Fourth Quarter Highlights:
- Net revenue was $79.8 million, a sequential increase of $4.6 million, or 6.2%, from $75.1 million in the December 2015 quarter.
- Net income was $6.2 million or $0.19 per diluted share, which favorably compared to the December 2015 quarter’s net income of $2.3 million, or $0.07 per diluted share.
- IXYS generated $5.9 million in cash from operations during the quarter.
- The company conducted a stock buyback of 180,000 shares for approximately $1.9 million.
- IXYS declared a $0.04 per share dividend, marking the fourteenth consecutive quarter of dividends.
Fiscal Year End Highlights:
- Gross profit for the twelve months ended March 31, 2016 was $99.8 million, or 31.4% of net revenues, as compared to gross profit of $102.0 million, or 30.1% of net revenues, for the prior fiscal year. IXYS’ gross profit percentage increased by 130 basis points year-over-year.
- Adjusted EBITDA, which excludes stock-based compensation expense, was $42.5 million for the fiscal year ended March 31, 2016.
LEIDEN, Netherlands & MILPITAS, Calif. — (BUSINESS WIRE) — May 26, 2016 — IXYS Corporation (NASDAQ: IXYS), an international power semiconductor and IC company, today announced financial results for its fourth quarter and fiscal year ended March 31, 2016.
Net revenues for the quarter were $79.8 million versus $82.9 million in net revenues for the same period in the prior fiscal year. Sequentially, March 2016 quarter net revenues were up $4.6 million, or 6.2%, from $75.1 million in the December 2015 quarter.
For the twelve months ended March 31, 2016, IXYS reported net revenues of $317.2 million, as compared to net revenues of $338.8 million for the prior fiscal year.
“During the March 2016 quarter, we noticed a resumption of upward revenue trends across nearly all product lines and most applications. IXYS benefits from a diverse customer base of more than 3,500 customers worldwide, many of which have started to restock their inventory,” commented Dr. Nathan Zommer, CEO and Founder of IXYS. “We intend to capitalize on the industry consolidation of the past year, and capture greater market share. Our organic growth initiatives (R&D spending, product portfolio expansion and “World of IXYS” marketing/sales resources) and acquisitive strategies have already enticed new customers to seek out our technologies.”
Net income for the quarter ended March 31, 2016 was $6.2 million, or $0.19 per diluted share, as compared to net income of $7.8 million, or $0.24 per diluted share, for the same period in the prior fiscal year. Importantly, net income more than doubled sequentially, as December 2015 net income was $2.3, million or $0.07 per diluted share.
The March 2016 quarter non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $8.2 million, or $0.26 per diluted share, as compared to non-GAAP net income of $9.9 million, or $0.30 per diluted share, for the same period in the prior fiscal year.
Net income for the twelve months ended March 31, 2016 was $14.7 million, or $0.46 per diluted share, as compared to net income of $23.7 million, or $0.74 per diluted share, for the prior fiscal year.
For the twelve months ended March 31, 2016, non-GAAP net income, which excludes the impact of charges for the amortization of acquired intangible assets and stock compensation, was $22.4 million, or $0.69 per diluted share, as compared to non-GAAP net income of $32.0 million, or $1.00 per diluted share, for the prior fiscal year.
Gross profit for the quarter ended March 31, 2016 was $24.1 million, or 30.2% of net revenues, as compared to gross profit of $25.3 million, or 30.5% of net revenues, for the same quarter in the prior fiscal year. The gross profit margin has been in excess of 30% of net revenues for the past seven quarters.
Gross profit for the twelve months ended March 31, 2016 was $99.8 million, or 31.4% of net revenues, as compared to gross profit of $102.0 million, or 30.1% of net revenues, for the prior fiscal year. IXYS’ gross profit percentage increased by 130 basis points year-over-year.
Cash and cash equivalents totaled $155.8 million at March 31, 2016, after generating $5.9 million in cash from operations during the quarter. IXYS was able to increase its cash position, even after a $1.9 million stock buyback of 180,000 shares during the quarter. The company also declared a $0.04 per share dividend, highlighting the fourteenth consecutive quarter of dividends.
