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:January 27, 2011
(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, California 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 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 January 27, 2011, 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 January 27, 2011.

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, President and Chief
		Financial Officer (Principal Financial
		Officer)
Date:	January 27, 2011

EX-99.1

Exhibit 99.1

IXYS Announces Record Revenues For The Third Fiscal Quarter Ended December 31, 2010

Highlights:

• Record quarterly revenues of $91.7 million
• Net income of $7.3 million or $0.23 per diluted share
• $164.1 million backlog, the second highest backlog in the history of the company
• $69.8 million in cash, an increase of $3.6 million over the September 30, 2010 quarter

MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--January 27, 2011--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor company, today announced results for its third fiscal quarter ended December 31, 2010. Net revenues for the quarter ended December 31, 2010 were $91.7 million, an increase of $27.7 million, or 43.3%, as compared to net revenues of $64.0 million for the same period in the prior fiscal year. Compared to the quarter ended September 30, 2010, December quarter revenues increased by $1.8 million. This period marks the sixth consecutive quarter of revenue growth.

For the nine months ended December 31, 2010, IXYS reported net revenues of $266.5 million, an increase of 59.9% as compared with net revenues of $166.7 million for the same period in the prior fiscal year.

Net income for the quarter ended December 31, 2010 was $7.3 million, or $0.23 per diluted share, as compared to net income of $399,000, or $0.01 per diluted share, for the same quarter in the prior fiscal year. Net income for the nine months ended December 31, 2010 was $20.7 million, or $0.65 per diluted share, as compared to net loss of $4.7 million, or $0.15 loss per share, for the same period in the prior fiscal year.

Gross profit was $29.1 million, or 31.7% of net revenues, for the quarter ended December 31, 2010, as compared to gross profit of $15.7 million, or 24.5% of net revenues, for the same quarter in the prior fiscal year.

Gross profit for the nine months ended December 31, 2010 was $90.4 million, or 33.9% of net revenues, as compared to a gross profit of $38.7 million, or 23.2% of net revenues, for the same period in the prior fiscal year.

Backlog was $164.1 million at December 31, 2010, as compared to $91.8 million at December 31, 2009. Bookings were $95.8 million for the quarter ended December 31, 2010, as compared to $77.1 million for the comparable quarter of the prior year, an increase of 24.2%. Bookings were also 12.6% higher than the September 2010 quarter bookings of $85.1 million.

Cash and cash equivalents totaled $69.8 million at December 31, 2010, an increase of $3.6 million as compared to September 2010.

“IXYS' consistent backlog evidences the demand for our products, especially in emerging growth economies in Asia and in European industrial markets,” said Dr. Nathan Zommer, Founder and CEO of IXYS Corporation. “Today, our products span the entire power spectrum from high power semiconductors to microcontrollers and we are proving to be a key supplier of power solutions for customers worldwide. In an era defined by power efficiency and renewable energy sourcing, IXYS continues to build upon its expertise in the high power and clean technology sectors.”

“In the past nine months, strong product demand has translated to record revenues, showcased by this quarter's $91.7 million. Our $164.1 million in backlog at the end of December 2010 demonstrates that we have a strong base for future business. However, we are cautiously optimistic and therefore project revenues for the March 2011 quarter to be similar to those recorded in the December 2010 quarter,” stated Uzi Sasson, President and CFO of IXYS.

About IXYS Corporation

Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve energy conversion efficiency, generate clean energy, improve automation, and provide advanced products for the transportation, medical and telecommunications industries. IXYS, with its subsidiaries, is a worldwide pioneer in the development of power semiconductors, solid state relays, high voltage integrated circuits (HVIC), and microcontrollers that are necessary in conserving energy and in reducing the world’s dependence on fossil fuels.

Diminishing natural resources, demand for renewable 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 an end customer base of over 2,500 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.

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

Safe Harbor Statement

The foregoing press release contains forward-looking statements, including those related to our backlog and bookings, the demand for our products, future business and our revenues in the March 2011 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, cash flow difficulties, unanticipated technological hurdles, manufacturing challenges and constraints, 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 reports that IXYS has filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2010. 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)
			December 30,		March 31,
			2010		2010
		ASSETS
Current assets:
Cash and cash equivalents			$	69,838	$	61,337
Accounts receivable, net				50,626		47,158
Other receivables				1,778		1,196
Inventories, net				78,001		65,583
Prepaid expenses and other current assets				3,657		4,023
Deferred income taxes				10,339		10,467
	Total current assets			214,239		189,764
Plant and equipment, net				50,494		47,878
Other assets				26,527		30,573
Deferred income taxes				17,145		17,081
	Total assets		$	308,405	$	285,296
	LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations			$	2,796	$	2,845
Current portion of notes payable to bank				8,363		8,434
Accounts payable				17,479		17,762
Accrued expenses and other current liabilities				25,782		24,998
	Total current liabilities			54,420		54,039
Capitalized lease and other long term obligations, net of current portion				34,138		32,300
Pension liabilities				15,689		15,822
	Total liabilities			104,247		102,161
Common stock				371		368
Additional paid-in capital				138,262		137,580
Retained earnings				64,020		43,307
Accumulated other comprehensive income				1,505		1,880
	Stockholders' equity			204,158		183,135
	Total liabilities and stockholders' equity		$	308,405	$	285,296

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
			Three Months Ended				Nine Months Ended
			December 30,				December 30,
			2010		2009		2010		2009
Net revenues			$	91,727	$	64,032	$	266,512	$	166,663
Cost of goods sold				62,647		48,321		176,131		128,000
	Gross profit			29,080		15,711		90,381		38,663
Operating expenses:
	Research, development and engineering			6,684		5,144		20,293		14,202
	Selling, general and administrative			10,595		8,315		31,471		24,678
	Amortization of intangibles			1,630		502		5,476		505
	Restructuring charges			515		32		566		1,042
		Total operating expenses		19,424		13,993		57,806		40,427
	Operating income (loss)			9,656		1,718		32,575		(1,764	)
Other income (expense), net				303		373		458		(2,588	)
	Income (loss) before income tax provision			9,959		2,091		33,033		(4,352	)
Provision for income tax				2,653		1,692		12,320		347
Net income (loss)			$	7,306	$	399	$	20,713	$	(4,699	)
Net income (loss) per share - basic			$	0.23	$	0.01	$	0.66	$	(0.15	)
Weighted average shares used in per share calculation - basic				31,096		31,100		31,210		30,893
Net income (loss) per share - diluted			$	0.23	$	0.01	$	0.65	$	(0.15	)
Weighted average shares used in per share calculation - diluted				32,071		31,269		31,877		30,893

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