EL SEGUNDO, CA, (October 1996). - - International Rectifier Corporation (IRF/NYSE/PSE) today reported net income of $3.1 million (0.06 per share) on revenues of $115.2 million for its fiscal quarter, ended September, versus $12.8 million ($0.25 per share, adjusted for a two-for-one stock split) on revenue of $126.1 million in the prior-year period.

The Company attributed results in the quarter to weak industry conditions and distributors' efforts to significantly reduce inventories. Year-to-year, gross margin for the September quarter was 33.7 percent compared to 37.5 percent a year ago, reflecting lower dollar volume combed with greater price pressure.

Selling & administrative expense of 22.7 percent of revenue compared to 18.4 percent in the year-ago quarter. Research and development expense for the quarter was 7 percent of revenue, compared to 4.5 percent in the prior-year quarter. Dollar expenditures were essentially unchanged from the immediately preceding quarter, in line with the Company's commitment to contain operating expenses until business conditions improve decisively.

Unaudited Consolidated Statement of Income
Consolidated Balance Sheet

International Rectifier is a major worldwide supplier of power semiconductors, which convert electrical energy to operate power supplies, motor drives, and lighting ballasts. Its patented HEXFET^® power MOSFETs and IGBTs make IR the world leader in field effect transistors. The Company's technological advances improve the performance and energy efficiency of electronic and electrical equipment in automotive, consumer, computer/peripheral, industrial, lighting, telecom, and government/space applications.

Company Contact: Shelley Wagers (310) 726-8512