International Rectifier Reports Third Quarter Fiscal Year 2014 Results

For the three months ended March 30, 2014, December 29, 2013, and March 24, 2013, stock-based compensation was as follows (in thousands):

  Three Months Ended
March 30, 2014   December 29, 2013   March 24, 2013
Cost of sales $ 1,330 $ 1,362 $ 1,021
Selling, general and administrative expense 3,233 3,123 2,693
Research and development expense   1,975   2,142   1,583
Total stock-based compensation expense $ 6,538 $ 6,627 $ 5,297
 
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,  
March 30, 2014   2013   March 24, 2013
GAAP Gross profit $ 100,134 $ 97,965 $ 54,408
Adjustments to reconcile GAAP to Non-GAAP gross profit:
Accelerated depreciation 507 639
Product claim reserve release   (2,790 )        
Non-GAAP gross profit $ 97,851   $ 98,604   $ 54,408  
Non-GAAP gross profit-percentage   36.3 %   36.5 %   24.3 %
 

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

 
Three Months Ended
December 29,
March 30, 2014   2013   March 24, 2013
GAAP Operating income (loss) $ 19,170 $ 17,807 $ (20,031 )
Adjustments to reconcile GAAP to Non-GAAP operating income (loss):
Accelerated depreciation 507 639
Product claim reserve release (2,790 )
Amortization of acquisition-related intangible assets 1,605 1,630 1,663
Asset impairment, restructuring and other charges   1,624     1,015     880  
Non-GAAP operating income (loss) $ 20,116   $ 21,091   $ (17,488 )
 
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
March 30,   December 29,   March 24,
  2014     2013     2013  
GAAP Net income (loss) $ 19,140 $ 17,921 $ (21,245 )
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
Accelerated depreciation 507 639
Product claim reserve release (2,790 )
Amortization of acquisition-related intangible assets 1,605 1,630 1,663
Asset impairment, restructuring and other charges 1,624 1,015 880
Tax expense of discrete items and other tax adjustments   (373 )   (7,805 )   (1,127 )
Non-GAAP net income (loss) $ 19,713 $ 13,400 $ (19,829 )
GAAP net income (loss) per common share — basic $ 0.27 $ 0.25 $ (0.31 )
Non-GAAP adjustments per above   0.01     (0.06 )   0.02  
Non-GAAP net income (loss) per common share—basic $ 0.28 $ 0.19 $ (0.29 )
GAAP net income (loss) per common share — diluted $ 0.26 $ 0.25 $ (0.31 )
Non-GAAP adjustments per above   0.01     (0.06 )   0.02  
Non-GAAP net income (loss) per common share—diluted $ 0.27 $ 0.19 $ (0.29 )
Average common shares outstanding—basic   71,248     71,147     69,273  
Average common shares and potentially dilutive securities outstanding—diluted   72,728     72,163     69,273  
 

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, a product claim reserve release, 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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