Advertisement

News Wire

International Rectifier Announces Q3

EL SEGUNDO, Calif. — International Rectifier Corporation (NYSE:IRF) today announced financial results for the third quarter (ended March 27, 2011) of its fiscal year 2011. Revenue for the third quarter fiscal year 2011 was $296.7 million, a 5.3% increase from $281.7 million in the second quarter fiscal year 2011 and a 22.7% increase from $241.9 million in the third quarter fiscal year 2010.

International Rectifier reported a net income of $49.5 million, or $0.69 per fully diluted share for the third quarter fiscal year 2011, compared with net income of $43.9 million, or $0.62 per fully diluted share, in the second quarter fiscal year 2011. The third quarter fiscal year 2011 results included a $6.5 million gross tax benefit and a $3.5 million reversal of Asset Impairment, Restructuring and Other Charges. Combined, these two items benefitted third quarter fiscal year 2011 fully diluted earnings per share by $0.14. For the third quarter fiscal year 2010, International Rectifier reported a net income of $40.4 million, or $0.56 per fully diluted share. The third quarter fiscal year 2010 results included a $23.0 million gross tax benefit that increased fully diluted earnings per share $0.32.

Gross margin was 39.5%, down 3.5% compared with the second quarter fiscal year 2011 and up from 36.1% in the third quarter fiscal year 2010. The second quarter fiscal year 2011 gross margin was aided by lower manufacturing costs resulting from higher cost absorption associated with an increase in inventory in anticipation of future demand and a higher gross margin product mix.

Operating income was $41.6 million or 14.0% of revenue compared with $44.6 million or 15.8% of revenue in the second quarter fiscal year 2011 and up from operating income of $17.3 million or 7.2% of revenue in the third quarter fiscal year 2010.

President and Chief Executive Officer Oleg Khaykin stated: “The March quarter marked the eighth consecutive quarter of revenue growth for IR. This achievement is driven by a number of factors, including continued growth in design wins with tier-one customers and expansion of IR’s power management content in energy-efficient household appliances, industrial applications and automobiles. We continue to demonstrate a leadership position in fundamental motion control architectures, a high growth area critical to energy conservation.”

Research and development expenses for the third quarter fiscal year 2011 were $30.7 million, up from $28.5 million in the second quarter fiscal year 2011.

Selling, general and administrative expenses for the third quarter fiscal year 2011 were $46.7 million, about flat compared with $46.6 million in the second quarter fiscal year 2011.

Cash, cash equivalents and marketable investments totaled $490.0 million at the end of the third quarter fiscal year 2011, including restricted cash of $3.0 million.

Cash provided by operating activities for the third quarter fiscal year 2011 was $3.9 million.

During the third quarter fiscal year 2011, the Company purchased 235,000 shares of its common stock for $7.7 million. The Company had 69,759,341 shares outstanding at the end of the quarter.

Read the full press release.

0 comments on “International Rectifier Announces Q3

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.