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Product category: Power Supply ICs and Controllers
News Release from: International Rectifier
Edited by the Electronicstalk Editorial Team on 6 August 2003

IR ends year on a higher note

International Rectifier has reported pro forma net income of $15.4 million (or $0.24 per share) for the fiscal fourth quarter on revenues of $228.4 million

The figures exclude charges related to previously announced severance and restructuring activities, and compare with net income of $16.1 million (or $0.25 per share) on revenues of $201.0 million in the same quarter the year before. Including the above charges of $3.8 million, IR reported a net income of $13.2 million (or $0.20 per share) for the fiscal fourth quarter.

Revenues were at the upper end of guidance, increasing more than 6% sequentially and 13% year-over-year.

IR's proprietary products (analogue ICs, power systems, and advanced-circuit devices) led with 10% growth over the prior quarter and 32% growth over the prior year.

Proprietary products accounted for 58% of customer sales, up from 56% in the prior quarter and 50% a year earlier.

Shipments grew in all markets led by defence, up 16% from the previous quarter and 31% from the prior-year quarter.

Shipments into the consumer market rose 12% sequentially and 16% year over year.

Revenues from PCs increased 10% from the March quarter and 37% from the year ago quarter.

Revenues from sales to OEMs advanced 7% sequentially and 30% year-over-year.

IR shipments to distributors increased more than 5% sequentially and were down 11% from the prior-year quarter.

Bookings were strong, increasing 7% sequentially and 21% year-over-year, led by growth of proprietary products which were up 20 percent sequentially and 44% from the prior year.

Automotive orders surged 20% from the previous quarter and were up 38% for the last half of the fiscal year versus a year ago.

Information technology bookings increased 11% sequentially and 50% year-on-year, reflecting continued content expansion and share gain fuelled by the introduction of Intel's Centrino and Pentium M based products.

Bookings for defence and industrial held steady while the consumer market reflected a seasonal slowdown.

Fiscal fourth quarter gross margin expanded 130 basis points from the preceding quarter to 34.8%, ahead of previous guidance.

The improvement resulted from a richer mix of proprietary products shipped in the quarter and planned cost reductions.

Gross margin on incremental product sales exceeded 56%, better than expected, due to greater sales of IR's analogue ICs.

IR generated $63 million cash from operations during the quarter.

At year-end, the company had $721 million in cash and cash investments compared with $687 million at the end of March quarter.

Chief Executive Officer Alex Lidow commented: "We continue to realise ever-increasing customer interest in our wide-ranging proprietary product portfolio and benefit from a steady stream of important design wins in our target markets.

This past quarter, we were particularly pleased with the traction in new auto programs resulting in orders up 20% ahead of last quarter.

Also, we're continuing to see strong orders in IT, in large part the result of content expansion from Centrino and other advanced processor platforms".

Lidow noted: "Our richer proprietary product mix and cost efficiencies pushed our product gross margins up 170 basis points.

For the quarter ending September, IR expects revenues to grow about 3% sequentially plus or minus three points.

We expect our revenues to continue to outpace the industry in fiscal 2004 with margins expanding about 100 basis points each quarter".

For the fiscal year just ended, pro forma net income was $48.5 million (or $0.75 per share) on revenues of $864.4 million, compared to prior-year net income of $48.7 million (or $0.75 per share) on revenues of $720.2 million.

Including restructuring charges, IR reported a net loss of $89.6 million (or $1.40 per share) for the fiscal year.

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