International Rectifier Announces Third Quarter Fiscal Year 2010 Results

International Rectifier reported net income of $40.4 million, or $0.56 per fully diluted share for third quarter fiscal year 2010, compared with a net income of $28.3 million, or $0.39 per fully diluted share, in the prior quarter, and a net loss of $82.6 million, or $1.15 per share in the third quarter fiscal year 2009. The results for the third and second quarter fiscal year 2010 included $23.0 million and $27.8 million, respectively, of tax benefits primarily from releases of tax reserves.

Gross margin was 36.1%, up from 29.9% in the second quarter fiscal year 2010 and up from 21.1% in the third quarter fiscal year 2009.

Research and development expenses for the third quarter fiscal year 2010 were $25.6 million, up from $24.2 million in the prior quarter.

Selling, general and administrative expenses for the third quarter fiscal year 2010 were $43.1 million, compared with $37.3 million in the prior quarter.

Cash, cash equivalents and marketable investments totaled $555.4 million at the end of the third quarter fiscal year 2010, including restricted cash of $3.4 million.

Net cash from operating activities for the third quarter fiscal year 2010 was $29.1 million.

During the third quarter fiscal year 2010, the Company purchased 587,644 shares of its common stock under its existing share repurchase program. The Company had 70,671,377 shares outstanding at the end of the quarter.