EL SEGUNDO, CA, (April 1998). -- International Rectifier Corporation (IRF/NYSE/PSE) today reported net income of $3.3 million ($0.06 per share) versus $3.9 million ($0.08 per share) in the year-ago quarter. Revenue increased year-to-year by 14 percent to $140.4 million from $122.8 million.

Overall orders were essentially unchanged from the preceding quarter and increased substantially from the prior-year period.

The Company's income reflected softness in computer-related and consumer electronics business and continued price pressure.

March-quarter gross margin was 31.7 percent, compared to 33.1 percent for the December quarter and 34.5 percent for the year-ago quarter. Selling and administrative expense was essentially flat, compared to the preceding and year-ago quarters. Third-quarter research and development expense rose by about $2 million from the preceding quarter and about $1.7 million from the year-earlier quarter.

Royalties contributed $4.3 million to revenue in the quarter, compared to $4.4 million in the preceding quarter and $5.1 million in the year-ago quarter. The year-to-year comparison reflects significant changes in currency exchange rates.

For the nine months ended March, net income grew 56 percent and revenue 18 percent year-to-year. The Company reported net income of $16.1 million ($0.31 per share) on revenue of $418.1 million, compared to $10.3 million ($0.20 per share) on revenue of $356.0 million.

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 212.676.5378. A taped replay of the call will be available through midnight Pacific time on Wednesday, April 22. The phone number to hear the replay is 800.633.8284. Please refer to reservation #407-8261 when you call to hear the recording.