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International Rectifier Reports Second Quarter Results

International Rectifier Corporation (NYSE:IRF) today announced financial results for the second quarter (ended December 23, 2012) of its fiscal year 2013. Revenue was $223.8 million, an 11.4% decrease from $252.5 million in the prior quarter and a 2.7% decrease from $230.1 million in the prior year quarter. GAAP net loss for the second quarter was $32.7 million, or $0.47 per fully diluted share compared with GAAP net loss of $28.8 million, or $0.42 per fully diluted share, in the prior quarter and GAAP net loss of $6.3 million, or $0.09 per fully diluted share in the prior year quarter.

“We expected a challenging December quarter given industry conditions,” stated President and Chief Executive Officer Oleg Khaykin. “Although revenue declined, we significantly reduced our inventory, continued to reduce our costs and increased our cash balance by $16 million.”

GAAP gross margin for the second quarter was 21.9% compared with 27.9% in the prior quarter and 35.4% in the prior year quarter. GAAP operating loss was $34.7 million compared with an operating loss of $20.8 million in the prior quarter and an operating loss of $3.3 million in the prior year quarter.

Cash, cash equivalents and marketable investments increased $16 million and totaled $383.3 million at the end of the second quarter, including restricted cash of $1.6 million.

Cash provided by operating activities for the quarter was $41.9 million and free cash flow was $15.9 million.

Non-GAAP Results

The non-GAAP results the Company provides exclude the effects of accelerated depreciation, asset impairment and inventory write-offs associated with our El Segundo fab closure, restructuring costs, severance costs, impairment of goodwill, amortization of intangibles, the associated net tax effects of these items, and discrete tax provisions and benefits. The Company excludes any 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.

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