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EXHIBIT 99.1
Contact: Arnold Agbayani
Vice President, Finance & CFO
IXYS Corporation
3540 Bassett Street
Santa Clara, California 95054
(408) 982-0700
IXYS CORPORATION REPORTS RECORD REVENUE AND GROWTH FOR THE SEPTEMBER QUARTER
SANTA CLARA, CALIF. October 17, 2000 -- IXYS Corporation (NASDAQ:SYXI) today
reported its fifteenth consecutive quarter of revenue growth. For the second
quarter ended September 30, 2000 of fiscal 2001, revenues were $26.9 million.
This represents a 54.6% increase from the prior year quarter revenues of $17.4
million.
Net income for the quarter ending September 30, 2000 increased to $2,688,000
($0.10 per share - diluted), compared to net income of $1,571,000 ($0.06 per
share - diluted) in the prior year quarter, a 71.1% increase.
Gross profit was $9.6 million, or 35.8% of net sales, for the second quarter of
fiscal 2001. This compares with gross profit of $6.3 million, or 36.4% of net
sales, for the prior year quarter.
For the six months ended September 30, 2000 IXYS reports record revenues of
$50.2 million and record gross profit of $17.9 million. This compares with the
prior year six month period revenues of $34.5 million and gross profit of $12.0
million.
For the six month period ending September 30, 2000, net income was $0.24 per
share, diluted, a 118.2% increase as compared with $0.11, diluted, in the prior
year six month period.
Nathan Zommer, President and Chief Executive Officer, said, "We have now had
fifteen consecutive quarters of revenue growth, the last ten of which were
record quarters. Our results reflect the continuing strength of our business."
IXYS develops and markets primarily high performance power semiconductor devices
that are used in controlling and converting electrical power efficiently in
power supplies, uninterruptible power supplies (UPS), motor drives, medical
systems and transportation. IXYS also serves its markets with a combination of
digital and analog integrated circuits (IC), including unique high-speed static
random access memory (SRAM) for the telecom and industrial markets.
The statements in this news release, other than historical financial
information, may contain forward-looking statements that involve risks and
uncertainties that could cause actual results to differ from predicted results.
Further information on factors that could
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affect the Company's operations is detailed and included in the Company's Form
10-K, as filed with the Securities and Exchange Commission, which includes the
IXYS Corporation audited financial statements as of March 31, 2000 and 1999. The
Company 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.
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IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
<TABLE>
<CAPTION>
March 31, September 30,
2000 2000
----------- -------------
<S> <C> <C>
ASSETS (unaudited)
Cash and cash equivalents $ 9,759 $ 12,005
Trade accounts receivable, net 16,863 19,563
Inventories, net 21,477 24,926
Deferred income taxes 1,627 1,627
----------- -------------
Total current assets 49,726 58,121
Property and equipment, net 10,175 11,182
Goodwill and other intangible assets, net 231 2,243
Other 2,131 1,691
Deferred income taxes 782 782
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Total assets $ 63,045 $ 74,019
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current portion, capital leases $ 1,365 $ 1,635
Current portion, long term debt 2,789 2,029
Accounts payable 5,467 5,553
Accrued liabilities 10,345 12,960
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Total current liabilities 19,966 22,177
Long term capital leases, net 1,783 2,573
Long term debt, net 5,544 4,917
Pension obligations 4,855 4,563
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Total liabilities 32,148 34,230
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Common stock, $0.01 par value:
Issued and outstanding: 24,008,166 in March 31, 2000
and 24,438,817 in September 30, 2000 240 244
Additional paid-in capital 43,204 46,198
Notes receivable from employees (861) (823)
Cumulative translation adjustment (1,988) (2,513)
Accumulated deficit (9,698) (3,317)
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Total stockholders' equity 30,897 39,789
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Total liabilities and stockholders' equity $ 63,045 $ 74,019
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</TABLE>
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IXYS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share data)
(unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
September 30, September 30,
-------------------------- ---------------------------
1999 2000 1999 2000
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
Net revenues $ 17,417 $ 26,919 $ 34,489 $ 50,193
Cost of goods sold 11,077 17,271 22,507 32,325
----------- ----------- ------------ -----------
Gross profit 6,340 9,648 11,982 17,868
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Operating expenses:
Research, development and engineering 1,113 1,217 2,369 2,381
Selling, general and administrative 2,626 3,341 5,323 6,237
Amortization of goodwill and intangibles 116 174 231 309
----------- ----------- ------------ -----------
Total operating expenses 3,855 4,732 7,923 8,927
----------- ----------- ------------ -----------
Operating income 2,485 4,916 4,059 8,941
Other income(expense), net (71) (584) (99) 1,349
----------- ----------- ------------ -----------
Income before tax provision 2,414 4,332 3,960 10,290
Income tax provision 843 1,644 1,226 3,908
----------- ----------- ------------ -----------
Net income $ 1,571 $ 2,688 $ 2,734 $ 6,382
=========== =========== ============ ===========
Net income per share - basic $ 0.07 $ 0.11 $ 0.11 $ 0.26
=========== =========== ============ ===========
Weighted average shares used in per share calculation-basic 23,946 24,425 23,976 24,302
=========== =========== ============ ===========
Net income per share - diluted $ 0.06 $ 0.10 $ 0.11 $ 0.24
=========== =========== ============ ===========
Weighted average shares used in per share calculation - diluted 24,758 27,461 24,748 27,075
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</TABLE>
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