EL SEGUNDO, Calif., Aug 26, 2010 (BUSINESS WIRE) -- International Rectifier Corporation (NYSE:IRF) today announced financial
results for the fourth quarter (ended June 27, 2010) of its fiscal year
2010. Revenue for the fourth quarter fiscal year 2010 was $263.8
million, a 9.1% increase from $241.9 million in the third quarter fiscal
year 2010 and a 65.3% increase from $159.6 million in the fourth quarter
fiscal year 2009.
International Rectifier reported net income of $29.0 million, or $0.41
per fully diluted share for the fourth quarter fiscal year 2010,
compared with a net income of $40.4 million, or $0.56 per fully diluted
share, in the prior quarter, and net income of $29.1 million, or $0.40
per share in the fourth quarter fiscal year 2009. The results for the
fourth and third quarter fiscal year 2010 included $8.5 million and
$23.0 million, respectively, of gross tax benefits. The results for the
fourth quarter fiscal year 2009 also included recognition of a $96.1
million deferred gain on the prior divestiture of the Power Control
Systems (PCS) business, a $45 million charge arising from the settlement
of a 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 was 36.1%, flat compared with the third quarter fiscal year
2010 and up from 20.8% in the fourth quarter fiscal year 2009.
Research and development expenses for the fourth quarter fiscal year
2010 were $26.6 million, up from $25.6 million in the prior quarter.
Selling, general and administrative expenses for the fourth quarter
fiscal year 2010 were $45.2 million, compared with $43.1 million in the
prior quarter.
Cash, cash equivalents and marketable investments totaled $586.6 million
at the end of the fourth quarter fiscal year 2010, including restricted
cash of $3.7 million.
Net cash from operating activities for the fourth quarter fiscal year
2010 was $57.9 million.
During the fourth quarter fiscal year 2010, the Company purchased
435,954 shares of its common stock under its existing share repurchase
program. The Company had 70,324,178 shares outstanding at the end of the
quarter.
First Quarter Outlook
International Rectifier President and Chief Executive Officer Oleg
Khaykin stated: "IR has made good progress building growth momentum and
improving operational performance over the 2010 fiscal year. As we enter
fiscal 2011, we continue to invest in our business focusing on research
and development and design wins and driving future growth.
"For the September quarter, our design win activity remains strong and
we continue to see increased end-market demand, particularly in our
industrial, discrete, and automotive products. We currently expect first
quarter revenue to range from $275 million to $280 million and gross
margin to be about 37.5%."
Segment Table Information
The customer segment tables included with this release for the Company's
fiscal quarters ended June 27, 2010, March 28, 2010 and June 28, 2009,
respectively, reconcile revenue and gross margin for the Company's
ongoing customer segments to the consolidated total amounts of such
measures for the Company.
Annual Report on Form 10-K
The Company expects to file its Annual Report on Form 10-K for fiscal
year 2010 with the Securities and Exchange Commission on Thursday,
August 26, 2010. This financial report will be available for viewing and
download at http://investor.irf.com.
NOTE: A conference call will begin today at 5:00 p.m. Eastern
time (2:00 p.m. Pacific time). All participants, both in the U.S. and
international, may join the call by dialing 706-679-3195 by 1:55 p.m.
Pacific time. In order to join this conference call, participants will
be required to provide the Conference Passcode: "International
Rectifier". Participants may also listen over the Internet at http://investor.irf.com.
To listen to the live call, please go to the web site at least 15
minutes early to register, download, and install any necessary audio
software.
A taped replay of this call will be available from approximately 5:30
p.m. Pacific time on Thursday, August 26, through Thursday, September 2,
2010. To listen to the replay by phone, call 800-642-1687 or
706-645-9291 for international callers and enter reservation number
91435095. To listen to the replay over the Internet, please go to http://investor.irf.com.
The live call and replay will also be available on www.streetevents.com.
About International Rectifier
International Rectifier Corporation (NYSE:IRF) is a world leader in
power management technology. IR's analog, digital, and mixed signal ICs,
and other advanced power management products, enable high performance
computing and save energy in a wide variety of business and consumer
applications. Leading manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and defense
systems rely on IR's power management solutions to power their next
generation products. For more information, go to www.irf.com.
Forward-Looking Statements:
This document contains "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to expectations concerning matters that (a) are not
historical facts, (b) predict or forecast future events or results, or
(c) embody assumptions that may prove to have been inaccurate. These
forward-looking statements involve risks, uncertainties and assumptions.
When we use words such as "believe," "expect," "anticipate," "will" or
similar expressions, we are making forward-looking statements. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable, we cannot give readers any assurance that
such expectations will prove correct. The actual results may differ
materially from those anticipated in the forward-looking statements as a
result of numerous factors, many of which are beyond our control.
Important factors that could cause actual results to differ materially
from our expectations include, but are not limited to, reduced demand
arising from a decline or volatility in general market and economic
conditions; reduced margins from lower than expected factory utilization
and inventory reduction efforts; continued volatility and further
deterioration of the capital markets; the effects of longer lead times
for certain products on meeting demand and any inability by us to
satisfy or to timely satisfy customer demand; unexpected costs or delays
in implementing our plans to transfer, consolidate and qualify product
lines, including product lines at third party contract manufacturers;
the adverse impact of regulatory, investigative and legal actions;
increased competition in the highly competitive semiconductor business
that could adversely affect the prices of our products or our ability to
secure additional business; the effects of manufacturing, operational
and vendor disruptions; unexpected delays and disruptions in our supply,
manufacturing and delivery efforts due to, among other things, supply
constraints, equipment malfunction or natural disasters; delays in
launching new technology products; our ability to maintain current
intellectual property licenses and obtain new intellectual property
licenses; costs arising from pending and threatened litigation or
claims; and other uncertainties disclosed in the Company's reports filed
from time to time with the Securities and Exchange Commission, including
its most recent reports on Forms 10-K and 10-Q.
| INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES |
|
| CONSOLIDATED STATEMENT OF OPERATIONS |
|
| (In thousands, except per share data) |
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 27, |
|
March 28, |
|
June 27, |
|
June 28, |
|
|
|
2010 |
|
|
|
2010 |
|
|
|
2010 |
|
|
|
2009 |
|
|
Revenues
|
|
$
|
263,796
|
|
|
$
|
241,886
|
|
|
$
|
895,297
|
|
|
$
|
740,419
|
|
|
Cost of sales
|
|
|
168,684
|
|
|
|
154,576
|
|
|
|
602,700
|
|
|
|
515,563
|
|
|
Gross profit
|
|
|
95,112
|
|
|
|
87,310
|
|
|
|
292,597
|
|
|
|
224,856
|
|
|
Selling, general and administrative expense
|
|
|
45,188
|
|
|
|
43,135
|
|
|
|
169,190
|
|
|
|
262,068
|
|
|
Research and development expense
|
|
|
26,619
|
|
|
|
25,649
|
|
|
|
99,310
|
|
|
|
98,211
|
|
|
Impairment of goodwill
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
23,867
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,094
|
|
|
|
1,093
|
|
|
|
4,375
|
|
|
|
4,408
|
|
|
Asset impairment, restructuring and other charges
|
|
|
35
|
|
|
|
117
|
|
|
|
289
|
|
|
|
56,493
|
|
|
Gain on divestiture
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
(96,136
|
)
|
|
Operating income (loss)
|
|
|
22,176
|
|
|
|
17,316
|
|
|
|
19,433
|
|
|
|
(124,055
|
)
|
|
Other (income) expense, net
|
|
|
(86
|
)
|
|
|
318
|
|
|
|
2,019
|
|
|
|
39,717
|
|
|
Interest income, net
|
|
|
(2,190
|
)
|
|
|
(2,573
|
)
|
|
|
(11,221
|
)
|
|
|
(11,694
|
)
|
|
Income (loss) before income taxes
|
|
|
24,452
|
|
|
|
19,571
|
|
|
|
28,635
|
|
|
|
(152,078
|
)
|
|
(Provision for) benefit from income taxes
|
|
|
(4,570
|
)
|
|
|
(20,816
|
)
|
|
|
(52,192
|
)
|
|
|
95,339
|
|
|
Net income (loss)
|
|
$
|
29,022
|
|
|
$
|
40,387
|
|
|
$
|
80,827
|
|
|
$
|
(247,417
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share-basic
|
|
$
|
0.41
|
|
|
$
|
0.57
|
|
|
$
|
1.13
|
|
|
$
|
(3.42
|
)
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share-diluted
|
|
$
|
0.41
|
|
|
$
|
0.56
|
|
|
$
|
1.13
|
|
|
$
|
(3.42
|
)
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding--basic
|
|
|
70,553
|
|
|
|
70,850
|
|
|
|
70,958
|
|
|
|
72,295
|
|
|
Average common shares and potentially dilutive securities
outstanding--diluted
|
|
|
71,014
|
|
|
|
71,176
|
|
|
|
71,248
|
|
|
|
72,295
|
|
|
| INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES |
|
| CONSOLIDATED BALANCE SHEETS |
|
| (In thousands) |
|
|
|
June 27, |
|
June 28, 2009 |
|
|
2010 |
|
(1)(2) |
| ASSETS |
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$229,789
|
|
|
$365,761
|
|
|
Restricted cash
|
|
1,913
|
|
|
3,925
|
|
|
Short-term investments
|
|
309,384
|
|
|
113,247
|
|
|
Trade accounts receivable, net of allowances of $3,725 for 2010 and
$5,102 for 2009
|
|
156,753
|
|
|
98,515
|
|
|
Inventories
|
|
170,168
|
|
|
151,121
|
|
|
Current deferred tax assets
|
|
2,085
|
|
|
1,223
|
|
|
Prepaid expenses and other receivables
|
|
40,243
|
|
|
27,613
|
|
|
Total current assets
|
|
910,335
|
|
|
761,405
|
|
|
Restricted cash
|
|
1,753
|
|
|
--
|
|
|
Long-term investments
|
|
43,751
|
|
|
121,508
|
|
|
Property, plant and equipment, at cost, net
|
|
347,745
|
|
|
369,713
|
|
|
Goodwill
|
|
74,955
|
|
|
74,955
|
|
|
Acquisition-related intangible assets, net
|
|
7,446
|
|
|
11,821
|
|
|
Long-term deferred tax assets
|
|
7,738
|
|
|
7,994
|
|
|
Other assets
|
|
47,194
|
|
|
53,911
|
|
|
Total assets
|
|
$1,440,917
|
|
|
$1,401,307
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$94,646
|
|
|
$62,570
|
|
|
Accrued income taxes
|
|
5,764
|
|
|
6,830
|
|
|
Accrued salaries, wages and commissions
|
|
32,279
|
|
|
22,325
|
|
|
Current deferred tax liabilities
|
|
1,686
|
|
|
2,793
|
|
|
Other accrued expenses
|
|
75,259
|
|
|
114,043
|
|
|
Total current liabilities
|
|
209,634
|
|
|
208,561
|
|
|
Long-term deferred tax liabilities
|
|
5,334
|
|
|
4,439
|
|
|
Other long-term liabilities
|
|
34,504
|
|
|
53,055
|
|
|
Total liabilities
|
|
249,472
|
|
|
266,055
|
|
|
Commitments and contingencies
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Common shares, $1 par value, authorized: 330,000,000; issued and
outstanding: 70,324,178 shares in 2010 and 71,192,390 shares in 2009
|
|
73,518
|
|
|
73,101
|
|
|
Preferred shares, $1 par value, authorized: 1,000,000; issued and
outstanding: none in 2010 and 2009
|
|
--
|
|
|
--
|
|
|
Capital contributed in excess of par value
|
|
997,637
|
|
|
981,786
|
|
|
Treasury stock, at cost
|
|
(48,671
|
)
|
|
(23,632
|
)
|
|
Retained earnings
|
|
179,189
|
|
|
98,362
|
|
|
Accumulated other comprehensive income
|
|
(10,228
|
)
|
|
5,635
|
|
|
Total stockholders' equity
|
|
1,191,445
|
|
|
1,135,252
|
|
|
Total liabilities and stockholders' equity
|
|
$1,440,917
|
|
|
$1,401,307
|
|
|
|
|
|
(1)
|
|
Certain reclassifications have been made to the previously
reported amounts to conform to the current presentation.
|
|
(2)
|
|
During the second quarter of fiscal year 2010, we determined that
in prior years, specifically fiscal years 1998 through 2006, net
foreign currency gains of $13.3 million related to intra-company
loans with the Company's foreign subsidiaries which should have
been recorded in other expense, net and, as a result, should have
impacted net income (loss), were recorded in other comprehensive
income. This adjustment is reflected in the June 28, 2009 balance
sheet above.
|
|
| INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES |
|
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
| (In thousands) |
|
|
|
Three Months Ended |
|
Fiscal Year Ended |
|
|
June 27, |
|
June 28, |
|
June 27, |
|
June 28, |
|
|
|
2010 |
|
|
|
2009 (1)
|
|
|
|
2010 |
|
|
|
2009 (1)
|
|
| Cash flow from operating activities: |
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
29,022
|
|
|
$
|
29,093
|
|
|
$
|
80,827
|
|
|
$
|
(247,417
|
)
|
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
18,648
|
|
|
|
16,528
|
|
|
|
70,686
|
|
|
|
64,003
|
|
|
Amortization of acquisition-related intangible assets
|
|
|
1,094
|
|
|
|
1,112
|
|
|
|
4,375
|
|
|
|
4,408
|
|
|
Loss on disposal of fixed assets
|
|
|
327
|
|
|
|
--
|
|
|
|
559
|
|
|
|
--
|
|
|
Stock compensation expense
|
|
|
3,193
|
|
|
|
2,399
|
|
|
|
11,419
|
|
|
|
7,405
|
|
|
Goodwill impairment
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
23,867
|
|
|
(Gain) loss on sale of investments
|
|
|
(1,077
|
)
|
|
|
(1,221
|
)
|
|
|
(6,485
|
)
|
|
|
3,411
|
|
|
Other-than-temporary impairment of investments
|
|
|
1,290
|
|
|
|
1,981
|
|
|
|
3,349
|
|
|
|
39,239
|
|
|
Provision for bad debt
|
|
|
163
|
|
|
|
(131
|
)
|
|
|
(2,168
|
)
|
|
|
131
|
|
|
Provision for (recovery of) inventory write-downs
|
|
|
1,627
|
|
|
|
(183
|
)
|
|
|
(2,997
|
)
|
|
|
10,727
|
|
|
Asset impairment
|
|
|
--
|
|
|
|
856
|
|
|
|
--
|
|
|
|
51,709
|
|
|
Gain on derivatives
|
|
|
(1,463
|
)
|
|
|
(1,398
|
)
|
|
|
(3,427
|
)
|
|
|
(1,220
|
)
|
|
Divestiture gain
|
|
|
--
|
|
|
|
(96,136
|
)
|
|
|
--
|
|
|
|
(96,136
|
)
|
|
Deferred income taxes
|
|
|
(4,618
|
)
|
|
|
21,651
|
|
|
|
(5,885
|
)
|
|
|
104,101
|
|
|
Net settlement of restricted stock units for tax withholdings
|
|
|
(37
|
)
|
|
|
--
|
|
|
|
(782
|
)
|
|
|
(500
|
)
|
|
Tax benefit (charge) from exercise of stock options
|
|
|
--
|
|
|
|
(228
|
)
|
|
|
--
|
|
|
|
340
|
|
|
Excess tax benefit from stock options exercised
|
|
|
(150
|
)
|
|
|
--
|
|
|
|
(197
|
)
|
|
|
(3
|
)
|
|
Changes in operating assets and liabilities, net
|
|
|
8,890
|
|
|
|
19,577
|
|
|
|
(100,734
|
)
|
|
|
(5,286
|
)
|
|
Other
|
|
|
967
|
|
|
|
(3,284
|
)
|
|
|
3,689
|
|
|
|
(490
|
)
|
| Net cash provided by (used in) operating activities |
|
|
57,876
|
|
|
|
(9,384
|
)
|
|
|
52,229
|
|
|
|
(41,711
|
)
|
| Cash flow from investing activities: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
|
(19,714
|
)
|
|
|
(7,864
|
)
|
|
|
(58,071
|
)
|
|
|
(20,793
|
)
|
|
Proceeds from sale of property, plant and equipment
|
|
|
478
|
|
|
|
--
|
|
|
|
535
|
|
|
|
576
|
|
|
Cash conveyed as part of Divestiture
|
|
|
--
|
|
|
|
(30,000
|
)
|
|
|
--
|
|
|
|
(30,000
|
)
|
|
Withdrawals from deferred compensation plan
|
|
|
--
|
|
|
|
--
|
|
|
|
2,443
|
|
|
|
--
|
|
|
Sale of investments
|
|
|
17,307
|
|
|
|
46,180
|
|
|
|
146,667
|
|
|
|
317,591
|
|
|
Maturities of investments
|
|
|
89,560
|
|
|
|
35,920
|
|
|
|
146,060
|
|
|
|
117,555
|
|
|
Purchase of investments
|
|
|
(96,724
|
)
|
|
|
(49,823
|
)
|
|
|
(407,399
|
)
|
|
|
(289,333
|
)
|
|
Redemption of equity investment
|
|
|
--
|
|
|
|
--
|
|
|
|
2,050
|
|
|
|
--
|
|
|
(Additions to) released from restricted cash
|
|
|
(261
|
)
|
|
|
14,084
|
|
|
|
259
|
|
|
|
14,012
|
|
| Net cash (used in) provided by investing activities |
|
|
(9,354
|
)
|
|
|
8,497
|
|
|
|
(167,456
|
)
|
|
|
109,608
|
|
| Cash flow from financing activities: |
|
|
|
|
|
|
|
|
|
Decrease in restricted cash
|
|
|
--
|
|
|
|
--
|
|
|
|
--
|
|
|
|
1,416
|
|
|
Proceeds from exercise of stock options and stock participation plan
|
|
|
1,158
|
|
|
|
59
|
|
|
|
5,629
|
|
|
|
3,023
|
|
|
Excess tax benefit from options exercised
|
|
|
150
|
|
|
|
--
|
|
|
|
197
|
|
|
|
3
|
|
|
Purchase of treasury stock
|
|
|
(8,609
|
)
|
|
|
(8,203
|
)
|
|
|
(25,039
|
)
|
|
|
(23,632
|
)
|
| Net cash used in financing activities |
|
|
(7,301
|
)
|
|
|
(8,144
|
)
|
|
|
(19,213
|
)
|
|
|
(19,190
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
(487
|
)
|
|
|
1,297
|
|
|
|
(1,532
|
)
|
|
|
(3,410
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
40,734
|
|
|
|
(7,734
|
)
|
|
|
(135,972
|
)
|
|
|
45,297
|
|
| Cash and cash equivalents, beginning of year |
|
|
189,055
|
|
|
|
373,495
|
|
|
|
365,761
|
|
|
|
320,464
|
|
| Cash and cash equivalents, end of year |
|
$
|
229,789
|
|
|
$
|
365,761
|
|
|
$
|
229,789
|
|
|
$
|
365,761
|
|
|
|
|
|
(1)
|
|
Certain reclassifications have been made to the previously reported
amounts to conform to the current presentation.
|
|
|
For the fiscal years ended June 27, 2010 and June 28, 2009,
revenue and gross margin by reportable segments were as follows
(in thousands, except percentages):
|
|
|
|
June 27, 2010 |
|
June 28, 2009 (1) |
|
|
|
|
Percentage |
|
Gross |
|
|
|
Percentage |
|
Gross |
| Business Segment |
|
Revenues |
|
of Total |
|
Margin |
|
Revenues |
|
of Total |
|
Margin |
|
Power management devices
|
|
$345,610
|
|
38.6%
|
|
16.5%
|
|
$233,737
|
|
31.6%
|
|
10.9%
|
|
Energy-saving products
|
|
185,404
|
|
20.7
|
|
40.3
|
|
151,090
|
|
20.4
|
|
36.7
|
|
Automotive products
|
|
72,932
|
|
8.1
|
|
24.2
|
|
54,061
|
|
7.3
|
|
21.5
|
|
Enterprise power
|
|
128,691
|
|
14.4
|
|
42.3
|
|
87,473
|
|
11.8
|
|
37.1
|
|
HiRel
|
|
153,213
|
|
17.1
|
|
51.7
|
|
148,266
|
|
20.0
|
|
51.7
|
|
Ongoing customer segments total
|
|
885,850
|
|
98.9
|
|
32.0
|
|
674,627
|
|
91.1
|
|
29.9
|
|
Intellectual property
|
|
9,447
|
|
1.1
|
|
100.0
|
|
27,673
|
|
3.7
|
|
100.0
|
|
Ongoing segments total
|
|
895,297
|
|
100.0
|
|
32.7
|
|
702,300
|
|
94.9
|
|
32.6
|
|
Transition services
|
|
--
|
|
--
|
|
--
|
|
38,119
|
|
5.1
|
|
(11.3)
|
|
Consolidated total
|
|
$895,297
|
|
100.0%
|
|
32.7%
|
|
$740,419
|
|
100.0%
|
|
30.4%
|
|
|
For the three months ended June 27, 2010 and March 28, 2010,
revenue and gross margin by reportable segments were as follows
(in thousands, except percentages):
|
|
|
|
June 27, 2010 |
|
March 28, 2010 (1) |
|
|
|
|
Percentage |
|
Gross |
|
|
|
Percentage |
|
Gross |
| Business Segment |
|
Revenues |
|
of Total |
|
Margin |
|
Revenues |
|
of Total |
|
Margin |
|
Power management devices
|
|
$109,404
|
|
41.5%
|
|
24.4%
|
|
$95,021
|
|
39.3%
|
|
21.1%
|
|
Energy-saving products
|
|
55,190
|
|
20.9
|
|
42.9
|
|
51,992
|
|
21.5
|
|
44.7
|
|
Automotive products
|
|
21,523
|
|
8.2
|
|
30.6
|
|
19,950
|
|
8.2
|
|
28.3
|
|
Enterprise power
|
|
34,919
|
|
13.2
|
|
44.0
|
|
32,586
|
|
13.5
|
|
41.8
|
|
HiRel
|
|
40,644
|
|
15.4
|
|
50.8
|
|
40,163
|
|
16.6
|
|
56.2
|
|
Ongoing customer segments total
|
|
261,680
|
|
99.2
|
|
35.5
|
|
239,712
|
|
99.1
|
|
35.5
|
|
Intellectual property
|
|
2,116
|
|
0.8
|
|
100.0
|
|
2,174
|
|
0.9
|
|
100.0
|
|
Ongoing segments total
|
|
263,796
|
|
100.0
|
|
36.1
|
|
241,886
|
|
100.0
|
|
36.1
|
|
Transition services
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
--
|
|
Consolidated total
|
|
$263,796
|
|
100.0%
|
|
36.1%
|
|
$241,886
|
|
100.0%
|
|
36.1%
|
|
For the three months ended June 28, 2009, revenue and gross margin
by reportable segments were as follows (in thousands, except
percentages):
|
|
|
|
June 28, 2009 (1) |
|
|
|
|
Percentage |
|
Gross |
| Business Segment |
|
Revenues |
|
of Total |
|
Margin |
|
Power management devices
|
|
$53,853
|
|
33.8%
|
|
(2.0)%
|
|
Energy-saving products
|
|
30,255
|
|
19.0
|
|
21.0
|
|
Automotive products
|
|
12,920
|
|
8.1
|
|
10.0
|
|
Enterprise power
|
|
19,534
|
|
12.2
|
|
36.0
|
|
HiRel
|
|
37,527
|
|
23.5
|
|
49.5
|
|
Ongoing customer segments total
|
|
154,089
|
|
96.6
|
|
20.9
|
|
Intellectual property
|
|
2,748
|
|
1.7
|
|
100.0
|
|
Ongoing segments total
|
|
156,837
|
|
98.3
|
|
22.3
|
|
Transition services
|
|
2,720
|
|
1.7
|
|
(63.7)
|
|
Consolidated total
|
|
$159,557
|
|
100.0%
|
|
20.8%
|
|
|
|
|
(1)
|
|
During the fourth quarter of fiscal year 2010, the Company
realigned the reporting for certain products within its reportable
segments. This realignment was primarily between our Power
Management Devices segment and Automotive Products segment with
revenue and gross margin for certain products previously reported
under our Power Management Devices segment now reported under our
Automotive Products segment. These changes resulted in an increase
in revenue and gross margin for the Automotive Products and a
corresponding decrease in revenue and gross margin for the Power
Management Devices segment. Prior periods have been adjusted to
reflect this realignment.
|
SOURCE: International Rectifier Corporation
International Rectifier Corporation
Investors:
Chris Toth, 310-252-7731
or
Media:
Sian Cummings, 310-252-7148
|
