EX-99.1 3 dex991.txt PRESS RELEASE DATED JANUARY 24, 2002 Exhibit 99.1 IXYS Reports Results For December Quarter Business Editors/High-Tech Writers SANTA CLARA, Calif. -- (BUSINESS WIRE) -- Jan. 24, 2002 -- IXYS Corporation (NASDAQ:SYXI) today reported revenues of $16.1 million for the quarter ended December 31, 2001, which is a decrease of 44.9% over the $29.2 million in revenues for the same quarter in the prior fiscal year. Sequentially, revenues decreased 22.5% from the $20.7 million reported for the quarter ended September 30, 2001. For the nine months ended December 31, 2001, IXYS reported revenues of $62.4 million, which was a 21.4% decrease as compared to $79.4 million in revenues for the nine-month period in the prior fiscal year. "The market continues to be weak and unpredictable but we continue to show operating income," stated Arnold Agbayani, Chief Financial Officer of IXYS. "Additionally, we have taken steps to ensure that we remain financially strong, even in these difficult times. We have also taken advantage of the slowdown to implement strategies that will make IXYS a stronger company and a more formidable competitor. "Our gross margin, although lower than what we would want to see, is relatively stable and we continue to invest in research and new product development. We expect revenues for our March 2002 quarter to show a 20% sequential increase. Lacking visibility into economic and industry performance beyond March 2002, we cannot provide guidance for quarters beyond March 2002." Gross profit was $5.0 million, or 30.8% of net sales, for the quarter ended December 31, 2001. This compares with a gross profit of $11.2 million, or 38.4% of net sales for the same quarter in the prior fiscal year. The decrease in the gross profit reflects a change in the mix of products sold and a 39.9% decrease in overall units sold. For the nine-month period ending December 31, 2001 gross profit was $20.3 million, or 32.5% of sales. This represents a 30.2% decrease in gross profit from $29.1 million, or 36.6% of sales for the same nine-month period of the prior fiscal year. Operating income in the quarter ended December 31, 2001 was $605,000, as compared to $5,722,000 in the quarter ended December 31, 2000. Operating income for the nine-month period ending December 31, 2001 was $7.0 million, as compared to $14.7 million in the same nine-month period of the prior fiscal year. Net loss in the quarter ended December 31, 2001 was $105,000 ($0.00 per share, diluted), as compared to an income of $3,388,000 ($0.12 per share, diluted) in the quarter ended December 31, 2000. Net income in the quarter ended December 31, 2001 included legal expense totaling approximately $860,000 and reversal of reserves of approximately $274,000 for contingencies that did not occur. For the nine-month period ended December 31, 2001 net income was $2.5 million ($0.09 per 1. share, diluted), a 74.2% decrease as compared with $9.8 million ($0.35 per share, diluted), in the same nine-month period of the prior fiscal year. 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 fourth fiscal quarter ending March 31, 2002, 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. ------------------- IXYS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) March 31, December 31, 2001 2001 -------- -------- ASSETS Current assets: Cash and cash equivalents $ 45,182 $ 42,664 Accounts receivable, net 26,303 13,917 Inventories, net 34,035 40,928 Prepaid expenses 309 220 Deferred income taxes 2,561 2,561 -------- -------- Total current assets 108,390 100,290 Plant and equipment, net 13,960 15,329 Other assets 4,749 4,959 Deferred income taxes 315 315 -------- -------- Total assets $127,414 $120,893 ======== ======== 2. LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capitalized lease obligations $ 1,737 $ 1,881 Current portion of notes payable to bank 754 700 Accounts payable 10,649 3,216 Accrued expenses and other liabilities 13,243 8,381 --------- --------- Total current liabilities 26,383 14,178 Capitalized lease obligations, net of current portion 3,425 4,967 Pension liabilities 4,882 5,293 --------- --------- Total liabilities 34,690 24,438 --------- --------- Common stock, $0.01 par value: 26,662,132 issued and outstanding in March 31, 2001 and 26,796,488 issued and 26,731,488 outstanding in December 31, 2001 267 268 Additional paid-in capital 91,873 92,090 Notes receivable from stockholders (823) (823) Retained earnings 3,889 6,410 Accumulated other comprehensive loss (2,482) (1,490) --------- --------- Stockholders' equity 92,724 96,455 --------- --------- Total liabilities and stockholders' equity $ 127,414 $ 120,893 ========= ========= 3. IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share data) (unaudited) Three Months Ended Nine Months Ended December 31, December 31, -------------------- ------------------- 2000 2001 2000 2001 -------- -------- -------- -------- Net revenues $ 29,188 $ 16,082 $ 79,381 $ 62,427 Cost of goods sold 17,991 11,132 50,316 42,139 -------- -------- -------- -------- Gross profit 11,197 4,950 29,065 20,288 -------- -------- -------- -------- Operating expenses: Research, development and engineering 1,715 1,429 4,096 3,848 Selling, general and administrative 3,760 2,916 10,307 9,461 -------- -------- -------- -------- Total operating expenses 5,475 4,345 14,403 13,309 -------- -------- -------- -------- Operating income 5,722 605 14,662 6,979 Other income (expense), net (260) (775) 1,089 (2,914) -------- -------- -------- -------- Income(loss) before income tax provision 5,462 (170) 15,751 4,065 Provision for income tax 2,074 (65) 5,981 1,545 -------- -------- -------- -------- Net income (loss) $ 3,388 ($ 105) $ 9,770 $ 2,520 ======== ======== ======== ======== Net income(loss) per share - basic $ 0.13 ($ 0.00) $ 0.39 $ 0.09 ======== ======== ======== ======== Weighted average shares used in per share calculation - basic 25,971 26,728 25,182 26,696 ======== ======== ======== ======== Net income(loss) per share - diluted $ 0.12 ($ 0.00) $ 0.35 $ 0.09 ======== ======== ======== ======== Weighted average shares used in per share calculation - diluted 28,703 26,728 27,884 28,993 ======== ======== ======== ======== --30--per/sf* 4. CONTACT: IXYS Corporation Arnold Agbayani, 408/982-0700 Vice President, Finance & CFO 5.