International Rectifier Reports Fourth Quarter and Full Year Fiscal 2014 Results

Reconciliation of GAAP to Non-GAAP Operating Income (Loss):

  Three Months Ended   Fiscal Year Ended
June 29, 2014   March 30, 2014   June 30, 2013 June 29, 2014   June 30, 2013
GAAP Operating income (loss) $ 20,651 $ 19,170 $ 237 $ 73,984 $ (75,383 )
Adjustments to reconcile GAAP to Non-GAAP operating loss:
Impairment of long-lived assets 2,792
Accelerated depreciation 509 507 417 2,097 1,683
Product litigation reserve release (2,790 ) (2,790 )
Amortization of acquisition-related intangible assets 1,555 1,605 1,630 6,420 6,653
Asset impairment, restructuring and related charges 1,597   1,624   2,209   5,638   16,996  
Non-GAAP operating income (loss) $ 24,312   $ 20,116   $ 4,493   $ 85,349   $ (47,259 )
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
NON-GAAP RESULTS
 
(In thousands, except per share and gross profit-percentage data)
 
Reconciliation of GAAP to Non-GAAP Net Income (Loss):
   
Three Months Ended Fiscal Year Ended
June 29, 2014   March 30, 2014   June 30, 2013 June 29, 2014   June 30, 2013
GAAP Net income (loss) $ 12,949 $ 19,140 $ (6,078 ) $ 58,733 $ (88,820 )
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
Impairment of long-lived assets 2,792
Accelerated depreciation 509 507 417 2,097 1,683
Product litigation reserve release (2,790 ) (2,790 )
Amortization of acquisition-related intangible assets 1,555 1,605 1,630 6,420 6,653
Asset impairment, restructuring and related charges 1,597 1,624 2,209 5,638 16,996
Tax expense (benefit) of discrete items and other tax adjustments 5,319   (373 ) 664   103   (1,902 )
Non-GAAP net income (loss) $ 21,929   $ 19,713   $ (1,158 ) $ 70,201   $ (62,598 )
 
GAAP net income (loss) per common share — basic $ 0.18 $ 0.27 $ (0.09 ) $ 0.83 $ (1.28 )
Non-GAAP adjustments per above 0.13   0.01   0.07   0.16   0.38  
Non-GAAP net income (loss) per common share — basic $ 0.31 $ 0.28 $ (0.02 ) $ 0.99 $ (0.90 )
 
GAAP net income (loss) per common share — diluted $ 0.18 $ 0.26 $ (0.09 ) $ 0.81 $ (1.28 )
Non-GAAP adjustments per above 0.12   0.01   0.07   0.16   0.38  
Non-GAAP net income (loss) per common share — diluted $ 0.30 $ 0.27 $ (0.02 ) $ 0.97 $ (0.90 )
 
Weighted average common shares outstanding — basic 71,208 71,248 69,785 71,108 69,385
Weighted average common shares outstanding — diluted 72,874 72,728 69,785 72,549 69,385
 

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