EL SEGUNDO, CA. January 11, 1996 -- International Rectifier Corporation (IRF/NYSE/PSE) today reported 82 percent earnings growth and 37 percent revenue growth for its second fiscal quarter, ended December. The Company earned $15.2 million ($0.30 per share) on revenues of $141 million, versus $8.4 million ($0.18 per share) on revenues of $102.8 million in the prior-year period. Current-year earnings are taxed at 31 percent compared to 17 percent in the prior year, and earnings per share for the prior-year period have been adjusted for a two-to-one split in International Rectifier common stock.

Second-quarter gross margins rose year-to-year to 38.2 percent from 34.8 percent, reflecting a richer mix of new and higher-margin products,as well as greater manufacturing volume and efficiencies. Year-to-year, selling and administrative expense dropped to 17.9 percent of revenue from 19.4 percent. Research and development expense for the December quarter stood at 4.5 percent of revenues.

Demand remained strong across a broad spectrum of sectors and regions, and the Company's orders rose 36 percent year-to-year, and the ratio of bookings to billings was 1.16-to-1 in the quarter.

For the six months ended December, IR reported net income of $28 million ($0.55 per share) on revenues of $267.1 million, compared to net income of $14.9 million ($0.34 per share) on revenues of $195.1 million in the year-ago period.

On November 21, the company announced that its Board of Directors approved a two-for-one split of the Company's common stock, which increased the number of shares of common stock outstanding from approximately 25.2 million to approximately 50.4 million. The shares were distributed to shareholders on December 22, 1995.

Unadited 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 HEXFETR 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.