IXYS Corporation Announces Results For Its First Quarter Ended June 30, 2006.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif. -- IXYS Corporation (Nasdaq:SYXI) today announced that, for its first fiscal quarter ended June June: see month. 30, 2006, IXYS reported net revenues of $67.7 million, as compared with net revenues of $63.3 million for the same period in the prior fiscal year. Gross profit was $21.9 million, or 32.3% of net revenues, for the quarter ended June 30, 2006, as compared to gross profit of $21.1 million, or 33.4% of net revenues, for the same quarter in the prior fiscal year. Net income for the quarter ended June 30, 2006, was $24.3 million, or $0.68 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to $5.1 million, or $0.14 per diluted share, for the same quarter in the prior fiscal year. The results for the quarter ended June 30, 2006 included a credit adjustment of $36.8 million to record the trial court's reduction of the award previously made to LoJack LoJack system for locating stolen vehicles/items Corporation and related tax effects. Excluding the impact of these adjustments, net income for the quarter ended June 30, 2006 would have been $2.6 million, or $0.07 per share, diluted. "We are pleased to report consecutive sequential One after the other in some consecutive order such as by name or number. revenue growth and sequential increases in our gross margin and gross profit. However our usual operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. have increased, in part due to increased R&D investments and compliance expenses. We are experiencing a high demand for our products with record orders taken in the June quarter, creating sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen again, a record backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and an increased book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 1.18," said Dr. Nathan Nathan (nā`thən), in the Bible. 1 Court prophet in the time of David and Solomon. He announced the oracle to David concerning his dynasty. He confronted David over David's adultery with Bath-sheba and over her husband's murder. Zommer, Chief Executive Officer. Uzi U·zi or U·ZI n. pl. U·zis or U·ZIs Any of various compact submachine guns having a caliber of 9 millimeters, originally designed in Israel in the 1950s. Sasson, Chief Financial Officer, said, "This is normally the season when we would experience a weakening weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in our market because of
the summer slowdown For articles with similar titles, see Slow Down (disambiguation).A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , especially in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). . However, this year we expect
our strong backlog to counter this trend and we project our revenues for
the September September: see month. 2006 quarter to be between $67 million and $69
million."
IXYS develops and markets primarily high performance power and RF semiconductors and control ICs that are used in controlling and converting electrical power efficiently in power systems for telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with digital and analog ICs that control flat panel displays A thin display screen for computer and TV usage. The first flat panels appeared on laptop computers in the mid-1980s, and the LCD technology became the standard. Stand-alone LCD screens became available for desktop computers in the mid-1990s and exceeded sales of CRTs for the first time , medical instruments and telecommunication products. Non-GAAP Financial Information Included above and within the attached schedules are certain non-GAAP financial figures. Management believes non-GAAP net income and non-GAAP net income per share are useful measures of operating performance because they exclude the impact of the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. provision related to the LoJack litigation and the impact of various adjustments to deferred tax assets, which are in the nature of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. events. However, these non-GAAP measures should be considered in addition to, not as a substitute for, or superior to net income and net income per share, or other financial measures prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). . Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement The foregoing press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including those related to our backlog, book-to-bill ratio and projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. of revenues for the September 2006 quarter. Actual results may vary materially from those contained in the forward-looking statements, due to changes in customer delivery schedules, the cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. of orders, an unanticipated decline in our business and capacity limits on our ability to manufacture our products, among other things. Further information on other factors that could affect IXYS is detailed and included in IXYS' Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 2006, as filed with the Securities and Exchange Commission. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements. Additional information may be obtained by visiting IXYS' website at http://www.ixys.com, or by contacting the company directly.
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
June 30, March 31,
2006 2005
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $72,305 $78,505
Accounts receivable, net 45,640 42,774
Other receivables 2,120 1,433
Inventories, net 68,502 60,357
Prepaid expenses and other
current assets 3,957 2,688
Deferred income taxes 10,492 25,049
--------- ---------
Total current assets 203,016 210,806
Plant and equipment, net 41,826 40,049
Other assets 12,744 12,580
Deferred income taxes 16,699 16,552
--------- ---------
Total assets $274,285 $279,987
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of capitalized
lease obligations $2,484 $2,255
Current portion of long term loan 1,090 973
Accounts payable 23,194 20,259
Accrued expenses and other current
liabilities 30,583 68,504
--------- ---------
Total current liabilities 57,351 91,991
Capitalized lease and other long term
obligations, net of current portion 14,704 14,447
Pension liabilities 14,015 13,576
--------- ---------
Total liabilities 86,070 120,014
--------- ---------
Common stock 347 347
Additional paid-in capital 158,680 156,664
Notes receivable from stockholders (58) (59)
Retained earnings 23,682 (614)
Accumulated other comprehensive income 5,564 3,635
--------- ---------
Stockholders' equity 188,215 159,973
--------- ---------
Total liabilities and
stockholders' equity $274,285 $279,987
========= =========
IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended
-----------------------------
June 30, 2006 June 30, 2005
-------------- -------------
Net revenues $67,741 $63,341
Cost of goods sold 45,857 42,196
-------------- -------------
Gross profit 21,884 21,145
-------------- -------------
Operating expenses:
Research, development and engineering 5,108 4,156
Selling, general and administrative 12,056 9,257
Litigation provision (36,827) --
-------------- -------------
Total operating expenses (19,663) 13,413
-------------- -------------
Operating income 41,547 7,732
Other income (expense), net (844) 425
-------------- -------------
Income before income tax provision 40,703 8,157
Provision for income tax expense 16,407 3,018
-------------- -------------
Net income $24,296 $5,139
============== =============
Net income per share - basic $0.71 $0.15
============== =============
Weighted average shares used in per
share calculation - basic 34,172 33,416
============== =============
Net income per share - diluted $0.68 $0.14
============== =============
Weighted average shares used in per
share calculation - diluted 35,575 35,985
============== =============
GAAP reconciliation to non-GAAP
(In thousands, except per share amounts)
Quarter Ended
June 30, 2006 June 30, 2005
-------------- --------------
Net income, as reported (GAAP) $24,296 $5,139
Adjustments to GAAP net income:
Litigation provision and related
tax effects (21,742) --
-------------- --------------
Non-GAAP net income $ 2,554 $5,139
============== ==============
Net income per share-basic, as
reported (GAAP) $ 0.71 $ 0.15
Adjustments to GAAP net income per
share-basic:
Litigation provision and related
tax effects (0.64) --
-------------- --------------
Net income per share-basic, (non-GAAP) $ 0.07 $ 0.15
============== ==============
Net income per share-diluted, as
reported (GAAP) $ 0.68 $ 0.14
Adjustments to GAAP net income per
share-diluted:
Litigation provision and related
tax effects (0.61) --
-------------- --------------
Net income per share-diluted,
(non-GAAP) $ 0.07 $ 0.14
============== ==============
Weighted average shares used in
per share calculation
Basic 34,172 33,416
Dilutive weighted average shares 1,403 2,569
-------------- --------------
Diluted 35,575 35,985
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