IXYS Corporation reported results for its second quarter of fiscal 2014, which ended September 30, 2013 that included: Net revenues of $85.9 million, up $17.4 million, or 25.5%, from $68.5 million in net revenues for the September 2012 quarter. Sequentially, net revenues were up $14.7 million or 20.7%, from June 2013 net revenues of $71.2 million, marking the third consecutive quarter of revenue growth. For the six months ended September 30, 2013, IXYS reported net revenues of $157.1 million, an increase of $7.8 million, or 5.2%, as compared with net revenues of $149.3 million for the same period in the prior fiscal year.
“During the recession, IXYS proved to be a lean operating company capable of weathering difficult macroeconomic conditions. We focused on executing our growth strategy, both for organic growth and through complementary M&A. We are pleased to see signs of a recovery in market demand globally and an acceptance of our new products across the board. We are transforming IXYS into a multi-technology semiconductor company, with power semiconductors, integrated circuits and RF-capable products, a strategy that we believe will bring sustainable growth in profit margins,†commented Dr. Nathan Zommer, Chairman, CEO and Founder of IXYS.
Net income for the quarter ended September 30, 2013 was $3.5 million, or $0.11 per diluted share, an increase of $1.1 million over the September 2012 quarter, which reported $2.4 million, or $0.07 per diluted share. Net income increased $1.5 million dollars compared to $2.0 million of net income in June 2013. Net income for the six months ended September 30, 2013 was $5.5 million, or $0.17 per diluted share, as compared to net income of $8.4 million, or $0.26 per diluted share, for the same period in the prior fiscal year.
The September 2013 quarter non-GAAP net income, which excludes the impact of expenses for the amortization of acquired intangible assets and stock compensation, was $7.4 million dollars, or $0.23 per diluted share. Gross profit for the quarter ended September 30, 2013 was $27.9 million, or 32.5% of net revenues, as compared to gross profit of $20.4 million, or 29.8% of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit in the September 2013 quarter increased by $6.8 million from gross profit of $21.1 million in the June 2013 quarter.
Gross profit for the six months ended September 30, 2013 was $49.0 million, or 31.2% of net revenues, as compared to a gross profit of $47.5 million, or 31.8% of net revenues, for the same period in the prior fiscal year. Cash and cash equivalents totaled $95.2 million at September 30, 2013, an increase of $9.1 million as compared to June 30, 2013.
“We are beginning to see stronger revenues in Asia and the United States; however, global macroeconomic conditions remain volatile, with lingering currency concerns in Europe and a lack of strong optimism from our European customers. Even though we are approaching the traditionally slower holiday season, we still expect moderate growth of 2-4% in the December 2013 quarter,†noted Mr. Uzi Sasson, President and Chief Financial Officer.
