IXYS Corporation (NASDAQ:IXYS), an international power semiconductor and IC company, today announced results for its third fiscal quarter ended December 31, 2012.
Net revenues in the quarter ended December 31, 2012 were $63.8 million, a decrease of $16.2 million, or 20.3%, as compared to net revenues of $80.0 million for the same period in the prior fiscal year.
For the nine months ended December 31, 2012, IXYS reported net revenues of $213.1 million, a decrease of $67.7 million, or 24.1%, as compared with net revenues of $280.8 million for the same period in the prior fiscal year.
“We are proud to belong to the class of semiconductor companies that proved profitable even in challenging macroeconomic conditions. We identified the market slowdown in a timely manner, and acted accordingly in streamlining our business for improved efficiency and manufacturing productivity,” commented Dr. Nathan Zommer, Chairman and CEO of IXYS. “Notwithstanding these volatile markets, we continued our focused R&D and technology innovation, which resulted in sustained product introductions, new patents and new customers. We continue to win designs in applications where our comprehensive product portfolio differentiates us from competitors.”
Cash and cash equivalents totaled $107.0 million at December 31, 2012, an increase of $7.8 million as compared to March 2012. The company continued to be profitable, with another quarter ending in record cash. During the quarter ended December 31, 2012, the company purchased about 486,000 shares of its common stock for about $4.4 million. IXYS can still purchase approximately 660,000 shares under its current buyback programs.
“We increased our operating efficiency and reduced expenses to remain profitable despite short-term reduced revenues. Such efforts allowed us to increase cash, marking the seventh consecutive quarter of record high cash. A strong balance sheet, sustained gross margins, a reduction in net inventories and healthy cash flows position us for the expected market recovery,” stated Uzi Sasson, President and CFO of IXYS.