IXYS Corporation (IXYS) has reported a 49.98 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $9.29 million, or $0.28 a share in the quarter, compared with $6.20 million, or $0.19 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $10.75 million, or $0.33 a share compared with $8.20 million or $0.26 a share, a year ago. Revenue during the quarter grew 4.51 percent to $83.37 million from $79.77 million in the previous year period. Gross margin for the quarter expanded 479 basis points over the previous year period to 35.02 percent. Total expenses were 88.93 percent of quarterly revenues, down from 91.43 percent for the same period last year. This has led to an improvement of 251 basis points in operating margin to 11.07 percent.
Operating income for the quarter was $9.23 million, compared with $6.83 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $13.55 million compared with $11.82 million in the prior year period. At the same time, adjusted EBITDA margin improved 144 basis points in the quarter to 16.25 percent from 14.81 percent in the last year period.
"Efforts to increase gross margins are bearing fruit as evidenced by three consecutive quarters of growth in margins. Higher net revenues reflect strengthening demand for our products. In particular, our power product sales have been boosted by demand in the industrial market. Our backlog looks healthy for the coming quarters," stated Mr. Uzi Sasson, chief executive officer and chief financial officer of IXYS Corporation.
Working capital increases marginally
IXYS Corporation has recorded an increase in the working capital over the last year. It stood at $266 million as at Mar. 31, 2017, up 4.80 percent or $12.18 million from $253.82 million on Mar. 31, 2016. Current ratio was at 8.03 as on Mar. 31, 2017, down from 8.35 on Mar. 31, 2016.
Debt comes down
IXYS Corporation has recorded a decline in total debt over the last one year. It stood at $84.47 million as on Mar. 31, 2017, down 10.52 percent or $9.93 million from $94.39 million on Mar. 31, 2016. Total debt was 19.46 percent of total assets as on Mar. 31, 2017, compared with 22.33 percent on Mar. 31, 2016. Debt to equity ratio was at 0.28 as on Mar. 31, 2017, down from 0.34 as on Mar. 31, 2016.
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