News Release | International Rectifier Announces Second Fiscal Quarter Results | EL SEGUNDO, Calif.--(BUSINESS WIRE)--
International Rectifier Corporation (NYSE:IRF) today announced financial
results for the fiscal second quarter 2009, ended December 31, 2008.
Revenue for the fiscal second quarter 2009 was $189.7 million. Excluding
Intellectual Property and Transition Services segment revenue, fiscal
second quarter 2009 revenue from ongoing customer segments was $175.8
million, down 17% compared with $212.1 million in the prior quarter and
down 26%, compared with $237.4 million reported in the fiscal second
quarter 2008.
International Rectifier reported a fiscal second quarter 2009 net loss
of $186.1 million, or $2.56 per share, compared with a net loss of $4.5
million or $0.06 per share in the prior quarter, and net income of $313
thousand or $0.00 per share in the fiscal second quarter of 2008.
The results for the fiscal second quarter 2009 include a $48.9 million
asset impairment charge for the Company’s Newport, Wales fabrication
facility, a $10.3 million investment impairment charge primarily related
to long-term investments to reflect the decline in fair market value of
the Company’s mortgage- and asset-backed securities, and a $102.5
million tax provision charge related to reserves that have been recorded
against the Company’s tax assets.
Gross margin, including Intellectual Property and Transition Services
segments, was 33.9%. Excluding Intellectual Property and Transition
Services segments, fiscal second quarter 2009 ongoing customer segments
gross margin was 36.3%, flat compared with the prior quarter. The
ongoing customer segments gross margin was up 170 basis points compared
with ongoing customer segments gross margin of 34.6% in the second
fiscal quarter 2008.
R&D expenses for the fiscal second quarter 2009 were $24.9 million, or
about flat, compared with $24.7 million in the prior quarter.
Selling and Administrative expenses for the fiscal second quarter 2009
were $61.6 million, down from $65.3 million in the prior quarter.
Selling and Administrative expenses for the fiscal second quarter 2009
included approximately $17.6 million in proxy contest costs and external
filing and financial report preparation assistance.
Cash, cash equivalents and marketable investments totaled $700.0 million
at the end of the fiscal second quarter 2009. This includes restricted
cash of $18.0 million. Net cash provided by operating activities for the
fiscal second quarter 2009 was $9.4 million.
Cost Reduction Activities
As of the second fiscal quarter 2009, in view of deteriorating market
demand, the Company initiated a cost reduction effort to reduce
headcount. The Company expects a total reduction of about 850 jobs, or
approximately 18 percent of the worldwide workforce for the 2009 fiscal
year compared to the fiscal year ended June 30, 2008.
The reductions in headcount are expected to save about $33 million on an
annualized basis when completed at the end of the 2009 fiscal year. The
Company expects to incur severance related costs for the 2009 fiscal
year of about $10 million associated with these reductions.
Additionally, in conjunction with the previously announced manufacturing
cost reduction plan, the Company is consolidating its Newport, Wales
fabrication facility, which is expected to conclude at the end of
calendar 2009. This facility consolidation is expected to save
approximately $8.0 million per year when completed.
Also, the Company is planning to close its El Segundo, California
fabrication facility and consolidate its production capacity to the
Company’s Temecula, California fabrication facility. The Company expects
to complete this by the end of calendar 2010. The closure of this
facility is expected to save approximately $12.7 million per year when
completed.
The Company expects to incur costs of about $20 million over the course
of the consolidation and closure of both fabrication facilities.
Third Quarter Outlook
“Due to continued poor visibility, we expect fiscal third quarter 2009
revenue from ongoing customer segments to range between $115 million and
$150 million,” stated International Rectifier President and Chief
Executive Officer Oleg Khaykin. “While the current business climate
remains challenging, we are proactively taking steps to help manage the
effects and I am pleased with the progress the team is making in
restructuring the Company.”
Segment Table Information
The customer segment tables included with this release for the Company’s
fiscal quarter ended December 31, 2008, September 30, 2008 and December
31, 2007, respectively, reconcile revenue and gross margin for the
Company’s ongoing customer segments to the consolidated total amounts of
such measures for the Company.
Quarterly Report on Form 10-Q
The Company’s expects to file its 2009 fiscal second quarter report on
Form 10-Q with the Securities and Exchange Commission on Friday February
6, 2009. This financial report will be available for viewing and
download at http://investor.irf.com.
About International Rectifier
International Rectifier Corporation (NYSE:IRF) is a world leader in
power management technology. IR’s analog, digital, and mixed signal ICs,
and other advanced power management products, enable high performance
computing and save energy in a wide variety of business and consumer
applications. Leading manufacturers of computers, energy efficient
appliances, lighting, automobiles, satellites, aircraft, and defense
systems rely on IR’s power management solutions to power their next
generation products. For more information, go to www.irf.com.
Forward-Looking Statements:
This document contains “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements relate to expectations concerning matters that (a) are not
historical facts, (b) predict or forecast future events or results, or
(c) embody assumptions that may prove to have been inaccurate. These
forward-looking statements involve risks, uncertainties and assumptions.
When we use words such as “believe,” “expect,” “anticipate,” “will” or
similar expressions, we are making forward-looking statements. Although
we believe that the expectations reflected in such forward-looking
statements are reasonable, we cannot give readers any assurance that
such expectations will prove correct. The actual results may differ
materially from those anticipated in the forward-looking statements as a
result of numerous factors, many of which are beyond our control.
Important factors that could cause actual results to differ materially
from our expectations include, but are not limited to, reduced demand
arising from a decline in general market and economic conditions;
continued volatility and further deterioration of the capital markets;
unexpected costs or delays in implementing our cost savings programs,
including the ability to transfer, consolidate and qualify product lines
and unexpected costs in connection with the closure of facilities; the
ability of the Company to achieve the expected reductions in headcount
and expected savings; the impact of regulatory, investigative and legal
actions; increased competition in the highly competitive semiconductor
business that could adversely affect the prices of our products; our
ability to maintain current IP licenses and obtain new IP licenses; the
material weaknesses in our internal control over financial reporting
that we have identified that could impact our ability to report our
results of operations and financial condition accurately and in a timely
manner and the extensive work remaining to remedy these material
weaknesses in our internal control over financial reporting; and other
uncertainties disclosed in the Company’s reports filed with the
Securities and Exchange Commission, including its most recent reports on
Forms 10-K and 10-Q. Additionally, to the foregoing factors should be
added the financial, market, supply disruption and other ramifications
of terrorist actions and natural disasters.
NOTE: A conference call will begin today at 5:15 p.m. Eastern
time (2:15 p.m. Pacific time). Participants can join the call by dialing
706-679-3195 or by logging onto the Internet at http://investor.irf.com
or http://www.streetevents.com
at least 15 minutes ahead of the start time. A replay of the call will
be available from 7:15 p.m. Eastern time (4:15 p.m. Pacific time) on
Thursday, February 5 through Thursday, February 12. To hear the replay,
call 800-642-1687 (for international callers 706-645-9291) and use
reservation number 71349197, or use the websites listed above.
Additionally, a transcript of the conference call will be available on
the Internet on Friday, February 6 at http://investor.irf.com.
|
|
|
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
December 31,
2008
|
|
September 30,
2008
|
|
December 31,
2007
|
|
|
|
December 31,
2008
|
|
December 31,
2007
|
|
Revenues
|
|
$189,746
|
|
|
$244,474
|
|
|
$262,736
|
|
|
|
|
$434,220
|
|
|
$528,930
|
|
|
Cost of sales
|
|
125,403
|
|
|
148,082
|
|
|
170,683
|
|
|
|
|
273,485
|
|
|
339,492
|
|
|
Gross profit
|
|
64,343
|
|
|
96,392
|
|
|
92,053
|
|
|
|
|
160,735
|
|
|
189,438
|
|
|
Selling and administrative expense
|
|
61,559
|
|
|
65,309
|
|
|
69,778
|
|
|
|
|
126,868
|
|
|
136,585
|
|
|
Research and development expense
|
|
24,901
|
|
|
24,717
|
|
|
28,759
|
|
|
|
|
49,618
|
|
|
56,655
|
|
|
Amortization of acquisition-related intangible assets
|
|
1,098
|
|
|
1,097
|
|
|
377
|
|
|
|
|
2,195
|
|
|
757
|
|
|
Asset impairment, restructuring and other charges
|
|
48,976
|
|
|
471
|
|
|
7
|
|
|
|
|
49,447
|
|
|
42
|
|
|
Operating (loss) income
|
|
(72,191
|
)
|
|
4,798
|
|
|
(6,868
|
)
|
|
|
|
(67,393
|
)
|
|
(4,601
|
)
|
|
Other expense, net
|
|
10,626
|
|
|
14,582
|
|
|
1,305
|
|
|
|
|
25,208
|
|
|
7,434
|
|
|
Interest expense (income), net
|
|
769
|
|
|
(5,060
|
)
|
|
(7,829
|
)
|
|
|
|
(4,291
|
)
|
|
(15,722
|
)
|
|
(Loss) income before income taxes
|
|
(83,586
|
)
|
|
(4,724
|
)
|
|
(344
|
)
|
|
|
|
(88,310
|
)
|
|
3,687
|
|
|
Provision for (benefit from) income taxes
|
|
102,475
|
|
|
(268
|
)
|
|
(657
|
)
|
|
|
|
102,207
|
|
|
(7,039
|
)
|
|
Net (loss) income
|
|
$(186,061
|
)
|
|
$(4,456
|
)
|
|
$313
|
|
|
|
|
$(190,517
|
)
|
|
$10,726
|
|
|
Net (loss) income per common share—basic
|
|
$(2.56
|
)
|
|
$(0.06
|
)
|
|
$0.00
|
|
|
|
|
$(2.62
|
)
|
|
$0.15
|
|
|
Net (loss) income per common share—diluted
|
|
$(2.56
|
)
|
|
$(0.06
|
)
|
|
$0.00
|
|
|
|
|
$(2.62
|
)
|
|
$0.15
|
|
|
Average common shares outstanding—basic
|
|
72,688
|
|
|
72,843
|
|
|
72,814
|
|
|
|
|
72,737
|
|
|
72,813
|
|
|
Average common shares and potentially dilutive
securities outstanding—diluted
|
|
72,688
|
|
|
72,843
|
|
|
73,151
|
|
|
|
|
72,737
|
|
|
73,172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2008
(Unaudited)
|
|
September 30,
2008
(Unaudited)
|
|
June 30,
2008
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$399,390
|
|
|
$302,782
|
|
$320,464
|
|
Restricted cash
|
|
2,925
|
|
|
4,341
|
|
4,341
|
|
Short-term investments
|
|
112,209
|
|
|
102,965
|
|
101,739
|
|
Trade accounts receivable, net
|
|
86,997
|
|
|
110,322
|
|
105,384
|
|
Inventories
|
|
175,508
|
|
|
175,889
|
|
175,856
|
|
Current deferred tax assets
|
|
7,425
|
|
|
13,071
|
|
13,072
|
|
Prepaid expenses and other receivables
|
|
54,861
|
|
|
52,851
|
|
43,993
|
|
Total current assets
|
|
839,315
|
|
|
762,221
|
|
764,849
|
|
Restricted cash
|
|
15,080
|
|
|
15,046
|
|
15,012
|
|
Long-term investments
|
|
170,359
|
|
|
286,696
|
|
303,680
|
|
Property, plant and equipment, net
|
|
394,652
|
|
|
502,241
|
|
534,098
|
|
Goodwill
|
|
98,822
|
|
|
98,822
|
|
98,822
|
|
Acquisition-related intangible assets, net
|
|
14,030
|
|
|
15,128
|
|
16,225
|
|
Long-term deferred tax assets
|
|
467
|
|
|
86,249
|
|
89,576
|
|
Other assets
|
|
40,913
|
|
|
51,231
|
|
52,650
|
|
Total assets
|
|
$1,573,638
|
|
|
$1,817,634
|
|
$1,874,912
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$62,525
|
|
|
$66,349
|
|
$77,653
|
|
Accrued salaries, wages and commissions
|
|
21,930
|
|
|
26,989
|
|
33,022
|
|
Accrued income taxes
|
|
37,982
|
|
|
29,992
|
|
30,943
|
|
Current deferred tax liabilities
|
|
2,266
|
|
|
2,266
|
|
2,266
|
|
Other accrued expenses
|
|
91,866
|
|
|
99,402
|
|
103,355
|
|
Total current liabilities
|
|
216,569
|
|
|
224,998
|
|
247,239
|
|
Long-term deferred tax liabilities
|
|
13,874
|
|
|
4,975
|
|
4,828
|
|
Deferred gain on divestiture
|
|
116,341
|
|
|
112,922
|
|
112,609
|
|
Other long-term liabilities
|
|
55,372
|
|
|
56,332
|
|
59,285
|
|
Total liabilities
|
|
402,156
|
|
|
399,227
|
|
423,961
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
Common shares
|
|
72,928
|
|
|
72,876
|
|
72,826
|
|
Capital contributed in excess of par value of shares
|
|
975,878
|
|
|
974,313
|
|
971,920
|
|
Treasury stock, at cost
|
|
(7,431
|
)
|
|
—
|
|
—
|
|
Retained earnings
|
|
148,429
|
|
|
334,490
|
|
338,946
|
|
Accumulated other comprehensive (loss) income
|
|
(18,322
|
)
|
|
36,728
|
|
67,259
|
|
Total stockholders’ equity
|
|
1,171,482
|
|
|
1,418,407
|
|
1,450,951
|
|
Total liabilities and stockholders’ equity
|
|
$1,573,638
|
|
|
$1,817,634
|
|
$1,874,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
|
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Six Months Ended
|
|
|
|
December 31,
2008
|
|
September 30,
2008
|
|
December 31,
2007
|
|
|
|
December 31,
2008
|
|
December 31,
2007
|
|
Cash flow from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
$(186,061
|
)
|
|
$(4,456
|
)
|
|
$313
|
|
|
|
|
$(190,517
|
)
|
|
$10,726
|
|
|
Adjustments to reconcile net (loss) income to net cash
provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
15,819
|
|
|
17,021
|
|
|
17,817
|
|
|
|
|
32,840
|
|
|
38,153
|
|
|
Amortization of acquisition-related intangible assets
|
|
1,098
|
|
|
1,097
|
|
|
377
|
|
|
|
|
2,195
|
|
|
757
|
|
|
Stock compensation expense
|
|
1,181
|
|
|
1,190
|
|
|
7,412
|
|
|
|
|
2,371
|
|
|
7,850
|
|
|
Provision for (recovery of) bad debt
|
|
(34
|
)
|
|
225
|
|
|
(5
|
)
|
|
|
|
191
|
|
|
(430
|
)
|
|
Provision for inventory write-downs
|
|
3,984
|
|
|
951
|
|
|
(1,988
|
)
|
|
|
|
4,935
|
|
|
2,578
|
|
|
Debt retirement charge
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
5,659
|
|
|
Deferred revenue
|
|
(3,631
|
)
|
|
942
|
|
|
(4,453
|
)
|
|
|
|
(2,689
|
)
|
|
(11,325
|
)
|
|
Deferred income taxes
|
|
92,034
|
|
|
—
|
|
|
(994
|
)
|
|
|
|
92,034
|
|
|
1,833
|
|
|
Tax benefit from options exercised
|
|
8
|
|
|
8
|
|
|
118
|
|
|
|
|
16
|
|
|
118
|
|
|
Excess tax benefit from options exercised
|
|
—
|
|
|
(3
|
)
|
|
(81
|
)
|
|
|
|
(3
|
)
|
|
(81
|
)
|
|
Write-down of investments
|
|
10,320
|
|
|
15,198
|
|
|
595
|
|
|
|
|
25,518
|
|
|
868
|
|
|
Impairment of fixed assets
|
|
50,824
|
|
|
—
|
|
|
—
|
|
|
|
|
50,824
|
|
|
—
|
|
|
Loss on sale of investments
|
|
5,035
|
|
|
927
|
|
|
—
|
|
|
|
|
5,962
|
|
|
—
|
|
|
Changes in operating assets and liabilities, net
|
|
18,857
|
|
|
(52,990
|
)
|
|
32,395
|
|
|
|
|
(34,133
|
)
|
|
(29,359
|
)
|
|
Net cash provided by (used in) operating activities
|
|
9,434
|
|
|
(19,890
|
)
|
|
51,506
|
|
|
|
|
(10,456
|
)
|
|
27,347
|
|
|
Cash flow from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
(6,266
|
)
|
|
(4,799
|
)
|
|
(18,170
|
)
|
|
|
|
(11,065
|
)
|
|
(29,689
|
)
|
|
Proceeds from sale of property, plant and equipment
|
|
162
|
|
|
19
|
|
|
(41
|
)
|
|
|
|
181
|
|
|
—
|
|
|
Additions to restricted cash
|
|
(34
|
)
|
|
(34
|
)
|
|
(128
|
)
|
|
|
|
(68
|
)
|
|
(284
|
)
|
|
Sale or maturities of investments
|
|
165,515
|
|
|
60,086
|
|
|
42,252
|
|
|
|
|
225,601
|
|
|
187,053
|
|
|
Purchase of investments
|
|
(65,040
|
)
|
|
(57,444
|
)
|
|
(89,531
|
)
|
|
|
|
(122,484
|
)
|
|
(185,313
|
)
|
|
Other, net
|
|
(1,032
|
)
|
|
1,032
|
|
|
1,728
|
|
|
|
|
—
|
|
|
709
|
|
|
Net cash provided by (used in) investing activities
|
|
93,305
|
|
|
(1,140
|
)
|
|
(63,890
|
)
|
|
|
|
92,165
|
|
|
(27,524
|
)
|
|
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayments of short-term debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(550,000
|
)
|
|
Repayments of obligations under capital lease
|
|
—
|
|
|
—
|
|
|
(273
|
)
|
|
|
|
—
|
|
|
(273
|
)
|
|
Proceeds from exercise of stock options
|
|
382
|
|
|
981
|
|
|
174
|
|
|
|
|
1,363
|
|
|
174
|
|
|
Excess tax benefit from options exercised
|
|
—
|
|
|
3
|
|
|
81
|
|
|
|
|
3
|
|
|
81
|
|
|
Reductions (additions) to restricted cash
|
|
1,416
|
|
|
—
|
|
|
—
|
|
|
|
|
1,416
|
|
|
(4,341
|
)
|
|
Purchase of treasury stock
|
|
(7,431
|
)
|
|
—
|
|
|
—
|
|
|
|
|
(7,431
|
)
|
|
—
|
|
|
Net settlement of restricted stock units
|
|
(228
|
)
|
|
—
|
|
|
—
|
|
|
|
|
(228
|
)
|
|
—
|
|
|
Other, net
|
|
131
|
|
|
(131
|
)
|
|
(2,247
|
)
|
|
|
|
—
|
|
|
(6,946
|
)
|
|
Net cash (used in) provided by financing activities
|
|
(5,730
|
)
|
|
853
|
|
|
(2,265
|
)
|
|
|
|
(4,877
|
)
|
|
(561,305
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
(401
|
)
|
|
2,495
|
|
|
6,671
|
|
|
|
|
2,094
|
|
|
6,847
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
96,608
|
|
|
(17,682
|
)
|
|
(7,978
|
)
|
|
|
|
78,926
|
|
|
(554,635
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
302,782
|
|
|
320,464
|
|
|
306,383
|
|
|
|
|
320,464
|
|
|
853,040
|
|
|
Cash and cash equivalents, end of period
|
|
$399,390
|
|
|
$302,782
|
|
|
$298,405
|
|
|
|
|
$399,390
|
|
|
$298,405
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, 2008, September 30, 2008 and
December 31, 2007, revenue and gross margin by reportable segments are
as follows (in thousands, except percentages):
|
|
|
Three Months Ended
December 31, 2008
|
|
Three Months Ended
September 30, 2008
|
|
Business Segment
|
|
Revenues
|
|
Percentage
of Total
|
|
Gross
Margin
|
|
Revenues
|
|
Percentage
of Total
|
|
Gross
Margin
|
|
Power Management Devices
|
|
$64,134
|
|
33.8
|
%
|
|
19.4
|
%
|
|
$73,778
|
|
30.2
|
%
|
|
21.4
|
%
|
|
Energy-Saving Products
|
|
39,422
|
|
20.8
|
|
|
43.3
|
|
|
46,136
|
|
18.9
|
|
|
42.9
|
|
|
HiRel
|
|
39,433
|
|
20.8
|
|
|
56.7
|
|
|
37,352
|
|
15.3
|
|
|
52.7
|
|
|
Automotive Products
|
|
13,474
|
|
7.1
|
|
|
27.9
|
|
|
17,593
|
|
7.2
|
|
|
33.4
|
|
|
Enterprise Power
|
|
19,350
|
|
10.2
|
|
|
42.4
|
|
|
37,279
|
|
15.2
|
|
|
42.6
|
|
|
Ongoing customer segments total
|
|
175,813
|
|
92.7
|
|
|
36.3
|
|
|
212,138
|
|
86.8
|
|
|
36.3
|
|
|
Intellectual Property
|
|
2,594
|
|
1.3
|
|
|
100.0
|
|
|
19,967
|
|
8.2
|
|
|
100.0
|
|
|
Ongoing segments total
|
|
178,407
|
|
94.0
|
|
|
37.3
|
|
|
232,105
|
|
95.0
|
|
|
41.8
|
|
|
Transition Services
|
|
11,339
|
|
6.0
|
|
|
(18.6
|
)
|
|
12,369
|
|
5.0
|
|
|
(4.7
|
)
|
|
Consolidated total
|
|
$189,746
|
|
100.0
|
%
|
|
33.9
|
%
|
|
$244,474
|
|
100.0
|
%
|
|
39.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2007
|
|
Business Segment
|
|
Revenues
|
|
Percentage
of Total
|
|
Gross
Margin
|
|
Power Management Devices
|
|
$87,060
|
|
33.2
|
%
|
|
16.3
|
%
|
|
Energy-Saving Products
|
|
45,945
|
|
17.5
|
|
|
45.6
|
|
|
HiRel
|
|
41,599
|
|
15.8
|
|
|
56.3
|
|
|
Automotive Products
|
|
20,528
|
|
7.8
|
|
|
33.6
|
|
|
Enterprise Power
|
|
42,252
|
|
16.1
|
|
|
39.5
|
|
|
Ongoing customer segments total
|
|
237,384
|
|
90.4
|
|
|
34.6
|
|
|
Intellectual Property
|
|
9,805
|
|
3.7
|
|
|
100.0
|
|
|
Ongoing segments total
|
|
247,189
|
|
94.1
|
|
|
37.2
|
|
|
Transition Services
|
|
15,547
|
|
5.9
|
|
|
0.7
|
|
|
Consolidated total
|
|
$262,736
|
|
100.0
|
%
|
|
35.0
|
%
|
|
|
|
|
|
|
|
|
For the six months ended December 31, 2008 and December 31, 2007,
revenue and gross margin by reportable segments are as follows (in
thousands, except percentages):
|
|
|
Six Months Ended
December 31, 2008
|
|
Six Months Ended
December 31, 2007
|
|
Business Segment
|
|
Revenues
|
|
Percentage
of Total
|
|
Gross
Margin
|
|
Revenues
|
|
Percentage
of Total
|
|
Gross
Margin
|
|
Power Management Devices
|
|
$137,912
|
|
31.7
|
%
|
|
20.5
|
%
|
|
$182,163
|
|
34.4
|
%
|
|
23.7
|
%
|
|
Energy-Saving Products
|
|
85,558
|
|
19.7
|
|
|
43.1
|
|
|
78,964
|
|
14.9
|
|
|
40.3
|
|
|
HiRel
|
|
76,785
|
|
17.7
|
|
|
54.7
|
|
|
78,108
|
|
14.8
|
|
|
53.9
|
|
|
Automotive Products
|
|
31,067
|
|
7.2
|
|
|
31.0
|
|
|
40,457
|
|
7.6
|
|
|
34.4
|
|
|
Enterprise Power
|
|
56,629
|
|
13.0
|
|
|
42.6
|
|
|
98,115
|
|
18.6
|
|
|
39.9
|
|
|
Ongoing customer segments total
|
|
387,951
|
|
89.3
|
|
|
36.3
|
|
|
477,807
|
|
90.3
|
|
|
35.6
|
|
|
Intellectual Property
|
|
22,561
|
|
5.2
|
|
|
100.0
|
|
|
19,098
|
|
3.6
|
|
|
100.0
|
|
|
Ongoing segments total
|
|
410,512
|
|
94.5
|
|
|
39.8
|
|
|
496,905
|
|
93.9
|
|
|
38.1
|
|
|
Transition Services
|
|
23,708
|
|
5.5
|
|
|
(11.4
|
)
|
|
32,025
|
|
6.1
|
|
|
0.7
|
|
|
Consolidated total
|
|
$434,220
|
|
100.0
|
%
|
|
37.0
|
%
|
|
$528,930
|
|
100.0
|
%
|
|
35.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source: International Rectifier Corporation
International Rectifier Corporation
Investors and Financial Media:
Portia
Switzer, 310-726-8254
Chris Toth, 310-252-7731
or
Media:
Graham
Robertson, 310-529-0321
|
|
