EL SEGUNDO, CA - October 7, 2002 - International Rectifier Corporation (NYSE:IRF) today announced preliminary results for the fiscal first quarter 2003. Revenues are expected to be approximately $211 million, up 5 percent sequentially, the midpoint of company guidance. Compared to the September quarter a year ago, revenues are up about 25 percent.

Gross margin is expected to be approximately 35 percent, about half a point below the company's guidance range.

The company did not see seasonal improvement in PC-related demand late in the quarter. However, IR's automotive, industrial, and defense/aerospace business showed strong sequential growth in the quarter.

Considering the uncertain PC business environment, the company now expects December-quarter revenues to be flat sequentially, plus or minus 5 percentage points, and up 16 to 29 percent on a year-over-year basis. The company's prior guidance was toward the high end of this range. Gross margin in the December quarter is expected to be in the 32 to 34 percent range, assuming no significant improvement in end-market conditions.

The company plans to announce its complete fiscal first quarter results on Monday, October 21.

International Rectifier is a world leader in power management technology that improves functionality, speed, compactness, and portability in information technology and other end products. IR's analog ICs, advanced-circuit devices, power systems, and components enable Internet hardware to gain speed and reliability, allow portable electronics to run longer off a single charge, improve automotive fuel efficiency, and cut energy consumption in home appliances and industrial motors. The company is the pioneer and market leader in the $4 billion power MOSFET industry, and over 20 companies are licensed under its power MOSFET patents. IR serves market leaders around the world, and more than half its revenue comes from outside the United States.

The foregoing material includes some forward-looking statements made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We caution that such statements are subject to a number of uncertainties, and actual results may differ materially. Factors that could affect the company's actual results include the failure of market demand to materialize as anticipated; weakness of program or order postponements in the information technology segment of our business; the effectiveness of cost controls and cost reductions; litigation and other unexpected costs associated with cost-reduction efforts, including reductions in force and the transfer and consolidation of product lines and equipment; the effectiveness of integration of acquisitions into our operations; the ability or the timing of the company to achieve strategic acquisitions and the effect of associated costs; the availability of government incentives; the accuracy of customers' forecasts; product returns and recalls; market and sector conditions that affect our customers, licensees, and suppliers; introduction, acceptance, availability, and continued demand and growth of new and high-performance products; delays in transferring and ramping production lines or completing customer qualifications; company and market impact due to the cancellation or delays in customer and/or industry programs and/or orders; the company's mix of product shipments; availability of adequate capacity and unanticipated costs of refurbishment or replacement of equipment; pricing pressures; the success of working capital management programs; failure of suppliers and subcontractors to meet their delivery commitments; unfavorable changes in industry and competitive conditions; impact of any disruption in, or increased cost of, electricity and/or other critical supplies; economic conditions in the company's markets around the world and the timing of changes in market conditions; changes in interest and investment rates; impacts on our business or financial condition due to changes in currency valuation or to the euro conversion; impact of changes in accounting methods; the impact of changes in laws and regulations, including tax, trade, and export regulations and policies; the actual results of any outstanding patent and other litigation; and other uncertainties disclosed in the company's reports filed with the Securities and Exchange Commission, including its most recent report on form 10-K. To the foregoing factors should be added the financial and other disruptive effects of terrorist actions.

Company contact: Steve Harrison, 310.252.7731

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