International Rectifier Reports Fourth Quarter and Full Year Fiscal 2014 Results
Reconciliation of GAAP to Non-GAAP Operating Income (Loss):
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
June 29, 2014
|
|
March 30, 2014
|
|
June 30, 2013
|
|
June 29, 2014
|
|
June 30, 2013
|
|
GAAP Operating income (loss)
|
|
$
|
20,651
|
|
|
$
|
19,170
|
|
|
$
|
237
|
|
|
$
|
73,984
|
|
|
$
|
(75,383
|
)
|
|
Adjustments to reconcile GAAP to Non-GAAP operating loss:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of long-lived assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,792
|
|
|
Accelerated depreciation
|
|
509
|
|
|
507
|
|
|
417
|
|
|
2,097
|
|
|
1,683
|
|
|
Product litigation reserve release
|
|
—
|
|
|
(2,790
|
)
|
|
—
|
|
|
(2,790
|
)
|
|
—
|
|
|
Amortization of acquisition-related intangible assets
|
|
1,555
|
|
|
1,605
|
|
|
1,630
|
|
|
6,420
|
|
|
6,653
|
|
|
Asset impairment, restructuring and related charges
|
|
1,597
|
|
|
1,624
|
|
|
2,209
|
|
|
5,638
|
|
|
16,996
|
|
|
Non-GAAP operating income (loss)
|
|
$
|
24,312
|
|
|
$
|
20,116
|
|
|
$
|
4,493
|
|
|
$
|
85,349
|
|
|
$
|
(47,259
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES
|
|
|
|
NON-GAAP RESULTS
|
|
|
|
(In thousands, except per share and gross profit-percentage data)
|
|
|
|
Reconciliation of GAAP to Non-GAAP Net Income (Loss):
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
June 29, 2014
|
|
March 30, 2014
|
|
June 30, 2013
|
|
June 29, 2014
|
|
June 30, 2013
|
|
GAAP Net income (loss)
|
|
$
|
12,949
|
|
|
$
|
19,140
|
|
|
$
|
(6,078
|
)
|
|
$
|
58,733
|
|
|
$
|
(88,820
|
)
|
|
Adjustments to reconcile GAAP to Non-GAAP net income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of long-lived assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,792
|
|
|
Accelerated depreciation
|
|
509
|
|
|
507
|
|
|
417
|
|
|
2,097
|
|
|
1,683
|
|
|
Product litigation reserve release
|
|
—
|
|
|
(2,790
|
)
|
|
—
|
|
|
(2,790
|
)
|
|
—
|
|
|
Amortization of acquisition-related intangible assets
|
|
1,555
|
|
|
1,605
|
|
|
1,630
|
|
|
6,420
|
|
|
6,653
|
|
|
Asset impairment, restructuring and related charges
|
|
1,597
|
|
|
1,624
|
|
|
2,209
|
|
|
5,638
|
|
|
16,996
|
|
|
Tax expense (benefit) of discrete items and other tax adjustments
|
|
5,319
|
|
|
(373
|
)
|
|
664
|
|
|
103
|
|
|
(1,902
|
)
|
|
Non-GAAP net income (loss)
|
|
$
|
21,929
|
|
|
$
|
19,713
|
|
|
$
|
(1,158
|
)
|
|
$
|
70,201
|
|
|
$
|
(62,598
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per common share — basic
|
|
$
|
0.18
|
|
|
$
|
0.27
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.83
|
|
|
$
|
(1.28
|
)
|
|
Non-GAAP adjustments per above
|
|
0.13
|
|
|
0.01
|
|
|
0.07
|
|
|
0.16
|
|
|
0.38
|
|
|
Non-GAAP net income (loss) per common share — basic
|
|
$
|
0.31
|
|
|
$
|
0.28
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.99
|
|
|
$
|
(0.90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) per common share — diluted
|
|
$
|
0.18
|
|
|
$
|
0.26
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.81
|
|
|
$
|
(1.28
|
)
|
|
Non-GAAP adjustments per above
|
|
0.12
|
|
|
0.01
|
|
|
0.07
|
|
|
0.16
|
|
|
0.38
|
|
|
Non-GAAP net income (loss) per common share — diluted
|
|
$
|
0.30
|
|
|
$
|
0.27
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.97
|
|
|
$
|
(0.90
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding — basic
|
|
71,208
|
|
|
71,248
|
|
|
69,785
|
|
|
71,108
|
|
|
69,385
|
|
|
Weighted average common shares outstanding — diluted
|
|
72,874
|
|
|
72,728
|
|
|
69,785
|
|
|
72,549
|
|
|
69,385
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
