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International Rectifier Reports Quarterly Income

International Rectifier Corp. (El Segundo, CA) recently reported a net income of $5.1 million, or $0.10 per share, on revenue of $152.2 million in the quarter ended September, versus $34,000 net income, or $0.00 per share, on revenue of $127.5 million in the same quarter last year. Revenue increased 19 percent year-to-year and rose three percent sequentially.The company reported that September-quarter orders rose by 42 percent year-to-year and rose ten percent sequentially, reaching a record level. According to the company, the September-quarter revenue increase reflected strong telecom and PC demand. Total unit shipments increased 45 percent year-to-year and 11 percent sequentially. Royalties contributed $7.4 million in the quarter, compared with $8.0 million and $4.4 million in the in the preceding and year ago quarters, respectively.Gross margin was 31.7 percent, compared with 28.4 percent in the period the previous year. Gross margin in the immediately preceding quarter was 28.8 percent (26.9 percent including the one-time effect of the SOP 98-5 change in accounting standards).Shipments of new products into digital phones, systems using Intel's Pentium III and AMD's Athlon microprocessors, and power supplies for routers and servers rose sharply during the quarter."We expect revenue growth to accelerate in the December quarter and through the fiscal year. A richer mix, lower cost structure and continued price stability will expand gross margins, and lower overhead expense ratio will contribute positive earnings leverage," commented Dr. Alexander Lidow, CEO.

International Rectifier Corp.
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