News

International Rectifier Announces Second Quarter Fiscal Year 2010 Results

February 03, 2010 by Jeff Shepard

International Rectifier Corp. (IR)® announced financial results for the second quarter (ended December 27, 2009) of its fiscal year 2010. Revenue for the second quarter fiscal year 2010 was $210.2 million, a 17.2% increase from $179.4 million in the first quarter fiscal year 2010 and a 10.8% increase from $189.7 million in the second quarter fiscal year 2009.

IR reported net income of $28.3 million, or $0.39 per fully diluted share for second quarter fiscal year 2010, compared with a net loss of $16.9 million, or $0.24 per share, in the prior quarter, and a net loss of $189.8 million, or $2.61 per share in the second quarter fiscal year 2009. The results for the second quarter fiscal year 2010 included $27.8 million of tax benefits from a release of tax reserves.

Gross margin was 29.9%, up from 26.4% in the prior quarter and down from 33.9% in the second quarter fiscal year 2009. Research and development expenses for the second quarter fiscal year 2010 were $24.2 million, up from $22.8 million in the prior quarter.

Selling, general and administrative expenses for the second quarter fiscal year 2010 were $37.3 million, compared with $43.6 million in the prior quarter. Selling, general and administrative expenses for the second quarter fiscal year 2010 included $3.2 million of cost benefits which are not expected to recur in the March quarter.

Cash, cash equivalents and marketable investments totaled $549.5 million at the end of the second quarter fiscal year 2010, including restricted cash of $3.4 million. Net cash used in operating activities for the second quarter fiscal year 2010 was $27.4 million. This included a previously reported $45.0 million payment related to a litigation settlement.

During the second quarter fiscal year 2010, the company purchased 260,683 shares of its common stock under its existing share repurchase program. The company had 71,072,883 shares outstanding at the end of the quarter.