International Rectifier Reports Third Quarter Results

EL SEGUNDO, Calif. — (BUSINESS WIRE) — April 29, 2013 — International Rectifier Corporation (NYSE: IRF) today announced financial results for the third quarter (ended March 24, 2013) of its fiscal year 2013. Revenue was $224.3 million, which was flat compared to $223.8 million in the prior quarter and a 9.6% decrease from $248.1 million in the prior year quarter. GAAP net loss for the third quarter was $21.2 million, or $0.31 per fully diluted share compared to GAAP net loss of $32.7 million, or $0.47 per fully diluted share, in the prior quarter and GAAP net loss of $2.5 million, or $0.04 per fully diluted share in the prior year quarter.

“Throughout the March quarter, we saw booking trends improve across all our end markets,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, we decreased inventory, closed our El Segundo manufacturing facility, reduced our capital expenditures and increased our cash balance by $20 million. As a result of improving business demand, resizing our manufacturing footprint and reducing fixed costs, our gross margin recovery is currently tracking ahead of prior expectations.”

GAAP gross margin for the third quarter was 24.3% compared to 21.9% in the prior quarter and 29.8% in the prior year quarter. GAAP operating loss for the third quarter was $20 million compared to an operating loss of $34.7 million in the prior quarter and an operating loss of $7.1 million in the prior year quarter.

Cash, cash equivalents and marketable investments increased $20 million and totaled $403.4 million at the end of the third quarter, including restricted cash of $1.4 million.

Cash provided by operating activities for the quarter was $33.2 million and free cash flow was $20.3 million.

Non-GAAP Results

The non-GAAP results the Company provides exclude the effects of accelerated depreciation, asset impairment and inventory write-offs associated with our El Segundo fab closure, restructuring costs, severance costs, impairment of goodwill, amortization of intangibles, the associated net tax effects of these items, and discrete tax provisions and benefits. The Company excludes any tax provisions (benefits) that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability.

A reconciliation of these non-GAAP measures to the Company’s reported net income (loss), gross margin and operating income (loss) in accordance with U.S. GAAP are set forth in the attached schedules below and on our web-site at www.investor.irf.com.

On this basis, non-GAAP net loss for the third quarter was $19.8 million, or $0.29 per fully diluted share compared to non-GAAP net loss of $30.3 million, or $0.44 per fully diluted share in the prior quarter and non-GAAP net loss of $14.9 million, or $0.22 per fully diluted share in the prior year quarter.

GAAP gross margin for the third quarter (there is no non-GAAP gross margin for the third quarter) was 24.3% compared to non-GAAP gross margin of 22.2% in the prior quarter and GAAP gross margin of 29.8% in the prior year quarter (there is no non-GAAP gross margin for the third quarter of prior year quarter). Non-GAAP operating loss for the third quarter was $17.5 million compared to non-GAAP operating loss of $27.6 million in the prior quarter and non-GAAP operating loss of $10.3 million in the prior year quarter.

June Quarter Outlook

Mr. Khaykin noted: “Looking ahead to our 14-week June quarter, we are seeing solid revenue growth as the demand across our end markets is showing improvement. With improving demand and lower inventory we are starting to see positive gross margin leverage from rising utilization, improving product mix and manufacturing efficiencies. As a result, we currently expect revenue for the June quarter to range between $255 million to $265 million and gross margin to range between 28% and 30%.”

The following table outlines International Rectifier’s current forward looking June quarter outlook (on a GAAP basis):

Revenue (14-week quarter)       $255 to $265 million
Gross margin 28% to 30%
Research and development expense (14-week quarter) $32 million
Sales, general and administrative expense (14-week quarter) $47 million
Asset impairment, restructuring and other charges $1 to $2 million
Amortization of acquisition related intangibles $1.7 million
Other expense, net $1 million

Tax expense

$4 million

 

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