8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: October 30, 2003
(Date of earliest event reported)

IXYS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	000-26124	77-0140882
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

3540 Bassett Street
Santa Clara, CA 95054
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (408) 982-0700

NOT APPLICABLE
(Former name or former address, if changed since last report.)

TABLE OF CONTENTS

	Item 7. Financial Statements and Exhibits
	Item 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

     This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and developments may differ materially from those described or incorporated by reference in this Report. For more information about IXYS Corporation (“IXYS”) and risks arising when investing in IXYS, investors are directed to IXYS’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

Item 7. Financial Statements and Exhibits

(c)	Exhibits
	The following exhibit is furnished (not filed) herewith:

Exhibit
Number	Description
99.1	Text of press release issued by IXYS Corporation, dated October 30, 2003.

Item 12. Results of Operations and Financial Condition

     The following information is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

     On October 30, 2003, IXYS issued a press release. The text of IXYS’s press release is attached hereto as Exhibit 99.1.

SIGNATURES

     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.

IXYS CORPORATION

By: /s/ Arnold P. Agbayani

Arnold P. Agbayani, Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer)

Date: October 30, 2003

EXHIBIT INDEX

Exhibit
Number	Description
99.1*	Text of press release issued by IXYS Corporation, dated October 30, 2003.

* Furnished, not filed.

EX-99.1 3 f94088exv99w1.htm EXHIBIT 99.1

Exhibit 99.1

Contact: Arnold Agbayani
Senior Vice President, Finance & CFO
IXYS Corporation
3540 Bassett Street
Santa Clara, California 95054

IXYS REPORTS FIFTH CONSECUTIVE QUARTER OF RECORD REVENUES

SANTA CLARA, CALIF. October 30, 2003 — IXYS Corporation (NASDAQ:SYXI) today reported revenues of $42.9 million for the quarter ended September 30, 2003, which is an increase of 21.6% over the $35.3 million in revenues for the same quarter in the prior fiscal year. Sequentially, revenues increased 7.1% from the $40.1 million reported for the quarter ended June 30, 2003.

For the six months ended September 30, 2003, IXYS reported revenues of $83.0 million, which was a 32.3% increase as compared to $62.7 million in revenues for the same six-month period in the prior fiscal year.

“IXYS has now demonstrated five consecutive quarters of record revenues and ended the September quarter with strong orders and a record backlog. We started shipments of new products to the consumer markets in Asia and introduced new power MOS and IGBT products for our traditional power and motor control markets. IXYS landed new design wins in the industrial, traction, defense, aerospace, medical and IT markets,” said Dr. Nathan Zommer, Chief Executive Officer of IXYS.

Dr. Zommer concluded, “Concurrent with the growth of our core power markets, we see signs of growth in the telecommunications markets. We introduced SSRs that contain Clare ICs and IXYS power chips. We have seen new power products from the Clare factory that we expect to ship in the coming quarters and that we expect will increase the utilization of that factory. We continued our R&D investments into new proprietary ICs that complement our power products. The addition of Microwave Technology, Inc. to our family of companies was timely in light of the strength of the wireless IT and medical markets, and we expect it to add momentum to our growth potential.”

Gross profit was $11.2 million, or 26.2% of net sales, for the quarter ended September 30, 2003. This compares with a gross profit of $9.2 million, or 26.1% percent of net sales, for the same quarter in the prior fiscal year.

For the six-month period ending September 30, 2003, gross profit was $23.6 million, or 28.4% of net sales. This represents a 51.1% increase in gross profit from $15.6 million, or 24.9% of net sales, for the same six-month period of the prior fiscal year.

Net loss in the quarter ended September 30, 2003 was $109,000 ($0.00 per share, diluted), as compared to net loss of $3.4 million ($0.11 per share, diluted) in the quarter ended September 30, 2002.

For the six-month period ended September 30, 2003, net income was $335,000 ($0.01 per share, diluted), as compared to net loss of $4.9 million ($0.16 per share, diluted) in the same six-month period of the prior fiscal year.

Arnold Agbayani, Chief Financial Officer of IXYS, said, “There are pockets of strength in the marketplace and an indication of tightening of capacity; however, we still get a feeling of caution from our customers and suppliers overall. The September and December quarters have normally been weaker quarters for the company. We therefore expect that our December quarter revenues will be just slightly above our September quarter revenues.”

IXYS develops and markets primarily high performance power semiconductor and control ICs that are used in controlling and converting electrical power efficiently in power systems for the telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with a combination of digital and analog integrated circuits to control flat panel displays, medical instruments and telecommunications products.

Safe Harbor Statement

The foregoing press release contains forward-looking statements. Forward-looking statements include those regarding strong orders, record backlog, growth in our core power markets and in the telecommunications markets, the production and shipment of power products from our Clare factory, our expectations for the utilization of the Clare factory, the strength of the wireless IT and medical markets, our expectations for the impact of the acquisition of Microwave Technology, Inc. on our growth potential, our perceptions about the strength of the marketplace and the tightening of capacity and our expectations for our third fiscal quarter ending December 31, 2003. Actual results may vary materially from those contained in the forward-looking statements, due to unanticipated adverse variations in demand for our products, the cancellation of orders, unexpected technical challenges, difficulties in marketing and selling our products and delays or disruptions in the manufacture of our products. Further information on other risks that could affect IXYS is detailed and included in IXYS’ 10-K for the fiscal year ended March 31, 2003, as filed with the Securities and Exchange Commission. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.

Additional information may be obtained by visiting IXYS’ website at http://www.ixys.com, or by contacting IXYS directly.

IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)

			March 31,			September 30,
			2003			2003
						(unaudited)
ASSETS
Current assets:
	Cash and cash equivalents		$	42,842		$	42,066
	Accounts receivable, net			21,475			26,929
	Inventories			49,162			52,927
	Prepaid expenses and other assets			943			1,146
	Deferred income taxes			10,285			10,285
		Total current assets		124,707			133,353
Plant and equipment, net				28,715			26,362
Goodwill				21,417			23,884
Other assets				5,655			7,647
Deferred income taxes				2,563			3,106
		Total assets	$	183,057		$	194,352
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Current portion of capitalized lease obligations		$	3,238		$	3,168
	Current portion of notes payable to bank			700			803
	Accounts payable			11,177			13,919
	Accrued expenses and other liabilities			14,167			16,758
		Total current liabilities		29,282			34,648
Capitalized lease and other long term obligations, net of current portion				5,042			3,767
Pension liabilities				9,924			10,815
		Total liabilities		44,248			49,230
Common stock				320			329
Additional paid-in capital				144,388			149,679
Deferred compensation				(26	)		(24	)
Notes receivable from stockholders				(913	)		(913	)
Retained earnings				(6,318	)		(5,983	)
Accumulated other comprehensive income				1,358			2,034
		Stockholders’ equity		138,809			145,122
		Total liabilities and stockholders’ equity	$	183,057		$	194,352

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IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)

			Three Months Ended						Six Months Ended
			September 30,						September 30,
			2002			2003			2002			2003
Net revenues			$	35,311		$	42,926		$	62,748		$	83,022
Cost of goods sold				26,079			31,689			47,141			59,444
	Gross profit			9,232			11,237			15,607			23,578
Operating expenses:
	Research, development and engineering			3,629			3,855			5,815			7,889
	Selling, general and administrative			7,517			6,825			12,722			13,314
	Restructuring charge			750						750
		Total operating expenses		11,896			10,680			19,287			21,203
	Operating income (loss)			(2,664	)		557			(3,680	)		2,375
Other expense, net				(998	)		(715	)		(2,186	)		(1,850	)
	Income (loss) before income tax provision			(3,662	)		(158	)		(5,866	)		525
Provision for income tax expense (benefit)				(227	)		(49	)		(1,013	)		190
Net income (loss)			$	(3,435	)	$	(109	)	$	(4,853	)	$	335
Net income (loss) per share — basic			$	(0.11	)	$	(0.00	)	$	(0.16	)	$	0.01
Weighted average shares used in per share calculation — basic				31,842			32,213			29,931			32,051
Net income (loss) per share — diluted			$	(0.11	)	$	(0.00	)	$	(0.16	)	$	0.01
Weighted average shares used in per share calculation — diluted				31,842			32,213			29,931			33,061

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EX-99.1

Exhibit 99.1