In one of its final financial reports before formally becoming part of Infineon, International Rectifier Corporation (IR) announced financial results for the first quarter ended September 28, 2014 of its fiscal year 2015, including revenue for the September quarter of $287.0 million, a 3.6% decrease compared to $297.6 million in the prior quarter and a 6.4% increase from $269.8 million in the prior year quarter. GAAP net income for the first quarter was $25.9 million, or $0.36 per fully diluted share compared to GAAP net income of $12.9 million, or $0.18 per fully diluted share, in the prior quarter and GAAP net income of $8.7 million, or $0.12 per fully diluted share in the prior year quarter. First quarter 2015 GAAP net income included a gain of $13.0 million from the sale of an investment and $8.3 million of merger-related costs.
GAAP gross margin for the first quarter was 37.9% compared to 35.6% in the prior quarter and 35.3% in the prior year quarter. GAAP operating income for the first quarter was $18.0 million compared to GAAP operating income of $20.7 million in the prior quarter and GAAP operating income of $16.4 million in the prior year quarter.
Cash, cash equivalents and marketable investments increased $49.9 million during the first quarter and totaled $660.3 million at the end of the first quarter, including restricted cash of $1.3 million. Cash provided by operating activities for the quarter was $65.2 million and free cash flow was $53.2 million for the quarter.
