IXYS Reports Modest Revenue Increase for the June 2017 Quarter
IXYS Corporation today announced financial results for its first fiscal quarter ended June 30, 2017. Net revenues for the quarter were $83.5 million, an increase of $2.9 million or 3.6%, as compared to $80.6 million in net revenues from the June 2016 quarter.
Sequentially, June 2017 quarter net revenues increased by $170,000 from net revenues of $83.4 million in the March 2017 quarter. This marks the third consecutive quarter that net revenues increased.
"Increasing net revenues are attributable to improved global demand for our power semiconductor and IC product lines. The demand from customers is ramping up, as evidenced by the backlog of $114 million, the highest level IXYS has seen since March 2012. Backlog at March 31, 2017 was $98.9 million," commented Dr. Nathan Zommer, CEO and Founder of IXYS.
"We intend to capitalize on the uptick in power semiconductor requirements, adding to our capacity and equipment to meet current and prospective customer needs. Organic growth also focused on R&D and product commercialization, as we introduced new products that address transportation, wireless, IoT, power grid management and industrial applications,” Zonner concluded.
Net income for the quarter ended June 30, 2017 was $5.5 million, or $0.17 per diluted share, an increase of $2.5 million, or 82.0%, as compared to net income of $3.0 million, or $0.09 per diluted share, for the same period in the prior fiscal year.
June 2017 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquisition-related intangible assets and stock compensation, was $6.8 million, or $0.21 per diluted share, as compared to the non-GAAP net income of $4.5 million, or $0.14 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended June 30, 2017 was $26.5 million, or 31.8% of net revenues, an increase of $2.6 million, as compared to gross profit of $24.0 million, or 29.8% of net revenues, for the same period in the prior fiscal year.
Cash and cash equivalents totaled $171.0 million at June 30, 2017. Adjusted EBITDA, which excludes stock-based compensation expense, was $11.3 million for the June 2017 quarter.
"Atypical of our summer seasonal slowdown, customer demand remains robust. We are seeing healthy sales throughout the industrial, commercial and communication infrastructure markets worldwide. Customers' forecasts are equally promising, as we believe that many have placed orders based on optimistic business projections," noted Mr. Uzi Sasson, CEO and President of IXYS. "Therefore, we expect revenues in the September 2017 quarter to increase 4-6% from the June 2017 quarter."