EX-99.1 2 f99185exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 Contact: Arnold Agbayani Senior Vice President, Finance & CFO IXYS Corporation 3540 Bassett Street Santa Clara, California 95054 Tel: (408) 982-0700 IXYS CORPORATION ANNOUNCES RECORD REVENUES FOR THE MARCH 31, 2004 FISCAL QUARTER AND FISCAL YEAR SANTA CLARA, CALIF. May 18, 2004 -- IXYS Corporation (NASDAQ:SYXI) today released its financial results for its fourth fiscal quarter and its fiscal year ended March 31, 2004. For the fourth fiscal quarter ending March 31, 2004, IXYS reported record net revenues of $53.7 million, compared with net revenues of $37.8 million for the same period in fiscal year 2003, which represented 41.9% period-to-period revenue growth. Sequentially, revenues increased 5.8% from the $50.7 million reported for the quarter ended December 31, 2003. Gross profit was $7.9 million, or 14.7% of net revenues, for the quarter ended March 31, 2004, as compared to gross profit of $4.3 million, or 11.4% of net revenues, for the same quarter in the prior fiscal year. Net loss for the fiscal quarter ending March 31, 2004 was $5.2 million, or $0.16 per diluted share, as compared to a net loss of $5.5 million, or $0.17 per diluted share in the same quarter for the prior fiscal year. Fourth quarter results include charges for various inventory write downs, including excess and obsolete inventory and corrections to standard costs, of about $6.3 million and implementation expenses related to Sarbanes-Oxley compliance of about $650,000. For the fiscal year ended March 31, 2004, IXYS Corporation reported net revenues of $187.4 million, compared to net revenues of $136.1 million for the prior fiscal year, which represented 37.7% year-to-year revenue growth. For the fiscal year ended March 31, 2004, gross profit was $43.5 million, or 23.2% of net revenues, as compared to gross profit of $28.7 million, or 21.1% of net revenues, for the prior fiscal year. Net loss for the fiscal year ended March 31, 2004 was $4.4 million, or $0.14 per diluted share, as compared to a net loss of $12.1 million, or $0.39 per diluted share, reported for the prior fiscal year. "IXYS has demonstrated nine consecutive quarters of revenue growth, with seven consecutive quarters of record revenues. We ended the year with a record $77.3 million in backlog and had a 1.3 book-to-bill ratio in the March quarter. Sales of our RF products increased by 25% sequentially over the December quarter and that product line, strengthened by our acquisition of Microwave Technology in September, continues to exceed our expectations. Absent the inventory write down in the March quarter, our real product margins for the March quarter increased sequentially," commented Dr. Nathan Zommer, Chief Executive Officer. "We have executed well in all our divisions and grew above our plan, and yet increased our cash position. We have new design wins for our IC's in the medical, consumer and telecommunication markets, and for our power products in the transportation, appliance, industrial, energy and automotive markets." "We have seen strong revenue growth and we expect this to continue through the June quarter as indicated by our strong backlog," said Arnold Agbayani, Chief Financial Officer. "Therefore, we expect revenues for the June quarter to be 4-7% higher than those of the March quarter. IXYS develops and markets primarily high performance power semiconductors and control ICs that are used in controlling and converting electrical power efficiently in power systems for telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with digital and analog ICs that control flat panel displays, medical instruments and telecommunication products. SAFE HARBOR STATEMENT The foregoing press release contains forward-looking statements. Forward-looking statements include those regarding record backlog, the book-to-bill ratio, our expectations for revenue growth in the June quarter and the patent lawsuit. Actual results may vary materially from those contained in the forward-looking statements, due to changes in customer delivery schedules, the cancellation of orders, an unanticipated decline in our turns business or adverse developments in the patent lawsuit, among other things. Further information on other factors that could affect IXYS is detailed and included in IXYS's Form 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 the company directly. IXYS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED)
March 31, March 31, 2004 2003 ---------- ---------- ASSETS Current assets: Cash and cash equivalents $ 43,199 $ 42,842 Accounts receivable, net 33,131 21,475 Inventories, net 48,055 49,162 Prepaid expenses 1,743 943 Deferred income taxes 7,769 10,285 ---------- ---------- Total current assets 133,897 124,707 Plant and equipment, net 26,369 28,715 Other assets 28,238 27,072 Deferred income taxes 9,503 2,563 ---------- ---------- Total assets $ 198,007 $ 183,057 ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capitalized lease obligations $ 3,475 $ 3,238 Current portion of notes payable to bank 800 700 Accounts payable 15,277 11,177 Accrued expenses and other liabilities 17,758 14,167 ---------- ---------- Total current liabilities 37,310 29,282 Capitalized lease and other long term obligations, net of current portion 3,033 5,042 Pension liabilities 11,865 9,924 ---------- ---------- Total liabilities 52,208 44,248 ---------- ---------- Common stock, $0.01 par value: Authorized: 80,000,000 shares; 33,018,675 issued and 32,923,373 outstanding in 2004 and 32,052,484 issued and 31,957,182 outstanding in 2003 329 320 Additional paid in capital 150,888 144,362 Notes receivable from stockholders (1,389) (913) Accumulated deficit (10,750) (6,318) Accumulated other comprehensive income 6,721 1,358 ---------- ---------- Total stockholders' equity 145,799 138,809 ---------- ---------- Total liabilities and stockholders' equity $ 198,007 $ 183,057 ========== ==========
IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Fiscal Year Ended March 31, March 31, -------------------------- -------------------------- 2004 2003 2004 2003 ---------- ---------- ---------- ---------- Net revenues $ 53,676 $ 37,819 $ 187,442 $ 136,111 Cost of goods sold 45,805 33,490 143,948 107,371 ---------- ---------- ---------- ---------- Gross profit 7,871 4,329 43,494 28,740 ---------- ---------- ---------- ---------- Operating expenses: Research, development and engineering 3,899 3,558 15,811 12,846 Selling, general and administrative 8,292 7,843 28,731 27,721 Restructuring charge - - - 750 ---------- ---------- ---------- ---------- Total operating expenses 12,191 11,401 44,542 41,317 ---------- ---------- ---------- ---------- Operating loss 4,320 7,072 1,048 12,577 Other expense, net (2,872) (2,483) (5,025) (5,284) ---------- ---------- ---------- ---------- Loss before benefit from income tax (7,192) (9,555) (6,073) (17,861) Benefit from income tax (2,039) (4,050) (1,641) (5,716) ---------- ---------- ---------- ---------- Net loss $ (5,153) $ (5,505) $ (4,432) $ (12,145) ========== ========== ========== ========== Net loss per share - basic $ (0.16) $ (0.17) $ (0.14) $ (0.39) ========== ========== ========== ========== Weighted average shares used in per share calculation - basic 32,858 31,918 32,434 30,889 ========== ========== ========== ========== Net loss per share - diluted $ (0.16) $ (0.17) $ (0.14) $ (0.39) ========== ========== ========== ========== Weighted average shares used in per share calculation - diluted 32,858 31,918 32,434 30,889 ========== ========== ========== ==========