International Rectifier Reports First Quarter Fiscal Year 2014 Results

Segment Table Information/Customer Segments

The business segment tables included with this release for the Company’s fiscal quarters ended September 29, 2013, June 30, 2013 and September 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 first quarter of the 2014 fiscal year with the Securities and Exchange Commission on Thursday, October 31, 2013. 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 September quarter results and December 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 Passcode: “International Rectifier”. 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, October 30 through Wednesday, November 6, 2013. To listen to the replay by phone, call 855-859-2056 or 404-537-3406 for international callers and enter reservation number 40285254. 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; 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; the adverse impact of regulatory, investigative and legal actions; 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; 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 report on Form 10-K.

 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 
Three Months Ended
September 29, 2013   June 30, 2013   September 23, 2012
Revenues $ 269,750 $ 276,453 $ 252,492
Cost of sales   174,439     193,386     181,951  
Gross profit 95,311 83,067 70,541
 
Selling, general and administrative expense 43,750 46,348 47,295
Research and development expense 32,173 32,643 33,449
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Asset impairment, restructuring and other charges   1,402     2,209     8,966  
Operating income (loss) 16,356 237 (20,849 )
Other expense, net 762 421 1,008
Interest expense (income), net   (1 )   33     (32 )
Income (loss) before income taxes 15,595 (217 ) (21,825 )
Provision for income taxes   6,872     5,861     6,950  
Net income (loss) $ 8,723   $ (6,078 ) $ (28,775 )
     
Net income (loss) per common share—basic $ 0.12   $ (0.09 ) $ (0.42 )
Net income (loss) per common share—diluted $ 0.12   $ (0.09 ) $ (0.42 )
 
Average common shares outstanding—basic   70,830     69,785     69,283  
Average common shares and potentially dilutive securities outstanding—diluted   71,664     69,785     69,283  
 
     
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
 
September 29, 2013 June 30, 2013 September 23, 2012
ASSETS
Current assets:
Cash and cash equivalents $ 468,120 $ 443,490 $ 279,815
Restricted cash 629 611 616
Short-term investments 10,005 11,056 75,777
Trade accounts receivable, net of allowances 151,702 137,762 151,556
Inventories 243,754 232,315 283,516
Current deferred tax assets 5,002 4,948 5,251
Prepaid expenses and other current assets   35,040     33,002     34,347  
Total current assets 914,252 863,184 830,878
Restricted cash 739 738 940
Long-term investments 10,048
Property, plant and equipment, net 419,289 423,338 465,501
Goodwill 52,149 52,149 52,149
Acquisition-related intangible assets, net 20,293 21,923 26,896
Long-term deferred tax assets 29,402 32,792 38,118
Other assets   61,341     59,088     62,393  
Total assets $ 1,497,465   $ 1,453,212   $ 1,486,923  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 88,521 $ 89,312 $ 66,342
Accrued income taxes 2,033 949
Accrued salaries, wages and commissions 40,980 39,719 44,008
Other accrued expenses   79,456     78,414     75,745  
Total current liabilities 210,990 208,394 186,095
Long-term deferred tax liabilities 8,649 8,970 7,692
Other long-term liabilities   24,709     24,530     37,343  
Total liabilities   244,348     241,894     231,130  
Commitments and contingencies
Stockholders’ equity:
Common shares 77,287 76,590 75,322
Capital contributed in excess of par value 1,081,889 1,067,841 1,042,962
Treasury stock, at cost (113,175 ) (113,175 ) (113,175 )
Retained earnings 210,588 201,865 261,910
Accumulated other comprehensive loss   (3,472 )   (21,803 )   (11,226 )
Total stockholders’ equity   1,253,117     1,211,318     1,255,793  
Total liabilities and stockholders’ equity $ 1,497,465   $ 1,453,212   $ 1,486,923  
 
 
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
 
Three Months Ended

September 29, 2013
(Unaudited)

 

June 30, 2013
(Unaudited)

 

September 23, 2012
(Unaudited)

Cash flows from operating activities:
Net income (loss) $ 8,723 $ (6,078 ) $ (28,775 )
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization 22,073 22,625 22,687
Amortization of acquisition-related intangible assets 1,630 1,630 1,680
Loss (gain) on disposal of fixed assets 15 703 (84 )
Stock compensation expense 6,862 5,146 5,739
Gain on sale of investments (36 )
Provision for bad debts 4 2
Provision for inventory write-downs 1,615 5,142 5,335
Impairment of long-lived assets 1
Loss on derivatives 362 469 2,210
Deferred income taxes 4,997 5,769 5,357
Excess tax benefit from stock-based awards (1 )
Changes in operating assets and liabilities, net (21,194 ) 21,657 (5,119 )
Other   (237 )   697     (2,492 )
Net cash provided by operating activities   24,810     57,765     6,539  
Cash flows from investing activities:
Additions to property, plant and equipment (11,918 ) (11,681 ) (21,986 )
Proceeds from sale of property, plant and equipment 25 118
Sale of investments 36
Maturities of investments 1,000 4,000 3,000
Purchase of investments (9,979 )
Release from (addition to) restricted cash   8     2     (4 )
Net cash used in investing activities   (10,849 )   (7,679 )   (28,851 )
Cash flows from financing activities:
Proceeds from exercise of stock options 8,972 11,132 663
Excess tax benefit from stock-based awards 1
Purchase of treasury stock (5,210 )
Net settlement of restricted stock units for tax withholdings   (1,089 )   (3,972 )   (980 )
Net cash provided by (used in) financing activities 7,883 7,160 (5,526 )
Effect of exchange rate changes on cash and cash equivalents   2,786     (750 )   2,230  
Net increase (decrease) in cash and cash equivalents 24,630 56,496 (25,608 )
Cash and cash equivalents, beginning of period   443,490     386,994     305,423  
Cash and cash equivalents, end of period $ 468,120   $ 443,490   $ 279,815  
 

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