Benefiting from demand for its proprietary products, power device supplier International Rectifier Corp., El Segundo, Calif., announced that revenues for its second fiscal quarter ended December 31, 2000, grew by 57% to $268.1 million from $171.1 million for the previous-year quarter.
Net income for the quarter increased to $46.5 million, or 71 cents per diluted share, from $12.4 million, or 23 cents per diluted share, for the same period in 1999.
Revenue for analog power ICs, advanced-circuit devices, and power systems surged 123% year-to-year, with these proprietary products accounting for 31% of revenue in the period, compared to 21% in the prior-year period.
Following the recent completion of several strategic acquisitions, proprietary products are expected to account for approximately 35% of the company's business in the current quarter and approach 40% by the end of the fiscal year.
In December, International Rectifier acquired Unisem Inc., an Irvine, Calif.-based analog IC supplier. In late October, the company acquired Lambda Advanced Analog Inc., a Santa Clara, Calif.-based supplier of power management systems.
"In the midst of difficult and uncertain market conditions, our focus on the industry's fastest-growing market segments continues to yield significant benefits, with orders for our proprietary products growing 157% year-to-year," said Alex Lidow, chief executive of International Rectifier, in a released statement.