TMCnet News
IXYS Corporation Reports Results for the Fourth Quarter and Fiscal Year Ended March 31, 2016IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced financial results for its fourth quarter and fiscal year ended March 31, 2016. Net revenues for the quarter were $79.8 million versus $82.9 million in net revenues for the same period in the prior fiscal year. Sequentially, March 2016 quarter net revenues were up $4.6 million, or 6.2%, from $75.1 million in the December 2015 quarter. For the twelve months ended March 31, 2016, IXYS reported net revenues of $317.2 million, as compared to net revenues of $338.8 million for the prior fiscal year. "During the March 2016 quarter, we noticed a resumption of upward revenue trends across nearly all product lines and most applications. IXYS benefits from a diverse customer base of more than 3,500 customers worldwide, many of which have started to restock their inventory," commented Dr. Nathan Zommer, CEO and Founder of IXYS. "We intend to capitalize on the industry consolidation of the past year, and capture greater market share. Our organic growth initiatives (R&D spending, product portfolio expansion and "World of IXYS" marketing/sales resources) and acquisitive strategies have already enticed new customers to seek out our technologies." Net income for the quarter ended March 31, 2016 was $6.2 million, or $0.19 per diluted share, as compared to net income of $7.8 million, or $0.24 per diluted share, for the same period in the prior fiscal year. Importantly, net income more than doubled sequentially, as December 2015 net income was $2.3, million or $0.07 per diluted share. The March 2016 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $8.2 million, or $0.26 per diluted share, as compared to non-GAAP net income of $9.9 million, or $0.30 per diluted share, for the same period in the prior fiscal year. Net income for the twelve months ended March 31, 2016 was $14.7 million, or $0.46 per diluted share, as compared to net income of $23.7 million, or $0.74 per diluted share, for the prior fiscal year. For the twelve months ended March 31, 2016, non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $22.4 million, or $0.69 per diluted share, as compared to non-GAAP net income of $32.0 million, or $1.00 per diluted share, for the prior fiscal year. Gross profit for the quarter ended March 31, 2016 was $24.1 million, or 30.2% of net revenues, as compared to gross profit of $25.3 million, or 30.5% of net revenues, for the same quarter in the prior fiscal year. The gross profit margin has been in excess of 30% of net revenues for the past seven quarters. Gross profit for the twelve months ended March 31, 2016 was $99.8 million, or 31.4% of net revenues, as compared to gross profit of $102.0 million, or 30.1% of net revenues, for the prior fiscal year. IXYS' gross profit percentage increased by 130 basis points year-over-year. Cash and cash equivalents totaled $155.8 million at March 31, 2016, after generating $5.9 million in cash from operations during the quarter. IXYS was able to increase its cash position, even after a $1.9 million stock buyback of 180,000 shares during the quarter. The company also declared a $0.04 per share dividend, highlighting the fourteenth consecutive quarter of dividends. Adjusted EBITDA, which excludes stock-based compensation expense, was $11.8 million and $42.5 million, respectively, for the quarter and fiscal year ended March 31, 2016. "We are enthusiastic about growth prospects for IXYS in the coming year, as we are seeing more sales activity across geographies and markets. We are also pleased by the sustainability of our gross margins, which further validates our earlier decision to focus on higher margin product sales. In conjunction with sales, IXYS is equally committed to lowering operating expenses. We continue to focus on this two-pronged effort to further increase profitability," said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS. "Healthier macroeconomic conditions, and concurrent customer purchasing visibility, may be on the horizon. In this tenuously optimistic market, we expect revenues in the June 2016 quarter to increase slightly from the March 2016 results." Non-GAAP Information Included above and within the attached schedules are certain non-GAAP financial figures. During the quarter and year ended March 31, 2016, the company incurred non-cash charges, including those associated with amortization of intangible assets and stock compensation. Adjusting the net income in the March 31, 2016 quarter and year to exclude the impact of amortization of intangible assets and stock compensation expenses and the applicable tax at the effective tax rate for the respective periods, results in a financial presentation for the company without the effect of these non-cash charges. Similarly, adjusted EBITDA for the March 31, 2016 quarter and year reflects the exclusion of depreciation and amortization, stock compensation expenses, 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 telecommunication industries. IXYS, with its subsidiaries, is a worldwide pioneer in the development of power semiconductors, solid state relays, high voltage integrated circuits, 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 play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. IXYS semiconductors are also key to developments of new medical devices and systems that provide unique solutions in diagnostics and therapy for the leading medical equipment OEMs worldwide. 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 inventory restocking, our intention regarding industry consolidation and market share, our organic growth initiatives, acquisitive strategies, new customers, growth prospects, sales activity, gross margins, focus on higher margin product sales, commitment to lowering operating expenses, increase in profitability, macroeconomic conditions, customer purchasing visibility and our revenues in the June 2016 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, increasing product costs or changes in currency exchange rates, 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, 2015. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160526005410/en/ |