IXYS Corporation today announced financial results for its fourth quarter and fiscal year ended March 31, 2015. Net revenues for the quarter were $82.9 million versus $89.9 million in net revenues for the same period in the prior fiscal year. Sequentially, March 31, 2015 quarter net revenues were up $1.6 million, or 2.0%, from the $81.3 million in the December 2014 quarter. For the twelve months ended March 31, 2015, IXYS reported net revenues of $338.8 million, an increase of $2.4 million as compared with net revenues of $336.3 million for the same period in the prior fiscal year.
“The March 2015 results marked another quarter of solid execution for IXYS, with sequential revenue growth and quarter-over-quarter margin improvement. The financial metrics for the year were equally encouraging with improving profitability and cash flow generation, which further validated our margin and sales initiatives,†commented Dr. Nathan Zommer, CEO and Founder of IXYS. “Quarter over quarter, sales have been strong across nearly all product lines. Strategic acquisitions and R&D expenditures bolstered our extensive product platform, reaching more than 3,500 customers worldwide.â€
Net income for the quarter ended March 31, 2015 was $7.8 million, or $0.24 per diluted share, an increase of $7.7 million from the March 31, 2014 quarter, with a net income of $132,000, or $0.00 per diluted share. The March 31, 2015 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $9.9 million, or $0.30 per diluted share, which was an increase of $6.3 million, as compared to the non-GAAP net income of $3.6 million, or $0.11 per diluted share, for the same period in the prior fiscal year.
Net income for the twelve months ended March 31, 2015 was $23.7 million, or $0.74 per diluted share, as compared to net income of $6.0 million, or $0.19 per diluted share, for the same period in the prior fiscal year. For the twelve months ended March 31, 2015, non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $32.0 million, or $1.00 per diluted share, as compared to non-GAAP net income of $17.8 million, or $0.56 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended March 31, 2015 was $25.3 million, or 30.5% of net revenues, as compared to gross profit of $25.4 million, or 28.2% of net revenues, for the same quarter in the prior fiscal year. Gross profit for the twelve months ended March 31, 2015 was $102.0 million, or 30.1% of net revenues, as compared to gross profit of $100.2 million, or 29.8% of net revenues, for the same period in the prior fiscal year.
Cash and cash equivalents totaled $121.2 million at March 31, 2015, after generating $8.2 million in cash during the quarter. Adjusted EBITDA, which excludes stock-based compensation expense, were $14.0 million and $52.0 million, respectively, for the quarter and fiscal year ended March 31, 2015. In the March 2015 quarter, the company declared a $0.035 per share dividend, highlighting the tenth consecutive quarter of dividends.
“Similar to recent revenue trends, we expect modest sales increases in Asia and the U.S. in the coming quarter based on improving economic conditions in those regions. However, Europe remains depressed, and customers are purchasing on short lead times, seemingly reticent to stock inventory,†said Mr. Uzi Sasson, President and Chief Financial Officer of IXYS. “While we are upbeat about future prospects for IXYS, we must be cautious about near-term headwinds related to global macroeconomic conditions. To that end, we expect revenues in the June 2015 quarter to be in line with revenues of the March 2015 quarter.â€
