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International Rectifier Reports Second Quarter Fiscal Year 2014 Results

International Rectifier Corporation (NYSE:IRF) today announced financial results for the second quarter (ended December 29, 2013) of its fiscal year 2014. Revenue was $270.0 million, about flat compared to $269.8 million in the prior quarter and a 20.6% increase from $223.8 million in the prior year quarter. GAAP net income for the second quarter was $17.9 million, or $0.25 per fully diluted share compared to GAAP net income of $8.7 million, or $0.12 per fully diluted share, in the prior quarter and GAAP net loss of $32.7 million, or $0.47 per fully diluted share in the prior year quarter.

“In the second half of the December quarter, we saw a steady increase in orders that drove revenue to the high end of our forecast,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, margins and profits improved nicely and we increased our cash balance by over $25 million by the end of the quarter.”

GAAP gross margin for the second quarter was 36.3% compared to 35.3% in the prior quarter and 21.9% in the prior year quarter. GAAP operating income for the second quarter was $17.8 million compared to operating income of $16.4 million in the prior quarter and an operating loss of $34.7 million in the prior year quarter.

Cash, cash equivalents and marketable investments increased $25.4 million during the second quarter and totaled $504.9 million at the end of the second quarter, including restricted cash of $1.4 million.

Cash provided by operating activities for the quarter was $33.4 million and free cash flow was $22.7 million for the quarter.

Non-GAAP Results

Non-GAAP net income for the second quarter was $13.4 million, or $0.19 per fully diluted share compared to non-GAAP net income of $15.1 million, or $0.21 per fully diluted share in the prior quarter and non-GAAP net loss of $30.3 million, or $0.44 per fully diluted share in the prior year quarter.

Non-GAAP gross margin for the second quarter was 36.5% compared to non-GAAP gross margin of 35.5% in the prior quarter and non-GAAP gross margin of 22.2% in the prior year quarter. Non-GAAP operating income for the second quarter was $21.1 million, or 8% of revenue, compared to non-GAAP operating income of $19.8 million in the prior quarter and non-GAAP operating loss of $27.6 million in the prior year quarter.

The non-GAAP results the Company provides exclude the effects of accelerated depreciation, restructuring costs, amortization of intangibles, the associated net tax effects of these items, and discrete tax provisions and benefits. The Company excludes any tax provisions (benefits) that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability.

A reconciliation of these non-GAAP measures to the Company’s reported net income (loss), gross margin (referred to as gross profit in attached schedules) and operating income (loss) in accordance with U.S. GAAP are set forth in the attached schedules below.

March Quarter Outlook

Mr. Khaykin noted: “Looking ahead to the March quarter, we expect to see continued stable demand overall, with seasonal growth in our industrial end market offsetting seasonal weakness in our computing and consumer end markets. As a result, we currently expect revenue for the March quarter to range between $265 million to $275 million.

We remain optimistic for calendar year 2014 as we see a steady strengthening of fundamentals, and new design wins continue to ramp. In 2014, we remain well positioned for growth in the server market with digital power management, automotive IGBTs for hybrid and electric vehicles and power modules for the industrial and appliance end markets.”

The following table outlines International Rectifier’s current March quarter outlook on a GAAP basis and a non-GAAP basis, based on certain anticipated excluded items:

  GAAP   Excluded Items   Non-GAAP
Revenue $265 to $275 million $265 to $275 million
 
Gross margin 35.3% to 36.3% 0.2% for accelerated depreciation 35.5% to 36.5%
 
Operating Expenses
 
Research & development expense about $33 million about $33 million
 
Sales general & administrative expense about $45 million about $45 million
 
Asset impairment, restructuring and other charges $1 to $1.5 million $1 to $1.5 million
 
Amortization of acquisition related intangibles $1.6 million $1.6 million
 
Other Expense, net $1 million $1 million
 
Tax About $3 million Expense About $3 million Expense
 

Segment Table Information/Customer Segments

The business segment tables included with this release for the Company’s fiscal quarters ended December 29, 2013, September 29, 2013, and December 23, 2012, respectively, reconcile revenue and gross margin for the Company’s segments to the consolidated total amounts of such measures for the Company.

Quarterly Report on Form 10-Q

The Company expects to file its Quarterly Report on Form 10-Q for the second quarter of the 2014 fiscal year with the Securities and Exchange Commission on Thursday, January 30, 2014. This financial report will be available for viewing and download at http://investor.irf.com.

NOTE: A conference call will begin today at 2:00 p.m. Pacific time. CEO Oleg Khaykin and CFO Ilan Daskal will discuss the company’s December quarter results and March quarter outlook. All participants, both in the U.S. and international, may join the call by dialing 706-679-3195 by 1:55 p.m. Pacific time. In order to join this conference call, participants will be required to provide the conference identification number: 35876831. Participants may also listen over the Internet at http://investor.irf.com. To listen to the live call, please go to the web site at least 15 minutes early to register, download, and install any necessary audio software.

A recorded replay of this call will be available from approximately 6:00 p.m. Pacific time on Wednesday, January 29 through Wednesday, February 5, 2014. To listen to the replay by phone, call 855-859-2056 or 404-537-3406 for international callers and enter the conference identification number 35876831. To listen to the replay over the Internet, please go to http://investor.irf.com. The live call and replay will also be available on www.streetevents.com.

About International Rectifier

International Rectifier Corporation (NYSE:IRF) is a world leader in power management technology. IR’s analog, digital, and mixed signal ICs, and other advanced power management products, enable high performance computing and save energy in a wide variety of business and consumer applications. Leading manufacturers of computers, energy efficient appliances, lighting, automobiles, satellites, aircraft, and defense systems rely on IR’s power management solutions to power their next generation products. For more information, go to www.irf.com.

Forward-Looking Statements:

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate. These forward-looking statements involve risks, uncertainties and assumptions. When we use words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions, we are making forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give readers any assurance that such expectations will prove correct. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, lower than expected demand or greater than expected order cancellations arising from a decline or volatility in general market and economic conditions; reduced margins from lower than expected factory utilization, higher than expected costs and customer shifts to lower margin products; changes in the timing or amount of costs associated with, or disruptions caused by, our restructuring initiatives; our ability to implement our restructuring initiatives as planned and achieve the anticipated benefits, which may be affected by, among other things: customer requirements, changes in business conditions and/or operational needs, retention of key employees, governmental regulations, delays and increased costs; unexpected costs or delays in implementing our plans to secure and qualify external manufacturing capacity for our products, including the purchase and installation of additional manufacturing equipment and the construction of our new wafer thinning manufacturing facility in Singapore; the effects of longer lead times for certain products on meeting demand and any inability by us to satisfy or to timely satisfy customer demand; the effects of manufacturing quality issues and customer claims; increased competition in the highly competitive semiconductor business that could adversely affect the prices of our products or our ability to secure additional business; the effects of manufacturing, operational and vendor disruptions, and capacity restrictions imposed by our vendors; unexpected delays and disruptions in our supply, manufacturing and delivery efforts due to, among other things, supply constraints, equipment malfunction or natural disasters; the adverse impact of regulatory, investigative and legal actions; delays in launching new technology products; our ability to maintain current intellectual property licenses and obtain new intellectual property licenses; costs arising from pending and threatened litigation or claims; volatility or deterioration of capital markets; the effects of natural disasters; and other uncertainties disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent reports on Form 10-K and 10-Q.

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(In thousands, except per share data)
 
Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
Revenues $ 269,965 $ 269,750 $ 223,822
Cost of sales 172,000   174,439   174,733  
Gross profit 97,965 95,311 49,089
Selling, general and administrative expense 44,727 43,750 45,083
Research and development expense 32,786 32,173 32,125
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015   1,402   4,941  
Operating income (loss) 17,807 16,356 (34,740 )
Other expense, net 1,510 762 411
Interest expense (income), net 7   (1 ) (8 )
Income (loss) before income taxes 16,290 15,595 (35,143 )
Provision (benefit) for income taxes (1,631 ) 6,872   (2,421 )
Net income (loss) $ 17,921   $ 8,723   $ (32,722 )
 
Net income (loss) per common share:
Basic $ 0.25 $ 0.12 $ (0.47 )
Diluted $ 0.25 $ 0.12 $ (0.47 )
Weighted average common shares outstanding:
Basic 71,147 70,830 69,144
Diluted 72,163 71,664 69,144
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
 
(In thousands)
     
December 29, 2013 September 29, 2013 December 23, 2012
ASSETS
Current assets:
Cash and cash equivalents $ 498,487 $ 468,120 $ 366,656
Restricted cash 635 629 624
Short-term investments 5,001 10,005 10,104
Trade accounts receivable, net of allowances 156,730 151,702 134,029
Inventories 247,740 243,754 260,717
Current deferred tax assets 4,946 5,002 5,181
Prepaid expenses and other current assets 34,222   35,040   36,095  
Total current assets 947,761 914,252 813,406
Restricted cash 739 739 940
Long-term investments 5,003
Property, plant and equipment, net 412,277 419,289 456,139
Goodwill 52,149 52,149 52,149
Acquisition-related intangible assets, net 18,663 20,293 25,216
Long-term deferred tax assets 29,108 29,402 37,456
Other assets 65,135   61,341   60,004  
Total assets $ 1,525,832   $ 1,497,465   $ 1,450,313  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 86,403 $ 88,521 $ 70,649
Accrued income taxes 4,361 2,033 496
Accrued salaries, wages and commissions 37,764 40,980 40,740
Other accrued expenses 80,063   79,456   73,822  
Total current liabilities 208,591 210,990 185,707
Long-term deferred tax liabilities 9,723 8,649 4,928
Other long-term liabilities 16,876   24,709   30,186  
Total liabilities 235,190   244,348   220,821  
Commitments and contingencies
Stockholders’ equity:
Common shares 77,426 77,287 75,353
Capital contributed in excess of par value 1,090,231 1,081,889 1,048,586
Treasury stock, at cost (113,175 ) (113,175 ) (113,175 )
Retained earnings 228,509 210,588 229,188
Accumulated other comprehensive loss 7,651   (3,472 ) (10,460 )
Total stockholders’ equity 1,290,642   1,253,117   1,229,492  
Total liabilities and stockholders’ equity $ 1,525,832   $ 1,497,465   $ 1,450,313  
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
(In thousands)
 
Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
(Unaudited)   (Unaudited)   (Unaudited)
Cash flows from operating activities:
Net income (loss) $ 17,921 $ 8,723 $ (32,722 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization 21,470 22,073 23,088
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Loss on disposal of fixed assets 55 15 4,183
Impairment of long-lived assets 2,376
Stock compensation expense 6,627 6,862 5,378
Gain on sale of investments (36 ) (8 )
Provision for inventory write-downs (680 ) 1,615 6,060
Loss (gain) on derivatives 625 362 (93 )
Deferred income taxes 1,949 4,997 227
Excess tax benefit from stock-based awards 1
Changes in operating assets and liabilities, net (16,878 ) (21,194 ) 30,727
Other 694   (237 ) 1,028  
Net cash provided by operating activities 33,413   24,810   41,925  
Cash flows from investing activities:
Additions to property, plant and equipment (10,714 ) (11,918 ) (26,054 )
Proceeds from sale of property, plant and equipment 25
Sale of investments 36 52,131
Maturities of investments 5,000 1,000 18,500
Release from (addition to) restricted cash 4   8   (9 )
Net cash provided by investing activities (5,710 ) (10,849 ) 44,568  
Cash flows from financing activities:
Proceeds from exercise of stock options 1,925 8,972 324
Excess tax benefit from stock-based awards (1 )
Net settlement of restricted stock units for tax withholdings (71 ) (1,089 ) (45 )
Net cash provided by financing activities 1,854 7,883 278
Effect of exchange rate changes on cash and cash equivalents 810   2,786   70  
Net increase in cash and cash equivalents 30,367 24,630 86,841
Cash and cash equivalents, beginning of period 468,120   443,490   279,815  
Cash and cash equivalents, end of period $ 498,487   $ 468,120   $ 366,656  
 

For the three months ended December 29, 2013, September 29, 2013, and December 23, 2012, revenue and gross margin by reportable segments were as follows (in thousands, except percentages):

  Three Months Ended  
December 29, 2013     September 29, 2013         December 23, 2012  
Business Segment Revenues   Percentage

of Total

  Gross

Margin

Revenues   Percentage

of Total

  Gross

Margin

Revenues   Percentage

of Total

  Gross

Margin

Power management devices $ 102,878 38.1 % 30.0 % $ 101,966 37.8 % 30.9 % $ 83,273 37.2 % 14.5 %
Energy saving products 46,589 17.3 31.5 50,497 18.7 32.8 36,174 16.2 14.8
Automotive products 36,364 13.5 31.2 36,463 13.5 32.4 28,414 12.7 11.1
Enterprise power 33,195 12.3 42.4 32,249 12.0 37.4 28,649 12.8 25.0
HiRel 50,665   18.8   52.6   48,333   17.9   47.9   47,061   21.0   44.7  
Customer segments total 269,691 99.9 36.2 269,508 99.9 35.3 223,571 99.9 21.8
Intellectual property 274   0.1   100.0   242   0.1   100.0   251   0.1   100.0  
Consolidated total $ 269,965   100.0 % 36.3 % $ 269,750   100.0 % 35.3 % $ 223,822   100.0 % 21.9 %
 

For the three months ended December 29, 2013, September 29, 2013, and December 23, 2012, stock-based compensation was as follows (in thousands):

  Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
Cost of sales $ 1,362 $ 1,248 $ 1,123
Selling, general and administrative expense 3,123 3,527 2,858
Research and development expense 2,142   2,087   1,397
Total stock-based compensation expense $ 6,627   $ 6,862   $ 5,378
 

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES

 

NON-GAAP RESULTS

 

(In thousands, except per share and gross profit-percentage data)

 
 

Reconciliation of GAAP to Non-GAAP Gross Profit:

Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
GAAP Gross profit $ 97,965 $ 95,311 $ 49,089
Adjustments to reconcile GAAP to Non-GAAP gross profit:
Accelerated depreciation 639   427   551  
Non-GAAP gross profit $ 98,604   $ 95,738   $ 49,640  
Non-GAAP gross profit-percentage 36.5 % 35.5 % 22.2 %
 

Reconciliation of GAAP to Non-GAAP Operating Income (Loss):

Three Months Ended
December 29, 2013 September 29, 2013 December 23, 2012
GAAP Operating income (loss) $ 17,807 $ 16,356 $ (34,740 )
Adjustments to reconcile GAAP to Non-GAAP operating income (loss):
Accelerated depreciation 639 427 551
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015   1,402   4,941  
Non-GAAP operating income (loss) $ 21,091   $ 19,815   $ (27,568 )
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
 
NON-GAAP RESULTS
 
(In thousands, except per share and gross profit-percentage data)
 
Reconciliation of GAAP to Non-GAAP Net Income (Loss):
 
Three Months Ended
December 29, 2013   September 29, 2013   December 23, 2012
GAAP Net income (loss) $ 17,921 $ 8,723 $ (32,722 )
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
Accelerated depreciation 639 427 551
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges 1,015 1,402 4,941
Tax expense of discrete items and other tax adjustments (7,805 ) 2,962   (4,739 )
Non-GAAP net income (loss) $ 13,400 $ 15,144 $ (30,289 )
GAAP net income (loss) per common share — basic $ 0.25 $ 0.12 $ (0.47 )
Non-GAAP adjustments per above (0.06 ) 0.09   0.03  
Non-GAAP net income (loss) per common share—basic $ 0.19 $ 0.21 $ (0.44 )
GAAP net income (loss) per common share — diluted $ 0.25 $ 0.12 $ (0.47 )
Non-GAAP adjustments per above (0.06 ) 0.09   0.03  
Non-GAAP net income (loss) per common share—diluted $ 0.19 $ 0.21 $ (0.44 )
Average common shares outstanding—basic 71,147   70,830   69,144  
Average common shares and potentially dilutive securities outstanding—diluted 72,163   71,664   69,144  
 

We provide non-GAAP net income and non-GAAP net income per share amounts in order to provide meaningful supplemental information regarding our operational performance. These supplemental measures exclude, among other things, accelerated depreciation, charges related to the amortization of acquisition-related intangible assets, the impact of asset impairment, restructuring and other charges. We also exclude tax provisions (benefits) that are not directly related to ongoing operations and which are either isolated or cannot be expected to occur again with any regularity or predictability in addition to tax adjustments related to non-GAAP operating income (loss) adjustments.

We use non-GAAP measures to evaluate the performance of our core businesses and to estimate future core performance. Since we find these measures to be useful, we believe that investors will benefit from seeing non-GAAP measures in addition to seeing our GAAP results. This information facilitates our internal comparisons to our historical operating results as well as to the operating results of our competitors.

Our management recognizes that items such as amortization of intangibles and asset impairment, restructuring and other charges can have a material impact on our cash flows and/or our net income. Our GAAP financial statements including our statement of cash flows portray those effects. Although we believe it is useful for investors to see core performance free of non-GAAP adjustments, investors should understand that the excluded items can be expenses and charges that impact the Company’s total cash balance. To gain a complete picture of all effects on the Company’s profit and loss from any and all events, management does (and investors should) consider only the GAAP income statement and the other financial measures. The non-GAAP numbers focus instead upon the core business of the Company, which is only a subset, albeit an important one, of the Company’s performance, and should not be relied upon by investors.

Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different (and contain different inclusions and exclusions as compared to GAAP information) from the non-GAAP information provided by other companies and therefore are not being provided for the purpose of comparisons with other companies.

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