International Rectifier Reports Fourth Quarter and Full Year Fiscal 2014 Results
Reconciliation of GAAP to Non-GAAP Operating Income (Loss):
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Three Months Ended
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Fiscal Year Ended
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June 29, 2014
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March 30, 2014
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June 30, 2013
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June 29, 2014
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June 30, 2013
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GAAP Operating income (loss)
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$
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20,651
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|
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$
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19,170
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$
|
237
|
|
|
$
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73,984
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$
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(75,383
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)
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Adjustments to reconcile GAAP to Non-GAAP operating loss:
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Impairment of long-lived assets
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—
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—
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|
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—
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|
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—
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2,792
|
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|
Accelerated depreciation
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|
509
|
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|
507
|
|
|
417
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2,097
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1,683
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Product litigation reserve release
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—
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(2,790
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)
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—
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(2,790
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)
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—
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Amortization of acquisition-related intangible assets
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1,555
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|
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1,605
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1,630
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6,420
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6,653
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Asset impairment, restructuring and related charges
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1,597
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1,624
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2,209
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5,638
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16,996
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Non-GAAP operating income (loss)
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$
|
24,312
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$
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20,116
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$
|
4,493
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$
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85,349
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|
|
$
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(47,259
|
)
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INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
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NON-GAAP RESULTS
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(In thousands, except per share and gross profit-percentage data)
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Reconciliation of GAAP to Non-GAAP Net Income (Loss):
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Three Months Ended
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Fiscal Year Ended
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June 29, 2014
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March 30, 2014
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June 30, 2013
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June 29, 2014
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June 30, 2013
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GAAP Net income (loss)
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$
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12,949
|
|
|
$
|
19,140
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|
|
$
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(6,078
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)
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|
$
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58,733
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|
$
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(88,820
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)
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|
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
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Impairment of long-lived assets
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—
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|
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—
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|
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—
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|
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—
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2,792
|
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|
Accelerated depreciation
|
|
509
|
|
|
507
|
|
|
417
|
|
|
2,097
|
|
|
1,683
|
|
|
Product litigation reserve release
|
|
—
|
|
|
(2,790
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)
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|
—
|
|
|
(2,790
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)
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—
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Amortization of acquisition-related intangible assets
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1,555
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1,605
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1,630
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6,420
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6,653
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Asset impairment, restructuring and related charges
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1,597
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1,624
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2,209
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5,638
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16,996
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Tax expense (benefit) of discrete items and other tax adjustments
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5,319
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(373
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)
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664
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|
103
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(1,902
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)
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Non-GAAP net income (loss)
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$
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21,929
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|
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$
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19,713
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$
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(1,158
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)
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$
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70,201
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$
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(62,598
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)
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GAAP net income (loss) per common share — basic
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$
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0.18
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$
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0.27
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$
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(0.09
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)
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$
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0.83
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$
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(1.28
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)
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Non-GAAP adjustments per above
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0.13
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0.01
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0.07
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0.16
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0.38
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Non-GAAP net income (loss) per common share — basic
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$
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0.31
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$
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0.28
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$
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(0.02
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)
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$
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0.99
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$
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(0.90
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)
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GAAP net income (loss) per common share — diluted
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$
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0.18
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$
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0.26
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$
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(0.09
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)
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$
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0.81
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$
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(1.28
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)
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Non-GAAP adjustments per above
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0.12
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0.01
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0.07
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0.16
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0.38
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Non-GAAP net income (loss) per common share — diluted
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$
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0.30
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$
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0.27
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$
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(0.02
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)
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$
|
0.97
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|
$
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(0.90
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)
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Weighted average common shares outstanding — basic
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71,208
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71,248
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69,785
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71,108
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69,385
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Weighted average common shares outstanding — diluted
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72,874
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72,728
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69,785
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72,549
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69,385
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