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:
January
31, 2012
(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 31, 2012, 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 31, 2012. |
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 31, 2012 |
Exhibit 99.1
IXYS Announces Results for the Third Fiscal Quarter Ended December 31, 2011
MILPITAS, Calif. & BIEL, Switzerland--(BUSINESS WIRE)--January 31, 2012--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor company, today announced results for its third fiscal quarter ended December 31, 2011. Net revenues in the quarter ended December 31, 2011 were $80.0 million, a decrease of $11.7 million, or 12.7%, as compared to net revenues of $91.7 million for the same period in the prior fiscal year.
For the nine months ended December 31, 2011, IXYS reported net revenues of $280.8 million, an increase of $14.3 million, or 5.4%, as compared to net revenues of $266.5 million for the same period in the prior fiscal year.
“Year-to-date revenues outperformed the prior comparable period as a result of shipments from our substantial backlog. In the most recently completed quarter, demand dropped, which is notable in light of our recent string of record-breaking revenue quarters. The holiday slowdown this past quarter also had a significant effect. Nevertheless, our design win efforts remain strong in our end customers. We continue executing along our multi-year, long-term growth plans, as evidenced by our nine month year-to-year results,” commented Dr. Nathan Zommer, Chairman and CEO of IXYS.
Net income for the quarter ended December 31, 2011 was $5.7 million, or $0.18 per diluted share, as compared to a net income of $7.3 million, or $0.23 per diluted share, for the same period in the prior fiscal year. Net income for the nine months ended December 31, 2011 was $26.6 million, or $0.82 per diluted share, as compared to a net income of $20.7 million, or $0.65 income per diluted share, for the same period in the prior fiscal year.
Gross profit was $23.2 million, or 28.9% of net revenues, for the quarter ended December 31, 2011, as compared to gross profit of $29.1 million, or 31.7% of net revenues, for the same period in the prior fiscal year.
Gross profit for the nine months ended December 31, 2011 was $89.7 million, or 31.9% of net revenues, as compared to a gross profit of $90.4 million, or 33.9% of net revenues, for the same period in the prior fiscal year.
Cash and cash equivalents totaled $93.2 million, an increase of $2.5 million as compared to $90.7 million at September 30, 2011, and an increase of $17.2 million as compared to March 31, 2011.
“Cognizant of market volatility, we maintain a conservative business outlook, focusing on sales and R&D, while working diligently to control expenses,” stated Uzi Sasson, President and CFO of IXYS. “We expect the March 2012 quarter revenues to be 5% to 8% higher than the December 2011 quarter revenues.”
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 2,000 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.
Additional information may be obtained by visiting the 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 design win efforts, executing along our multi-year, long-term growth plans, market volatility, our outlook and our expectations for revenues during the March 2012 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, 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 IXYS filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2011. 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 31, |
March 31, | |||||||
2011 | 2011 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 93,150 | $ | 75,999 | ||||
Accounts receivable, net | 42,911 | 55,222 | ||||||
Other receivables | 1,949 | 1,543 | ||||||
Inventories, net | 86,181 | 75,839 | ||||||
Prepaid expenses and other current assets | 4,890 | 6,742 | ||||||
Deferred income taxes | 10,457 | 10,660 | ||||||
Total current assets | 239,538 | 226,005 | ||||||
Plant and equipment, net | 56,437 | 52,311 | ||||||
Other assets | 19,653 | 22,099 | ||||||
Deferred income taxes | 24,753 | 24,774 | ||||||
Total assets | $ | 340,381 | $ | 325,189 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of capitalized lease obligations | $ | 2,840 | $ | 2,860 | ||||
Current portion of notes payable to bank | 1,397 | 1,352 | ||||||
Accounts payable | 20,380 | 16,892 | ||||||
Accrued expenses and other current liabilities | 19,769 | 22,938 | ||||||
Total current liabilities | 44,386 | 44,042 | ||||||
Capitalized lease and other long term obligations, net of current portion | 36,576 | 37,373 | ||||||
Pension liabilities | 13,043 | 14,545 | ||||||
Total liabilities | 94,005 | 95,960 | ||||||
Common stock | 378 | 374 | ||||||
Additional paid-in capital | 139,013 | 141,138 | ||||||
Retained earnings | 106,548 | 79,954 | ||||||
Accumulated other comprehensive income | 437 | 7,763 | ||||||
Stockholders' equity | 246,376 | 229,229 | ||||||
Total liabilities and stockholders' equity |
$ | 340,381 | $ | 325,189 | ||||
IXYS CORPORATION | ||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Net revenues |
$ | 80,041 | $ | 91,727 | $ | 280,823 | $ | 266,512 | ||||||||
Cost of goods sold | 56,889 | 62,647 | 191,158 | 176,131 | ||||||||||||
Gross profit | 23,152 | 29,080 | 89,665 | 90,381 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research, development and engineering | 6,368 | 6,684 | 19,805 | 20,293 | ||||||||||||
Selling, general and administrative | 10,827 | 10,595 | 32,142 | 31,471 | ||||||||||||
Amortization of intangibles | 640 | 1,630 | 1,885 | 5,476 | ||||||||||||
Restructuring charges | - | 515 | - | 566 | ||||||||||||
Total operating expenses | 17,835 | 19,424 | 53,832 | 57,806 | ||||||||||||
Operating income | 5,317 | 9,656 | 35,833 | 32,575 | ||||||||||||
Other income (expense), net | 665 | 303 | 1,516 | 458 | ||||||||||||
Income before income tax provision | 5,982 | 9,959 | 37,349 | 33,033 | ||||||||||||
Provision for income tax | 311 | 2,653 | 10,755 | 12,320 | ||||||||||||
Net income | $ | 5,671 | $ | 7,306 | $ | 26,594 | $ | 20,713 | ||||||||
Net income per share - basic | $ | 0.18 | $ | 0.23 | $ | 0.85 | $ | 0.66 | ||||||||
Weighted average shares used in per share calculation - basic | 31,203 | 31,096 | 31,335 | 31,210 | ||||||||||||
Net income per share - diluted | $ | 0.18 | $ | 0.23 | $ | 0.82 | $ | 0.65 | ||||||||
Weighted average shares used in per share calculation - diluted | 32,238 | 32,071 | 32,505 | 31,877 | ||||||||||||
CONTACT:
IXYS Corporation
Uzi Sasson, 408-457-9000
President &
CFO