IXYS Announces Results For First Fiscal Quarter 2009July 28, 2009 by Jeff Shepard
IXYS Corp. reported net revenues of $48.9 million for the first fiscal quarter ended June 30, 2009, a decrease of 38.4%, as compared with net revenues of $79.3 million for the same period in the prior fiscal year. The sequential quarter decline from March 31, 2009 to June 30, 2009 was smaller at 16%.
"We believe that the decline in revenues was due mainly to the slowdown in the global economy; a pattern that has lasted now for three quarters. It appears that the decline may have leveled out, since our book to bill ratios in parts of our business have gone above 1. Despite the revenue drop, we continued our business development investment in all fronts. This resulted in expanding our product lines and penetration into new applications, like the LED based lighting and Cleantech industries," commented Dr. Nathan Zommer, CEO of IXYS.
Gross profit was $10.3 million, or 21.2% of net revenues, for the quarter ended June 30, 2009, as compared to gross profit of $24.8 million, or 31.2% of net revenues, for the same quarter in the prior fiscal year.
Net loss for the quarter ended June 30, 2009 was $3.9 million, or $0.13 loss per diluted share, as compared to a net income of $5.5 million, or $0.17 per diluted share for the same quarter in the prior fiscal year.
"The revenue decline in the June 2009 quarter as compared to the March 2009 quarter was primarily driven by a $7 million decrease in revenues in Europe and a $3 million decrease in revenues in North America. We have taken and continue to take steps to reduce our cost structure and conserve cash. Through the collection of receivables and our cash conservation efforts, our cash increased $8.6 million from March 31, 2009 to June 30, 2009," stated Uzi Sasson, COO & CFO at IXYS. "Our bookings improved by about $11 million from the March 2009 quarter to the June 2009 quarter; however, given the uncertainty of volatile macroeconomic conditions, we decline to give a revenue forecast for the September 2009 quarter."