International Rectifier Corp. (IR, El Segundo, CA) reported pro-forma earnings of $42.4 million, or $0.59 per share, in the September quarter. This compares to $36.6 million, or $0.52 per share, in the June quarter and $19.8 million, or $0.30 per share, in the prior-year quarter. The pro-forma September quarter earnings excluded a $6.7 million pre-tax charge for previously announced severance and restructuring activities. The pro-forma June quarter earnings excluded $9.5 million in restructuring-related, pre-tax charges. The prior-year September quarter pro-forma earnings excluded $4.0 million in restructuring-related, pre-tax charges.
On a GAAP basis, net income was $37.6 million, or $0.53 per share, in the September quarter versus $29.4 million, or $0.42 per share, in the June quarter and $16.7 million, or $0.25 per share, in the prior-year quarter. Revenues were $312.2 million in the September quarter, up 5% from $298.6 million in the June quarter, and up 33% from $234.1 million in the prior-year quarter. Revenues from high-performance analog ICs and advanced circuit devices grew 18% from the prior quarter and 64% from the prior-year quarter.
Chief Executive Officer Alex Lidow stated, "Overall, business exceeded our expectations with the most recent quarter reflecting record revenues, gross margins and backlog. These achievements are being driven by a number of factors, including continued expansion of IR power-management content in IT where PC revenues grew 4% quarter-on-quarter and 44% year-on-year. We are very excited about rapidly accelerating adoption of energy-efficient household appliances, lighting and automobiles. We have pioneered as well as established the leadership position in fundamental motion control architectures, a key high-growth area where energy conservation is paramount. This is the same strategy that we have applied very successfully in the IT space with our leading-edge products for Intel processors."
