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07.05.2009 20:15:00
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International Rectifier Announces Third Fiscal Quarter Results
International Rectifier Corporation (NYSE:IRF) today announced financial results for the fiscal third quarter 2009, ended March 29, 2009. Revenue for the fiscal third quarter 2009 was $146.6 million. Excluding Intellectual Property and Transition Services segment revenue, fiscal third quarter 2009 revenue from ongoing customer segments was $132.6 million, down 24.6% compared with $175.8 million in the prior quarter, and down 41.7% compared with $227.5 million reported in the fiscal third quarter 2008.
International Rectifier reported a fiscal third quarter 2009 net loss of $81.7 million, or $1.13 per share, compared with a net loss of $186.1 million or $2.56 per share in the prior quarter, and net loss of $21.6 million or $0.30 per share in the fiscal third quarter of 2008.
The results for the fiscal third quarter 2009 include a $23.9 million goodwill impairment charge, a $7.1 million restructuring charge and an $11.7 million investment impairment charge.
Gross margin, including Intellectual Property and Transition Services segments, was 21.1%. Excluding Intellectual Property and Transition Services segments, fiscal third quarter 2009 ongoing customer segments gross margin was 21.5%, down from 36.3% in the prior quarter and down from 24.5% in the fiscal third quarter 2008.
R&D expenses for the fiscal third quarter 2009 were $22.4 million, down from $24.9 million in the prior quarter.
Selling and Administrative expenses for the fiscal third quarter 2009 were $51.8 million, compared with $61.6 million in the prior quarter. Selling and Administrative expenses for the fiscal third quarter 2009 included $1.2 million related to severance costs.
Cash, cash equivalents and marketable investments totaled $657.4 million at the end of the fiscal third quarter 2009. This included restricted cash of $18.0 million. Net cash used in operating activities for the fiscal third quarter 2009 was $27.9 million.
During the March quarter, the Company purchased 663,200 shares of common stock. The Company had 71,767,792 shares outstanding at the end of the quarter.
Fourth Quarter Outlook
"Current visibility is still cloudy, and although we have seen improvements in orders, particularly in Asia, we do not want to confuse inventory replenishment with a fundamental change in end-market demand. We currently expect fiscal fourth quarter 2009 revenue from ongoing customer segments to range from $130 million to $150 million,” stated International Rectifier President and Chief Executive Officer Oleg Khaykin.
"We continue to see strong design win traction with a number of our products, notably in servers, notebooks and energy saving appliance applications, as well as in our discrete products. Last quarter, both internal and channel inventory levels declined significantly, and we continue to proactively reduce our costs and manage our balance sheet carefully. We believe that we are taking steps in the right direction and are on track with ongoing restructuring initiatives.”
Segment Table Information
The customer segment tables included with this release for the Company’s fiscal quarters ended March 29, 2009, December 28, 2008, and March 30, 2008, 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 expects to file its 2009 fiscal third quarter report on Form 10-Q with the Securities and Exchange Commission on Friday May 8, 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; reduced margins from low factory utilization and inventory reduction efforts; 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; the effects of manufacturing, operational and vendor disruptions and inefficiencies from swine flu and similar influenza; 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 8:15 p.m. Eastern time (5:15 p.m. Pacific time) on Thursday, May 7 through Thursday, May 14. To hear the replay, call 800-642-1687 (for international callers 706-645-9291) and use reservation number 95247697, or use the websites listed above. Additionally, a transcript of the conference call will be available on the Internet on Friday, May 8 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 | Nine Months Ended | |||||||||||||||||||
| March 29, 2009 | December 28, 2008 | March 30, 2008 | March 29, 2009 | March 30, 2008 | ||||||||||||||||
| Revenues | $ | 146,642 | $ | 189,746 | $ | 252,224 | $ | 580,862 | $ | 781,153 | ||||||||||
| Cost of sales | 115,706 | 125,403 | 185,694 | 389,191 | 525,186 | |||||||||||||||
| Gross profit | 30,936 | 64,343 | 66,530 | 191,671 | 255,967 | |||||||||||||||
| Selling and administrative expense | 51,854 | 61,559 | 76,060 | 178,722 | 212,645 | |||||||||||||||
| Research and development expense | 22,379 | 24,901 | 25,957 | 71,992 | 81,258 | |||||||||||||||
| Impairment of goodwill | 23,867 | — | — | 23,867 | — | |||||||||||||||
| Amortization of acquisition-related intangible assets | 1,096 | 1,098 | 1,054 | 3,296 | 3,164 | |||||||||||||||
| Asset impairment, restructuring and other charges | 7,117 | 48,976 | 1,916 | 56,564 | 1,958 | |||||||||||||||
| Operating loss | (75,377 | ) | (72,191 | ) | (38,457 | ) | (142,770 | ) | (43,058 | ) | ||||||||||
| Other expense, net | 11,599 | 10,626 | 3,846 | 36,807 | 11,729 | |||||||||||||||
| Interest (income) expense, net | (4,091 | ) | 769 | (6,841 | ) | (8,382 | ) | (22,562 | ) | |||||||||||
| Loss before income taxes | (82,885 | ) | (83,586 | ) | (35,462 | ) | (171,195 | ) | (31,775 | ) | ||||||||||
| Provision for (benefit from) income taxes | (1,163 | ) | 102,475 | (13,895 | ) | 101,044 | (20,934 | ) | ||||||||||||
| Net (loss) income | $ | (81,722 | ) | $ | (186,061 | ) | $ | (21,567 | ) | $ | (272,239 | ) | $ | (10,841 | ) | |||||
| Net (loss) income per common share—basic | $ | (1.13 | ) | $ | (2.56 | ) | $ | (0.30 | ) | $ | (3.75 | ) | $ | (0.15 | ) | |||||
| Net (loss) income per common share—diluted | $ | (1.13 | ) | $ | (2.56 | ) | $ | (0.30 | ) | $ | (3.75 | ) | $ | (0.15 | ) | |||||
| Average common shares outstanding—basic | 72,102 | 72,692 | 72,826 | 72,547 | 72,817 | |||||||||||||||
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Average common shares and potentially dilutive securities outstanding—diluted |
72,102 | 72,692 | 73,826 | 72,547 | 72,817 | |||||||||||||||
| INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES | |||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (In thousands) | |||||||||||
|
March 29, 2009 |
December 28, 2008 |
June 29, 2008 |
|||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 373,495 | $ | 399,390 | $ | 320,464 | |||||
| Restricted cash | 2,925 | 2,925 | 4,341 | ||||||||
| Short-term investments | 127,760 | 112,209 | 101,739 | ||||||||
| Trade accounts receivable, net | 82,000 | 86,997 | 105,384 | ||||||||
| Inventories | 161,925 | 175,508 | 175,856 | ||||||||
| Current deferred tax assets | 43 | 7,425 | 13,072 | ||||||||
| Prepaid expenses and other receivables | 47,159 | 54,861 | 43,993 | ||||||||
| Total current assets | 795,307 | 839,315 | 764,849 | ||||||||
| Restricted cash | 15,084 | 15,080 | 15,012 | ||||||||
| Long-term investments | 138,139 | 170,359 | 303,680 | ||||||||
| Property, plant and equipment, net | 385,314 | 394,652 | 534,098 | ||||||||
| Goodwill | 74,955 | 98,822 | 98,822 | ||||||||
| Acquisition-related intangible assets, net | 12,929 | 14,030 | 16,225 | ||||||||
| Long-term deferred tax assets | 10,206 | 467 | 89,576 | ||||||||
| Other assets | 42,743 | 40,913 | 52,650 | ||||||||
| Total assets | $ | 1,474,677 | $ | 1,573,638 | $ | 1,874,912 | |||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 60,291 | $ | 62,525 | $ | 77,653 | |||||
| Accrued salaries, wages and commissions | 20,559 | 21,930 | 33,022 | ||||||||
| Accrued income taxes | 6,817 | 37,982 | 30,943 | ||||||||
| Current deferred tax liabilities | 2,266 | 2,266 | 2,266 | ||||||||
| Other accrued expenses | 82,205 | 91,866 | 103,355 | ||||||||
| Total current liabilities | 172,138 | 216,569 | 247,239 | ||||||||
| Long-term deferred tax liabilities | 3,497 | 13,874 | 4,828 | ||||||||
| Deferred gain on divestiture | 120,172 | 116,341 | 112,609 | ||||||||
| Other long-term liabilities | 80,508 | 55,372 | 59,285 | ||||||||
| Total liabilities | 376,315 | 402,156 | 423,961 | ||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Common shares | 73,096 | 72,928 | 72,826 | ||||||||
| Capital contributed in excess of par value of shares | 979,677 | 975,878 | 971,920 | ||||||||
| Treasury stock, at cost | (15,429 | ) | (7,431 | ) | — | ||||||
| Retained earnings | 66,707 | 148,429 | 338,946 | ||||||||
| Accumulated other comprehensive (loss) income | (5,689 | ) | (18,322 | ) | 67,259 | ||||||
| Total stockholders’ equity | 1,098,362 | $ | 1,171,482 | 1,450,951 | |||||||
| Total liabilities and stockholders’ equity | $ | 1,474,677 | $ | 1,573,638 | $ | 1,874,912 | |||||
(1) The consolidated balance sheet as of June 29, 2008 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.
| INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES | ||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In thousands) | ||||||||
| Nine Months Ended | ||||||||
| March 29, 2009 | March 30, 2008 | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | $ | (272,239 | ) | $ | (10,841 | ) | ||
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Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
||||||||
| Depreciation and amortization | 47,088 | 59,633 | ||||||
| Amortization of acquisition-related intangible assets | 3,296 | 3,164 | ||||||
| Stock compensation expense | 5,006 | 7,425 | ||||||
| Provision for (recovery of) bad debt | 262 | 1,253 | ||||||
| Provision for inventory write-downs | 10,910 | 24,416 | ||||||
| Debt retirement charge | — | 5,659 | ||||||
| Deferred revenue | (1,149 | ) | (14,064 | ) | ||||
| Deferred income taxes | 78,565 | 1,195 | ||||||
| Tax benefit from options exercised | 568 | 118 | ||||||
| Excess tax benefit from options exercised | (3 | ) | (81 | ) | ||||
| Write-down of investments | 37,258 | 4,675 | ||||||
| Impairment of goodwill | 23,867 | — | ||||||
| Impairment of fixed assets | 50,853 | — | ||||||
| Loss on sale of investments | 4,632 | — | ||||||
| Changes in operating assets and liabilities, net | (28,437 | ) | (73,640 | ) | ||||
| Net cash provided by (used in) operating activities | (39,523 | ) | 8,912 | |||||
| Cash flow from investing activities: | ||||||||
| Additions to property, plant and equipment | (12,929 | ) | (33,922 | ) | ||||
| Proceeds from sale of property, plant and equipment | 576 | 1,446 | ||||||
| Additions to restricted cash | (72 | ) | (375 | ) | ||||
| Sale or maturities of investments | 353,046 | 279,032 | ||||||
| Purchase of investments | (239,510 | ) | (262,920 | ) | ||||
| Other, net |
— |
1,702 | ||||||
| Net cash provided by (used in) investing activities | 101,111 | (15,037 | ) | |||||
| Cash flow from financing activities: | ||||||||
| Repayments of short-term debt |
— |
(550,000 | ) | |||||
| Repayments of obligations under capital lease | — | (417 | ) | |||||
| Proceeds from exercise of stock options | 2,964 | 174 | ||||||
| Excess tax benefit from options exercised | 3 | 81 | ||||||
| Reductions (additions) to restricted cash | 1,416 | (4,341 | ) | |||||
| Purchase of treasury stock | (15,429 | ) | — | |||||
|
Net settlement of restricted stock units |
(500 | ) | — | |||||
| Other, net |
— |
(6,975 | ) | |||||
| Net cash (used in) provided by financing activities | (11,546 | ) | (561,478 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 2,989 | 2,270 | ||||||
| Net increase (decrease) in cash and cash equivalents | 53,031 | (565,333 | ) | |||||
| Cash and cash equivalents, beginning of period | 320,464 | 853,040 | ||||||
| Cash and cash equivalents, end of period | $ | 373,495 | $ | 287,707 | ||||
For the three months ended March 29, 2009, December 28, 2008 and March 30, 2008, revenue and gross margin by reportable segments are as follows (in thousands, except percentages):
|
Three Months Ended |
Three Months Ended |
|||||||||||||||||
| Business Segment | Revenues |
Percentage of Total |
Gross Margin |
Revenues |
Percentage of Total |
Gross Margin |
||||||||||||
| Power Management Devices | $ | 42,593 | 29.0 | % | (3.5 | %) | $ | 64,134 | 33.8 | % | 19.4 | % | ||||||
| Energy-Saving Products | 35,272 | 24.1 | 34.7 | 39,422 | 20.8 | 43.3 | ||||||||||||
| HiRel | 33,954 | 23.2 | 47.1 | 39,433 | 20.8 | 56.7 | ||||||||||||
| Automotive Products | 9,453 | 6.4 | 4.2 | 13,474 | 7.1 | 27.9 | ||||||||||||
| Enterprise Power | 11,315 | 7.7 | 11.8 | 19,350 | 10.2 | 42.4 | ||||||||||||
| Ongoing customer segments total | 132,587 | 90.4 | 21.5 | 175,813 | 92.7 | 36.3 | ||||||||||||
| Intellectual Property | 2,365 | 1.6 | 100.0 | 2,594 | 1.3 | 100.0 | ||||||||||||
| Ongoing segments total | 134,952 | 92.0 | 22.8 | 178,407 | 94.0 | 37.3 | ||||||||||||
| Transition Services | 11,690 | 8.0 | 0.9 | 11,339 | 6.0 | (18.6 | ) | |||||||||||
| Consolidated total | $ | 146,642 | 100.0 | % | 21.1 | % | $ | 189,746 | 100.0 | 33.9 | % | |||||||
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|
Three Months Ended March 30, 2008 |
|||||||||
|
Business Segment |
Revenues |
Percentage of Total |
Gross Margin |
|||||||
| Power Management Devices | $ | 83,815 | 33.3 | % | 17.1 | % | ||||
| Energy-Saving Products | 46,734 | 18.5 | 21.8 | |||||||
| HiRel | 39,421 | 15.6 | 46.8 | |||||||
| Automotive Products | 22,440 | 8.9 | 24.0 | |||||||
| Enterprise Power | 35,109 | 13.9 | 21.3 | |||||||
| Ongoing customer segments total | 227,519 | 90.2 | 24.5 | |||||||
| Intellectual Property | 10,286 | 4.1 | 100.0 | |||||||
| Ongoing segments total | 237,805 | 94.3 | 27.8 | |||||||
| Transition Services | 14,419 | 5.7 | 2.9 | |||||||
| Consolidated total | $ | 252,224 | 100.0 | % | 26.4 | % | ||||
For the nine months ended March 29, 2009 and March 30, 2008, revenue and gross margin by reportable segments are as follows (in thousands, except percentages):
|
Nine Months Ended |
Nine Months Ended |
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| Business Segment | Revenues |
Percentage of Total |
Gross Margin |
Revenues |
Percentage of Total |
Gross Margin |
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| Power Management Devices | $ | 180,505 | 31.1 | % | 14.8 | % | $ | 265,978 | 34.0 | % | 21.6 | % | ||||||
| Energy-Saving Products | 120,830 | 20.8 | 40.6 | 125,698 | 16.1 | 33.4 | ||||||||||||
| HiRel | 110,739 | 19.1 | 52.4 | 117,529 | 15.0 | 51.5 | ||||||||||||
| Automotive Products | 40,521 | 7.0 | 24.8 | 62,897 | 8.1 | 30.7 | ||||||||||||
| Enterprise Power | 67,944 | 11.7 | 37.4 | 133,225 | 17.1 | 35.0 | ||||||||||||
| Ongoing customer segments total | 520,539 | 89.6 | 32.5 | 705,327 | 90.3 | 32.0 | ||||||||||||
| Intellectual Property | 24,925 | 4.3 | 100.0 | 29,382 | 3.8 | 100.0 | ||||||||||||
| Ongoing segments total | 545,464 | 93.9 | 35.6 | 734,709 | 94.1 | 34.7 | ||||||||||||
| Transition Services | 35,398 | 6.1 | (7.3 | ) | 46,444 | 5.9 | 1.4 | |||||||||||
| Consolidated total | $ | 580,862 | 100.0 | % | 33.0 | % | $ | 781,153 | 100.0 | % | 32.8 | % | ||||||
"Ongoing Customer Segments” above includes our Power Management Devices, Energy-Saving Products, HiRel, Automotive Products and Enterprise Power segments.
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