8-K

UNITED STATES
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: May 18, 2005

(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.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

______________

TABLE OF CONTENTS

	ITEM 2.02    Results of Operations and Financial Conditions.
	ITEM 9.01    Financial Statements and Exhibits
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

     Item 2.02 Results of Operations and Financial Conditions.

     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 May 18, 2005, IXYS issued a press release. The text of IXYS’s press release is attached hereto as Exhibit 99.1.

     Item 9.01 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 May 18, 2005.

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/ Uzi Sasson
		Uzi Sasson, Vice President of Finance
		and Chief Financial Officer (Principal Financial Officer)
Date: May 18, 2005

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Text of press release issued by IXYS Corporation, dated May 18, 2005.

EX-99.1

EXHIBIT 99.1

Contact:	Uzi Sasson
	Vice President, Finance & CFO
	IXYS Corporation
	3540 Bassett Street Santa Clara, California 95054

IXYS Reports Record Profits And Thirteen Consecutive Quarters Of Revenue Growth

Santa Clara, CA. May 18, 2005 — IXYS Corporation (NASDAQ:SYXI) today reported net revenues of $69.0 million for the quarter ended March 31, 2005, which is an increase of 28.6% over the $53.7 million in net revenues for the same quarter in the prior fiscal year.

For the fiscal year ended March 31, 2005, IXYS reported net revenues of $256.6 million, which was a 36.9% increase as compared to $187.4 million in net revenues for the prior fiscal year.

“We are pleased to report our thirteenth consecutive quarter of increased revenues, and our eleventh consecutive quarter of record revenues, with record net quarterly income of $5.8 million and record net yearly income of $16.2 million for our FY05 that just concluded on March 31, 2005. This clearly demonstrated our strong business model that we believe sets us apart from our competition and the majority of the companies in the semiconductor industry, which still faces the challenge of growth with profitability. We have executed our plan of product diversification with power semiconductors and proprietary mixed signal integrated circuits in our traditional industrial, medical and telecommunication markets, combined with an aggressive growth in the consumer market. We ended the March quarter with $78.9 million in backlog, which is our third highest quarterly backlog. Net income for FY05 increased by about $20.7 million over the prior fiscal year,” said Dr. Nathan Zommer, CEO of IXYS. “We have been focusing on bottom line performance, which has also translated to record cash generation of $15.1 million during the year, in spite of investing in R&D and expanding manufacturing capacities in our proprietary wafer fabrication facilities to meet market demand.”

Gross profit was $23.2 million, or 33.6% of net revenues, for the quarter ended March 31, 2005. This represents a 194% increase over gross profit of $7.9 million, or 14.7% percent of net revenues, for the same quarter in the prior fiscal year.

For the fiscal year ended March 31, 2005, gross profit was $79.9 million, or 31.1% of net revenues. This represents an 83.7% increase in gross profit from $43.5 million, or 23.2% of net revenues, for the prior fiscal year.

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Net income in the quarter ended March 31, 2005 was $5.8 million ($0.16 per share, diluted), an increased of $10.9 million, as compared to a net loss of $5.2 million (loss of $0.16 per share, diluted) in the quarter ended March 31, 2004.

For the fiscal year ended March 31, 2005, net income was $16.2 million ($0.46 per share, diluted), an increase of $20.7 million, as compared to net loss of $4.4 million (loss of $0.14 per share, diluted) in the prior fiscal year.

Uzi Sasson, Chief Financial Officer of IXYS, said, “We have seen steady and reasonable growth in our revenues. We expect that the June quarter revenues will be flat as compared to those of the March quarter.” Mr. Sasson added, “We continue to assess our internal controls in light of Section 404 of the Sarbanes-Oxley Act.”

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 telecommunications 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 backlog, our revenue growth and our expectations for revenues in the June quarter. 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-Q for the quarter ended December 31, 2004, 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.

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IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)

	March 31,			March 31,
	2005			2004
ASSETS
Current assets:
Cash and cash equivalents	$	58,299		$	43,199
Accounts receivable, net		41,388			33,131
Inventories, net		51,411			48,055
Prepaid expenses and other current assets		4,133			1,710
Deferred income taxes		7,547			7,769
Total current assets		162,778			133,864
Plant and equipment, net		27,814			26,369
Other assets		27,409			28,533
Deferred income taxes		10,091			9,503
Total assets	$	228,092		$	198,269
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of capitalized lease obligations	$	2,733		$	3,447
Current portion of notes payable to bank		0			800
Accounts payable		12,962			15,277
Accrued expenses and other current liabilities		30,326			18,094
Total current liabilities		46,021			37,618
Capitalized lease and other long term obligations, net of current portion		4,566			3,061
Pension liabilities		12,230			12,059
Total liabilities		62,817			52,738
Common stock		332			331
Additional paid-in capital		151,824			150,617
Notes receivable from stockholders		(355	)		(1,388	)
Retained earnings		5,490			(10,750	)
Accumulated other comprehensive income		7,984			6,721
Stockholders’ equity		165,275			145,531
Total liabilities and stockholders’ equity	$	228,092		$	198,269

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

	Three Months Ended						Twelve Months Ended
	March 31,						March 31,
	2005			2004			2005		2004
Net revenues	$	69,023		$	53,676		$	256,620	$	187,442
Cost of goods sold		45,853			45,805			176,710		143,948
Gross profit		23,170			7,871			79,910		43,494
Operating expenses:
Research, development and engineering		4,431			3,899			18,832		15,811
Selling, general and administrative		9,696			10,049			35,449		32,742
Total operating expenses		14,127			13,948			54,281		48,553
Operating income (loss)		9,043			(6,077	)		25,629		(5,059	)
Other income (expense), net		(119	)		(1,115	)		150		(1,014	)
Income (loss) before income tax provision		8,924			(7,192	)		25,779		(6,073	)
Provision (benefit) for income tax expense		3,134			(2,039	)		9,539		(1,641	)
Net income (loss)	$	5,790		($	5,153	)	$	16,240	($	4,432	)
Net income (loss) per share — basic	$	0.18		($	0.16	)	$	0.49	($	0.14	)
Weighted average shares used in per share calculation — basic		33,034			32,858			33,093		32,434
Net income (loss) per share — diluted	$	0.16		($	0.16	)	$	0.46	($	0.14	)
Weighted average shares used in per share calculation — diluted		35,299			32,858			35,092		32,434

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