IXYS Corp. reported net revenues of $73.1 million for the third fiscal quarter ended December 31, 2007, an increase of 1.2% as compared with net revenues of $72.3 million for the same period in the prior fiscal year. For the nine months ended December 31, 2007, IXYS reported net revenues of $225.2 million, an increase of 6.3% as compared with net revenues of $211.9 million for the same period in the prior fiscal year.
"Our record $111 million backlog illustrates the strength of our business, mainly in the power electronics sector, despite the tough market conditions that have evolved in the general semiconductor industry," said Dr. Nathan Zommer, Chief Executive Officer of IXYS. "To maintain a competitive position, we continue to focus on delivering products and on improving our cost structure and the intra-company synergies between divisions. We are pleased to see that year to date, our power semiconductor products have continued to experience growth, fueled by the needs of industry to reduce energy costs and waste and to harness renewable and alternative sources. Year to date our power semiconductor revenues increased by 13% and our systems and RF power revenues have increased by 23%."
Gross profit was $20.8 million, or 28.4% of net revenues, for the quarter ended December 31, 2007, as compared to gross profit of $22.5 million, or 31.1% of net revenues, for the same quarter in the prior fiscal year. Gross profit for the nine months ended December 31, 2007 was $63.1 million, or 28.0% of net revenues, as compared to a gross profit of $66.5 million, or 31.4% of net revenues, for the same period in the prior fiscal year.
Net income for the quarter ended December 31, 2007, was $2.2 million, or $0.07 per diluted share, as compared to a loss of $106,000 or $0.00 per diluted share, for the same quarter in the prior fiscal year. Net income for the nine months ended December 31, 2007 was $13.2 million, or $0.39 per diluted share, as compared to net income of $28.0 million, or $0.80 per diluted share, for the same period in the prior fiscal year.
The company repurchased approximately 1.2 million IXYS shares for $9.5 million during the December 2007 quarter, and approximately 1.7 million IXYS shares for $14.6 million in the nine months ended December 2007.
"As of December 31, 2007, about 216,000 shares remained available for repurchase under the existing repurchase authorization. We plan to continue buying back shares under our authorized stock repurchase program," commented Uzi Sasson, COO and CFO. "Our core business lines continue to show resilience in a highly volatile market. We, therefore, project revenues in the March 2008 quarter to be 3-5% higher than in the December 2007 quarter. We continue to invest in R&D to develop products to address the needs of our core customer markets and to enter developing markets with innovative applications. Focused on energy savings, efficiency and renewable power, IXYS’ product developments portend business growth for the long term."
