Profile: IXYS Corporation (IXYS.O)

IXYS Corporation (IXYS) is a multi-market integrated semiconductor company. The Company specializes in the development, manufacture and marketing of power semiconductors, advanced mixed signal integrated circuits (ICs), application specific integrated circuits (ASICs), and systems and radio frequency (RF) and power semiconductors. Its power semiconductor products have been divided into two primary categories: power metal oxide silicon (MOS) and power bipolar products. IXYS's power semiconductors are sold as individual units and are also packaged in high-power modules that frequently consist of multiple semiconductor die. During the fiscal year ended March 31, 2009 (fiscal 2009), power semiconductors constituted approximately 79.3% of its revenues, which included 29.7% from power MOS transistors and 49.6% from bipolar products. IXYS designs and sells ICs that have applications in telecommunications, display and power management products. In fiscal 2009, ICs constituted approximately 11.8% of its revenues. Its systems include laser diode drivers, high voltage pulse generators and modulators, and high power subsystems, sometimes known as stacks, which are principally based on its high power semiconductor devices. The Company also designs and sells RF power devices that switch electricity at the rates required by circuitry that generates radio frequencies. In September 2009, IXYS Corporation completed the acquisition of the light emitting diode (LED) driver IC and liquid rystal display (LCD) display driver IC business units from Leadis Technology, Inc.

Power Semiconductors

The Company's power MOS transistors consist of power metal-oxide semiconductor field-effect transistors (MOSFETs) and insulated gate bipolar transistors (IGBTs). A power MOSFET, or metal oxide silicon field effect transistor, is a switch controlled by voltage at the gate. Power MOSFETs are used in combination with passive components to vary the amperage and frequency of electricity by switching on and off at high frequency. IXYS' power MOSFETs are used primarily in power conversion systems and are focused on higher voltage applications ranging from 40 to 1,700 volts. IGBTs are used as switches. The Company's products are focused on voltage applications ranging from 300 volts to 4,500 volts. Its IGBTs are used principally in alternating current (AC) motor drives, power systems and defibrillators.

Bipolar products are used to process electricity, but are activated by current rather than voltage. Bipolar products are capable of switching electricity at higher power levels than power MOS transistors. IXYS' bipolar products consist of rectifiers and thyristors. Rectifiers convert AC power to direct current (DC) power and are used primarily in input and output rectification and inverters. The Company's rectifiers are used in DC and AC motor drives, power supplies, lighting and heating controls and welding equipment. A subset of IXYS' rectifier product group is a switching device known as fast recovery epitaxial diode (FRED). The Company's FREDs are used principally in AC motor drives and power supplies. Thyristors are switches that can be turned on by a controlled signal and turned off only when the output current is reduced to zero, which occurs in the flow of AC power. Its thyristors are used in motor drives, defibrillators, power supplies, lighting and heating controls.

Integrated Circuits

The Company's ICs address the demand for analog and mixed signal interface solutions in the communication and other industries, mixed signal application specific ICs designed for specific customers, as well as standard products, and ICs for power management and control. It manufactures solid-state relays (SSRs) that isolate the low-current communication signal from the higher power circuit, while also switching to control the flow of current. IXYS' SSRs, which include high-voltage analog components, optocouplers and integrated packages, are utilized principally in telecommunication, and video and data communication applications, as well as instrumentation, industrial control, and aerospace and automotive applications.

IXYS' line card access switch (LCAS) products are used in central office switching applications to enable data and voice telephony. Data access arrangements (DAAs) integrate a number of discrete components and are principally used in analog data communications that interface with telephone network applications. Its Litelink products are DAAs for applications, such as voice over Internet protocol (VOIP), wired communication lines and set top boxes. The Company designs high-voltage, analog and mixed signal ASICs for a variety of applications. The Company also makes and sells power management and control ICs, such as current regulators, motion controllers, digital power modulators and drivers for power MOSFETs and IGBTs. These ICs typically manage, control or regulate power semiconductors and the circuits and subassemblies that incorporate them.

RF Power Semiconductors

The Company's RF power devices switch electricity at the rates necessary to enable the amplification or reception of radio frequencies. Its products include field effect transistors (FETs), pseudomorphic high-electron mobility transistors (PHEMTs) and Gunn diodes. These products are principally gallium arsenide devices, which remain efficient at the high-heat and energy levels inherent in RF applications.

Systems and Other Products

IXYS manufactures and sells laser diode drivers, high-voltage pulse generators and modulators, and high power subsystems, such as modules or stacks that are principally based on the Company’s high-power semiconductor devices. In addition, the Company manufactures its direct copper bond (DCB) substrates for use in its own semiconductor products, as well as for sale to a variety of customers, including those in the power semiconductor industry.

The Company competes with Fairchild Semiconductor, Fuji, Hitachi, Infineon, International Rectifier, Microsemi, Mitsubishi, On Semiconductor, Powerex, Renesas Technology, Semikron International, STMicroelectronics, Toshiba, Vishay Intertechnology, Supertex, Matsushita, NEC, Silicon Labs and RF Micro Devices.