News

IXYS Announces Its Fourth Quarter and Fiscal Year Results

June 08, 2006 by Jeff Shepard

IXYS Corp. announced that, for the fourth fiscal quarter ended March 31, 2006, the company reported net revenues of $64.4 million, as compared with net revenues of $69.0 million for the same period in the prior fiscal year. Gross profit was $20.4 million, or 31.6% of net revenues, for the quarter ended March 31, 2006, as compared to gross profit of $23.2 million, or 33.6% of net revenues, for the same quarter in the prior fiscal year. Net income for the quarter ended March 31, 2006, was $30.3 million, or $0.85 per diluted share, as compared to $5.8 million, or $0.16 per diluted share, for the same quarter in the prior fiscal year.

Excluding the impact of a litigation provision credit adjustment of $8.7 million related to the litigation involving LoJack Corp. and other non-recurring adjustments to related deferred tax assets made in the quarter ended March 31, 2006, net income for the quarter ended March 31, 2006 would have been $5.4 million, or $0.15 per diluted share.

For the fiscal year ended March 31, 2006, IXYS reported net revenues of $251.5 million, as compared with net revenues of $256.6 million for the prior fiscal year. Gross profit for the fiscal year ended March 31, 2006 was $81.7 million, or 32.5% of net revenues, as compared to gross profit of $79.9 million, or 31.1% of net revenues, for the prior fiscal year. Net loss for the fiscal year ended March 31, 2006, was $6.1 million, or $0.18 loss per diluted share, as compared to net income of $16.2 million, or $0.46 per diluted share, for the prior fiscal year.

Dr. Nathan Zommer, Chief Executive Office, stated: "Consistent with our long term growth plan, we are pleased to return to sequential quarterly revenue growth, from $60.3 million in the December, 2005 quarter to $64.4 million in the March, 2006 quarter. IXYS has demonstrated a tripling of its revenues in the last four fiscal years. Our cash grew last year, even with the purchase of a record number of our own shares and buying two of our facilities, and, at March 31, 2006, was $78.5 million. During the past fiscal year, we harvested the benefits of our product diversification and investments in new products. We strengthened our Board of Directors, invested in our worldwide corporate infrastructure and in our technology, and expanded our manufacturing capacities. We continue to focus on growing our revenues and improving our gross margins."