IXYS Corp. Announces First Quarter Financial Results
IXYS Corp. announced that, for its first fiscal quarter ended June 30, 2006, the company reported net revenues of $67.7 million, as compared with net revenues of $63.3 million for the same period in the prior fiscal year. Gross profit was $21.9 million, or 32.3% of net revenues, for the quarter ended June 30, 2006, as compared to gross profit of $21.1 million, or 33.4% of net revenues, for the same quarter in the prior fiscal year.
Net income for the quarter ended June 30, 2006, was $24.3 million, or $0.68 per diluted share, as compared to $5.1 million, or $0.14 per diluted share, for the same quarter in the prior fiscal year. The results for the quarter ended June 30, 2006 included a credit adjustment of $36.8 million to record the trial court's reduction of the award previously made to LoJack Corp. and related tax effects. Excluding the impact of these adjustments, net income for the quarter ended June 30, 2006 would have been $2.6 million, or $0.07 per share, diluted.
"We are pleased to report consecutive sequential revenue growth and sequential increases in our gross margin and gross profit. However our usual operating expenses have increased, in part due to increased R&D investments and compliance expenses. We are experiencing a high demand for our products with record orders taken in the June quarter, creating sequentially again, a record backlog and an increased book-to-bill ratio of 1.18," said Dr. Nathan Zommer, the company's CEO.
Uzi Sasson, the company's CFO, said, "This is normally the season when we would experience a weakening in our market because of the summer slowdown, especially in Europe. However, this year we expect our strong backlog to counter this trend and we project our revenues for the September 2006 quarter to be between $67 million and $69 million."