IXYS Reports First-Quarter Results of Fiscal 2002July 23, 2001 by Jeff Shepard
IXYS Corp. (Santa Clara, CA) reported revenues of $25.6 million for the quarter ended June 30, 2001, which is an increase of 10 percent over the $23.3 million revenue for the same quarter in the prior fiscal year. Sequentially, however, revenues decreased 20 percent from the $32.0 million reported for the quarter ended March 31, 2001.
Gross profit was $8.3 million, or 32.4 percent of net sales, for the first quarter of fiscal-year 2002. This compares with a gross profit of $8.2 million, or 35.3 percent of net sales, for the same quarter in the prior fiscal year. The decrease in gross profit reflects an 8.9-percent decrease in average selling prices from the prior-year period, as well as lower levels of overhead absorption.
Net income for the quarter ended June 30, 2001, was $1,586,000, or $0.05 per share, diluted. This is a decease of 57.1 percent over net income of $3,694,000, or $0.15 per diluted share, in the quarter ended June 30, 2000, which included a one-time technology license payment to IXYS of $1.1 million. Net income in the quarter ended June 30, 2001, includes extraordinary legal and consulting expenses totaling about $1.6 million. Excluding these legal and consulting expenses, net income in the quarter would have been about $2.6 million, or $0.09 per diluted share.
"We are experiencing the same weakness that is affecting the semiconductor industry in general, and this has adversely affected our sequential revenue growth," said Nathan Zommer, CEO of the company. "However, we still showed a 10-percent growth over revenue in the same quarter of the last fiscal year, despite the weaker pricing environment. On a positive note, shipment volumes were up approximately 21 percent, further evidence of the market's desire for our technology. We believe this bodes well for us once the pricing environment firms."