International Rectifier Announces Fourth Quarter Fiscal Year 2010 Results

International Rectifier reported net income of $29.0 million, or $0.41 per fully diluted share for the fourth quarter fiscal year 2010, compared with a net income of $40.4 million, or $0.56 per fully diluted share, in the prior quarter, and net income of $29.1 million, or $0.40 per share in the fourth quarter fiscal year 2009. The results for the fourth and third quarter fiscal year 2010 included $8.5 million and $23.0 million, respectively, of gross tax benefits. The results for the fourth quarter fiscal year 2009 also included recognition of a $96.1 million deferred gain on the prior divestiture of the Power Control Systems (PCS) business, a $45 million charge arising from the settlement of a securities class action litigation, a $9.6 million tax benefit, a $9.5 million expense recovery from an insurance reimbursement, and a $2.0 million investment impairment charge.



Gross margin was 36.1%, flat compared with the third quarter fiscal year 2010 and up from 20.8% in the fourth quarter fiscal year 2009.



Research and development expenses for the fourth quarter fiscal year 2010 were $26.6 million, up from $25.6 million in the prior quarter.



Selling, general and administrative expenses for the fourth quarter fiscal year 2010 were $45.2 million, compared with $43.1 million in the prior quarter.



Cash, cash equivalents and marketable investments totaled $586.6 million at the end of the fourth quarter fiscal year 2010, including restricted cash of $3.7 million.



Net cash from operating activities for the fourth quarter fiscal year 2010 was $57.9 million.



During the fourth quarter fiscal year 2010, the Company purchased 435,954 shares of its common stock under its existing share repurchase program. The Company had 70,324,178 shares outstanding at the end of the quarter.