IXYS Announces Return of Top Line Growth
IXYS Corporation today reported results for its first quarter of fiscal year 2014, which ended June 30, 2013. Net revenues for the quarter were $71.2 million, up $4.3 million sequentially from net revenues of $66.9 million in the preceding quarter, and down $9.7 million from $80.9 million in net revenues from the June 2012 quarter. This marks the second consecutive quarter of revenue growth, with June 2013 quarter net revenues up 6.4% from the March 2013 quarter and March 2013 quarter net revenues 4.8% higher than those of the December 2012 quarter.
â€œWe are pleased to see the return to top line growth of revenues worldwide and to GAAP profitability. We are continually focused on cost reductions, new product introductions, and maintaining a strong cash position. We expanded our MCU business with the recent acquisition, and expect to realize its benefits in the coming quarters,â€ commented Dr. Nathan Zommer, Chairman and CEO.
Net income for the quarter ended June 30, 2013 was $2.0 million, or $0.06 per diluted share, an increase of $3.9 million over the net loss of $1.9 million in the March 2013 quarter. In the June 2012 quarter, net income was $6.0 million, or $0.19 per diluted share.
Gross profit for the quarter ended June 30, 2013 was $21.1 million, or 29.7% of net revenues, as compared to gross profit of $27.1 million, or 33.6% of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit in the June 2013 quarter increased by $2.7 million (an increase of 2.1 percentage points) from gross profit of $18.4 million, or 27.6% of net revenues, in the March 2013 quarter.
Cash and cash equivalents totaled $86.1 million at June 30, 2013, down $21.3 million from March 31, 2013. The company had eight consecutive quarters of record cash leading up to June 30, 2013, at which time the cash balance decreased as a result of IXYS' recent acquisition of the microcontroller product line.
â€œWe see signs of muted recovery in global markets, led by resumption of spending trends in the U.S. and select European countries. Optimism in the marketplace inevitably leads to customer confidence, as evidenced by our recent two quarters of sales growth. If markets continue to follow this trend, we can expect revenues for the September 2013 quarter to be 10% to 12% higher than those of the June 2013 quarter,â€ noted Mr. Uzi Sasson, President and Chief Financial Officer.