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.”
About IXYS Corporation
Since its founding in Silicon Valley, IXYS Corporation has been developing technology-driven products to improve energy conversion efficiency, generate clean energy, improve automation, and provide advanced products for the transportation, medical and telecommunications industries. IXYS, with its subsidiaries, is a worldwide pioneer in the development of power semiconductors, solid state relays, high voltage integrated circuits (HVIC), and microcontrollers that are necessary in conserving energy and in reducing the world’s dependence on fossil fuels.
Diminishing natural resources, demand for renewable energy and environmental directives for energy efficiency represent a significant challenge. IXYS’ power semiconductors and mixed-signal integrated circuits (IC) play a vital role in reducing energy costs and consumption by optimizing the energy efficiency of everyday products. With an end customer base of over 2,500 telecommunications, transportation, industrial, medical and consumer companies, IXYS is a worldwide recognized provider of advanced semiconductors.
Additional information may be obtained by visiting IXYS’ website at http://www.ixys.com, or by contacting the company directly.
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 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. 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 with GAAP.
Safe Harbor Statement
The foregoing press release contains forward-looking statements, including those related to our backlog, bookings, order rates, demand for our products, product growth, future business, future cash generation and our revenues in the June 2011 quarter. Actual results may vary materially from those contained in the forward-looking statements, due to changes in customer delivery schedules, the cancellation of orders, an unanticipated decline in our business, increased competition, cash flow difficulties, unanticipated technological hurdles, manufacturing challenges and constraints, adverse changes in customer demand, declining economic conditions and increasing product costs, among other things. Further information on other factors that could affect IXYS is detailed and included in reports that IXYS has filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended December 31, 2010. IXYS undertakes no obligation to publicly release the results of any revisions to these forward-looking statements.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Mar. 31,||Mar. 31,|
|Cash and cash equivalents||$||75,999||$||61,337|
|Accounts receivable, net||55,222||47,158|
|Prepaid expenses and other current assets||
|Deferred income taxes||10,660||10,467|
|Total current assets||
|Plant and equipment, net||52,311||47,878|
|Deferred income taxes||24,774||17,081|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Current portion of capitalized lease obligations||$||2,860||$||2,845|
|Current portion of notes payable to bank||1,352||8,434|
|Accrued expenses and other current liabilities||22,938||24,998|
|Total current liabilities||44,042||54,039|
|Capitalized lease and other long term obligations, net of current portion||37,373||32,300|
|Additional paid-in capital||141,138||137,580|
|Accumulated other comprehensive income||7,763||1,880|
|Total liabilities and stockholders' equity||$||