EX-99.1 2 dex991.txt PRESS RELEASE Exhibit 99.1 -------------------------------------------------------------------------------- Contact: Arnold Agbayani Vice President, Finance & CFO IXYS Corporation 3540 BASSETT STREET SANTA CLARA,CALIFORNIA 95054 (408) 982-0700 -------------------------------------------------------------------------------- IXYS CORPORATION ANNOUNCES RECORD RESULTS FOR FISCAL 2001 SANTA CLARA, CALIF. May 9, 2001 -- IXYS Corporation (NASDAQ:SYXI) today released its financial results for its fourth fiscal quarter and fiscal year ended March 31, 2001 with record annual and quarterly revenues and net income. For the fourth fiscal quarter ending March 31, 2001 IXYS Corporation reported net revenues of $32.0 million, an increase of 42.0% from the $22.5 million reported in the same period of the prior fiscal year. Net income for the fourth fiscal quarter ending March 31, 2001 was $3.8 million, or $0.13 per diluted share, an increase of 60.7% from the $2.4 million, or $0.09 per diluted share, reported in the same period of the prior fiscal year For the fiscal year ended March 31, 2001 IXYS Corporation reported net revenues of $111.4 million, and increase of 45.4% from the $76.6 million reported in the prior fiscal year. Net income for the fiscal year ended March 31, 2001 was $13.6 million, or $0.49 per diluted share, an increase of 96.9% from the $6.9 million, or $0.28 per diluted share, reported in the prior fiscal year. "We are pleased to report that despite the weakness in the semiconductor industry, we have just completed an unprecedented twelfth consecutive quarter of record revenue and seventeenth consecutive quarter of revenue growth," stated President and CEO, Nathan Zommer. "In the fiscal year just ended, 40% of our net revenues were derived in the U.S., 42% in Europe and 18% in Asia and the rest of the world. Although there is still strong demand for some of our products, we have seen some weakness develop in certain of our end markets. As a result of the weakness we are seeing, we expect our net revenues for our first fiscal quarter ending June 30, 2001 to be about 20% lower than our March 2001 quarter, but about 10% higher than the prior year June quarter. Due to the lack of visibility in our end markets, it is still too early to provide guidance for quarters beyond June 2001." "As we have in the past, we continue to invest in capital expenditures and in R&D and expect to be rewarded for our efforts in these areas when the economy turns around. The effect on our operation of soft markets like we are currently experiencing reaffirm our strategy of maintaining a well diversified customer base of greater than 2,000 customers across multiple end used applications in power conversion, motor drive, medical and transportation markets. Further, we remain well positioned in the high power, high performance end of the power semiconductor market, which we believe is the right place to be for continued technological advancement." IXYS develops and markets primarily high performance power semiconductor devices that are used in controlling and converting electrical power efficiently in power systems for the telecommunication and internet infrastructure, motor drives, medical systems and transportation. IXYS also serves its markets with a combination of digital and analog integrated circuits. The statements in this news release relating to our expectations for our first fiscal quarter ending June 30, 2001 and our expectations related to our continued investment in capital expenditures and R&D are forward looking 1 in nature, and thus involve risks and uncertainties that could cause actual results to differ from predicted results. These risks and uncertainties include the effect that a continued slowdown in the semiconductor industry in general could have on our operations. Further information on other factors that could affect the Company's operations is detailed and included in the Company's Form 10-K, as filed with the Securities and Exchange Commission, which includes the IXYS Corporation audited financial statements as of March 31, 2000 and 1999. The Company 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. 2 IXYS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (unaudited)
March 31, 2001 March 31, 2000 ---------------- ----------------- ASSETS Cash and cash equivalents........................................... $ 45,182 $ 9,759 Trade accounts receivable, net...................................... 26,303 16,863 Inventories, net.................................................... 34,033 21,477 Deferred income taxes............................................... 2,561 1,627 ---------------- ----------------- Total current assets.............................................. 108,079 49,726 Property and equipment, net......................................... 13,960 10,175 Goodwill and other intangible assets, net........................... 2,128 231 Other............................................................... 2,931 2,131 Deferred income taxes............................................... 315 782 ---------------- ----------------- Total assets...................................................... $127,413 $63,045 ================ ================= LIABILITIES AND STOCKHOLDER'S EQUITY Current portion, capital leases..................................... $ 1,737 $ 1,365 Current portion, long term debt..................................... 700 2,789 Accounts payable.................................................... 10,649 5,467 Other accrued liabilities........................................... 13,240 10,345 ---------------- ----------------- Total current liabilities......................................... 26,326 19,966 Long term capital leases............................................ 3,425 1,783 Long term debt...................................................... 57 5,544 Pension obligations................................................. 4,882 4,855 ---------------- ----------------- Total liabilities................................................. 34,690 32,148 Common stock, $0.01 par value: Issued and outstanding: 24,048,768 in 2000 and 26,662,132 in 2001................................................ 267 240 Additional paid-in capital.......................................... 91,873 43,324 Notes receivable from employees..................................... (823) (861) Cumulative translation adjustment................................... (2,483) (1,988) Accumulated deficit................................................. 3,889 (9,698) ---------------- ----------------- Total stockholder's equity........................................ 92,723 30,897 ---------------- ----------------- Total liabilities and stockholders' equity..................... $127,413 $63,045 ================ =================
3 IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share data) (unaudited)
Three Months Ended Fiscal Year Ended March 31, March 31, ----------------------- ----------------------- 2001 2000 2001 2000 -------- -------- --------- -------- Net revenues................................................. $32,008 $22,546 $111,389 $76,627 Cost of goods sold........................................... 19,651 14,129 69,967 49,290 -------- -------- --------- -------- Gross profit................................................. 12,357 8,417 41,422 27,337 -------- -------- --------- -------- Research, development and engineering........................ 1,985 1,168 6,081 4,668 Selling, general and administrative.......................... 3,594 2,914 13,535 10,988 Amortization of goodwill and intangibles..................... 58 116 424 462 -------- -------- --------- -------- Operating income............................................. 6,720 4,219 21,382 11,219 Other income (expenses), net................................. (564) (288) 526 (432) -------- -------- --------- -------- Income before income tax provision........................... 6,156 3,931 21,908 10,787 Income tax provision......................................... 2,339 1,556 8,321 3,888 -------- -------- --------- -------- Net income................................................... $ 3,817 $ 2,375 $ 13,587 $ 6,899 ======== ======== ========= ======== Net income per share-basic................................... $0.15 $0.10 $0.54 $0.29 ======== ======== ========= ======== Number of share used in per share calculation-basic.......... 26,000 23,976 25,239 23,970 ======== ======== ========= ======== Net income per share-diluted................................. $0.13 $0.09 $0.49 $0.28 ======== ======== ========= ======== Number of shares used in per share calculation-diluted....... 28,436 25,400 27,774 24,826 ======== ======== ========= ========
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