International Rectifier Reports Second Quarter Fiscal Year 2014 Results

EL SEGUNDO, Calif. — (BUSINESS WIRE) — January 29, 2014 — International Rectifier Corporation (NYSE: IRF) today announced financial results for the second quarter (ended December 29, 2013) of its fiscal year 2014. Revenue was $270.0 million, about flat compared to $269.8 million in the prior quarter and a 20.6% increase from $223.8 million in the prior year quarter. GAAP net income for the second quarter was $17.9 million, or $0.25 per fully diluted share compared to GAAP net income of $8.7 million, or $0.12 per fully diluted share, in the prior quarter and GAAP net loss of $32.7 million, or $0.47 per fully diluted share in the prior year quarter.

“In the second half of the December quarter, we saw a steady increase in orders that drove revenue to the high end of our forecast,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, margins and profits improved nicely and we increased our cash balance by over $25 million by the end of the quarter.”

GAAP gross margin for the second quarter was 36.3% compared to 35.3% in the prior quarter and 21.9% in the prior year quarter. GAAP operating income for the second quarter was $17.8 million compared to operating income of $16.4 million in the prior quarter and an operating loss of $34.7 million in the prior year quarter.

Cash, cash equivalents and marketable investments increased $25.4 million during the second quarter and totaled $504.9 million at the end of the second quarter, including restricted cash of $1.4 million.

Cash provided by operating activities for the quarter was $33.4 million and free cash flow was $22.7 million for the quarter.

Non-GAAP Results

Non-GAAP net income for the second quarter was $13.4 million, or $0.19 per fully diluted share compared to non-GAAP net income of $15.1 million, or $0.21 per fully diluted share in the prior quarter and non-GAAP net loss of $30.3 million, or $0.44 per fully diluted share in the prior year quarter.

Non-GAAP gross margin for the second quarter was 36.5% compared to non-GAAP gross margin of 35.5% in the prior quarter and non-GAAP gross margin of 22.2% in the prior year quarter. Non-GAAP operating income for the second quarter was $21.1 million, or 8% of revenue, compared to non-GAAP operating income of $19.8 million in the prior quarter and non-GAAP operating loss of $27.6 million in the prior year quarter.

The non-GAAP results the Company provides exclude the effects of accelerated depreciation, restructuring costs, 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.

March Quarter Outlook

Mr. Khaykin noted: “Looking ahead to the March quarter, we expect to see continued stable demand overall, with seasonal growth in our industrial end market offsetting seasonal weakness in our computing and consumer end markets. As a result, we currently expect revenue for the March quarter to range between $265 million to $275 million.

We remain optimistic for calendar year 2014 as we see a steady strengthening of fundamentals, and new design wins continue to ramp. In 2014, we remain well positioned for growth in the server market with digital power management, automotive IGBTs for hybrid and electric vehicles and power modules for the industrial and appliance end markets.”

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

  GAAP   Excluded Items   Non-GAAP
Revenue $265 to $275 million $265 to $275 million
 
Gross margin 35.3% to 36.3% 0.2% for accelerated depreciation 35.5% to 36.5%
 
Operating Expenses
 
Research & development expense about $33 million about $33 million
 
Sales general & administrative expense about $45 million about $45 million
 
Asset impairment, restructuring and other charges $1 to $1.5 million $1 to $1.5 million
 
Amortization of acquisition related intangibles $1.6 million $1.6 million
 
Other Expense, net $1 million $1 million
 
Tax About $3 million Expense About $3 million Expense
 

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