-----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, LMUh3rLqnZw1fSAu0ihT/p0KaMkl0xmxmzTzXF1aFjbARJO4/2mB+Xk7I6nmvl8d QOMzw4fVBMaYh+aqbWQ77w== 0001157523-07-010837.txt : 20071106 0001157523-07-010837.hdr.sgml : 20071106 20071106163020 ACCESSION NUMBER: 0001157523-07-010837 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071106 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071106 DATE AS OF CHANGE: 20071106 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: 071218333 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 a5538457.txt IXYS CORPORATION 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: November 6, 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 File No.) (IRS Employer of incorporation) 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 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 November 6, 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 November 6, 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: November 6, 2007 EX-99.1 2 a5538457ex99_1.txt EXHIBIT 99.1 Exhibit 99.1 IXYS Corporation Announces Record Revenues and Backlog In September Quarter Seventh Consecutive Quarter of Revenue Growth SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 6, 2007--IXYS Corporation (NASDAQ:IXYS) today reported record net revenues of $76.2 million for the second fiscal quarter ended September 30, 2007, an increase of 6.0% as compared with net revenues of $71.9 million for the same period in the prior fiscal year. This is the seventh quarter of consecutive revenue growth for the company. For the six months ended September 30, 2007, IXYS reported net revenues of $152.1 million, an increase of 8.9% as compared with net revenues of $139.6 million for the same period in the prior fiscal year. "Our consistent revenue growth is attributable to our broad spectrum of power products, which have gained widespread adoption by our long-standing customers. Simultaneously, we have worked to build new customer and distributor relationships," stated Dr. Nathan Zommer, President and CEO of IXYS. "As we make greater efforts to cross-sell our divisional products and introduce new technologies, we are experiencing increased product demand, which resulted in record backlog." Highlights for the quarter ended September 30, 2007: -- Record revenues of $76.2 million, marking the seventh consecutive quarter of revenue growth -- Record backlog of $109.9 million -- IXYS repurchased 277,000 shares for $2.7 million Gross profit was $20.0 million, or 26.3% of net revenues, for the quarter ended September 30, 2007, as compared to gross profit of $22.1 million, or 30.8% of net revenues, for the same quarter in the prior fiscal year. Gross profit for the six months ended September 30, 2007 was $42.4 million, or 27.9% of net revenues, as compared to a gross profit of $44.0 million, or 31.5% of net revenues, for the same period in the prior fiscal year. "While IXYS' main business lines proved resilient against a volatile market, our IC business underperformed in the September 2007 quarter, particularly our ASIC products and telecom ICs," commented Dr. Nathan Zommer. Net income for the quarter ended September 30, 2007, was $3.9 million, or $0.12 per diluted share, as compared to $3.8 million, or $0.11 per diluted share, for the same quarter in the prior fiscal year. Net income for the six months ended September 30, 2007 was $11.0 million, or $0.33 per diluted share, as compared to net income of $28.1 million, or $0.79 per diluted share, for the same period in the prior fiscal year. The results for the six months ended September 30, 2007 included net credit adjustments to litigation provision of $6.0 million. Results for the same period in the prior fiscal year included net credit adjustments to litigation provision of $36.6 million. The company repurchased approximately 277,000 IXYS shares for $2.7 million during the September 2007 quarter, and approximately 517,000 IXYS shares for $5.0 million in the six months ended September 2007. "As of September 30, 2007, 1.4 million shares remained available for repurchase under the existing repurchase authorization. We plan to continue buying back shares under our authorized stock repurchase program," commented Uzi Sasson, COO and CFO. "Our goals remain constant: gain market share by cross selling our power products, seek out higher margin business, reduce operating costs and continue overall company growth," stated Mr. Sasson. "We are aware of the current market volatility and macroeconomic trends affecting the semiconductor industry generally. In that vein, we project revenues for the December 2007 quarter to be relatively flat as compared to the September 2007 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. A forerunner 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 electrical power grid. IXYS, and its subsidiary companies, offer a diversified product base that addresses worldwide needs for power conversion, electrical efficiency and renewable energy. Safe Harbor Statement The foregoing press release contains forward-looking statements, including those related to our product demand, backlog, stock repurchase program, macroeconomic trends and projection of revenues for the December 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-Q for the fiscal quarter ended June 30, 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) September 30, March 31, 2007 2007 ------------- --------- ASSETS Current assets: Cash and cash equivalents $ 56,700 $ 54,196 Accounts receivable, net 46,622 42,519 Other receivables 1,540 2,006 Inventories, net 85,672 85,965 Prepaid expenses and other current assets 1,472 1,262 Deferred income taxes 11,943 14,345 ------------- --------- Total current assets 203,949 200,293 Plant and equipment, net 55,778 48,741 Other assets 13,883 11,780 Deferred income taxes 11,220 12,827 ------------- --------- Total assets $ 284,830 $ 273,641 ============= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capitalized lease obligations $ 4,163 $ 3,686 Current portion of notes payable to bank 1,168 1,012 Accounts payable 19,577 19,926 Accrued expenses and other current liabilities 23,333 33,261 ------------- --------- Total current liabilities 48,241 57,885 Capitalized lease and other long term obligations, net of current portion 29,245 17,772 Pension liabilities 17,233 16,875 ------------- --------- Total liabilities 94,719 92,532 ------------- --------- Common stock 352 350 Additional paid-in capital 140,048 143,038 Retained earnings 38,158 29,605 Accumulated other comprehensive income 11,553 8,116 ------------- --------- Stockholders' equity 190,111 181,109 ------------- --------- Total liabilities and stockholders' equity $ 284,830 $ 273,641 ============= ========= IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited) Three Months Ended Six Months Ended September 30, September 30, 2007 2006 2007 2006 ------------------ ------------------- Net revenues $ 76,165 $ 71,875 $152,066 $139,616 Cost of goods sold 56,160 49,755 109,673 95,612 ------------------ ------------------- Gross profit 20,005 22,120 42,393 44,004 ------------------ ------------------- Operating expenses: Research, development and engineering 5,131 4,921 10,204 10,029 Selling, general and administrative 9,897 10,828 20,737 22,884 Litigation provision (1,195) 183 (5,979) (36,644) ------------------ ------------------- Total operating expenses 13,833 15,932 24,962 (3,731) ------------------ ------------------- Operating income 6,172 6,188 17,431 47,735 Other income (expense), net (1,217) 200 (604) (644) ------------------ ------------------- Income before income tax provision 4,955 6,388 16,827 47,091 Provision for income tax expense 1,006 2,600 5,874 19,007 ------------------ ------------------- Net income $ 3,949 $ 3,788 $ 10,953 $ 28,084 ================== =================== Net income per share - basic $ 0.12 $ 0.11 $ 0.34 $ 0.82 ================== =================== Weighted average shares used in per share calculation - basic 32,280 33,929 32,385 34,051 ================== =================== Net income per share - diluted $ 0.12 $ 0.11 $ 0.33 $ 0.79 ================== =================== Weighted average shares used in per share calculation - diluted 33,603 35,124 33,696 35,326 ================== =================== CONTACT: IXYS Corporation, Santa Clara Uzi Sasson, 408-982-0700 (COO & CFO) -----END PRIVACY-ENHANCED MESSAGE-----