International Rectifier Corp. (IR, El Segundo, CA) reported adjusted earnings of $38.4 million, or $0.54 per share, for the June quarter on revenues of $281.8 million. This compares to $41.7 million, or $0.56 per share, for the March quarter on revenues of $281.9 million. For the June and March quarters, adjusted earnings excluded $12.4 million and $8.1 million in pretax charges, respectively, for severance and restructuring activities announced in December 2002. As previously announced, a one-time $6.0 million pretax charge from the accelerated vesting of options also is excluded from the June quarter's adjusted earnings.
On a GAAP basis, net income was $24.7 million, or $0.35 per share, for the June quarter versus $35.7 million, or $0.48 per share, in the March quarter, and $29.4 million, or $0.42 per share, for the prior-year quarter. Gross margin was 43.5 percent in the fourth quarter. This compares to 44.4 percent in the March quarter and 41.2 percent in the year-ago fourth quarter.
For the fiscal year just ended, adjusted earnings per share were up 43 percent over the previous fiscal year. Adjusted net income was $167.3 million, or $2.30 per share, on revenues of $1.17 billion, compared to prior-year adjusted net income of $110.8 million, or $1.61 per share, on revenues of $1.06 billion. For the fiscal year just ended, gross margin was 43.5 percent compared to 38.8 percent in fiscal 2004.
On a GAAP basis, IR reported net income of $137.5 million, or $1.91 per share, for fiscal 2005 compared to a net income of $89.8 million, or $1.31 per share, for fiscal 2004. The company generated $79 million of cash from operations in the fourth quarter and $221 million for fiscal 2005, ending the year with $941 million in cash and cash investments.
