International Rectifier Corp. reported a net income of $13.2 million, or 20 cents per share, on sales of $228.4 million in its fourth fiscal quarter of 2003 ended June, compared to a net income of $16.1 million, or 25 cents per share on sales of $201.0 million in the prior-year quarter. Results included a $3.8 million charge related to previously announced severance and restructuring.
Revenue was at the upper end of guidance, increasing 6% sequentially and 13% year over year. Sales of proprietary products grew 10% over the prior quarter and 32% over the prior year and now account for 58% of sales.
The El Segundo, Calif., semiconductor supplier saw bookings increase 7% sequentially and 21% year over year, and experienced higher shipments in all its markets. Gross margins expanded 130 basis points from the preceding quarter to 34.8%, ahead of previous guidance.
"We continue to realize ever increasing customer interest in our wide-ranging proprietary product portfolio and benefit from a steady stream of important design wins in our target markets," said Alex Lidow, chief executive of International Rectifier, in a statement. "This past quarter, we were particularly pleased with the traction in new auto programs resulting in orders up 20% ahead of last quarter. Also, we're continuing to see strong orders in IT, in large part the result of content expansion from Centrino and other advanced processor platforms."
For fiscal year 2003, International Rectifier posted a net loss of $89.6 million, or $1.40 per share after restructuring charges, on sales of $864.4 million. This compares with a net income of $48.7 million, or 75 cents per share on revenue of $720.2 million in the prior fiscal year.