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:October 23, 2013
(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 October 23, 2013, 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 October 23, 2013.

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:	October 23, 2013

EX-99.1

Exhibit 99.1

IXYS Corporation Announces Strong Results for the September 2013 Quarter

Company Achieved Sequential Quarter Growth in Revenues, Gross Profit and Net Income

Highlights:

• Net revenues were $85.9 million, up $14.7 million from the June 2013 quarter, marking the third consecutive quarter of revenue growth.
• GAAP net income was $3.5 million, or $0.11 per diluted share, an increase of $1.5 million over the June 2013 quarter.
• Non-GAAP net income was $7.4 million dollars, or $0.23 per diluted share.
• Gross profit was $27.9 million, an increase of $6.8 million from the June 2013 quarter. Gross profit was up for the second quarter in a row.
• IXYS distributed shareholder dividends for the fourth consecutive quarter.

MILPITAS, Calif.--(BUSINESS WIRE)--October 23, 2013--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today reported results for its second quarter of fiscal 2014, which ended September 30, 2013.

Net revenues for the quarter ended September 30, 2013 were $85.9 million, up $17.4 million, or 25.5%, from $68.5 million in net revenues for the September 2012 quarter. Sequentially, net revenues were up $14.7 million or 20.7%, from June 2013 net revenues of $71.2 million, marking the third consecutive quarter of revenue growth.

For the six months ended September 30, 2013, IXYS reported net revenues of $157.1 million, an increase of $7.8 million, or 5.2%, as compared with net revenues of $149.3 million for the same period in the prior fiscal year.

“During the recession, IXYS proved to be a lean operating company capable of weathering difficult macroeconomic conditions. We focused on executing our growth strategy, both for organic growth and through complementary M&A. We are pleased to see signs of a recovery in market demand globally and an acceptance of our new products across the board. We are transforming IXYS into a multi-technology semiconductor company, with power semiconductors, integrated circuits and RF-capable products, a strategy that we believe will bring sustainable growth in profit margins,” commented Dr. Nathan Zommer, Chairman, CEO and Founder of IXYS.

Net income for the quarter ended September 30, 2013 was $3.5 million, or $0.11 per diluted share, an increase of $1.1 million over the September 2012 quarter, which reported $2.4 million, or $0.07 per diluted share. Net income increased $1.5 million dollars compared to $2.0 million of net income in June 2013.

Net income for the six months ended September 30, 2013 was $5.5 million, or $0.17 per diluted share, as compared to net income of $8.4 million, or $0.26 per diluted share, for the same period in the prior fiscal year.

The September 2013 quarter non-GAAP net income, which excludes the impact of expenses for the amortization of acquired intangible assets and stock compensation, was $7.4 million dollars, or $0.23 per diluted share.

Gross profit for the quarter ended September 30, 2013 was $27.9 million, or 32.5% of net revenues, as compared to gross profit of $20.4 million, or 29.8% of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit in the September 2013 quarter increased by $6.8 million from gross profit of $21.1 million in the June 2013 quarter.

Gross profit for the six months ended September 30, 2013 was $49.0 million, or 31.2% of net revenues, as compared to a gross profit of $47.5 million, or 31.8% of net revenues, for the same period in the prior fiscal year.

Cash and cash equivalents totaled $95.2 million at September 30, 2013, an increase of $9.1 million as compared to June 30, 2013.

“We are beginning to see stronger revenues in Asia and the United States; however, global macroeconomic conditions remain volatile, with lingering currency concerns in Europe and a lack of strong optimism from our European customers. Even though we are approaching the traditionally slower holiday season, we still expect moderate growth of 2-4% in the December 2013 quarter,” noted Mr. Uzi Sasson, President and Chief Financial Officer.

Non-GAAP Information

Included above and within the attached schedules are certain non-GAAP financial figures. During the second quarter of fiscal 2014, ended September 30, 2013, the company incurred non-cash expenses, including those associated with amortization of intangible assets and stock compensation. Adjusting the net income in the September 2013 quarter to exclude the impact of amortization of intangible assets and stock compensation expenses results in a financial presentation for the company without the effect of these non-cash charges. Management believes non-GAAP net income and non-GAAP net income per share are useful measures of operating performance. However, the 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.

These non-GAAP measures have limitations as analytical tools, and should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies in our industry may calculate non-GAAP net income and non-GAAP net income per share differently than we do, limiting their usefulness as comparative measures.

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 3,500 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 a recovery in market demand, acceptance of new products, the transformation of IXYS, our belief regarding sustainable growth in profit margins, revenues in Asia and the United States, macroeconomic conditions and our revenues in the December 2013 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 capacity limitations, adverse changes in customer demand, declining economic conditions or 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 fiscal quarter ended June 30, 2013. 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)
	September 30,		March 31,
	2013		2013
ASSETS
Current assets:
Cash and cash equivalents	$	95,234	$	107,430
Accounts receivable, net		46,406		37,752
Other receivables		2,686		1,110
Inventories, net		89,750		83,829
Prepaid expenses and other current assets		6,495		6,218
Deferred income taxes		7,367		7,167
Total current assets		247,938		243,506
Plant and equipment, net		52,281		51,995
Other assets		59,153		13,128
Deferred income taxes		25,039		24,847
Total assets	$	384,411	$	333,476
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations	$	2,650	$	2,458
Current portion of notes payable to bank		16,009		15,956
Accounts payable		19,461		12,822
Accrued expenses and other current liabilities		34,776		16,992
Total current liabilities		72,896		48,228
Other long term obligations and capitalized lease, net of current portion		28,917		15,310
Pension liabilities		16,448		16,330
Total liabilities		118,261		79,868
Common stock		380		379
Additional paid-in capital		143,976		140,604
Retained earnings		119,065		115,718
Accumulated other comprehensive income		2,729		(3,093	)
Stockholders' equity		266,150		253,608
Total liabilities and stockholders' equity	$	384,411	$	333,476

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended					Six Months Ended
	September 30,					September 30,
	2013			2012		2013			2012
Net revenues	$	85,901		$	68,461	$	157,087		$	149,318
Cost of goods sold		58,000			48,057		108,049			101,841
Gross profit		27,901			20,404		49,038			47,477
Operating expenses:
Research, development and engineering		7,453			7,035		15,140			13,965
Selling, general and administrative		10,583			9,508		20,626			20,298
Amortization of intangibles		3,425			484		3,671			1,124
Total operating expenses		21,461			17,027		39,437			35,387
Operating income		6,440			3,377		9,601			12,090
Other income (expense), net		(1,427	)		56		(1,683	)		584
Income before income tax provision		5,013			3,433		7,918			12,674
Provision for income tax		1,528			1,076		2,454			4,310
Net income	$	3,485		$	2,357	$	5,464		$	8,364
Net income per share - basic	$	0.11		$	0.08	$	0.18		$	0.27
Weighted average shares used in per share calculation - basic		31,127			31,310		31,037			31,331
Net income per share - diluted	$	0.11		$	0.07	$	0.17		$	0.26
Weighted average shares used in per share calculation - diluted		31,849			31,975		31,737			32,192

Reconciliation of net income to Non-GAAP net income
	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Net income	$	3,485	$	2,357	$	5,464	$	8,364
Amortization of intangible asset		3,425		484		3,671		1,124
Stock compensation		469		725		939		1,492
Non-GAAP net income	$	7,379	$	3,566	$	10,074	$	10,980
Reconciliation of net income per share, diluted to Non-GAAP net income per share, diluted
	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2013		2012		2013		2012
Net income per share, diluted	$	0.11	$	0.07	$	0.17	$	0.26
Amortization of intangible asset		0.11		0.02		0.12		0.03
Stock compensation		0.01		0.02		0.03		0.05
Non-GAAP net income per share, diluted	$	0.23	$	0.11	$	0.32	$	0.34
Weighted average shares used in per share calculation, diluted		31,849		31,975		31,737		32,192

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