Outsourcing and Gross Margins Up at IXYS in the June Quarter
IXYS Corporation reported results for its first quarter of fiscal year 2015, which ended June 30, 2014, including; Net revenues for the quarter ended June 30, 2014 were $88.1 million, up $16.9 million, or 23.7%, from net revenues of $71.2 million in the prior year's quarter. Net income for the quarter ended June 30, 2014 was $3.6 million, or $0.11 per diluted share, an increase of $1.6 million over the net income of $2.0 million, or $0.06 per diluted share, in the prior year's quarter. Sequentially, net income in the quarter ended June 30, 2014 increased by $3.4 million from net income of $132,000 in the March 31, 2014 quarter.
The June 30, 2014 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $5.7 million, or $0.17 per diluted share, which was an increase of $3.1 million, as compared to the non-GAAP net income of $2.7 million, or $0.08 per diluted share, for the same period in the prior fiscal year.
Gross profit for the quarter ended June 30, 2014 was $25.0 million, or 28.4% of net revenues, an increase of $3.9 million as compared to gross profit of $21.1 million, or 29.7% of net revenues, for the same quarter in the prior fiscal year. Sequentially, gross profit margin percentages rose slightly from 28.2% in the March 2014 quarter to 28.4% in the June 2014 quarter.
â€œWe continued our product diversification efforts, with more focus on growing our integrated circuit products worldwide to complement our power semiconductor business. Recognizing the growth of Asian markets, we have increased our outsourcing of some of our production to Asia. IXYSâ€™ revenues have grown year to year, and bookings are beginning to ramp up,â€ noted Dr. Nathan Zommer, Founder and CEO of IXYS.