IXYS Corporation (IXYS)

IXYS 
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IXYS Corporation (IXYS)

F4Q10 (Qtr End 31/03/10) Earnings Call Transcript

May 25, 2010 5:00 pm ET

Executives

Nathan Zommer – Chairman & CEO

Uzi Sasson – President & CFO

Analysts

Steve Ferranti – Stephens Inc.

Vernon Essi – Needham & Company

Christopher Longiaru – Sidoti & Company

Jeff Schreiner – CapStone Investments

Michael Amari – Americo Inc.

Presentation

Operator

Good day and welcome to the IXYS Corporation's fiscal year ended March 31, 2010 earnings conference call. Today's conference is being recorded.

At this time I would like to turn the conference over to Dr. Nathan Zommer, Chief Executive Officer, please go ahead sir.

Nathan Zommer

Thank you. Good afternoon and welcome to the IXYS Corporation fourth quarter and fiscal year-end earnings 2010 earnings conference call. I am joined by Uzi Sasson, our President and CFO. Uzi will lead us through the financial discussion later in the call.

First, to review the formalities, our discussion today contains forward-looking statements including statements related to potential future revenues and earnings. Any statements in this conference call that are not statements of historical fact maybe deemed to be forward-looking statements.

There are a number of important factors that could cause the results of IXYS to differ materially from those indicated by these forward-looking statements, including among others, risks detailed from time to time in our SEC reports, including our quarterly report on Form 10-Q for the quarter-ended December 31, 2009. IXYS does not undertake any obligation to update forward-looking statements. As a reminder, IXYS fiscal year ends March 31st. Therefore this quarter marks the fourth quarter of fiscal year 2010.

We will now turn to the highlights for the quarter. With quarterly revenues up $76.7 million, an increase of 31.4% from the same quarter in the prior fiscal year. Gross margin was 42.4%, an increase of 24.2 percentage points from the comparable quarter of the prior year. We acquired Zilog in a $65.2 million all-cash transaction.

Ending cash balance was $61.3 million even after the Zilog acquisition. Bookings were up $21.4 million or 27.8% from the December 2009 quarter, indicating that customers have begun restocking inventory utilizing IXYS products. We have achieved three consecutive quarters of growing revenues, much of which can be attributed to our strong cross selling efforts, new design wins, and winning product orders over our competitors.

We are optimistic about our future prospects within all of our traditional and developing markets, further enhanced by the recent acquisition of Leadis Display business [ph], and Zilog Microcontrollers. The order levels in this quarter were very strong with $21.4 million more in bookings in the March quarter than the prior one. We had a book-to-bill ratio of 1.3 for the quarter, which is the highest it has been for the last six years.

Importantly, the fiscal year book-to-bill ratio of 1.2 has not been witnessed since fiscal year 2001. We are clearly encouraged about our growth prospects. (inaudible) revenues during the March 2010 quarter were $76.6 million, 31.4% higher than the same quarter a year ago of $58.2 million. The March quarter’s revenues were approximately 19.6% higher than the December 2009 quarter.

We recorded revenues that rivaled our three recession quarter successes. We can attribute this gain to the following issues. We executed on our long-term strategy for growth, which included investment in R&D and our own internal manufacturing technologies, staying focused even during the recession, and our plan to diversify allowed us to enhance our product portfolio and (inaudible) all of our competitors.

(inaudible) with offering new products and approaching new markets and customers with synergistic products from our power, IC, and system product groups. We experienced increased demand for our products across our classic markets, industrial, medical, IT and telecom, alternative and renewable energy, transportation and consumer applications.

For the 12 months ended March 31, 2010, IXYS reported net revenues of $243.2 million as compared with net revenues of $273.6 million from the same period in the prior fiscal year. It was a year that started in April 2009 with declining quarterly revenues and ended in March 2010 with three quarters of growth in revenues, leading to a cash balance at year-end of $61.2 million.

As a percentage of total revenues for the fourth quarter of fiscal year 2010, North America represented 30.1%, Europe and Middle East 33.5%, Asia 33.4% and the rest of the world 3%. It is important to note that IXYS’ sells higher margin products in North America and Europe.

Our revenue by market segment for the fourth fiscal year 2010 was as follows

industrial and commercial, which includes also renewable energy, 49.7%, communication infrastructure 14.9%, medical and electronics 10.5%, consumer 10.7%, transportation which includes auto and traction 4.1%, and others 10.1%.

Our revenues based on product groups for the fourth quarter of fiscal 2010 were 69% for power semiconductors, 23.8% for integrated circuits and 7.2% for systems and RF.

During the quarter we introduced five new products, including a high-voltage, high speed power MOSFET and IGBT driver, which is well suited multidriver switch [ph] power supply, lightning and industrial applications; a three phase rectifier module utilized in electrical systems where AC electrical power is converted to DC power mainly for applications such as motor drive, welding and high power conversion.

An AC solid state switch that enables energy savings by power supplies [ph] and other offline application and especially when systems are (inaudible) for inverters, power supplies, lighting and (inaudible) and miniature 16-volts solid state relay ideal for portable instruments, automation and industrial system and low voltage lighting.

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