-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QWjx1rIxjku10sSkhc+CIZ0wXzhSoMgAHz98Me3J0sknEXbj11HtwyRjkX0+VAoh Bp2fCc+DSoZQKYG2XRoSCw== 0001157523-07-007492.txt : 20070730 0001157523-07-007492.hdr.sgml : 20070730 20070730163027 ACCESSION NUMBER: 0001157523-07-007492 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070730 DATE AS OF CHANGE: 20070730 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: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26124 FILM NUMBER: 071009850 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 a5459546.txt IXYS CORP. 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: July 30, 2007 (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 (Commission (IRS Employer of incorporation) File No.) 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: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) -------------- Item 2.02 Results of Operations and Financial Condition. 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 July 30, 2007, 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 July 30, 2007. 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: July 30, 2007 EX-99.1 2 a5459546ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 IXYS Corporation Announces Record Revenues and Backlog In June Quarter Sixth Consecutive Quarter of Revenue Growth SANTA CLARA, Calif.--(BUSINESS WIRE)--July 30, 2007--IXYS Corporation (NASDAQ:IXYS) today reported record net revenues of $75.9 million for the first fiscal quarter ended June 30, 2007, an increase of 12.0%, as compared with net revenues of $67.7 million for the same period in the prior fiscal year. This is the sixth quarter of consecutive revenue growth for the company. "Strong revenues reflect the strength and breadth of our business lines, with technologies that extend across global sectors," stated Dr. Nathan Zommer, President and CEO of IXYS. "Our semiconductor business is focused on our high-margin core competencies: industrial, medical and telecom, in which we have long-standing customer relationships. Simultaneously, we expanded our reach to address the power efficiency demands of consumers and power-intensive industries." Dr. Zommer continued, "High demand in our products during the quarter resulted in a record backlog of $109 million and a book-to-bill ratio of 1.06. We also experienced a sequential significant increase in our gross margins. We continue to invest in R&D and our efforts to increase our gross profit margins are starting to pay off. Our performance demonstrates our growth business mode as we report six consecutive quarters of revenue growth, the last four of which were record revenue quarters." Highlights for the quarter ended June 30, 2007: -- Gross margins now at 29.5% of net revenues -- Record backlog of $109 million, up 4% from prior quarter -- Strong book-to-bill ratio of 1.06 -- Operating and SG&A expenses lower than March quarter -- IXYS repurchased 239,200 shares for $2.3 million Gross profit was $22.4 million, or 29.5% of net revenues, for the quarter ended June 30, 2007, as compared to gross profit of $21.9 million, or 32.3% of net revenues, for the same quarter in the prior fiscal year. Net income for the quarter ended June 30, 2007, was $7.0 million, or $0.21 per diluted share, as compared to $24.3 million, or $0.68 per diluted share, for the same quarter in the prior fiscal year. The results for the quarter ended June 30, 2007, and for the same quarter in the prior fiscal year, included credit adjustments of $4.8 million and $36.8 million, respectively, to record the court's reduction of awards previously made to LoJack Corporation and the impact of various adjustments to deferred tax assets, which are in the nature of one-time events. Excluding the impact of these adjustments in the respective quarters, net income for the quarter ended June 30, 2007 would have been $4.3 million, or $0.13 per share, diluted, as compared to what would have been a net income of $2.6 million, or $0.07 per diluted share, for the same quarter in the prior fiscal year. "We plan to continue buying back shares under our authorized stock buyback program," commented Uzi Sasson, COO and CFO. "Looking forward, we continue to work on improving margins, reducing costs, and building more customer relationships, with the expectation for further company growth. That being said, we typically experience some cyclical weakness during the summer months, especially in Europe. We therefore project revenues for the September 2007 quarter to be relatively flat as compared to the June quarter." ABOUT IXYS Since its inception in 1983, IXYS Corporation has been developing technology-driven products to improve power conversion efficiency. IXYS is a U.S. pioneer in the development of power semiconductors that effectively monitor electrical voltage to produce maximum effect with the least expenditure of energy. Diminishing natural resources, demand for cheap energy and environmental directives for energy efficiency represent a significant challenge. IXYS' power semiconductors and mixed-signal integrated circuits can play a vital role in reducing energy costs and consumption -- as their products regulate the amount of energy utilized by everyday products. With a customer base of over 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a significant provider of power semiconductors in the U.S. With products to improve efficiencies in the alternative and renewable energy industry, IXYS focuses on providing power semiconductors for equipment used in harnessing wind and solar power for conversion to the U.S. electrical power grid. In addition, IXYS' R&D teams also developed solar cell arrays and cards for charging portable batteries -- with potential applications for traditional alkaline batteries, laptops, cell phones, RFID tags and sensors, to name a few. IXYS, and its subsidiary companies, offer a diversified product base that addresses worldwide needs for power conversion, electrical efficiency and renewable energy. Non-GAAP Financial Information Included above and within the attached schedules are certain non-GAAP financial figures. Management believes non-GAAP net income and non-GAAP net income per share are useful measures of operating performance because they exclude the impact of the litigation provision related to the LoJack litigation and the impact of various adjustments to deferred tax assets, which are in the nature of one-time events. However, these non-GAAP measures should be considered in addition to, not as a substitute for, or superior to net income and net income per share, or other financial measures prepared in accordance with GAAP. Safe Harbor Statement The foregoing press release contains forward-looking statements, including those related to our backlog, our book-to-bill ratio, our work on margins, costs and customer relationships, our expectations for future growth, our plans for stock repurchases and our projection of revenues for the September 2007 quarter. 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 business and capacity limits on our ability to manufacture our products, among other things. Further information on other factors that could affect IXYS is detailed and included in IXYS' Form 10-K for the fiscal year ended March 31, 2007, 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) June 30, March 31, 2007 2007 -------- --------- ASSETS Current assets: Cash and cash equivalents $ 55,677 $ 54,196 Accounts receivable, net 46,130 42,519 Other receivables 1,763 2,006 Inventories, net 85,304 85,965 Prepaid expenses and other current assets 1,822 1,262 Deferred income taxes 12,366 14,345 -------- --------- Total current assets 203,062 200,293 Plant and equipment, net 48,203 48,741 Other assets 14,479 11,780 Deferred income taxes 12,750 12,827 -------- --------- Total assets $278,494 $ 273,641 ======== ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capitalized lease obligations 3,772 $ 3,686 Current portion of notes payable to bank 1,023 1,012 Accounts payable 20,508 19,926 Accrued expenses and other current liabilities 29,728 33,261 -------- --------- Total current liabilities 55,031 57,885 Capitalized lease and other long term obligations, net of current portion 21,235 17,772 Pension liabilities 16,713 16,875 -------- --------- Total liabilities 92,979 92,532 -------- --------- Common stock 350 350 Additional paid-in capital 141,815 143,038 Retained earnings 34,209 29,605 Accumulated other comprehensive income 9,141 8,116 -------- --------- Stockholders' equity 185,515 181,109 -------- --------- Total liabilities and stockholders' equity $278,494 $ 273,641 ======== ========= IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended June 30, June 30, -------- --------- 2007 2006 -------- --------- Net revenues $75,901 $ 67,741 Cost of goods sold 53,513 45,857 -------- --------- Gross profit 22,388 21,884 -------- --------- Operating expenses: Research, development and engineering 5,073 5,108 Selling, general and administrative 10,840 12,056 Litigation provision (4,784) (36,827) -------- --------- Total operating expenses 11,129 (19,663) -------- --------- Operating income 11,259 41,547 Other income (expense), net 613 (844) -------- --------- Income before income tax provision 11,872 40,703 Provision for income tax expense 4,868 16,407 -------- --------- Net income $ 7,004 $ 24,296 ======== ========= Net income per share - basic $ 0.22 $ 0.71 ======== ========= Weighted average shares used in per share calculation - basic 32,490 34,172 ======== ========= Net income per share - diluted $ 0.21 $ 0.68 ======== ========= Weighted average shares used in per share calculation - diluted 33,790 35,575 ======== ========= GAAP reconciliation to non-GAAP (In thousands, except per share amounts) Quarter Ended 30-Jun-07 30-Jun-06 --------- --------- Net income, as reported (GAAP) $ 7,004 $ 24,296 Adjustments to GAAP net income: Litigation provision and related tax effects (2,733) (21,742) --------- --------- Non-GAAP net income $ 4,271 $ 2,554 ========= ========= Net income per share-basic, as reported (GAAP) $ 0.22 $ 0.71 Adjustments to GAAP net income per share-basic: Litigation provision and related tax effects (0.09) (0.64) --------- --------- Net income per share-basic, (non-GAAP) $ 0.13 $ 0.07 ========= ========= Net income per share-diluted, as reported (GAAP) $ 0.21 $ 0.68 Adjustments to GAAP net income (loss) per share- diluted: Litigation provision and related tax effects (0.08) (0.61) --------- --------- Net income per share-diluted, (non-GAAP) $ 0.13 $ 0.07 ========= ========= Weighted average shares used in per share calculation Basic 32,490 34,172 Dilutive weighted average share 1,300 1,403 --------- --------- Diluted 33,790 35,575 CONTACT: IXYS Corporation Uzi Sasson, 408-982-0700 COO & CFO -----END PRIVACY-ENHANCED MESSAGE-----