News

International Rectifier Announces First Fiscal Quarter Results

November 06, 2008 by Jeff Shepard

International Rectifier Corp. announced financial results for the fiscal first quarter ended September 30, 2008. Revenue for the first quarter of fiscal year 2009 was $244.5 million, which included $18.7 million in revenue recognized from a one-time patent license amendment. Excluding Intellectual Property and Transition Services segment revenue, fiscal first quarter 2009 revenue from ongoing customer segments was $212.1 million, up 12% compared with $189.4 million in the prior quarter and down 12%, compared with $240.4 million reported in the first quarter of fiscal year 2008.

International Rectifier reported a fiscal first quarter 2009 net loss of $4.5 million, or a loss of $0.06 per share, compared with a net loss of $51.8 million or a loss of $0.71 per share in the prior quarter, and net income of $10.4 million or $0.14 per diluted share in the first fiscal quarter of 2008.

Gross margin, including Intellectual Property and Transition Services segments was 39.4%. Excluding Intellectual Property and Transition Services segments, fiscal first quarter 2009 ongoing customer segments gross margin was 36.3%, 140 basis points higher than in the prior quarter. The ongoing customer segments gross margin was about flat compared with the first fiscal quarter of 2008.

In the first quarter of fiscal year 2009, Selling and Administrative expenses were approximately $65.3 million, down from $80.5 million in the prior quarter. Of this $65.3 million, approximately $16.4 million was associated with consulting fees and expenses related to the audit committee investigation, financial restatement, financial reports preparation and filing and proxy contest.

R&D expenses were $24.7 million, or flat, compared with $24.6 million in the prior quarter.

Cash, cash equivalents and marketable investments totaled $712 million at September 30, 2008. This includes restricted cash of $19.4 million. Net cash used in operating activities in the first quarter of fiscal year 2009 was $19.9 million.