International Rectifier Corp. (IR) announced financial results for the fourth quarter fiscal year 2009, ended June 28, 2009. Revenue for the fourth quarter fiscal year 2009 was $159.6 million. Excluding Intellectual Property and Transition Services segment revenue, fourth quarter fiscal year 2009 revenue from ongoing customer segments was $154.1 million, up 16.2% compared with $132.6 million in the prior quarter, and down 18.6% compared with $189.4 million reported in the fourth quarter fiscal year 2008.
IR reported fourth quarter fiscal year 2009 net income of $29.1 million, or $0.41 per share, compared with a net loss of $82.6 million or $1.15 per share in the prior quarter, and a net loss of $50.4 million or $0.69 per share in the fourth quarter fiscal year 2008.
The results for the fourth quarter fiscal year 2009 include a $96.1 million gain on the divestiture of the Power Control Systems (PCS) business, related to the settlement agreement with Vishay Intertechnology Inc., a $45 million charge related to an agreement in principle to settle the pending securities class action litigation, a $9.6 million tax benefit, a $9.5 million expense recovery from an insurance reimbursement and a $2.0 million investment impairment charge.
Gross margin, including Intellectual Property and Transition Services segments, was 20.8%. Excluding the Intellectual Property and Transition Services segments, fourth quarter fiscal year 2009 ongoing customer segments gross margin was 20.9%, down from 21.5% in the prior quarter and down from 34.9% in the fourth quarter fiscal year 2008.
Research and development expenses for the fourth quarter fiscal year 2009 were $26.2 million, up from $22.4 million in the prior quarter.
Selling, general and administrative expenses for the fourth quarter fiscal year 2009 were $83.0 million, compared with $52.7 million in the prior quarter. Selling, general and administrative expenses for the fourth quarter fiscal year 2009 included a $45 million expense related to the agreement in principle to settle the pending securities class action litigation and a $9.5 million expense recovery from an insurance reimbursement.
Cash, cash equivalents and marketable investments totaled $604.4 million at the end of the fourth quarter fiscal year 2009. This included restricted cash of $3.9 million. Net cash used in operating activities for the fourth quarter fiscal year 2009 was $9.4 million.
During the fourth quarter fiscal year 2009, the Company purchased 578,569 shares of its common stock under its existing repurchase program. The Company had 71,192,390 shares outstanding at the end of the quarter.
International Rectifier President and Chief Executive Officer Oleg Khaykin stated: "The strong momentum we experienced in the June quarter continues in the September quarter. We currently expect first quarter fiscal year 2010 ongoing segments total revenue, including Intellectual Property to range from $165 million to $175 million."
