International Rectifier Reports Second Quarter Fiscal Year 2014 Results

For the three months ended December 29, 2013, September 29, 2013, and December 23, 2012, stock-based compensation was as follows (in thousands):

  Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
Cost of sales $ 1,362 $ 1,248 $ 1,123
Selling, general and administrative expense 3,123 3,527 2,858
Research and development expense 2,142   2,087   1,397
Total stock-based compensation expense $ 6,627   $ 6,862   $ 5,378
 

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

 

NON-GAAP RESULTS

 

(In thousands, except per share and gross profit-percentage data)

 
 

Reconciliation of GAAP to Non-GAAP Gross Profit:

Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
GAAP Gross profit $ 97,965 $ 95,311 $ 49,089
Adjustments to reconcile GAAP to Non-GAAP gross profit:
Accelerated depreciation 639   427   551  
Non-GAAP gross profit $ 98,604   $ 95,738   $ 49,640  
Non-GAAP gross profit-percentage 36.5 % 35.5 % 22.2 %
 

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

Three Months Ended
December 29, 2013 September 29, 2013 December 23, 2012
GAAP Operating income (loss) $ 17,807 $ 16,356 $ (34,740 )
Adjustments to reconcile GAAP to Non-GAAP operating income (loss):
Accelerated depreciation 639 427 551
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015   1,402   4,941  
Non-GAAP operating income (loss) $ 21,091   $ 19,815   $ (27,568 )
 
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
December 29, 2013   September 29, 2013   December 23, 2012
GAAP Net income (loss) $ 17,921 $ 8,723 $ (32,722 )
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
Accelerated depreciation 639 427 551
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015 1,402 4,941
Tax expense of discrete items and other tax adjustments (7,805 ) 2,962   (4,739 )
Non-GAAP net income (loss) $ 13,400 $ 15,144 $ (30,289 )
GAAP net income (loss) per common share — basic $ 0.25 $ 0.12 $ (0.47 )
Non-GAAP adjustments per above (0.06 ) 0.09   0.03  
Non-GAAP net income (loss) per common share—basic $ 0.19 $ 0.21 $ (0.44 )
GAAP net income (loss) per common share — diluted $ 0.25 $ 0.12 $ (0.47 )
Non-GAAP adjustments per above (0.06 ) 0.09   0.03  
Non-GAAP net income (loss) per common share—diluted $ 0.19 $ 0.21 $ (0.44 )
Average common shares outstanding—basic 71,147   70,830   69,144  
Average common shares and potentially dilutive securities outstanding—diluted 72,163   71,664   69,144  
 

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