-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, C+M1eRXvOYbq+5/idyE7F1WkoP1ZjVlrKD4NXusPDCUQoZsHitflbBCOCCSJVeVW 0H5aXBl7XJ30Y4+CAyN8nQ== 0000891618-04-000429.txt : 20040202 0000891618-04-000429.hdr.sgml : 20040202 20040202163222 ACCESSION NUMBER: 0000891618-04-000429 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040202 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IXYS CORP /DE/ CENTRAL INDEX KEY: 0000945699 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770140882 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26124 FILM NUMBER: 04559609 BUSINESS ADDRESS: STREET 1: 3540 BASSETT ST CITY: SANTA CLARA STATE: CA ZIP: 95054 BUSINESS PHONE: 4089540500 MAIL ADDRESS: STREET 1: 3540 BASSETT STREET CITY: SANTA CLARA STATE: CA ZIP: 95054 FORMER COMPANY: FORMER CONFORMED NAME: PARADIGM TECHNOLOGY INC /DE/ DATE OF NAME CHANGE: 19951031 8-K 1 f96112e8vk.htm FORM 8-K IXYS Corporation Form 8-K Dated 2/2/2004
Table of Contents

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report: February 2, 2004
(Date of earliest event reported)

IXYS CORPORATION

(Exact name of registrant as specified in its charter)
         
Delaware
(State or other
jurisdiction of
incorporation)		   000-26124
(Commission File No.) 		  77-0140882
(IRS Employer
Identification No.)

3540 Bassett Street
Santa Clara, CA 95054
(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (408) 982-0700

NOT APPLICABLE
(Former name or former address, if changed since last report.)

 

Item 7. Financial Statements and Exhibits
Item 12. Results of Operations and Financial Condition
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99.1

Table of Contents

     This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results and developments may differ materially from those described or incorporated by reference in this Report. For more information about IXYS Corporation (“IXYS”) and risks arising when investing in IXYS, investors are directed to IXYS’s most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission.

Item 7. Financial Statements and Exhibits

(c)   Exhibits

     The following exhibit is furnished (not filed) herewith:

     
Exhibit    
Number   Description
 
99.1   Text of press release issued by IXYS Corporation, dated February 2, 2004.

Item 12. Results of Operations and Financial Condition

     The following information is furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

     On February 2, 2004, IXYS issued a press release. The text of IXYS’s press release is attached hereto as Exhibit 99.1.

 

Table of Contents

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

         
    IXYS CORPORATION
         
    By:   /s/ Arnold P. Agbayani
         
    Arnold P. Agbayani, Senior Vice
President, Finance and Chief Financial Officer (Principal Financial Officer)

Date: February 2, 2004

 

Table of Contents

EXHIBIT INDEX

     
Exhibit    
Number   Description
 
99.1*   Text of press release issued by IXYS Corporation, dated February 2, 2004.

*   Furnished, not filed.

  EX-99.1 3 f96112exv99w1.txt EXHIBIT 99.1 Exhibit 99.1 Contact: Arnold Agbayani Senior Vice President, Finance & CFO IXYS Corporation 3540 Bassett Street Santa Clara, California 95054 Tel: (408) 982-0700 IXYS REPORTS SIXTH CONSECUTIVE QUARTER OF RECORD REVENUES SANTA CLARA, CA. February 2, 2004 -- IXYS Corporation (NASDAQ:SYXI) today reported revenues of $50.7 million for the quarter ended December 31, 2003, which is an increase of 42.8% over the $35.5 million in revenues for the same quarter in the prior fiscal year. Sequentially, revenues increased 18.2% from the $42.9 million reported for the quarter ended September 30, 2003. For the nine months ended December 31, 2003, IXYS reported revenues of $133.8 million, which was a 36.1% increase as compared to $98.3 million in revenues for the same nine-month period in the prior fiscal year. "The strong demand for our products in the consumer market, and the sustained growth in our traditional markets, have propelled our revenues beyond our forecasts. We have broken the $50 million revenue barrier, and this is our sixth consecutive quarter with record revenues. The backlog stands at a record $60.3 million, which is the second consecutive record quarterly backlog for the company, and is a direct result of four sequential quarters of record bookings. At December 31, 2003, the backlog was 30% higher than that of a year ago," said Dr. Nathan Zommer, Chief Executive Officer of IXYS. "We have added more products and penetrated more markets in the current fiscal year, and that has transformed IXYS to a multi-market growth company. We are now relying more on our ICs and proprietary products to drive our future growth. The Clare group has returned to a growth mode, demonstrating sequential growth in revenues for the last two quarters. However, the growth in the consumer market primarily caused the sequential reduction of percentage gross profit margins. Yet, comparing the nine-month period of this fiscal year to the similar period of last fiscal year, we have an improvement in our gross profit margins. We have been implementing an aggressive cost reduction program, the benefits of which we expect to see in future quarters," added Dr. Zommer. Gross profit was $12.0 million, or 23.7% of net revenues, for the quarter ended December 31, 2003. This compares with a gross profit of $8.8 million, or 24.8% percent of net revenues, for the same quarter in the prior fiscal year. For the nine-month period ending December 31, 2003, gross profit was $35.6 million, or 26.6% of net sales. This represents a 45.9% increase in gross profit from $24.4 million, or 24.8% of net sales, for the same nine-month period of the prior fiscal year. Net income in the quarter ended December 31, 2003 was $386,000 ($0.01 per share, diluted), as compared to net loss of $1.8 million ($0.06 loss per share, diluted) in the quarter ended December 31, 2002. For the nine-month period ended December 31, 2003, net income was $721,000 ($0.02 per share, diluted), as compared to net loss of $6.6 million ($0.22 loss per share, diluted) in the same nine-month period of the prior fiscal year. Arnold Agbayani, Chief Financial Officer of IXYS, said, "The consumer market, which was a significant contributor to our record December 2003 quarterly revenues, is a relatively new market for IXYS. The consumer market may have a different seasonality from that which we have historically experienced in our traditional markets. We, therefore, can provide only limited guidance about our revenues for our March 2004 quarter. We expect revenues to be at least $46 million for the March 2004 quarter." IXYS develops and markets primarily high performance power semiconductor and control ICs that are used in controlling and converting electrical power efficiently in power systems for the telecommunication infrastructure, motor drives, medical systems and transportation. IXYS also serves emerging markets with a combination of digital and analog integrated circuits to control flat panel displays, medical instruments and telecommunications products. SAFE HARBOR STATEMENT The foregoing press release contains forward-looking statements. Forward-looking statements include those regarding record backlog, IXYS being a growth company, our reliance on ICs and proprietary products to drive our future growth, the return of Clare to a growth mode, the growth in the consumer market, our cost reduction program and the expected benefits, the seasonality of the consumer market and our expectations for our fourth fiscal quarter ending March 31, 2004. Actual results may vary materially from those contained in the forward-looking statements, due to unanticipated adverse variations in demand for our products, the cancellation of orders, unexpected technical challenges, difficulties in marketing and selling our products and delays or disruptions in the manufacture of our products. Further information on other risks that could affect IXYS is detailed and included in IXYS' 10-K for the fiscal year ended March 31, 2003, 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 IXYS directly. IXYS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
March 31, December 31, 2003 2003 --------- --------- ASSETS (unaudited) Current assets: Cash and cash equivalents $ 42,842 $ 39,722 Accounts receivable, net 21,475 30,093 Inventories 49,162 54,078 Prepaid expenses and other assets 943 1,218 Deferred income taxes 10,285 10,210 --------- --------- Total current assets 124,707 135,321 Plant and equipment, net 28,715 25,917 Goodwill 21,417 23,803 Other assets 5,655 7,691 Deferred income taxes 2,563 3,244 --------- --------- Total assets $ 183,057 $ 195,976 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of capitalized lease obligations $ 3,238 $ 3,069 Current portion of notes payable to bank 700 753 Accounts payable 11,177 13,759 Accrued expenses and other liabilities 14,167 15,605 --------- --------- Total current liabilities 29,282 33,186 Capitalized lease and other long term obligations, net of current portion 5,042 3,291 Pension liabilities 9,924 11,595 --------- --------- Total liabilities 44,248 48,072 --------- --------- Common stock 320 329 Additional paid-in capital 144,388 149,781 Deferred compensation (26) (11) Notes receivable from stockholders (913) (913) Accumulated losses (6,318) (5,597) Accumulated other comprehensive income 1,358 4,315 --------- --------- Stockholders' equity 138,809 147,904 --------- --------- Total liabilities and stockholders' equity $ 183,057 $ 195,976 ========= =========
IXYS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
Three Months Ended Nine Months Ended December 31, December 31, ----------------------- ------------------------ 2002 2003 2002 2003 -------- -------- -------- --------- Net revenues $ 35,544 $ 50,744 $ 98,292 $ 133,766 Cost of goods sold 26,741 38,699 73,881 98,143 -------- -------- -------- --------- Gross profit 8,803 12,045 24,411 35,623 -------- -------- -------- --------- Operating expenses: Research, development and engineering 3,473 4,023 9,288 11,912 Selling, general and administrative 7,156 7,125 19,878 20,439 Restructuring charge -- -- 750 -- -------- -------- -------- --------- Total operating expenses 10,629 11,148 29,916 32,351 -------- -------- -------- --------- Operating income (loss) (1,826) 897 (5,505) 3,272 Other expense, net (615) (303) (2,801) (2,153) -------- -------- -------- --------- Income (loss) before income tax provision (2,441) 594 (8,306) 1,119 Provision for income tax expense (benefit) (654) 208 (1,666) 398 -------- -------- -------- --------- Net income (loss) ($ 1,787) $ 386 ($ 6,640) $ 721 ======== ======== ======== ========= Net income (loss) per share - basic ($ 0.06) $ 0.01 ($ 0.22) $ 0.02 ======== ======== ======== ========= Weighted average shares used in per share calculation - basic 31,797 32,772 30,505 32,289 ======== ======== ======== ========= Net income (loss) per share - diluted ($ 0.06) $ 0.01 ($ 0.22) $ 0.02 ======== ======== ======== ========= Weighted average shares used in per share calculation - diluted 31,797 34,673 30,505 34,198 ======== ======== ======== =========
-----END PRIVACY-ENHANCED MESSAGE-----