International Rectifier Corp. today announced financial results for the first quarter (ended September 29, 2013) of its fiscal year 2014. Revenue was $269.8 million, a 2.4% decrease compared to $276.5 million in the prior quarter (which was a 14-week quarter ended June 30, 2013) and a 7% increase from $252.5 million in the prior year quarter. GAAP net income for the first quarter was $8.7 million, or $0.12 per fully diluted share compared to GAAP net loss of $6.1 million, or $0.09 per fully diluted share, in the prior quarter and GAAP net loss of $28.8 million, or $0.42 per fully diluted share in the prior year quarter.
“First quarter revenue and gross margin exceeded our guidance, as all of our business segments performed above expectations led by the industrial, automotive and high performance computing end markets,” stated President and Chief Executive Officer Oleg Khaykin. “In addition, both operating and net income grew significantly and we increased our cash balance by $23.5 million. Design win activity was strong and our technology remained particularly well positioned for future growth in the server market with digital power management, automotive IGBTs for hybrid and electric vehicles and power modules for the industrial and appliance end markets.”
GAAP gross margin for the first quarter was 35.3% compared to 30% in the prior quarter and 27.9% in the prior year quarter. GAAP operating income for the first quarter was $16.4 million compared to operating income of $237 thousand in the prior quarter and an operating loss of $20.8 million in the prior year quarter.
Cash, cash equivalents and marketable investments increased $23.5 million and totaled $479 million at the end of the first quarter, including restricted cash of $1.4 million.
Cash provided by operating activities for the quarter was $24.8 million and free cash flow was $12.9 million.