EL SEGUNDO, CA, (April 1997) -- International Rectifier Corporation (IRF/NYSE/PSE) today reported net income of $3.9 million ($0.08 per share) on revenue of $122.8 million for its third fiscal quarter, ended March, versus net income of $3.4 million ($0.07 per share) on revenue of $118 million in the preceding quarter. IR reported net income of $18.0 million ($0.35 per share) on revenue of $154.1 million in the prior-year period.

The Company reported a strong upswing in OEM demand during the quarter, partially offset by the continued inventory correction in the distribution channel. Gross margin for the March quarter was 34.5 percent compared to 34.2 percent for the December quarter. Compared to the gross margin of 39 percent a year ago, the current-period results reflected greater price pressure.

Selling & administrative expense as a percent of revenue dropped by one point sequentially, to 21.3 percent from 22.3 percent of revenue in the December quarter. The same prior-year ratio ran 17.3 percent. Research and development expense for the quarter was 7.4 percent of revenue, compared to 7.3 percent in the preceding quarter and 4.7 percent in the prior-year quarter. For the nine months ended March, IR reported net income of $10.3 million ($0.20 per share) on revenue of $356.0 million, compared to net income of $46.1 million ($0.90 per share) on revenue of $421.2 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.

NOTE: A conference call for investors will begin today at 5:15pm Eastern (2:15pm Pacific). Participants can join the call by dialing 212.377.4106. A taped replay of the call will be available for a week following the conference. The phone number to hear the tape is 800.633.8284. Please refer to reservation # 263 3050 when you call to hear the recording.

Company contact: Shelley Wagers, 310-726-8512.