IXYS Corporation (IXYS)

IXYS 
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IXYS Corp. (IXYS)

F4Q08 (Qtr End 03/31/08) Earnings Call

May 22, 2008 5:00 pm ET

Executives

Nathan Zommer - CEO and President

Uzi Sasson - CEO and CFO

Analysts

Todd Cooper - Stephens Incorporated

Vernon Essi - Needham and Company

Sal Kamalodine - B. Riley & Co.

Manoj Nandakani - Chip Investor Group

Christopher Longiaru - Sidoti & Company

John Gordon - Deltec Asset Management

Presentation

Operator

Welcome to the IXYS Corporation's fiscal year and quarter ended March 31, 2008 Earnings Call. Just a reminder, today's conference is being recorded.

Now at this time for opening remarks and introductions, I would like to turn the conference over to the Chief Executive Officer and President, Dr. Nathan Zommer. Dr. Zommer, please go ahead sir.

Nathan Zommer

Good afternoon and welcome to the IXYS Corporation fourth quarter and fiscal year-end earnings conference call. I am joined by Uzi Sasson, our CEO 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, 2007. IXYS does not undertake any obligation to update forward-looking statements.

Fiscal year 2008 which ended on March 31, 2008 marked several significant milestones for IXYS Corporation. First, the long patent dispute with IR hit us was in 2000 is likely over. As a result, IXYS is prevailing for the second time in Federal Circuit Court of Appeals in Washington DC.

Second, we also reversed the huge award in the shorter-term lodged case. Thus, we were able to remove two legal risks contingencies that hand over our shareholders for the last eight years.

Third, we closed the year by moving to our owned headquarter building in Silicon Valley which added to our strong portfolio buildings that we own, real estate investment that have increased significantly in volume since we purchased that.

We also accumulated the year with significant cumulative purchases of our stock and still showed strong cash growth in the last quarter. In the March 2008 quarter, our net income was $10.1 million on a GAAP basis or $0.32 per share on a diluted basis, as compared to a net income of $2.2 million on GAAP basis or $0.07 a share on a diluted basis in the same quarter of the proceeding year.

For the fiscal year ended March 2008, annual net income was $23.3 million on a GAAP basis or $0.71 per share on a diluted basis, as compared to a net income of $30.2 million on a GAAP basis or $0.87 per diluted share of the prior fiscal year.

I want to highlight the non-GAAP results since in my opinion they reflect more closely the real operational results without the one-time adjustments, although favorable that occur as a result of prevailing on the legal front in the last 12 months. On a non-GAAP basis, for the March 31, 2008 quarter, we saw earnings per share of $0.17 versus $0.05 in the same quarter of last year, a strong 240% increase.

For the fiscal year ended March 31, 2008 we had non-GAAP earnings per share of $0.46 versus $0.36 last year, a 27.8% increase. We achieved record high revenues in the fourth quarter. Revenues for the fourth quarter of fiscal 2008 were $79.3 million, as compared to $74 million in the last year's comparable quarter.

For the 2008 fiscal year ended March, IXYS achieved record high annual revenues of $304.5 million, far surpassing the $285.9 million of the prior year and thus culminating in two sequentially years with annual record revenues resulting from organic growth.

IXYS has successfully improved revenues over nearly ever quarter for the past two years. This was accomplished in a very volatile market where many of other semiconductor companies could not sustain such growth and actually has a growth in revenues and profits.

Our increase in revenues can be attributed to continuously stronger sales in power semiconductors and RF and system product group. We are seeing increasing power semiconductor sales in renewable energy applications. Our power semiconductor chips are and have been and are still being deployed in power systems in wind mill installation and in solar panel based power generation.

As the cost of energy increases, especially oil prices, with increased demand for electricity globally, we seen increased demand for our products and increased market penetration. The payback on new and more efficient power supplies, UPSs, motor drives and invertors is accelerated and make them more economically efficient.

Worldwide growing wind today is not anymore a new fashion statement. It's a real financial advantage for our customers and their customers. We are investing in new power system, powered by IXYS brings them above average return on investment and makes them use less energy. Thus, we have seen the continuous growth of our products in the industrial and commercial sectors worldwide.

As a percentage of total revenues for the fourth quarter of fiscal 2008, North America represented 27.4%, Europe 42.5%, Asia 25.6% and the rest of the world 4.5%. As we have mentioned in prior conference call, IXYS sells higher margin products in North America and Europe. We are pleased with our concentrated sales efforts has resulted in more sales to these geographies.

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