International Rectifier Corp. (IR, El Segundo, CA) reported pro-forma earnings of $36.6 million, or $0.52 per share, in the June quarter (after including the dilutive impact of $0.01 per share from the first-time inclusion of 7.4 million shares underlying the company's convertible debenture). This compares to $29.8 million, or $0.43 per share, in the March quarter and $15.4 million, or $0.24 per share, in the prior-year quarter.
The pro-forma June quarter earnings excluded a $9.5 million pre-tax charge for ongoing severance and restructuring activities. The pro-forma March quarter earnings excluded $9.9 million in restructuring-related, pre-tax charges and $5.9 million pre-tax gain related to the Hitachi settlement. The prior-year June quarter pro-forma earnings excluded $3.8 million in restructuring-related, pre-tax charges.
On a GAAP basis, net income was $29.4 million, or $0.42 per share, in the June quarter versus $26.7 million, or $0.39 per share, in the March quarter, and $13.2 million, or $0.20 per share, in the prior-year quarter. The calculation of June quarter GAAP earnings per share included the dilutive impact of 7.4 million shares underlying the company's convertible debenture.
Revenues were $298.6 million in the June quarter, up 8% from $275.4 million in the March quarter, and up 31% from $228.4 million in the prior-year quarter. In the June quarter, the company discontinued $14 million of commodity product revenues as previously announced. If included, the revenues would have meant an overall growth rate of about 13%. Revenues were up across all regions, led by Asia Pacific, up 14% over the March quarter and 60% from the prior-year quarter.
