 2012 Two Thousand Nine Equity Incentive Plan [Member]	Aug. 14, 2009 Two Thousand Nine Equity Incentive Plan [Member]	Aug. 14, 2009 Two Thousand Nine Equity Incentive Plan [Member] Maximum [Member]
Stock-based compensation	$ 745,000	$ 593,000
Estimated total grant date fair value		931,000
Unrecorded stock-based compensation	4,826,000
Unrecognized stock-based compensation amortization period	1 year 9 months 18 days
Shares reserved for issuance								2,000,000				1,000,000	1,599,909
Expriation period				5 years	7 years	30 days			10 years	30 days	10 years
Vesting period											5 years
Number of shares available for grant	704,229		677,429				159,509
Prior forfeited shares available for grant												1,440,400
Weighted average fair value		$ 8.10
Intrinsic value	26,000
Proceeds from stock options exercised	249,000
Percentage of salary allowable to purchase shares for ESPP	20.00%
Purchase price percentage for ESPP	95.00%
Shares allowable for purchase during offering period of ESPP	500
Proceeds from ESPP	$ 63,000	$ 89,000

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Commitments And Contingencies (Tables)

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Schedule Of Product Return Liability

Description	Balance at Beginning of Period		Charge(1)		Deductions and Other		Balance at End of Period
Three months ended June 30, 2012	$	213	$	134	$	(8)	$	339
Three months ended July 2, 2011	$	234	$	24	$	(43)	$	215

Schedule Of Future Minimum Rental Payments For Operating Leases

Payment Due by Fiscal Year	Operating Lease
2013	$	615
2014		709
2015		671
2016		662
2017		55
	$	2,712

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Organization and Basis of Presentation

3 Months Ended

Jun. 30, 2012

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1 – Organization and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Supertex, Inc. (“Supertex,” the “Company,” “we,” and “us”) and its subsidiary have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America.This financial information reflects all adjustments, which are, in the opinion of the Company’s management, of normal recurring nature and necessary to state fairly the balance sheet as of June 30, 2012; the statements of income for the three months ended June 30, 2012 and July 2, 2011; the statements of comprehensive income for the three months ended June 30, 2012 and July 2, 2011; and the statements of cash flows for the three months ended June 30, 2012 and July 2, 2011.The March 31, 2012 balance sheet was derived from the audited financial statements included in the fiscal 2012 Annual Report on Form 10-K, but does not include all disclosures required by GAAP in the United States of America.All significant intercompany transactions and balances have been eliminated.

The condensed consolidated financial statements included herein have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”).Certain information and footnote disclosures normally included in these financial statements have been condensed or omitted pursuant to such rules and regulations, although the Company believes the disclosures which are made are adequate to make the information presented not misleading.These financial statements should be read in conjunction with the audited consolidated financial statements of Supertex, Inc. for the fiscal year ended March 31, 2012, which were included in the fiscal 2012 Annual Report on Form 10-K.

The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates, and such differences may be material to the financial statements. The results of operations for the three months ended June 30, 2012 are not necessarily indicative of the results to be expected for any future periods.

The Company reports on a fiscal year basis and it operates and reports based on quarterly periods ending on the Saturday nearest to the end of the applicable calendar quarter, except in a 53-week fiscal year, in which case the additional week falls into the fourth quarter of the fiscal year.Fiscal 2013 will be a 52-week year.The three months ended June 30, 2012 and July 2, 2011, both consist of thirteen weeks.

Revision to previously issued financial statements

The condensed consolidated statements of cash flows for the period ended July 2, 2011 has been revised as previously reported in Footnote 1 of the quarterly report on Form 10-Q for the period ended December 31, 2011.

Recent Accounting Pronouncements

In June 2011, Financial Accounting Standard Board (“FASB”) issued new authoritative guidance regarding Presentation of Comprehensive Income.This amendment attempts to improve comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income.In order to facilitate convergence with International Financial Reporting Standards (“IFRS”), FASB has decided to eliminate the option to present components of other comprehensive income as part of the statement of changes in stockholders’ equity.Also, this amendment requires that all non-owner changes in stockholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements.This amendment is effective for annual periods beginning after December 15, 2011 and interim periods within these years (the fiscal quarter ending June 30, 2012 for the Company) and is applied retrospectively.On October 21, 2011, the FASB proposed a deferral of the requirement to present reclassifications of other comprehensive income on the face of the income statement. Companies would still be required to adopt all other requirements contained in the guidance. The adoption of these amended standards affected the presentation of other comprehensive income, as the Company has elected to present two separate but consecutive statements, but did not have an effect on our financial position or results of operations.

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CONDENSEND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011
Statement of Other Comprehensive Income [Abstract]
Net income	$ 597	$ 1,669
Unrealized gain on available-for-sale investments, net	406	522
Tax provision related to other comprehensive income	(142)	(185)
Other Comprehensive Income (Loss), Net of Tax, Total	264	337
Comprehensive income	$ 861	$ 2,006

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Segment Information

3 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

Segment Information

Note 11 – Segment Information

The Company operates in one reportable segment comprising the design, development, manufacturing and marketing of high voltage semiconductor devices including analog and mixed signal integrated circuits.The Company’s chief operating decision maker, who is currently the Company’s chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance.

The Company’s principal markets are in Asia, the United States, and Europe.Below is a summary of sales by major geographic area for the three months ended June 30, 2012 and July 2, 2011 (in thousands):

	Three Months Ended
Net Sales		June 30, 2012		July 2, 2011
United States	$	5,379	$	6,181
China		3,838		4,935
Asia (excluding China and Singapore)		2,927		2,532
Singapore		2,012		2,592
Europe		1,743		1,708
Other		160		110
Net Sales	$	16,059	$	18,058

Net property, plant and equipment by country as of June 30, 2012 and March 31, 2012 are as follows (in thousands):

	June 30, 2012		March 31, 2012
United States	$	3,836	$	4,019
Hong Kong		838		922
Property, plant and equipment, net	$	4,674	$	4,941

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Document And Entity Information	3 Months Ended
	Jun. 30, 2012	Aug. 03, 2012
Document And Entity Information [Abstract]
Entity Registrant Name	Supertex Inc
Entity Central Index Key	0000730000
Current Fiscal Year End Date	--03-30
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Trading Symbol	supx
Entity Common Stock, Shares Outstanding		11,800,306

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Significant Customers

3 Months Ended

Jun. 30, 2012

Significant Customers [Abstract]

Significant Customers

Note 12 – Significant Customers

The Company sells its products to OEMs through its direct sales and marketing personnel, and through its independent sales representatives and distributors. Revenue from sales to distributors and the related cost of sales are recognized only upon resale to end-user customers, that is on a sell-through basis.

A major medical equipment company and a commercial printer manufacturer each accounted for approximately 11% of net sales for the three months ended June 30, 2012. Nearly all of the sales to these two customers were through distributors and contract manufacturers. Also, a distributor accounted for approximately 11% of net sales for the three months ended June 30, 2012.

There were no other customers that the Company believes accounted for more than 10% of the Company’s net sales for the three months ended June 30, 2012 and July 2, 2011.

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Current Assets:
Cash and cash equivalents	$ 13,415	$ 19,860
Short-term investments	134,258	111,137
Trade accounts receivable, net	7,754	8,021
Inventories	12,924	14,438
Prepaid expenses and other current assets	6,914	6,786
Prepaid income taxes	3,017	3,032
Deferred income taxes	7,545	7,529
Total current assets	185,827	170,803
Long-term investments	13,600	25,900
Property, plant and equipment, net	4,674	4,941
Other assets	585	621
Deferred income taxes, noncurrent	5,344	5,375
Total assets	210,030	207,640
Current Liabilities:
Trade accounts payable	2,472	1,994
Accrued salaries and employee benefits	12,170	12,434
Other accrued liabilities	610	615
Deferred revenue	2,600	2,560
Income taxes payable	234	23
Total current liabilities	18,086	17,626
Income taxes payable, noncurrent	4,148	4,161
Deferred tax liabilities, noncurrent	127
Other accrued liabilities, noncurrent	564	561
Total liabilities	22,925	22,348
Commitments and contingencies (Note 9)
Preferred stock, no par value -- 10,000 shares authorized; none issued and outstanding
Common stock, no par value -- 30,000 shares authorized; issued and outstanding 12,004 shares as of June 30, 2012 and 11,992 shares as of March 31, 2012	69,060	68,031
Accumulated other comprehensive loss	(1,081)	(1,345)
Retained earnings	119,126	118,606
Total shareholders' equity	187,105	185,292
Total liabilities and shareholders' equity	$ 210,030	$ 207,640

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Stock-Based Compensation

3 Months Ended

Jun. 30, 2012

Stock-Based Compensation [Abstract]

Stock-Based Compensation

Note 6 - Stock-Based Compensation

The employee stock-based compensation expense for the three months ended June 30, 2012 was $745,000 compared to $593,000 for the same period of the prior fiscal year.

The Company granted no stock options during the three months ended June 30, 2012. For the same period of the prior fiscal year, the Company granted options with an estimated grant date fair value of $931,000. As of June 30, 2012, the unrecorded stock-based compensation related to stock options was $4,826,000 (net of estimated forfeitures) and will be recognized over an estimated weighted average amortization period of approximately 1.8 years.

The Company’s shareholders approved the adoption of the 2001 Stock Option Plan (the “2001 Plan”) and the reservation of 2,000,000 shares of common stock for issuance under 2001 Plan at the August 17, 2001 annual meeting of shareholders. Options granted under the 2001 Plan were granted at the fair market value of the Company’s common stock on the date of grant and generally expired sevenyears from the date of grant or thirtydays after termination of service, whichever occurs first.The options generally were exercisable beginning one year from date of grant and generally vest ratably over a five-year period. On August 24, 2006, the Company’s board of directors approved a change in grant policy of the 2001 Plan to only grant non-statutory stock options to better align the Company’s compensation plan to employee incentives and to Company objectives. On August 17, 2007, the Company’s board of directors approved that all future stock option grants would have a ten-year term, which is within the guidelines of the Company’s 2001 Plan, subject to earlier expiration thirtydays after termination of service. As of August 14, 2009, no further options may be granted under the 2001 Plan.

The Company’s shareholders approved the adoption of the 2009 Equity Incentive Plan (the “2009 Plan”) at the August 14, 2009 annual meeting for shareholders. Under the 2009 Plan, the total number of shares of Company common stock reserved for issuance consists of 1,000,000 shares plus (1) the 159,509 shares which remained authorized for issuance under the 2001 Plan but which were not subject to outstanding stock awards as of August 14, 2009, and (2) those of the 1,440,400 shares, subject to stock awards outstanding under the 2001 Plan as of August 14, 2009, that terminate prior to exercise and would otherwise be returned to the share reserves under the 2001 Plan, with the total shares in addition to the 1,000,000 shares thus being up to a maximum of 1,599,909 shares. The 2009 Plan allows the Company to continue its prior option practices under the 2001 Plan to grant non-statutory options to key employees with an exercise price equal to the fair market value of the Company’s stock on the date of grant. The Company’s options typically have a term of tenyears and vest in 20% installments on each of the first five anniversaries of the date of grant. The 2009 Plan also provides the Company with the flexibility in designing equity incentives, including restricted stock awards, stock appreciation rights, restricted stock unit awards, performance stock awards, and performance cash awards.

The following table summarizes the activities under the 2001 and 2009 Plans for the three months ended June 30, 2012:

		Options Outstanding
	Available for Grant	Number of Shares		Weighted Average Exercise Price
Balance, March 31, 2012	677,429	1,677,962	$	26.49
Granted	-	-
Exercised	-	(14,320)		17.39
Canceled	26,800	(26,800)		25.25
Balance, June 30, 2012	704,229	1,636,842	$	26.59

The weighted average fair value of options, as determined under the authoritative guidance for stock compensation, granted under the 2009 Plan during the three months ended July 2, 2011 was $8.10 per share. The Company did not grant stock options during the three months ended June 30, 2012.The total intrinsic value of options exercised (which is the amount by which the stock price exceeded the exercise price of the option on the date of the exercise) during the three months ended June 30, 2012 was $26,000.During the three months ended June 30, 2012, the amount of cash received from employees as a result of employee stock option exercises was $249,000.

The options outstanding and exercisable as of June 30, 2012, under the 2001 and 2009 Plans are in the following exercise price ranges:

					Options Outstanding				Options Exercisable
Range of Exercise Prices					Number Outstanding	Weighted-Average Remaining Contractual Life (Years)		Weighted-Average Exercise Price	Number Outstanding		Weighted-Average Exercise Price
$	18.46	-	$	19.99	243,400.00	9.22	$	19.31	6,000	$	19.51
	20.00	-		24.99	605,302.00	7.25		21.39	278,458		21.16
	25.00	-		29.99	313,380.00	6.32		27.03	202,452		26.92
	30.00	-		34.99	233,060.00	2.46		33.77	215,760		33.76
	35.00	-		39.99	90,800.00	4.96		35.83	76,640		35.83
	40.00	-		44.99	132,900.00	1.33		40.90	132,900		40.90
	45.00	-		46.92	18,000.00	1.42		46.92	18,000		46.92
$	18.46	-	$	46.92	1,636,842.00	6.01	$	26.59	930,210	$	29.85

Options outstanding and options exercisable had no intrinsic value as of June 30, 2012.

2000 Employee Stock Purchase Plan (“ESPP”).Under the ESPP, eligible employees may elect to withhold up to 20% of their cash compensation to purchase shares of the Company’s common stock at a price equal to 95% of the market value of the stock at the time of purchase, which is at the end of the six-month offering period.An eligible employee may purchase no more than 500 shares during any six-month offering period. For the three months ended June 30, 2012, the amount of cash received from employees as a result of ESPP purchases was $63,000 compared to $89,000 for the same period of the prior fiscal year.

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Comprehensive Income

3 Months Ended

Jun. 30, 2012

Comprehensive Income [Abstract]

Comprehensive Income

Note 5 - Comprehensive Income

As of June 30, 2012, the total unrealized loss on available-for-sale investments amounted to $1,670,000, which was recorded in accumulated other comprehensive loss, net of tax of $589,000. As of July 2, 2011, the total unrealized loss on available-for-sale investments amounted to $2,074,000, which was recorded in accumulated other comprehensive loss, net of tax of $729,000.

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Net Income Per Share (Tables)

3 Months Ended

Jun. 30, 2012

Net Income per Share [Abstract]

Schedule Of Earnings Per Share

	Three Months Ended
		June 30, 2012		July 2, 2011
BASIC:
Net income	$	597	$	1,669
Weighted average shares outstanding for the period		11,999		12,755
Net income per share	$	0.05	$	0.13
DILUTED:
Net income	$	597	$	1,669
Weighted average shares outstanding for the period		11,999		12,755
Effect of dilutive securities: stock options and ESPP		2		22
Total		12,001		12,777
Net income per share	$	0.05	$	0.13

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Fair Value (Tables)

3 Months Ended

Jun. 30, 2012

Fair Value [Abstract]

Schedule Of Assets And Liabilities Measured On A Recurring Basis

	June 30, 2012
	Fair value measurements
Assets	Level 1			Level 2		Level 3		Total
Money market funds	$	8,005	(1)	$	-	$	-	$	8,005
Municipal bonds		-			46,443		-		46,443
Corporate bonds		-			41,375		-		41,375
Government agency bonds		-			29,657		-		29,657
Certificate of deposits		3,000			5,167		-		8,167
Equity mutual funds related to NQDCP		8,616			-		-		8,616
Long-term investments in ARS		-			-		13,600		13,600
Total assets at fair value	$	19,621		$	122,642	$	13,600	$	155,863
Liabilities
Obligation related to NQDCP	$	8,616		$	-	$	-	$	8,616
	March 31, 2012
	Fair value measurements
Assets	Level 1			Level 2		Level 3		Total
Money market funds	$	16,453	(1)	$	-	$	-	$	16,453
Municipal bonds		-			32,268		-		32,268
Corporate bonds		-			36,947		-		36,947
Government agency bonds		-			26,010		-		26,010
Certificate of deposits		3,000			4,262		-		7,262
Equity mutual funds related to NQDCP		8,650			-		-		8,650
Long-term investments in ARS		-			-		25,900		25,900
Total assets at fair value	$	28,103		$	99,487	$	25,900	$	153,490
Liabilities
Obligation related to NQDCP	$	8,650		$	-	$	-	$	8,650

^{_________________________}

(1)The money market funds of $8,005,000 and $16,453,000 were classified as cash equivalents as of June 30, 2012 and March 31, 2012, respectively.

Schedule Of Level 3 Assets

	Three Months Ended
		June 30, 2012	July 2, 2011
Beginning balance of ARS classified as Level 3	$	25,900	$	30,200
Total unrealized gains included in other comprehensive income		450		400
Redemptions of investments in ARS		(12,750)		(2,400)
Ending balance of ARS classified as Level 3	$	13,600	$	28,200

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Commitments and Contingencies

3 Months Ended

Jun. 30, 2012

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 9 – Commitments and Contingencies

Indemnification

As is customary in the Company’s industry, the Company has agreed to defend certain customers, distributors, suppliers, and subcontractors against certain claims which third parties may assert that its products allegedly infringe on certain of their intellectual property rights, including patents, trademarks, trade secrets, or copyrights.The Company has agreed to pay certain amounts of any resulting damage awards and typically has the option to replace any infringing product with non-infringing product.The terms of these indemnification obligations are generally perpetual from the effective date of the agreement.In certain cases, there are limits on and exceptions to the Company’s potential liability for indemnification relating to intellectual property infringement claims.The Company cannot estimate the amount of potential future payments, if any, that it might be required to make as a result of these agreements.To date, the Company has not paid any damage awards nor has it been required to defend any claims related to its indemnification obligations, and accordingly, it has not accrued any amounts for indemnification obligations.However, there can be no assurance that the Company will not have any financial exposure under those indemnification obligations in the future.

Legal Proceedings

From time to time the Company is subject to possible claims or assessments from third parties arising in the normal course of business.Management has reviewed such possible claims and assessments with the Company’s outside legal counsel and believes that it is unlikely that they will result in any material adverse effect on the Company’s financial condition, results of operations, or cash flows.The Company is not currently involved in any legal proceeding that it believes will materially and adversely affect its business, financial condition, results of operations or cash flows.

Product Return and Warranty Reserves

The Company’s standard policy is to accept the return of defective parts for credit from non-distributor customers for a period of 90days from date of shipment. This period may be extended in certain cases. The Company records estimated product returns as a reduction to revenue in the same period as the related revenues are recorded. These estimates are based on historical experience, analysis of outstanding returned material authorizations and allowance authorization data.

The reductions to revenue for estimated product returns for the three months ended June 30, 2012 and July 2, 2011 are as follows (in thousands): 

Description	Balance at Beginning of Period		Charge(1)		Deductions and Other		Balance at End of Period
Three months ended June 30, 2012	$	213	$	134	$	(8)	$	339
Three months ended July 2, 2011	$	234	$	24	$	(43)	$	215

___________________

⁽¹⁾ Represent amounts charged to the allowance for sales returns.

While the Company’s sales returns are historically within the allowance established, it cannot guarantee that it will continue to experience the same return rates that it has had in the past.Any significant increase in product failure rates and the resulting sales returns could have a material adverse effect on the operating results for the period or periods in which such returns materialize.

For sales through distributors, the Company’s policy is to replace under warranty defective products at its own expense for a period of 90days from date of shipment. This period may be extended in certain cases. This liability is limited to replacement of the product along with freight and delivery costs. In certain cases, the Company may pay for rework.

The Company reserves for estimated warranty costs in the same period as the related revenues are recorded. The estimate is based on historical expenses and is recorded as cost of sales. The warranty reserve was $51,000 as of June 30, 2012. Such amount was $45,000 as of March 31, 2012.

Operating Lease Obligations

The Company’s future minimum lease payments under non-cancelable operating leases as of June 30, 2012 are as follows (in thousands):

Payment Due by Fiscal Year	Operating Lease
2013	$	615
2014		709
2015		671
2016		662
2017		55
	$	2,712

The Company leases facilities under non-cancelable lease agreements expiring at various times through April 2016.Rental expense for the three months ended June 30, 2012 amounted to $281,000 compared to $288,000 for the same period of last fiscal year.

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Income Taxes

3 Months Ended

Jun. 30, 2012

Income Taxes [Abstract]

Income Taxes

Note 7 – Income Taxes

The provision for income taxes for the three months ended June 30, 2012 was $229,000 on income before tax of $826,000 at the effective tax rate of 28% compared to a provision for income taxes of $700,000 on income before tax of $2,369,000 at the effective tax rate of 30% in the first quarter of the prior fiscal year. The year-over-year quarterly change in estimated effective tax rate was primarily due to a higher percentage of the estimated pre-tax profit applying to a lower tax bracket in fiscal 2013 compared to the estimated pre-tax profit for 2012 at the same time last year and due to a higher tax rate in the first quarter of fiscal 2012 resulting from recording a reserve for an uncertain tax position.

The income tax provision for interim periods reflects the Company’s computed estimated annual effective tax rate and differs from the taxes computed at the federal and state statutory rates primarily due to the effects of foreign rate differentials, R&D tax credits, domestic manufacturing tax deduction, non-deductible stock-based compensation expense, tax exempt interest income and tax contingencies.

During the three months ended June 30, 2012, the liability for uncertain income tax positions excluding accrued interest and penalties increased from $3,661,000 to $3,664,000. Of the total $3,664,000 of unrecognized tax benefits, $2,847,000 represents the amount that, if recognized, would favorably affect the Company’s effective income tax rate in a future period. The Company cannot conclude on the range of cash payments that will be made within the next twelve months associated with its uncertain tax positions.

The Company records interest and penalties related to unrecognized tax benefits in income tax expense. On June 30, 2012, the Company had approximately $478,000 accrued for estimated interest and $152,000 for estimated penalties related to uncertain tax positions. For the three months ended June 30, 2012, the Company recorded a reduction of estimated interest of $16,000 and estimated penalties of $1,000.

The balance of unrecognized income tax benefits, including accrued interest and accrued penalties on June 30, 2012, was approximately $1,706,000related to tax positions for which it is reasonably possible that the statute of limitations will expire in various jurisdictions within the next twelve months.

The Company’s major tax jurisdictions are the United States federal, State of California and Hong Kong and the Company’s income tax returns are no longer subject to examination by these taxing authorities for fiscal years before 2002.

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Net Income Per Share

3 Months Ended

Jun. 30, 2012

Net Income per Share [Abstract]

Net Income per Share

Note 8 - Net Income per Share

Basic earnings per share (“EPS”) is computed as net income divided by the weighted average number of common shares outstanding for the period.Diluted EPS reflects the potential dilution that could occur from common shares that may be issued through stock options and ESPP only, since the Company does not have warrants or any other convertible securities outstanding.A reconciliation of the numerator and denominator of basic and diluted earnings per share is provided as follows (in thousands, except per share amounts):

	Three Months Ended
		June 30, 2012		July 2, 2011
BASIC:
Net income	$	597	$	1,669
Weighted average shares outstanding for the period		11,999		12,755
Net income per share	$	0.05	$	0.13
DILUTED:
Net income	$	597	$	1,669
Weighted average shares outstanding for the period		11,999		12,755
Effect of dilutive securities: stock options and ESPP		2		22
Total		12,001		12,777
Net income per share	$	0.05	$	0.13

Options to purchase 1,656,126 shares of the Company’s common stock at an average price of $26.57 per sharefor the three months ended June 30, 2012 were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

For the three months ended July 2, 2011, options to purchase 1,351,271 shares of the Company’s common stock at an average price of $28.26 per share were outstanding but were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

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Common Stock Repurchase

3 Months Ended

Jun. 30, 2012

Common Stock Repurchase [Abstract]

Common Stock Repurchase

Note 10 – Common Stock Repurchase

Stock repurchase activities for the three months ended June 30, 2012 and July 2, 2011 are as follows:

	Three Months Ended
	June 30, 2012		July 2, 2011
Number of shares repurchased		6,000		151,000
Cost of shares repurchased	$	113,000	$	3,179,000
Average price per share	$	17.97	$	21.04

In January 2011, the Board of Directors designated $60,000,000 of its cash, cash equivalents and investments for a major stock repurchase during the period from January 2011 through March 2013, and accordingly, increased the Company’s share repurchase program from approximately 556,000 shares to 2,500,000 shares. The amended repurchase program has no expiration date except when an aggregate of 2,500,000 shares have been repurchased, either in the open market or through private transactions. Under this program, cumulatively the Company had repurchased approximately 1,180,000 shares for $23,519,000 as of June 30, 2012.

Since the inception of the Company’s initial share repurchase program in 1992 through June 30, 2012, the Company has repurchased a total of approximately 3,524,000 shares of the common stock for an aggregate cost of $60,070,000 under its share repurchase programs. Upon their repurchase, shares are restored to the status of authorized but unissued shares. As of June 30, 2012, there were approximately 1,320,000 shares authorized for future repurchase under the Company’s current repurchase program.

Subsequent to June 30, 2012, the Company has repurchased an additional 226,000 shares for $3,846,000 as of August 7, 2012.

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Inventories (Details) (USD $)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012
Inventories [Abstract]
Raw materials	$ 626,000		$ 936,000
Work-in-process	7,728,000		8,221,000
Finished goods	3,406,000		4,195,000
Finished goods at distributors and on consignment	1,164,000		1,086,000
Total Inventories	12,924,000		14,438,000
Provision for excess and obsolete inventories	156,000	958,000
Previously written down inventory sold	$ 345,000	$ 295,000

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Inventories (Tables)

3 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Schedule Of Inventory

	June 30, 2012		March 31, 2012
Raw materials	$	626	$	936
Work-in-process		7,728		8,221
Finished goods		3,406		4,195
Finished goods at distributors and on consignment		1,164		1,086
Total Inventories	$	12,924	$	14,438

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Segment Information (Tables)

3 Months Ended

Jun. 30, 2012

Segment Information [Abstract]

Schedule Of Revenue From External Customers Attributed To Foreign Countries By Geographic Area

	Three Months Ended
Net Sales		June 30, 2012		July 2, 2011
United States	$	5,379	$	6,181
China		3,838		4,935
Asia (excluding China and Singapore)		2,927		2,532
Singapore		2,012		2,592
Europe		1,743		1,708
Other		160		110
Net Sales	$	16,059	$	18,058

Reconciliation Of Property Plant And Equipment By Country

	June 30, 2012		March 31, 2012
United States	$	3,836	$	4,019
Hong Kong		838		922
Property, plant and equipment, net	$	4,674	$	4,941

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Commitments And Contingencies (Schedule Of Product Warranty Liability) (Details) (USD $)	3 Months Ended
	Jun. 30, 2012	Jul. 02, 2011	Mar. 31, 2012
Commitments and Contingencies [Abstract]
Balance at Beginning of Period	$ 213,000	$ 234,000
Charge	134,000	24,000
Deductions and Other	(8,000)	(43,000)
Balance at End of Period	339,000	215,000
Product return period	90 days
Product warrany period	90 days
Warranty reserve	$ 51,000		$ 45,000

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CONDENSED CONSOLIDATED BALANCE SHEETS Parenthetical (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
Shareholders' equity:
Preferred stock, no par value (in dollars per share)
Preferred stock, authorized (in shares)	10,000	10,000
Preferred Stock, Shares Issued
Preferred Stock, Shares Outstanding
Common stock, no par value (in dollars per share)
Common stock, authorized (in shares)	30,000	30,000
Common stock, issued (in shares)	12,004	11,992
Common stock, outstanding (in shares)	12,004	11,992

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Inventories

3 Months Ended

Jun. 30, 2012

Inventories [Abstract]

Inventories

Note 4 – Inventories

The Company’s inventories consist of high technology semiconductor devices and integrated circuits that are specialized in nature, subject to rapid technological obsolescence, and sold in a highly competitive industry.Inventory balances at the end of each period are stated at the lower of cost (determined on a first-in, first-out basis) or net realizable value.

Inventories consist of (in thousands):

	June 30, 2012		March 31, 2012
Raw materials	$	626	$	936
Work-in-process		7,728		8,221
Finished goods		3,406		4,195
Finished goods at distributors and on consignment		1,164		1,086
Total Inventories	$	12,924	$	14,438

The Company wrote down excess and obsolete inventory totaling $156,000 for the three months ended June 30, 2012 compared to $958,000 for the same period of the prior fiscal year. The Company sold previously written-down inventory of $345,000 for the three months ended June 30, 2012.For the same period of the prior fiscal year, such sales were $295,000.

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Fair Value (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Apr. 02, 2011	Apr. 03, 2010
Auction Rate Securities, estimated fair value	$ 13,600,000
ARS redemptions at par value	12,750,000	4,700,000	36,450,000	19,250,000
ARS redemptions at carrying value	11,772,000
Unrealized Loss	1,700,000	2,150,000
Maximum [Member]
Liquidity discount	150
Market recovery period	5 years
Minimum [Member]
Liquidity discount	125
Market recovery period	3 years
Standard & Poor's, AAA Rating [Member]
Auction Rate Securities, Noncurrent	2,500,000
Standard & Poor's, AA+ Rating [Member]
Auction Rate Securities, Noncurrent	12,800,000
Fitch, A Rating [Member] | Standard & Poor's, AA+ Rating [Member]
Auction Rate Securities, Noncurrent	$ 12,800,000

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Share Compensation (Schedule Of Options Outstanding And Exercisable) (Details) (USD $)			3 Months Ended
	Jun. 30, 2012	Mar. 31, 2012	Jun. 30, 2012 $17.39 - $19.99 [Member]	Jun. 30, 2012 $20.00 - $24.99 [Member]	Jun. 30, 2012 $25.00 - $29.99 [Member]	Jun. 30, 2012 $30.00 - $34.99 [Member]	Jun. 30, 2012 $35.00 - $39.99 [Member]	Jun. 30, 2012 $40.00 - $44.99 [Member]	Jun. 30, 2012 $45.00 - $46.92 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower range limit			$ 18.46	$ 20.00	$ 25.00	$ 30.00	$ 35.00	$ 40.00	$ 45.00
Upper range limit			$ 19.99	$ 24.99	$ 29.99	$ 34.99	$ 39.99	$ 44.99	$ 46.92
Options outstanding, number	1,636,842	1,677,962	243,400.00	605,302.00	313,380.00	233,060.00	90,800.00	132,900.00	18,000.00
Options outstanding, weighted average remaining contractual life			9 years 2 months 19 days	7 years 3 months	6 years 3 months 26 days	2 years 5 months 16 days	4 years 11 months 16 days	1 year 3 months 29 days	1 year 5 months 1 day
Options outstanding, weighted average exercie price	$ 26.59	$ 26.49	$ 19.31	$ 21.39	$ 27.03	$ 33.77	$ 35.83	$ 40.90	$ 46.92
Options exercisable, number outstanding			6,000	278,458	202,452	215,760	76,640	132,900	18,000
Options exercisable, weighted average exercise price			$ 19.51	$ 21.16	$ 26.92	$ 33.76	$ 35.83	$ 40.90	$ 46.92

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Cash And Cash Equivalents And Investments (Tables)

3 Months Ended

Jun. 30, 2012

Cash and Cash Equivalents and Investments [Abstract]

Schedule Of Cash And Cash Equivalents

	June 30, 2012		March 31, 2012
Cash	$	5,410	$	3,407
Cash equivalents:
Money market funds		8,005		16,453
Total cash and cash equivalents	$	13,415	$	19,860

Schedule of Investments

	June 30, 2012
		Amortized		Unrealized		Unrealized		Carrying
		Cost		Gain		Loss		Value
Short-term investments:
Trading securities:
Equity mutual funds related to NQDCP	$	8,616	$	-	$	-	$	8,616
Available-for-sale securities:
Municipal bonds		46,438		60		(55)		46,443
Corporate bonds		41,364		68		(57)		41,375
Government agency bonds		29,633		36		(12)		29,657
Certificates of deposits		8,177		3		(13)		8,167
Total short-term investments	$	134,228	$	167	$	(137)	$	134,258
Long-term investments:
Available-for sale securities	$	15,300	$	-	$	(1,700)	$	13,600
	March 31, 2012
		Amortized		Unrealized		Unrealized		Carrying
		Cost		Gain		Loss		Value
Short-term investments:
Trading securities
Equity mutual funds related to NQDCP	$	8,650	$	-	$	-	$	8,650
Available-for-sale securities:
Municipal bonds		32,250		39		(21)		32,268
Corporate bonds		36,912		68		(33)		36,947
Government agency bonds		25,984		33		(7)		26,010
Certificates of deposits		7,267		4		(9)		7,262
Total short-term investments	$	111,063	$	144	$	(70)	$	111,137
Long-term investments:
Available-for sale securities	$	28,050	$	-	$	(2,150)	$	25,900

Schedule Of Investments By Contractual Maturity

	June 30, 2012		March 31, 2012
Short-term investment:
Trading securities:
Due in one year or less	$	8,616	$	8,650
Available-for-sale securities:
Due in 12 months or less		58,873		62,504
Due in 12 to 24 months		27,394		29,903
Due in 24 to 36 months		15,033		2,682
Due in 36 to 49 months		24,342		7,398
Total short-term investments	$	134,258	$	111,137
Long-term investment:
Available-for-sale securities at fair value:
Due after ten years	$	13,600	$	25,900
Total long-term investments	$	13,600	$	25,900