IXYS Expanding in IoT, EVs and Alternative Energy

IXYS Corporation announced financial results for its first fiscal quarter ended June 30, 2016. Net revenues for the quarter were $80.6 million versus $82.0 million in net revenues for the same period in the prior fiscal year. Sequentially, June 2016 quarter net revenues were up $866,000 from $79.8 million in the March 2016 quarter. This marks the second consecutive quarter that revenues increased.

“We are pleased that IXYS has achieved strong revenues, despite general industry softness. We anticipate the continuation of this growth trend, as IXYS’ current product portfolio augmented with new technologies is likely to be competitive in the months ahead,” commented Dr. Nathan Zommer, CEO and Founder of IXYS. “We are reaching new customers in evolving fields like IoT, electric vehicles and alternative energy, while remaining focused on the demands of our core customer base in industrial, telecom and medical applications. When global markets return to normal levels, we expect these initiatives will further enhance sales.”

Net income for the quarter ended June 30, 2016 was $3.0 million, or $0.09 per diluted share, which was the same as the net income of $3.0 million, or $0.09 per diluted share, for the June 2015 quarter.

Gross profit for the quarter ended June 30, 2016 was $24.0 million, or 29.8% of net revenues, as compared to gross profit of $25.6 million, or 31.2% of net revenues, for the same quarter in the prior fiscal year.

Adjusted EBITDA, which excludes stock-based compensation expense, was $9.6 million for the quarter ended June 30, 2016. Cash and cash equivalents totaled $151.4 million at June 30, 2016, after generating $7.5 million in cash from operations during the quarter. The company declared a $0.04 per share dividend, highlighting the fifteenth consecutive quarter of dividends.

“We are optimistic about our growth prospects as IXYS’ financial metrics, including bookings and backlog, look promising. However, we must consider ongoing volatile macroeconomic conditions and the cyclical slowdown in the summer months,” said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS. “Despite these adverse factors, we expect revenues in the September 2016 quarter to increase slightly from the June 2016 quarter.”