IXYS Corp. reported what it claims are record net revenues of $79.3 million for the fourth fiscal quarter ended March 31, 2008, as compared with net revenues of $74.0 million for the same period in the prior fiscal year.
For the fiscal year ended March 31, 2008, IXYS reported record net revenues of $304.5 million, as compared with net revenues of $285.9 million for the prior fiscal year. Gross profit was $24.0 million, or 30.3% of net revenues for the quarter ended March 31, 2008, as compared to gross profit of $17.9 million, or 24.1% of net revenues for the same quarter in the prior fiscal year. Importantly, gross profit percentage improved quarter over quarter sequentially by 190 basis points.
"This quarter’s profit growth was a marked improvement over the third quarter; much of this strength can be attributed to the sale of higher-margin products in the U.S. and Europe," commented Dr. Nathan Zommer, CEO and President of IXYS.
Gross profit for the fiscal year ended March 31, 2008 was $87.1 million, or 28.6% of net revenues as compared to a gross profit of $84.3 million, or 29.5% of net revenues in the prior fiscal year. Net income for the quarter ended March 31, 2008, was $10.1 million on a GAAP basis, or $0.32 per diluted share ($5.5 million, $0.17 per diluted share, non GAAP), as compared to a net income of $2.2 million on a GAAP basis, or $0.07 per diluted share ($1.7 million, $0.05 per diluted share, non-GAAP), for the same quarter in the prior fiscal year.
Net income for the fiscal year ended March 31, 2008 was $23.3 million on a GAAP basis, or $0.71 per diluted share ($15.1 million, $0.46 per diluted share, non-GAAP), as compared to net income of $30.2 million on a GAAP basis, or $0.87 per diluted share ($12.6 million, $0.36 per diluted share, non-GAAP) for the prior fiscal year. GAAP net income includes legal charge reversals attributable to favorable outcomes in connection with the International Rectifier Corp. and LoJack litigations.
"These financial results demonstrate again the high quality of our revenues and the robust nature of our business model. Even in challenging economic conditions, especially present in the semiconductor industry, IXYS continues to grow revenues and profits. In addition, IXYS has won legal battles against LoJack and International Rectifier. For the second time in the Federal Circuit Court of Appeals, we have prevailed in the patent dispute begun by International Rectifier. This again proves our strong proprietary position and technical leadership in the power MOSFET and IGBT marketplace. With the court’s ruling in our favor, we have removed one of the clouds that affected IXYS and its shareholders. We thus expect to gain more market share as a technology leader with improved financial results and accelerated new product introductions in traditional and renewable energy markets," said Dr. Zommer CEO of IXYS.
