IXYS Corporation announced financial results for its third fiscal quarter ended December 31, 2016. Net revenues for the quarter ended December 31, 2016 were $79.5 million, an increase of 5.8%, as compared to $75.1 million in net revenues from the December 2015 quarter. Sequentially, net revenues in the December 2016 quarter increased by $855,000 from net revenues of $78.6 million posted in the September 2016 quarter. For the nine months ended December 31, 2016, IXYS reported net revenues of $238.8 million, as compared to net revenues of $237.4 million for the same period in the prior fiscal year.
“Higher revenues, in combination with aggressive cost-cutting initiatives and the focus on optimizing our worldwide enterprise, have allowed IXYS to improve its results. We continued our investments in new products and technologies in order to support our growth,†commented Dr. Nathan Zommer, Founder and CEO of IXYS.
Net income for the quarter ended December 31, 2016 was $5.1 million, or $0.16 per diluted share, an increase of $2.8 million, or 123.1%, as compared to net income of $2.3 million, or $0.07 per diluted share, for the December 2015 quarter. Sequentially, net income in the December 2016 quarter increased by $1.2 million, or 29.6%, from net income of $3.9 million in the September 2016 quarter.
Net income for the nine-month period ended December 31, 2016 was $12.1 million, or $0.38 per diluted share, an increase of $3.5 million, or 41.1%, as compared to net income of $8.5 million, or $0.26 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended December 31, 2016 was $26.9 million, or 33.9% of net revenues, as compared to gross profit of $24.0 million, or 32.0% of net revenues, for the same quarter in the prior fiscal year. On a sequential basis, the December 2016 quarter gross profit margin increased by 150 basis points from 32.4% of net revenues, or $25.5 million of gross profit, in the September 2016 quarter. Gross profit for the nine months ended December 31, 2016 was $76.4 million, or 32.0% of net revenues, as compared to gross profit of $75.6 million, or 31.9% of net revenues, for the same period in the prior fiscal year.
“Political uncertainty materially held back growth in 2016 as customers were reticent to make forecasts, preferring to purchase as needed on short lead times. IXYS was able to adapt to these conditions, securing new customers and stabilizing revenue trends. With various governmental elections decided by the end of 2016, focus has returned to economic development worldwide. Bookings are up and our backlog remains strong,†stated Mr. Uzi Sasson, CEO and President of IXYS. “Therefore, we are cautiously optimistic about our prospects and expect revenues in the March 2017 quarter to increase 3% from the December 2016 quarter.â€
