IR Announces First Quarter Fiscal Year 2010 Results
November 9, 2009
International Rectifier Corp. (IR) announced financial results for the first quarter fiscal year 2010, ended September 27, 2009. Revenue for the first quarter fiscal year 2010 was $179.4 million, a 12% increase from $159.6 million in the fourth quarter fiscal year 2009 and a 27% decrease from $244.5 million in the first quarter fiscal year 2009. Revenue for the fourth quarter fiscal year 2009 included $2.7 million of Transition Services segment revenue. The first quarter fiscal year 2009 included $18.7 million of Intellectual Property revenue recognized from a one-time patent license amendment and $12.4 million of Transition Services segment revenue.
International Rectifier reported a first quarter fiscal year 2010 net loss of $16.9 million, or $0.24 per share, compared with net income of $29.1 million, or $0.40 per share in the prior quarter, and a net loss of $4.2 million, or $0.06 per share in the first quarter fiscal year 2009.
The results for the fourth quarter fiscal year 2009 included a $96.1 million gain on the divestiture of the Power Control Systems (PCS) business, related to the settlement agreement with Vishay Intertechnology, Inc., a $45.0 million charge related to an agreement in principle to settle the pending securities class action litigation, a $9.6 million tax benefit and a $9.5 million expense recovery from an insurance reimbursement.
Gross margin was 26.4%, up from 20.8% in the prior quarter and down from 39.4% in the first quarter fiscal year 2009. Gross margin for the first quarter fiscal year 2009 included a benefit from $18.7 million of Intellectual Property revenue with a 100% gross margin recognized from a one-time patent license amendment.
Research and development expenses for the first quarter fiscal year 2010 were $22.8 million, down from $26.2 million in the prior quarter.
Selling, general and administrative expenses for the first quarter fiscal year 2010 were $43.6 million, compared with $83.0 million in the prior quarter. Selling, general and administrative expenses for the fourth quarter fiscal year 2009 included a $45.0 million charge related to the agreement in principle to settle the pending securities class action litigation and a $9.5 million expense recovery from an insurance reimbursement.
Cash, cash equivalents and marketable investments totaled $591.0 million at the end of the first quarter fiscal year 2010. This included restricted cash of $3.9 million. Net cash used in operating activities for the first quarter fiscal year 2010 was $7.1 million.
The company had 71,270,161 shares outstanding at the end of the quarter.
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International Rectifier Corp.
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