International Rectifier Reports Fourth Quarter and Full Year Fiscal 2013 Results

EL SEGUNDO, Calif. — (BUSINESS WIRE) — August 19, 2013 — International Rectifier Corporation (NYSE: IRF) today announced financial results for the fourth quarter (which was 14 weeks ending June 30, 2013) of its fiscal year 2013. Revenue was $276.5 million, a 23.3% increase compared to $224.3 million in the prior quarter and a 3% increase from $269.7 million in the prior year quarter. GAAP net loss for the fourth quarter was $6.1 million, or $0.09 per fully diluted share compared to GAAP net loss of $21.2 million, or $0.31 per fully diluted share, in the prior quarter and GAAP net loss of $68.2 million, or $0.99 per fully diluted share in the prior year quarter.

Revenue for fiscal year 2013 was $977 million, a 7% decrease from $1.05 billion in the prior fiscal year. Net loss for fiscal year 2013 was $88.8 million or $1.28 per fully diluted share compared with a net loss of $55.1 million or $0.79 per fully diluted share for fiscal year 2012.

“Fourth quarter revenue exceeded our expectations, increasing significantly as all of our business segments posted strong sequential growth,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, our gross margin recovery continued, coming in at the high end of guidance as a result of improving business demand, utilization and mix. Our non-GAAP operating income turned positive in the fourth quarter at $4.5 million, capital expenditures remained below our target of 7% of sales and we increased our cash balance by $52.5 million.”

GAAP gross margin for the fourth quarter was 30% compared to 24.3% in the prior quarter and 25.9% in the prior year quarter. GAAP operating income for the fourth quarter was $237 thousand compared to an operating loss of $20 million in the prior quarter and an operating loss of $87.7 million in the prior year quarter.

Cash, cash equivalents and marketable investments increased $52.5 million and totaled $455.9 million at the end of the fourth quarter, including restricted cash of $1.3 million.

Cash provided by operating activities for the quarter was $57.8 million and free cash flow was $46.1 million.

Non-GAAP Results

Non-GAAP net loss for the fourth quarter was $1.2 million, or $0.02 per fully diluted share compared to non-GAAP net loss of $19.8 million, or $0.29 per fully diluted share in the prior quarter and non-GAAP net loss of $10.5 million, or $0.15 per fully diluted share in the prior year quarter.

Non-GAAP gross margin for the fourth quarter was 30.2% compared to GAAP gross margin of 24.3% in the prior quarter (there not being a non-GAAP gross margin in the prior quarter) and non-GAAP gross margin of 27.5% in the prior year quarter. Non-GAAP operating income for the fourth quarter was $4.5 million compared to non-GAAP operating loss of $17.5 million in the prior quarter and non-GAAP operating loss of $10.4 million in the prior year quarter.

Non-GAAP net loss for fiscal year 2013 was $62.6 million or $0.90 per fully diluted share compared with a non-GAAP net loss of $2.2 million or $0.03 per fully diluted share for fiscal year 2012.

The non-GAAP results the Company provides exclude the effects of accelerated depreciation, asset impairment, 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 (referred to as gross profit in attached schedules) 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.

September Quarter Outlook

Mr. Khaykin noted: “Looking ahead to the September quarter which is a typical 13-week period, we see modest growth compared with a normalized 13-week June quarter as demand across our end markets remains stable. As such, we continue to see strong gross margin leverage from rising utilization and manufacturing efficiencies. As a result, we currently expect revenue for the September quarter to range between $260 million to $268 million and GAAP gross margin to range between 33% and 34%.”

The following table outlines International Rectifier’s current September quarter outlook on a GAAP basis and a non-GAAP basis, based on certain anticipated excluded items:

           
GAAP     Excluded Items     Non-GAAP
Revenue (13-week quarter) $260 to $268 million $260 to $268 million
 
Gross margin 33% to 34% 0.2% accelerated depreciation 33.2% to 34.2%
 
Operating Expenses $77.5 to $78.5 million

$1 to $2 million asset impairment,
restructuring and other charges;
$1.6 million amortization of
acquisition related intangibles

$75 million
 
Other Expense, net $1 million $1 million
 
Tax Expense $6.5 to $7.5 million

$3.5 million income tax adjustments
primarily due to UK rate change

$3 to $4 million
 

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