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:June 4, 2014
(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 June 4, 2014, 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 June 4, 2014.

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:	June 4, 2014

EX-99.1

Exhibit 99.1

IXYS Corporation Reports Results for the Fourth Quarter and Fiscal Year Ended March 31, 2014

Highlights:

• Net revenues for the fiscal year ended March 31, 2014 were $336.3 million, an increase of $56.3 million, or 20.1%, from the prior fiscal year.
• Net revenues for the fiscal quarter ended March 31, 2014 were $89.9 million, an increase of $23.0 million, or 34.4%, from the fiscal quarter ended March 31, 2013.
• March 2014 quarter net revenues were up from the December 2013 quarter, proving to be the fifth consecutive quarter of revenue growth.
• Gross profit for the quarter ended March 31, 2014 was $25.4 million, or 28.2% of net revenues, as compared to gross profit of $18.4 million, or 27.6% of net revenues, for the same quarter in the prior fiscal year.
• IXYS declared a $0.03 per share dividend on February 7, 2014, marking the sixth consecutive quarter of dividends.

MILPITAS, Calif.--(BUSINESS WIRE)--June 4, 2014--IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced financial results for its fourth quarter and fiscal year ended March 31, 2014.

Net revenues for the quarter were $89.9 million, up $23.0 million, or 34.4%, from $66.9 million in net revenues for the March 31, 2013 quarter. Sequentially, March 31, 2014 quarter net revenues were up from the December 31, 2013 quarter net revenues, marking the fifth consecutive quarter of revenue growth.

For the twelve months ended March 31, 2014, IXYS reported net revenues of $336.3 million, an increase of $56.3 million, or 20.1%, as compared with net revenues of $280.0 million for the same period in the prior fiscal year.

“Revenues have been rising steadily over the past several quarters, with broad-based global sales growth. Our cross-selling efforts have been rewarded, as customers are seeking more products from IXYS – from high power semiconductors to power management microcontrollers. Our business model is working; sales are expected to increase as global macroeconomic conditions continue to improve,” commented Dr. Nathan Zommer, CEO and Founder of IXYS.

Net income for the quarter ended March 31, 2014 was $132,000, or $0.00 per diluted share, an increase of $2.0 million from the March 31, 2013 quarter, which showed a net loss of $1.9 million, or $0.06 loss per share.

The March 31, 2014 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $4.0 million, or $0.13 per diluted share, which was an increase of $5.0 million, as compared to the non-GAAP net loss of $958,000, or $0.03 loss per diluted share, for the same period in the prior fiscal year.

Net income for the twelve months ended March 31, 2014 was $6.0 million, or $0.19 per diluted share, as compared to net income of $7.6 million, or $0.24 per diluted share, for the same period in the prior fiscal year.

For the twelve months ended March 31, 2014, non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $18.4 million, or $0.58 per diluted share, as compared to non-GAAP net income of $12.1 million, or $0.38 per diluted share, for the same period in the prior fiscal year.

Gross profit for the quarter ended March 31, 2014 was $25.4 million, or 28.2% of net revenues, as compared to gross profit of $18.4 million, or 27.6% of net revenues, for the same quarter in the prior fiscal year.

Gross profit for the twelve months ended March 31, 2014 was $100.2 million, or 29.8% of net revenues, as compared to gross profit of $84.9 million, or 30.3% of net revenues, for the same period in the prior fiscal year.

Cash and cash equivalents totaled $98.8 million at March 31, 2014.

Adjusted EBITDA, which excludes stock-based compensation expense, was $10.3 million and $39.1 million, respectively, for the quarter and fiscal year ended March 31, 2014.

In the March 2014 quarter, the company declared a $0.03 per share dividend, highlighting the sixth consecutive quarter of dividends.

“We are starting to see signs of recovery in Europe and Asia, and the stability in the United States is continuing. Our balance sheet continues to be strong and our stockholders’ equity has grown to more than $270 million. Customers worldwide have resumed purchasing trends, and demand for IXYS products has increased; however, our optimism must be mitigated by ongoing market volatility. Therefore, we expect revenues in the June 2014 quarter to be slightly higher than revenues in the March 2014 quarter,” said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS.

Non-GAAP Information

Included above and within the attached schedules are certain non-GAAP financial figures. During the quarter and year ended March 31, 2014, the company incurred non-cash expenses, including those associated with amortization of intangible assets and stock compensation. Adjusting the net income in the March 31, 2014 quarter and year 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. Similarly, adjusted EBITDA for the March 31, 2014 quarter and year reflects the exclusion of amortization, depreciation and stock compensation expense, all non-cash charges, as well as interest and taxes, and may serve as an indication of the company’s ability to service its debt. Management believes non-GAAP net income, non-GAAP net income per share and adjusted EBITDA 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, non-GAAP net income per share and adjusted EBITDA 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 demand for our products, our business model, expectations for increasing sales, global macroeconomic conditions, regional economic conditions, purchasing trends and our revenues in the June 2014 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, 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 December 31, 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)
	March 31,		March 31,
	2014		2013
ASSETS
Current assets:
Cash and cash equivalents	$	98,775	$	107,430
Accounts receivable, net		45,707		37,752
Inventories, net		93,028		83,829
Prepaid expenses and other current assets		9,520		7,328
Deferred income taxes		7,975		7,167
Total current assets		255,005		243,506
Plant and equipment, net		50,569		51,995
Other assets		53,292		13,128
Deferred income taxes		24,316		24,847
Total assets	$	383,182	$	333,476
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized lease obligations	$	2,468	$	2,458
Current portion of notes payable to bank		1,028		15,956
Accounts payable		15,684		12,822
Accrued expenses and other current liabilities		50,166		16,992
Total current liabilities		69,346		48,228
Capitalized lease and other long term obligations, net of current portion		27,659		15,310
Pension liabilities		15,545		16,330
Total liabilities		112,550		79,868
Common stock		380		379
Additional paid-in capital		147,508		140,604
Retained earnings		117,715		115,718
Accumulated other comprehensive income		5,029		(3,093	)
Stockholders' equity		270,632		253,608
Total liabilities and stockholders' equity	$	383,182	$	333,476

IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
	Three Months Ended						Twelve Months
	March 31,						March 31,
	2014			2013			2014			2013
Net revenues	$	89,895		$	66,884		$	336,330		$	280,014
Cost of goods sold		64,506			48,452			236,120			195,134
Gross profit		25,389			18,432			100,210			84,880
Operating expenses:
Research, development and engineering		7,850			7,273			30,884			28,022
Selling, general and administrative		11,329			9,839			41,983			39,287
Amortization of intangibles		3,425			561			10,521			2,244
Total operating expenses		22,604			17,673			83,388			69,553
Operating income		2,785			759			16,822			15,327
Other income (expense), net		(192	)		(722	)		(3,363	)		(645	)
Income before income tax provision		2,593			37			13,459			14,682
Provision for income tax		2,461			1,942			7,413			7,034
Net income (loss)	$	132		$	(1,905	)	$	6,046		$	7,648
Net income (loss) per share - basic	$	0.00		$	(0.06	)	$	0.19		$	0.25
Weighted average shares used in per share calculation - basic		31,308			30,857			31,146			31,025
Net income (loss) per share - diluted	$	0.00		$	(0.06	)	$	0.19		$	0.24
Weighted average shares used in per share calculation - diluted		32,160			30,857			31,916			31,695

Reconciliation of net income to Non-GAAP net income
	Three Months Ended					Twelve Months Ended
	March 31,					March 31,
	2014		2013			2014		2013
Net income (loss)	$	132	$	(1,905	)	$	6,046	$	7,648
Amortization of intangible assets		3,425		561			10,521		2,244
Stock compensation expense		489		386			1,810		2,243
Non-GAAP net income (loss)	$	4,046	$	(958	)	$	18,377	$	12,135
Reconciliation of net income per share, diluted to Non-GAAP net income per share, diluted
	Three Months Ended					Twelve Months Ended
	March 31,					March 31,
	2014		2013			2014		2013
Net income (loss) per share, diluted	$	0.00	$	(0.06	)	$	0.19	$	0.24
Amortization of intangible assets		0.11		0.02			0.33		0.07
Stock compensation expense		0.02		0.01			0.06		0.07
Non-GAAP net income (loss) per share, diluted	$	0.13	$	(0.03	)	$	0.58	$	0.38
Weighted average shares used in per share calculation, diluted		32,160		30,857			31,916		31,695

Adjusted EBITDA
	Qtr Ended		Year Ended
	Mar. 31, 2014		Mar. 31, 2014
Net income	$	132	$	6,046
Add:
Income tax expense		2,461		7,413
Interest expense		427		1,579
Depreciation and amortization		6,568		21,274
Share-based employee compensation		752		2,785
Adjusted EBITDA	$	10,340	$	39,097

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