IXYS Corp. announced results for its fourth quarter and fiscal year ended March 31, 2012. Net revenues for the fiscal year ended March 31, 2012 were a record $368.0 million, an increase of 1.3% from net revenues of $363.3 million in the prior fiscal year. Net income for the fiscal year ended March 31, 2012 was $30.3 million, or $0.93 per diluted share, as compared to net income of $36.6 million, or $1.14 per diluted share, in the prior fiscal year.
Included in the results for the quarter and year ended March 31, 2012 is a reduction to income of $6.4 million caused by the impairment of goodwill. Excluding the impact of the goodwill impairment, non-GAAP net income for the fiscal year ended March 31, 2012 would have been $35.1 million, or $1.08 per diluted share, as compared to non-GAAP net income of $29.2 million, or $0.91 per diluted share, in the prior fiscal year, where the effect of a tax adjustment and restructuring, impairment and nonperforming asset charges are excluded. These items consist of the release of a valuation allowance against deferred tax assets, the impairment of goodwill and intangible assets, restructuring charges and write-offs of nonperforming assets.
Net revenues for the fourth quarter of fiscal year 2012 were $87.2 million, up 8.9% sequentially from net revenues of $80.0 million in the immediately preceding quarter, and 9.9% lower as compared to net revenues of $96.8 million for the same quarter in the prior fiscal year.
Net income for the fourth quarter of fiscal year 2012 was $3.7 million, or $0.11 per diluted share, as compared to net income of $15.9 million, or $0.49 per diluted share, for the same quarter in the prior fiscal year. On the same basis used in the fiscal year comparison, non-GAAP net income for the quarter ended March 31, 2012 would have been $7.2 million, or $0.22 per diluted share, as compared to non-GAAP net income of $8.0 million, or $0.25 per diluted share, for the same quarter in the prior fiscal year.
"We are pleased to have achieved another year of record revenues and we note that, on a non-GAAP basis, our fundamental operating profitability improved from year-to-year, once the effects of certain accounting adjustments of the last two years are eliminated," commented Dr. Nathan Zommer, Chairman and CEO.
"During the year, we integrated our technology and operational groups, expanded our product range and expanded our total market reach. We created the World of IXYS Ecosystem™, where we provide our customers the total solution, from digital control ICs and our Zilog MCUs, through mixed signal driver and control ICs to RF power and power semiconductors. Very few semiconductor companies can offer these products in combination with a focus on clean energy, power electronics, medical, lighting and the automotive industry. Our strong financial results reflect our sustainable strategy."
Gross profit for the fiscal year ended March 31, 2012 was $119.6 million, or 32.5% of net revenues, as compared to a gross profit of $122.1 million, or 33.6% of net revenues in the prior fiscal year.
Gross profit was $30.0 million, or 34.4% of net revenues, for the quarter ended March 31, 2012, as compared to gross profit of $31.7 million, or 32.8% of net revenues, for the same quarter in the prior fiscal year. The gross profit margin percentage increased by 5.5 percentage points from the immediately preceding quarter.
"Despite the worldwide economic weakness, our business remains healthy. We have also increased our manufacturing effectiveness, which led, in part, to our improved gross profit margin," commented President and CFO Uzi Sasson. "We continued our trend of showing consistent growth in stockholders’ equity to a record of $254.1 million at March 31, 2012."
IXYS’ cash balance at March 31, 2012 was $99.1 million, a record cash balance and an increase of $23.1 million over the cash balance at March 31, 2011.
"The economy continues to be challenging but we have managed to maintain a consistent growth in our cash position. In the March quarter, we generated $6.3 million in cash from operations," said Mr. Sasson. "However, our internal efforts to be more cost efficient do not grant us immunity to unfavorable market influences and we expect revenues for the June 2012 quarter to be relatively flat as compared to revenues for the March 2012 quarter."