International Rectifier Corporation and Subsidiaries
Unaudited Consolidated Statement of Operations
(In thousands except per share amounts) |
| Q4 FY99 |
Three Months Ended
June 30, |
Twelve Months Ended
June 30, |
| |
|
1999 |
|
1998 |
|
1999 |
|
1998 |
| Revenues |
$ |
147,491 |
$ |
133,782 |
$ |
545,371 |
$ |
551,891 |
| Cost of sales |
|
107,743 |
|
94,933 |
|
393,379 |
|
375,727 |
| Gross profit |
|
39,748 |
|
38,849 |
|
151,992 |
|
176,164 |
| Selling and administrative expense |
|
25,013 |
|
25,551 |
|
98,193 |
|
104,661 |
| Research and development expense |
|
9,947 |
|
10,827 |
|
40,512 |
|
39,132 |
| Restructuring and severance charges |
|
8,320 |
|
- |
|
24,520 |
|
- |
| Operating profit (loss) |
|
(3,532) |
|
2,471 |
|
(11,233) |
|
32,371 |
| Other income (expense): |
|
|
|
|
|
|
|
|
| Interest, net |
|
(2,909) |
|
(1,780) |
|
(11,120) |
|
(7,288) |
| Other, net |
|
1,208 |
|
(99) |
|
53,509 |
|
(494) |
| Income (loss) before income taxes and cumulative effect of accounting change |
|
(5,233) |
|
592 |
|
31,156 |
|
24,589 |
| Provision (benefit) for income taxes |
|
(1,777) |
|
195 |
|
10,780 |
|
8,114 |
| Income (loss) before cumulative effect of accounting change |
|
(3,456) |
|
397 |
|
20,376 |
|
16,475 |
Cumulative effect of change in accounting principle, net of
income tax benefit of $5,431 |
|
26,154 |
|
- |
|
26,154 |
|
- |
| Net income (loss) |
$ |
(29,610) |
$ |
397 |
$ |
(5,778) |
$ |
16,475 |
| Net income (loss) per common share: |
|
|
|
|
|
|
|
|
| Basic: |
|
|
|
|
|
|
|
|
| Income (loss) before cumulative effect of accounting change |
$ |
(0.07) |
$ |
0.01 |
$ |
0.39 |
$ |
0.32 |
| Cumulative effect of change in accounting principle |
|
(0.50) |
|
- |
|
(0.50) |
|
- |
| Net income (loss) |
$ |
(0.57) |
$ |
0.01 |
$ |
(0.11) |
$ |
0.32 |
| Diluted: |
|
|
|
|
|
|
|
|
| Income (loss) before cumulative effect of accounting change |
$ |
(0.07) |
$ |
0.01 |
$ |
0.39 |
$ |
0.32 |
| Cumulative effect of change in accounting principle |
|
(0.50) |
|
- |
|
(0.50) |
|
- |
| Net income (loss) |
$ |
(0.57) |
$ |
0.01 |
$ |
(0.11) |
$ |
0.32 |
| Average common shares outstanding - Basic |
|
51,721 |
|
51,338 |
|
51,612 |
|
51,248 |
Average common shares and potentially dilutive
securities outstanding - Diluted |
|
51,721 |
|
51,507 |
|
51,788 |
|
51,674 |
|
|
