International Rectifier Reports Second Quarter Fiscal Year 2014 Results

Segment Table Information/Customer Segments

The business segment tables included with this release for the Company’s fiscal quarters ended December 29, 2013, September 29, 2013, and December 23, 2012, respectively, reconcile revenue and gross margin for the Company’s segments to the consolidated total amounts of such measures for the Company.

Quarterly Report on Form 10-Q

The Company expects to file its Quarterly Report on Form 10-Q for the second quarter of the 2014 fiscal year with the Securities and Exchange Commission on Thursday, January 30, 2014. This financial report will be available for viewing and download at http://investor.irf.com.

NOTE: A conference call will begin today at 2:00 p.m. Pacific time. CEO Oleg Khaykin and CFO Ilan Daskal will discuss the company’s December quarter results and March quarter outlook. All participants, both in the U.S. and international, may join the call by dialing 706-679-3195 by 1:55 p.m. Pacific time. In order to join this conference call, participants will be required to provide the conference identification number: 35876831. Participants may also listen over the Internet at http://investor.irf.com. To listen to the live call, please go to the web site at least 15 minutes early to register, download, and install any necessary audio software.

A recorded replay of this call will be available from approximately 6:00 p.m. Pacific time on Wednesday, January 29 through Wednesday, February 5, 2014. To listen to the replay by phone, call 855-859-2056 or 404-537-3406 for international callers and enter the conference identification number 35876831. To listen to the replay over the Internet, please go to http://investor.irf.com. The live call and replay will also be available on www.streetevents.com.

About International Rectifier

International Rectifier Corporation (NYSE: IRF) is a world leader in power management technology. IR’s analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR’s power management solutions to power their next generation products. For more information, go to www.irf.com.

Forward-Looking Statements:

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate. These forward-looking statements involve risks, uncertainties and assumptions. When we use words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions, we are making forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give readers any assurance that such expectations will prove correct. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, lower than expected demand or greater than expected order cancellations arising from a decline or volatility in general market and economic conditions; reduced margins from lower than expected factory utilization, higher than expected costs and customer shifts to lower margin products; changes in the timing or amount of costs associated with, or disruptions caused by, our restructuring initiatives; our ability to implement our restructuring initiatives as planned and achieve the anticipated benefits, which may be affected by, among other things: customer requirements, changes in business conditions and/or operational needs, retention of key employees, governmental regulations, delays and increased costs; unexpected costs or delays in implementing our plans to secure and qualify external manufacturing capacity for our products, including the purchase and installation of additional manufacturing equipment and the construction of our new wafer thinning manufacturing facility in Singapore; the effects of longer lead times for certain products on meeting demand and any inability by us to satisfy or to timely satisfy customer demand; the effects of manufacturing quality issues and customer claims; increased competition in the highly competitive semiconductor business that could adversely affect the prices of our products or our ability to secure additional business; the effects of manufacturing, operational and vendor disruptions, and capacity restrictions imposed by our vendors; unexpected delays and disruptions in our supply, manufacturing and delivery efforts due to, among other things, supply constraints, equipment malfunction or natural disasters; the adverse impact of regulatory, investigative and legal actions; delays in launching new technology products; our ability to maintain current intellectual property licenses and obtain new intellectual property licenses; costs arising from pending and threatened litigation or claims; volatility or deterioration of capital markets; the effects of natural disasters; and other uncertainties disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent reports on Form 10-K and 10-Q.

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(In thousands, except per share data)
 
Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
Revenues $ 269,965 $ 269,750 $ 223,822
Cost of sales 172,000   174,439   174,733  
Gross profit 97,965 95,311 49,089
Selling, general and administrative expense 44,727 43,750 45,083
Research and development expense 32,786 32,173 32,125
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015   1,402   4,941  
Operating income (loss) 17,807 16,356 (34,740 )
Other expense, net 1,510 762 411
Interest expense (income), net 7   (1 ) (8 )
Income (loss) before income taxes 16,290 15,595 (35,143 )
Provision (benefit) for income taxes (1,631 ) 6,872   (2,421 )
Net income (loss) $ 17,921   $ 8,723   $ (32,722 )
 
Net income (loss) per common share:
Basic $ 0.25 $ 0.12 $ (0.47 )
Diluted $ 0.25 $ 0.12 $ (0.47 )
Weighted average common shares outstanding:
Basic 71,147 70,830 69,144
Diluted 72,163 71,664 69,144
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
 
(In thousands)
     
December 29, 2013 September 29, 2013 December 23, 2012
ASSETS
Current assets:
Cash and cash equivalents $ 498,487 $ 468,120 $ 366,656
Restricted cash 635 629 624
Short-term investments 5,001 10,005 10,104
Trade accounts receivable, net of allowances 156,730 151,702 134,029
Inventories 247,740 243,754 260,717
Current deferred tax assets 4,946 5,002 5,181
Prepaid expenses and other current assets 34,222   35,040   36,095  
Total current assets 947,761 914,252 813,406
Restricted cash 739 739 940
Long-term investments 5,003
Property, plant and equipment, net 412,277 419,289 456,139
Goodwill 52,149 52,149 52,149
Acquisition-related intangible assets, net 18,663 20,293 25,216
Long-term deferred tax assets 29,108 29,402 37,456
Other assets 65,135   61,341   60,004  
Total assets $ 1,525,832   $ 1,497,465   $ 1,450,313  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 86,403 $ 88,521 $ 70,649
Accrued income taxes 4,361 2,033 496
Accrued salaries, wages and commissions 37,764 40,980 40,740
Other accrued expenses 80,063   79,456   73,822  
Total current liabilities 208,591 210,990 185,707
Long-term deferred tax liabilities 9,723 8,649 4,928
Other long-term liabilities 16,876   24,709   30,186  
Total liabilities 235,190   244,348   220,821  
Commitments and contingencies
Stockholders’ equity:
Common shares 77,426 77,287 75,353
Capital contributed in excess of par value 1,090,231 1,081,889 1,048,586
Treasury stock, at cost (113,175 ) (113,175 ) (113,175 )
Retained earnings 228,509 210,588 229,188
Accumulated other comprehensive loss 7,651   (3,472 ) (10,460 )
Total stockholders’ equity 1,290,642   1,253,117   1,229,492  
Total liabilities and stockholders’ equity $ 1,525,832   $ 1,497,465   $ 1,450,313  
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(In thousands)
 
Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
(Unaudited)   (Unaudited)   (Unaudited)
Cash flows from operating activities:
Net income (loss) $ 17,921 $ 8,723 $ (32,722 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 21,470 22,073 23,088
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Loss on disposal of fixed assets 55 15 4,183
Impairment of long-lived assets 2,376
Stock compensation expense 6,627 6,862 5,378
Gain on sale of investments (36 ) (8 )
Provision for inventory write-downs (680 ) 1,615 6,060
Loss (gain) on derivatives 625 362 (93 )
Deferred income taxes 1,949 4,997 227
Excess tax benefit from stock-based awards 1
Changes in operating assets and liabilities, net (16,878 ) (21,194 ) 30,727
Other 694   (237 ) 1,028  
Net cash provided by operating activities 33,413   24,810   41,925  
Cash flows from investing activities:
Additions to property, plant and equipment (10,714 ) (11,918 ) (26,054 )
Proceeds from sale of property, plant and equipment 25
Sale of investments 36 52,131
Maturities of investments 5,000 1,000 18,500
Release from (addition to) restricted cash 4   8   (9 )
Net cash provided by investing activities (5,710 ) (10,849 ) 44,568  
Cash flows from financing activities:
Proceeds from exercise of stock options 1,925 8,972 324
Excess tax benefit from stock-based awards (1 )
Net settlement of restricted stock units for tax withholdings (71 ) (1,089 ) (45 )
Net cash provided by financing activities 1,854 7,883 278
Effect of exchange rate changes on cash and cash equivalents 810   2,786   70  
Net increase in cash and cash equivalents 30,367 24,630 86,841
Cash and cash equivalents, beginning of period 468,120   443,490   279,815  
Cash and cash equivalents, end of period $ 498,487   $ 468,120   $ 366,656  
 

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