8-K

UNITED STATESSECURITIES 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:May 22, 2008
(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 of incorporation)	(Commission File No.)	(IRS Employer Identification No.)

1590 Buckeye Drive

Milpitas, CA 95035

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (408) 457-9000

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 May 22, 2008, 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 May 22, 2008.

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 hereunto duly authorized.

		IXYS CORPORATION
		By: /s/ Uzi Sasson
		Uzi Sasson, Vice President of Finance
		and Chief Financial Officer (Principal
		Financial Officer)
Date:	May 22, 2008

EX-99.1

Exhibit 99.1

IXYS Corporation Announces Record Quarter and Fiscal Year Revenues

March Quarter Highlights:

• Record revenues
• Sequential gross margin improvement
• Net income rose sequentially from last quarter, up by 356%
• IXYS repurchased 77,000 shares for $507,000

MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--IXYS Corporation (NASDAQ:IXYS) today reported record net revenues of $79.3 million for the fourth fiscal quarter ended March 31, 2008, as compared with net revenues of $74.0 million for the same period in the prior fiscal year.

A technology rich semiconductor company, IXYS develops power semiconductors, integrated circuits and RF & systems that are used in a wide range of industrial, medical, telecommunication, transportation and consumer applications. Within the renewable energy industry, IXYS supplies semiconductor products that switch, control and convert electrical energy into the electrical power grid, mainly for windmill and solar systems.

Fiscal Year Financial Highlights:

• Record revenues
• Strong backlog of $109 million -- $4 million higher than backlog at last fiscal year end
• IXYS repurchased 1.8 million IXYS shares for $15.1 million

For the fiscal year ended March 31, 2008, IXYS reported record net revenues of $304.5 million, as compared with net revenues of $285.9 million for the prior fiscal year.

Gross profit was $24.0 million, or 30.3% of net revenues for the quarter ended March 31, 2008, as compared to gross profit of $17.9 million, or 24.1% of net revenues for the same quarter in the prior fiscal year. Importantly, gross profit percentage improved quarter over quarter sequentially by 190 basis points.

“This quarter’s profit growth was a marked improvement over the third quarter; much of this strength can be attributed to the sale of higher-margin products in the U.S. and Europe,” commented Dr. Nathan Zommer, CEO and President of IXYS.

Gross profit for the fiscal year ended March 31, 2008 was $87.1 million, or 28.6% of net revenues as compared to a gross profit of $84.3 million, or 29.5% of net revenues in the prior fiscal year.

Net income for the quarter ended March 31, 2008, was $10.1 million on a GAAP basis, or $0.32 per diluted share ($5.5 million, $0.17 per diluted share, non-GAAP), as compared to a net income of $2.2 million on a GAAP basis, or $0.07 per diluted share ($1.7 million, $0.05 per diluted share, non-GAAP), for the same quarter in the prior fiscal year.

Net income for the fiscal year ended March 31, 2008 was $23.3 million on a GAAP basis, or $0.71 per diluted share ($15.1 million, $0.46 per diluted share, non-GAAP), as compared to net income of $30.2 million on a GAAP basis, or $0.87 per diluted share ($12.6 million, $0.36 per diluted share, non-GAAP) for the prior fiscal year. GAAP net income includes legal charge reversals attributable to favorable outcomes in connection with the International Rectifier Corporation and LoJack litigations.

“These financial results demonstrate again the high quality of our revenues and the robust nature of our business model. Even in challenging economic conditions, especially present in the semiconductor industry, IXYS continues to grow revenues and profits. In addition, IXYS has won legal battles against LoJack and International Rectifier. For the second time in the Federal Circuit Court of Appeals, we have prevailed in the patent dispute begun by International Rectifier. This again proves our strong proprietary position and technical leadership in the power MOSFET and IGBT marketplace. With the court’s ruling in our favor, we have removed one of the clouds that affected IXYS and its shareholders. We thus expect to gain more market share as a technology leader with improved financial results and accelerated new product introductions in traditional and renewable energy markets,” said Dr. Zommer CEO of IXYS.

The company repurchased approximately 77,000 IXYS shares for $507,000 during the March 2008 quarter, and approximately 1.8 million IXYS shares for $15.1 million in the fiscal year ended March 2008. As of March 31, 2008, about 139,000 shares remained available for repurchase under the existing repurchase authorization.

“We project revenues to be relatively flat for the June 2008 quarter as compared to our record March quarter,” stated Uzi Sasson, COO and CFO of IXYS Corporation. “IXYS is investing in R&D to address the growing demand for power management and renewable energy resources. As these products gain adoption, along with our continued strong presence in traditional markets, revenues and margins should increase.”

About IXYS Corporation

Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve power conversion efficiency, generate clean energy, improve automation, and provide advance products for the transportation, medical and telecommunication industries. IXYS (NASDAQ: IXYS) is a worldwide pioneer in the development of power semiconductors and high voltage integrated circuits (HVIC) that are key to reducing the world’s dependence on fossil fuels.

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 (IC) play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. With a customer base of over 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide provider of semiconductors.

Additional information may be obtained by visiting IXYS’ website at http://www.ixys.com, or by contacting the company directly.

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 provisions related to litigation, 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 backlog, product lines, technological leadership, market share, future financial results, the demand for power management and renewable energy resources, product adoption, new product introductions, increasing revenues and margins, product developments, R&D investments and projection of revenues for the June 2008 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, increased competition, capacity limits on our ability to manufacture our products, cash flow difficulties, unanticipated technological hurdles, adverse changes in customer demand and increasing product costs, 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 December 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.

IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
			March 31,		March 31,
			2008		2007
		ASSETS
Current assets:
Cash and cash equivalents			$	57,234	$	54,196
Accounts receivable, net				50,270		42,519
Other receivables				2,282		2,006
Inventories, net				86,516		85,965
Prepaid expenses and other current assets				4,133		1,262
Deferred income taxes				7,578		14,345
	Total current assets			208,013		200,293
Property, plant and equipment, net				58,033		48,741
Other assets				14,238		11,780
Deferred income taxes				13,546		12,827
	Total assets		$	293,830	$	273,641
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations			$	4,890	$	3,686
Current portion of notes payable to bank				1,286		1,012
Accounts payable				21,489		19,926
Accrued expenses and other current liabilities				17,956		33,261
	Total current liabilities			45,621		57,885
Capitalized lease and other long term obligations, net of current portion				30,752		17,772
Pension liabilities				17,228		16,875
	Total liabilities			93,601		92,532
Common stock				354		350
Additional paid-in capital				132,125		143,038
Retained earnings				50,494		29,605
Accumulated other comprehensive income				17,256		8,116
	Stockholders' equity			200,229		181,109
	Total liabilities and stockholders' equity		$	293,830	$	273,641

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
			Three Months Ended						Fiscal Year Ended
			March 31			March 31			March 31			March 31
				2008			2007			2008			2007
Net revenues			$	79,254		$	74,018		$	304,456		$	285,908
Cost of goods sold				55,278			56,168			217,332			201,577
	Gross profit			23,976			17,850			87,124			84,331
Operating expenses:
	Research, development and engineering			5,575			5,186			21,124			20,105
	Selling, general and administrative			10,633			10,972			42,093			44,134
	Litigation provision			(7,062	)		303			(12,957	)		(29,435	)
		Total operating expenses		9,146			16,461			50,260			34,804
	Operating income			14,830			1,389			36,864			49,527
Other income (expense), net				(974	)		219			(2,885	)		(1,288	)
	Income before income tax provision			13,856			1,608			33,979			48,239
Provision (benefit) for income tax expense				3,737			(633	)		10,690			18,020
Net income			$	10,119		$	2,241		$	23,289		$	30,219
Net income per share - basic			$	0.33		$	0.07		$	0.73		$	0.90
Weighted average shares used in per share calculation - basic				31,083			32,659			31,906			33,505
Net income per share - diluted			$	0.32		$	0.07		$	0.71		$	0.87
Weighted average shares used in per share calculation - diluted				31,842			33,923			33,031			34,784

GAAP reconciliation to non-GAAP
(In thousands, except per share amounts)
	Quarter Ended						Twelve Months Ended
	March 31, 2008			March 31, 2007			March 31, 2008			March 31, 2007
Net income, as reported (GAAP)	$	10,119		$	2,241		$	23,289		$	30,219
Adjustments to GAAP net income:
Litigation provision and related tax effects		(4,601	)		(589	)		(8,153	)		(17,620	)
Non-GAAP net income	$	5,518		$	1,652		$	15,136		$	12,599
Net income per share-basic, as reported (GAAP)	$	0.33		$	0.07		$	0.73		$	0.90
Adjustments to GAAP net income per share-basic:
Litigation provision and related tax effects		(0.15	)		(0.02	)		(0.26	)		(0.53	)
Net income per share-basic, (non-GAAP)	$	0.18		$	0.05		$	0.47		$	0.37
Net income per share-diluted, as reported (GAAP)	$	0.32		$	0.07		$	0.71		$	0.87
Adjustments to GAAP net income per share-diluted:
Litigation provision and related tax effects		(0.15	)		(0.02	)		(0.25	)		(0.51	)
Net income per share-diluted, (non-GAAP)	$	0.17		$	0.05		$	0.46		$	0.36
Weighted average shares used in per share calculation
Basic		31,083			32,659			31,906			33,505
Dilutive weighted average shares		759			1,264			1,125			1,279
Diluted		31,842			33,923			33,031			34,784

CONTACT:
IXYS Corporation
Uzi Sasson, COO & CFO, 408-457-9000