Product category: Power Supply ICs and Controllers
News Release from: International Rectifier
Edited by the Electronicstalk Editorial Team on 4 May 2004
All-time record orders for IR
International Rectifier has reported pro forma earnings of $29.8 million in the March quarter compared with $24.6 million in the December quarter, and $12.1 million in the prior-year quarter
International Rectifier has reported pro forma earnings of $29.8 million (or $0.43 per share) in the March quarter compared with $24.6 million (or $0.36 per share) in the December quarter, and $12.1 million (or $0.19 per share) in the prior-year quarter. The pro forma March quarter earnings excluded a $5.9 million net pretax gain from a settlement with Hitachi/Renesas and a $9.9 million pretax charge for ongoing severance and restructuring activities.
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The pro forma December quarter earnings excluded $10.1 million in restructuring-related pretax charges.
The prior-year March quarter pro forma earnings excluded $6.4 million in restructuring-related pretax charges.
On a GAAP basis, net income was $26.7 million (or $0.39 per share) in the March quarter versus $16.9 million (or $0.25 per share) in the December quarter and $7.5 million (or $0.11 per share) in the prior-year quarter.
Revenues were $275.4 million in the March quarter, up 9% from $252.3 million in the December quarter, and up 28% from $214.4 million in the prior-year quarter.
Orders rose 10% from the December quarter and 40% from the prior-year quarter, led by proprietary product orders, up 13% from the prior quarter and 68% from the prior-year quarter.
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Chief Executive Officer Alex Lidow stated: "We're seeing continuing signs of a broadening, long-term recovery.
This quarter, our analogue IC designs achieved milestone wins in next generation, high-end server applications which will move us into the number one market share position by the end of this calendar year.
Design wins for our high voltage ICs targeting the appliance market grew 44% in the March quarter and 80% year on year, further solidifying our lead market share position in fast growing, energy efficient appliances.
Overall company orders were strong in every region, compared with the December quarter, led by 17% growth in Europe, 10% in North America, and 8% in Asia Pacific.
China's growth was exceptional, with orders up 91% year on year and revenue up 75% in the same period".
Distributor shipments of IR products to their customers hit a record level in the March quarter, up 17% over December and 28% from the prior-year quarter.
IR shipments to distributors increased 10% from the December quarter and represented 30% of revenues.
Pricing was firm in the March quarter, and edged up on certain component products that are constrained in the marketplace.
Royalties in the March quarter were $10.8 million, up slightly from the December quarter.
Cash from operations was $37 million for the quarter and $83 million for the first nine months of the fiscal year.
The company's cash and cash investments totalled $788 million at the end of the March quarter.
March quarter gross margin expanded 200 basis points from the December quarter to 39.6%.
Gross margin on incremental sales exceeded expectations at 62%, primarily resulting from a richer mix of proprietary products and excellent performance from operations in achieving more cost savings than expected.
IR secured over $130 million in design wins in the March quarter, with IR's high performance analogue ICs increasing more than 70% over the prior year to new record levels.
During the March quarter, the take-up of IR's proprietary products continued to accelerate in target markets.
Lidow noted: "Our backlog is the highest in the company's history and we have more than 90% coverage of our target revenue for the June quarter.
Our high performance analogue IC business is booming as reflected in orders quarter to date, up 36% in the IT space from the prior period.
"For the June quarter, IR expects revenues to grow about 5 to 7% over the March quarter and reach an all-time record.
Excluding the previously announced carve out of a $100 million in annualised revenues from low margin commodity business, IR's equivalent sales growth would be 10 to 12%.
We expect our overall gross margins to improve by 150 basis points or more, approaching record levels in the June quarter.
"The combination of leading-edge design wins, robust growth in key target markets, and the setting of industry standards in high performance analogue ICs is fuelling IR's outstanding prospects over the next several quarters".
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