0001012870-01-502449.txt : 20011030
0001012870-01-502449.hdr.sgml : 20011030
ACCESSION NUMBER: 0001012870-01-502449
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20011018
ITEM INFORMATION: Other events
FILED AS OF DATE: 20011025
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: IXYS CORP /DE/
CENTRAL INDEX KEY: 0000945699
STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674]
IRS NUMBER: 770140882
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-26124
FILM NUMBER: 1766534
BUSINESS ADDRESS:
STREET 1: 3540 BASSETT ST
CITY: SANTA CLARA
STATE: CA
ZIP: 95054
BUSINESS PHONE: 4089540500
MAIL ADDRESS:
STREET 1: 3540 BASSETT STREET
CITY: SANTA CLARA
STATE: CA
ZIP: 95054
FORMER COMPANY:
FORMER CONFORMED NAME: PARADIGM TECHNOLOGY INC /DE/
DATE OF NAME CHANGE: 19951031
8-K
1
d8k.txt
FORM 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 18, 2001
(Date of earliest event reported)
IXYS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 000-26124 94-2712976
(State or other jurisdiction of (Commission File No.) (IRS Employer
incorporation) Identification No.)
3540 Bassett Street
Santa Clara
(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.)
--------------
Item 5. Other Events
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 Registrant and risks
arising when investing in Registrant, investors are directed to Registrant's
most recent Report on Form 10-K as filed with the Securities and Exchange
Commission.
On October 18, 2001, Registrant announced financial results for the
three-month period and the six-month period ended September 30, 2001. A copy of
the press release of Registrant is included herein as Exhibit 99.1. Such press
release is incorporated by reference into this Item 5.
(c) Exhibits
Exhibit
Number Description
------- -----------
99.1 Press Release, dated October 18, 2001.
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
of Finance and Administration and Chief
Financial Officer (Principal Financial
Officer)
Date: October 25, 2001
EX-99.1
3
dex991.txt
PRESS RELEASE, DATED OCTOBER 18, 2001
EXHIBIT 99.1
IXYS Corporation Reports Results for Second Quarter of Fiscal Year 2002
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 18, 2001--IXYS Corporation
(NASDAQ:SYXI) today reported revenues of $20.7 million for the quarter ended
----
September 30, 2001, which is a decrease of 23.0% over the $26.9 million in
revenues for the same quarter in the prior fiscal year. Sequentially, revenues
decreased 19.0% from the $25.6 million reported for the quarter ended June 30,
2001.
For the six months ended September 30, 2001 IXYS reported revenues of $46.3
million, which was a 7.7% decrease as compared to $50.2 million in revenues for
the same six-month period in the prior fiscal year.
"Given the market conditions, the reduction in revenues has been within our
expectations and prior guidance to investors. We are pleased to see that over
the six-month period ended September 30, 2001 our revenues show relative
stability and strength. We have taken the proper actions to reduce our expenses
in anticipation of the reduced revenue level," said Nathan Zommer, Chief
Executive Officer of IXYS. "We have also accelerated new product development
efforts as capacity to produce such products has become available. In some of
our products, we have experienced revenue and unit growth on a year over year
basis, and have seen a strong demand for the new products we have introduced."
Dr. Zommer concluded, "Despite the difficulty of the current marketplace,
we remain confident in the long term prospects of our company. We are in a
position of financial strength, and we plan to utilize our strong balance sheet
to take advantage of the Company's previously announced share repurchase
program."
Gross profit was $7.0 million, or 33.9% of net sales, for the quarter ended
September 30, 2001. This compares with a gross profit of $9.6 million, or 35.8%
percent of net sales for the same quarter in the prior fiscal year. The decrease
in gross profit reflects a change in the mix of products sold and a 10.0%
decrease in overall units sold.
For the six-month period ending September 30, 2001, gross profit was $15.3
million, or 33.1% of sales. This represents a 14.2% decrease in gross profit
from $17.9 million, or 35.6% of sales for the same six-month period of the prior
fiscal year.
Net income in the quarter ended September 30, 2001 was $1,041,000 ($0.04
per share, diluted), which is a decrease of 61.3% over net income of $2,688,000
($0.10 per share, diluted) in the quarter ended September 30, 2000. Net income
in the quarter ended September 30, 2001 includes unusual legal and consulting
expenses totaling about $1.8 million. Excluding these legal and consulting
expenses, net income in the quarter ended September 30, 2001 would have been
about $2.2 million ($0.07 per share diluted).
For the six-month period ended September 30, 2001, net income was $2.6
million ($0.09 per share, diluted), a 58.8% decrease as compared with $6.4
million ($0.24 per share, diluted), in the same six-month period of the prior
fiscal year. Excluding unusual legal and consulting expenses, net income for the
six-month period ended September 30, 2001 would have been $4.7 million (or $0.16
per share, diluted).
Arnold Agbayani, Chief Financial Officer of IXYS, said, "In the September
quarter, we had begun to see some bottoming out in the decline of the company's
revenues. However, the
1.
terrorist attacks launched against the United States on September 11, 2001 and
the continuing fallout that these terrorist attacks may have on the power
semiconductor industry and thus the demand for our products, cannot be predicted
with any degree of certainty at this time. We nevertheless expect that general
economic conditions, perhaps exacerbated by the uncertainty created by the
fallout from the terrorist attacks, will continue to have a negative effect on
our revenues in the December quarter. Accordingly, we anticipate that our
December quarter revenue will show a sequential decline from our performance for
the fiscal quarter ended September 30, 2001 of about 15-20%. Lacking visibility
into general economic and industry performance beyond December, 2001, we cannot
provide guidance for quarters beyond December 2001."
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
third fiscal quarter ending December 31, 2001 and our expectations related to
actions taken to reduce our expenses, new product development efforts, new
product introductions and future growth are forward looking 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, 2001 and 2000. 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)
March 31, September 30,
2001 2001
--------- ------------
ASSETS (unaudited)
Current assets:
Cash and cash equivalents $ 45,182 $ 40,179
Accounts receivable, net 26,303 20,869
Inventories, net 34,035 40,144
Prepaid expenses 309 266
Deferred income taxes 2,561 2,561
--------- ------------
Total current assets 108,390 104,019
Plant and equipment, net 13,960 15,729
Other assets 4,749 5,227
Deferred income taxes 315 315
--------- ------------
Total assets $ 127,414 $ 125,290
========= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized
lease obligations $ 1,737 $ 1,765
Current portion of notes payable
to bank 754 800
Accounts payable 10,649 5,577
Accrued expenses and other
liabilities 13,243 9,508
--------- ------------
Total current liabilities 26,383 17,650
Capitalized lease obligations,
net of current portion 3,425 4,923
Pension liabilities 4,882 5,235
--------- ------------
Total liabilities 34,690 27,808
--------- ------------
Common stock, $0.01 par value:
Issued and outstanding:
26,662,132 in March 31, 2001 and
26,785,520 in September 30, 2001 267 268
Additional paid-in capital 91,873 92,342
Notes receivable from stockholders (823) (823)
Retained earnings 3,889 6,516
Accumulated other comprehensive loss (2,482) (821)
--------- ------------
Stockholders' equity 92,724 97,482
--------- ------------
Total liabilities and
stockholders' equity $ 127,414 $ 125,290
========= ============
3.
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
2000 2001 2000 2001
-------- -------- -------- --------
Net revenues $ 26,919 $ 20,739 $ 50,193 $ 46,344
Cost of goods sold 17,271 13,706 32,325 31,005
-------- -------- -------- --------
Gross profit 9,648 7,033 17,868 15,339
-------- -------- -------- --------
Operating expenses:
Research, development
and engineering 1,217 1,238 2,381 2,419
Selling, general
and administrative 3,515 3,069 6,546 6,546
-------- -------- -------- --------
Total operating expenses 4,732 4,307 8,927 8,965
-------- -------- -------- --------
Operating income 4,916 2,726 8,941 6,374
Other income(expense),
net (584) (1,046) 1,349 (2,138)
-------- -------- -------- --------
Income before
income tax provision 4,332 1,680 10,290 4,236
Provision for income tax 1,644 639 3,908 1,609
-------- -------- -------- --------
Net income $ 2,688 $ 1,041 $ 6,382 $ 2,627
======== ======== ======== ========
Net income
per share - basic $ 0.11 $ 0.04 $ 0.26 $ 0.10
======== ======== ======== ========
Weighted average shares
used in per share
calculation - basic 24,425 26,755 24,302 26,734
======== ======== ======== ========
Net income
per share - diluted $ 0.10 $ 0.04 $ 0.24 $ 0.09
======== ======== ======== ========
Weighted average shares
used in per share
calculation - diluted 27,461 28,837 27,075 28,915
======== ======== ======== ========
4.