IXYS Releases Results for the June 2014 Quarter [Professional Services Close - Up]
(Professional Services Close - Up Via Acquire Media NewsEdge) IXYS reported results for its first quarter of fiscal year 2015, which ended June 30.
In its release on August 6, the Company noted that net revenues for the quarter ended June 30, were $88.1 million, up $16.9 million, or 23.7 percent, from net revenues of $71.2 million in the prior year's quarter.
Net income for the quarter ended June 30, was $3.6 million, or $0.11 per diluted share, an increase of $1.6 million over the net income of $2.0 million, or $0.06 per diluted share, in the prior year's quarter. Sequentially, net income in the quarter ended June 30, increased by $3.4 million from net income of $132,000 in the March 31, quarter.
The June 30, quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $5.7 million, or $0.17 per diluted share, which was an increase of $3.1 million, as compared to the non- GAAP net income of $2.7 million, or $0.08 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended June 30, was $25.0 million, or 28.4 percent of net revenues, an increase of $3.9 million as compared to gross profit of $21.1 million, or 29.7 percent of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit margin percentages rose slightly from 28.2 percent in the March 2014 quarter to 28.4 percent in the June 2014 quarter.
"We continued our product diversification efforts, with more focus on growing our integrated circuit products worldwide to complement our power semiconductor business. Recognizing the growth of Asian markets, we have increased our outsourcing of some of our production to Asia. IXYS' revenues have grown year to year, and bookings are beginning to ramp up," noted Dr. Nathan Zommer, Founder and CEO of IXYS.
Cash and cash equivalents totaled $91.1 million at June 30, which is a decrease of $7.7 million as compared to March 31. The decrease in cash reflects a $15 million installment payment for IXYS' acquisition of Samsung's 4-bit and 8-bit microcontroller business in calendar year 2013. Normal cash generation is expected to fund the remainder of this acquisition.
In the quarter ended June 30, adjusted EBITDA, which excludes stock-based compensation expense, was $11.0 million, an increase of $4.5 million as compared to the same quarter in the prior year.
In the June 2014 quarter, the company declared a $0.03 per share dividend, highlighting the seventh consecutive quarter of dividends.
"We are pleased by the positive trends in IXYS' business, as evidenced by the healthy book-to-bill ratio of 1.08. While many of our customers have expressed optimism about future business prospects, purchasing trends have yet to resume in full force. Additionally, the summer months are cyclically slow for the overall semiconductor industry. Therefore, we expect our revenues for the September 2014 quarter to be relatively flat as compared to the June 2014 quarter," noted Uzi Sasson, President and Chief Financial Officer.
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