EL SEGUNDO, CA. April 11, 1996 -- International Rectifier Corporation (IRF/NYSE/PSE) today reported 68 percent earnings growth and 38 percent revenue growth for its third fiscal quarter, ended March. The Company earned $18.0 million ($0.35 per share) on revenues of $154.1 million, versus $10.8 million ($0.21 per share) on revenues of $111.9 million in the prior-year period. (Earnings per share for the prior-year period have been adjusted for a two-to-one split in International Rectifier common stock.) Current-year earnings are taxed at 31 percent compared to 17 percent in the prior year.

IR's robust growth and earnings expansion reflected the Company's ability to address new applications and displace older technologies across a broad and diverse market.

Year to year, gross margins rose to 39.0 percent from 35.3 percent, reflecting rising volume and efficiencies and a rising proportion of revenue from value-added products. IR continued to drive down its ratio of selling & administrative expense, which declined to 17.3 percent of revenue from 19.0 percent in the year-ago period. Research and development expense for the March quarter stood at 4.7 percent of revenue.

Demand remained strong across a broad spectrum of regions and sectors,except in the computer market. Orders rose 13 percent year-to-year, and the ratio of bookings to billings was 1.1-to-1 in the quarter.

For the nine months ended March, IR reported net income of $46.1 million ($0.90 per share) on revenue of $421.2 million, compared to net income of $25.6 million ($0.56 per share) on revenue of $306.9 million in the year-ago period.

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 Baumsten Wagers (310) 607-8848