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International Rectifier Posts Q1

EL SEGUNDO, Calif. — International Rectifier Corporation (NYSE:IRF) today announced financial results for the first quarter (ended September 26, 2010) of its fiscal year 2011. Revenue for the first quarter fiscal year 2011 was $280.9 million, a 6.5% increase from $263.8 million in the fourth quarter fiscal year 2010 and a 56.6% increase from $179.4 million in the first quarter fiscal year 2010.

International Rectifier reported net income of $33.5 million, or $0.47 per fully diluted share for the first quarter fiscal year 2011, compared with net income of $29 million, or $0.41 per fully diluted share, in the fourth quarter fiscal year 2010. The first quarter fiscal year 2011 results included a $3.8 million gross tax benefit that increased diluted earnings per share 5 cents. The prior quarter results included an $8.5 million gross tax benefit that increased diluted earnings per share 12 cents. For the first quarter fiscal year 2010, International Rectifier reported a net loss of $16.9 million, or $0.24 per share.

Gross margin was 38.7%, up 260 basis points compared with the fourth quarter fiscal year 2010 and up from 26.4% in the first quarter fiscal year 2010.

Operating income was $31.6 million or 11.3% of revenue compared with $22.2 million or 8.4% of revenue in the fourth quarter fiscal year 2010 and up from an operating loss of $20.3 million or (11.3%) of revenue in the first quarter fiscal year 2010.

President and Chief Executive Officer Oleg Khaykin stated: “In the September quarter, we continued to execute on our strategy with IR’s customer segments revenue up about 6.5% over the prior quarter and up 31.5% since the September 2008 prior cycle peak quarter. Gross margin continued to increase as we benefitted from improved product mix and greater economies of scale. Strength in the industrial and automotive markets was more than enough to offset weakness in the notebook and consumer markets.”

Research and development expenses for the first quarter fiscal year 2011 were $27.6 million, up from $26.6 million in the fourth quarter fiscal year 2010.

Selling, general and administrative expenses for the first quarter fiscal year 2011 were $48.3 million, compared with $45.2 million in the fourth quarter fiscal year 2010. The increase compared with the prior quarter is primarily from employee incentive compensation and commissions associated with higher revenue.

Cash, cash equivalents and marketable investments totaled $575.5 million at the end of the first quarter fiscal year 2011, including restricted cash of $3.4 million.

Cash from operating activities for the first quarter fiscal year 2011 was $37.6 million.

During the first quarter fiscal year 2011, the Company purchased 1,028,318 shares of its common stock for $20 million. The Company had 69,380,959 shares outstanding at the end of the quarter.

International Rectifier Corp.

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