IR Reports March-Quarter 2002 Results
International Rectifier Corp. (IR, El Segundo, CA) reported net income of $12.2 million, or $0.19 per share, on revenues of $178.6 million for the quarter ended March 2002, compared to net income of $10.8 million, or $0.17 per share, on revenue of $172.1 million in the immediately preceding quarter.
The company posted net income of $47.9 million, or $0.73 per share, on revenues of $276.0 million in the comparable prior-year quarter. For the nine months ended March 2002, net income was $32.6 million, or $0.50 per share, on revenues of $519.2 million, compared to prior-year net income of $136.5 million, or $2.07 per share, on revenues of $793.5 million.
CEO Alex Lidow noted, "Our drive to a richer business mix is increasing IR's structural profitability. As proprietary products form a growing share of our business and component pricing continues to stabilize, IR is showing higher gross margin on customer shipments and in our backlog. March-quarter gross margin remained just six points below peak levels."