IXYS Announces Record Revenues For The Fourth Fiscal Quarter And Fiscal Year Ended March 31, 2011

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.

 
IXYS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
 
  Mar. 31,   Mar. 31,
2011 2010
ASSETS
Current assets:
Cash and cash equivalents $ 75,999 $ 61,337
Accounts receivable, net 55,222 47,158
Other receivables 1,543 1,196
Inventories, net 75,839 65,583
Prepaid expenses and other current assets

 6,742

4,023
Deferred income taxes   10,660   10,467
Total current assets

226,005

189,764
Plant and equipment, net 52,311 47,878
Other assets 22,099 30,573
Deferred income taxes   24,774   17,081
 
Total assets $

325,189

$ 285,296
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Current portion of capitalized lease obligations $ 2,860 $ 2,845
Current portion of notes payable to bank 1,352 8,434
Accounts payable 16,892 17,762
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
Pension liabilities   14,545   15,822
Total liabilities   95,960   102,161
 
Common stock 374 368
Additional paid-in capital 141,138 137,580
Retained earnings

79,954

43,307
Accumulated other comprehensive income   7,763   1,880
Stockholders' equity  

229,229

  183,135
 
Total liabilities and stockholders' equity $

325,189

$ 285,296
 

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