MILPITAS, Calif. & BIEL, Switzerland — IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced results for its fourth quarter and fiscal year ended March 31, 2011.
Net revenues for the fourth quarter of fiscal year 2011 were $96.8 million, up 5.5% sequentially from net revenues of $91.7 million in the immediately preceding quarter, and up 26.4% from net revenues of $76.6 million in the prior year’s fourth quarter. This marks the seventh consecutive quarter of revenue growth.
Net income for the fourth quarter of fiscal year 2011 was $15.9 million, or $0.49 per diluted share, up 118% from net income of $7.3 million, or $0.23 per diluted share, in the immediately preceding quarter, and up 296% from net income of $4.0 million, or $0.13 per diluted share, in the prior year’s fourth quarter.
Net revenues for the fiscal year ended March 31, 2011 were a record $363.3 million, an increase of 49.4% from net revenues of $243.2 million in the prior fiscal year. Net income for the fiscal year ended March 31, 2011 was $36.6 million, or $1.14 per diluted share, as compared to net loss of $677,000, or $0.02 loss per diluted share, in the prior fiscal year.
Included in the results for the quarter ended March 31, 2011 are additions to income caused by adjustments to release the valuation allowance applied against domestic deferred tax assets and other tax adjustments, and reductions to income caused by impairment of goodwill and intangible assets and by write-offs of non-performing assets. Excluding the impact of the foregoing, non-GAAP net income for the quarter ended March 31, 2011 would have been $8.0 million, or $0.25 per diluted share. Excluding the impact of the foregoing, non-GAAP net income for the fiscal year ended March 31, 2011 would have been $29.2 million, or $0.91 per diluted share.
“IXYS’ performance in the March 2011 quarter and in fiscal year 2011 was above our expectations, and was a result of the steep increase in worldwide demand for our products. We did not have a significant forecast a year ago, in midst of the global recession, indicating the sharp increase in demand. However, true to IXYS’ dynamic and balanced capacity and supply chain management, we were able to respond to demand with minimal capital investments. We achieved new revenue benchmarks and record order rates that led to a new record backlog,” commented Dr. Nathan Zommer, Chairman and CEO.
“Demand for our power semiconductor products has continued through sustained organic growth. Our new product introduction, in spite of the last recession, and our continued R&D investments increased our product offerings in the industrial, telecommunication, transportation, medical and cleantech industries. We are one of the few semiconductor companies that has the full range of products to serve those markets, and it shows in the broad range of product sales growth. The ability to produce proprietary products from our own internal fabs, balanced with the capacity of our great foundry partners, has been an IXYS competitive advantage, especially for higher power products.”
Gross profit was $31.7 million, or 32.8% of net revenues, for the quarter ended March 31, 2011, as compared to gross profit of $24.8 million, or 32.4% of net revenues, for the same quarter in the prior fiscal year. The gross profit margin percentage increased by 1.1 percentage points from the immediately preceding quarter.
Gross profit for the fiscal year ended March 31, 2011 was $122.1 million, or 33.6% of net revenues, as compared to a gross profit of $63.4 million, or 26.1% of net revenues in the prior fiscal year. Fiscal year 2011 saw gross profit rise by $58.7 million, a 92.5% increase from the prior year.
IXYS experienced record backlog of $178.7 million at March 31, 2011, as compared to $125.5 million at March 31, 2010. Backlog represents existing customer orders that, by their terms, can be shipped within the 12 months following March 31, 2011. Bookings, which were calculated on the same 12-month basis, were $111.4 million for the quarter ended March 31, 2011, as compared to $98.6 million for the comparable quarter of the prior year, an increase of 13.0%. Bookings in the March 2011 quarter were also 16.3% higher than the December 2010 quarter bookings of $95.8 million.
IXYS' cash balance grew by $6.2 million in the March quarter. The company ended fiscal 2011 with $76.0 million of cash and cash equivalents. “Clearly, our business remains strong, and we expect to continue generating cash from operations in the ensuing quarters,” commented President and CFO Uzi Sasson. “We have a strong backlog position for the June quarter, thus we expect revenues for the June 2011 quarter to be slightly higher than those of the March 2011 quarter.”