Segment Table Information/Customer Segments

The business segment tables included with this release for the Company’s fiscal quarters ended June 30, 2013, March 24, 2013, and June 24, 2012, respectively, reconcile revenue and gross margin for the Company’s segments to the consolidated total amounts of such measures for the Company.

Annual Report on Form 10-K

The Company expects to file its Annual Report on Form 10-K for the 2013 fiscal year with the Securities and Exchange Commission on Tuesday, August 20, 2013. This financial report will be available for viewing and download at http://investor.irf.com.

NOTE: A conference call will begin today at 2:00 p.m. Pacific time. CEO Oleg Khaykin and CFO Ilan Daskal will discuss the Company’s 2013 fiscal year, June quarter results and September quarter outlook. All participants, both in the U.S. and international, may join the call by dialing 706-679-3195 by 1:55 p.m. Pacific time. In order to join this conference call, participants will be required to provide the Conference Passcode: “International Rectifier”. Participants may also listen over the Internet at http://investor.irf.com. To listen to the live call, please go to the web site at least 15 minutes early to register, download, and install any necessary audio software.

A taped replay of this call will be available from approximately 6:00 p.m. Pacific time on Monday, August 19 through Monday, August 26, 2013. To listen to the replay by phone, call 855-859-2056 or 404-537-3406 for international callers and enter reservation number 40285253. To listen to the replay over the Internet, please go to http://investor.irf.com. The live call and replay will also be available on www.streetevents.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”, “outlook” 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, lower than expected demand or greater than expected order cancellations arising from a decline or volatility in general market and economic conditions and the failure of the market to improve as anticipated; reduced margins from lower than expected factory utilization, higher than expected costs and customer shifts to lower margin products; changes in the timing or amount of costs associated with, or disruptions caused by, our restructuring initiatives; our ability to implement our restructuring initiatives as planned and achieve the anticipated benefits, which may be affected by, among other things: customer requirements, changes in business conditions and/or operational needs, retention of key employees, governmental regulations, delays and increased costs; unexpected costs or delays in implementing our plans to secure and qualify external manufacturing capacity for our products, including the purchase and installation of additional manufacturing equipment and the construction of our new wafer thinning manufacturing facility in Singapore; the effects of longer lead times for certain products on meeting demand and any inability by us to satisfy or to timely satisfy customer demand; volatility or deterioration of capital markets; the adverse impact of regulatory, investigative and legal actions; increased competition in the highly competitive semiconductor business that could adversely affect the prices of our products or our ability to secure additional business; the effects of manufacturing, operational and vendor disruptions; unexpected delays and disruptions in our supply, manufacturing and delivery efforts due to, among other things, supply constraints, equipment malfunction or natural disasters; delays in launching new technology products; our ability to maintain current intellectual property licenses and obtain new intellectual property licenses; costs arising from pending and threatened litigation or claims; the effects of natural disasters; and other uncertainties disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q.

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (In thousands, except per share data)
			Three Months Ended															Fiscal Year Ended
			June 30, 2013 (Unaudited)					March 24, 2013 (Unaudited)					June 24, 2012 (Unaudited)					June 30, 2013					June 24, 2012
Revenues			$	276,453				$	224,268				$	269,675				$	977,035				$	1,050,588
Cost of sales				193,386					169,860					199,871					719,930					710,565
Gross profit				83,067					54,408					69,804					257,105					340,023
Selling, general and administrative expense				46,348					43,020					51,284					181,746					200,411
Research and development expense				32,643					28,876					35,052					127,093					135,105
Impairment of goodwill				—					—					69,421					—					69,421
Amortization of acquisition-related intangible assets				1,630					1,663					1,718					6,653					8,369
Asset impairment, restructuring and other charges				2,209					880					—					16,996					—
Gain on disposition of property				—					—					—					—					(5,410	)
Operating income (loss)				237					(20,031	)				(87,671	)				(75,383	)				(67,873	)
Other expense (income), net				421					(450	)				154					1,390					4,267
Interest expense (income), net				33					64					(46	)				57					(333	)
Loss before income taxes				(217	)				(19,645	)				(87,779	)				(76,830	)				(71,807	)
Provision for (benefit from) income taxes				5,861					1,600					(19,593	)				11,990					(16,757	)
Net loss			$	(6,078	)			$	(21,245	)			$	(68,186	)			$	(88,820	)			$	(55,050	)
Net loss per common share-basic (1)			$	(0.09	)			$	(0.31	)			$	(0.99	)			$	(1.28	)			$	(0.79	)
Net loss per common share-diluted (1)			$	(0.09	)			$	(0.31	)			$	(0.99	)			$	(1.28	)			$	(0.79	)
Average common shares outstanding—basic				69,785					69,273					69,157					69,385					69,270
Average common shares and potentially dilutive securities outstanding—diluted				69,785					69,273					69,157					69,385					69,270

		(1)		Net income (loss) per common share is computed using the two-class method as required by accounting rules. We do not pay dividends; however, net income must be allocated to unvested restricted stock units (“RSUs”) on which we could pay dividend equivalents. The amount of net income allocated to these RSUs is excluded from income available to common shareholders in the calculation of earnings per share. As we were in a net loss for all fiscal periods presented above, we did not have any income to allocate to unvested RSUs on which we could pay dividend equivalents.

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands)
			June 30, 2013					June 24, 2012
ASSETS
Current assets:
Cash and cash equivalents			$	443,490				$	305,423
Restricted cash				611					595
Short-term investments				11,056					63,872
Trade accounts receivable, net of allowances of $915 for 2013 and $2,066 for 2012				137,762					168,499
Inventories				232,315					294,702
Current deferred tax assets				4,948					5,110
Prepaid expenses and other receivables				33,002					29,845
Total current assets				863,184					868,046
Restricted cash				738					940
Long-term investments				—					15,054
Property, plant and equipment, net				423,338					461,115
Goodwill				52,149					52,149
Acquisition-related intangible assets, net				21,923					28,576
Long-term deferred tax assets				32,792					40,850
Other assets				59,088					65,093
Total assets			$	1,453,212				$	1,531,823
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	89,312				$	88,726
Accrued income taxes				949					750
Accrued salaries, wages and commissions				39,719					40,403
Current deferred tax liabilities				—					—
Other accrued expenses				78,414					83,164
Total current liabilities				208,394					213,043
Long-term deferred tax liabilities				8,970					6,653
Other long-term liabilities				24,530					35,800
Total liabilities				241,894					255,496
Commitments and contingencies
Stockholders’ equity:
Preferred shares, $1 par value, authorized: 1,000,000; issued and outstanding: none in 2013 and 2012				—					—
Common shares, $1 par value, authorized: 330,000,000; outstanding: 70,399,081 shares in 2013 and 69,231,006 shares in 2012				76,590					75,125
Capital contributed in excess of par value				1,067,841					1,037,736
Treasury stock, at cost; 6,191,082 shares in 2013 and 5,894,882 shares in 2012				(113,175	)				(107,965	)
Retained earnings				201,865					290,685
Accumulated other comprehensive loss				(21,803	)				(19,254	)
Total stockholders’ equity				1,211,318					1,276,327
Total liabilities and stockholders’ equity			$	1,453,212				$	1,531,823

INTERNATIONAL RECTIFIER CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
			Three Months Ended										Fiscal Year Ended
			June 30, 2013 (Unaudited)					June 24, 2012 (Unaudited)					June 30, 2013					June 24, 2012
Cash flows from operating activities:
Net loss			$	(6,078	)			$	(68,186	)			$	(88,820	)			$	(55,050	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization				22,625					22,865					91,187					84,951
Amortization of acquisition-related intangible assets				1,630					1,718					6,653					8,369
Loss on disposal of fixed assets				703					22					5,036					1,695
Gain on disposition of property				—					—					—					(5,410	)
Impairment of long-lived assets				1					2,530					2,792					2,530
Stock compensation expense				5,146					4,032					21,560					16,141
Impairment of goodwill				—					69,421					—					69,421
Gain on sale of investments				—					(11	)				(8	)				(55	)
Other-than-temporary impairment of investments				—					482					350					2,865
Provision for (recovery of) bad debts				4					58					(58	)				1,015
Provision for inventory write-downs				5,142					7,200					20,421					18,734
(Gain) loss on derivatives				469					(1,050	)				634					(1,079	)
Deferred income taxes				5,769					(16,346	)				11,384					(25,183	)
Tax benefit from stock-based awards				—					—					—					1,674
Excess tax benefit from stock-based awards				—					(34	)				—					(864	)
Changes in operating assets and liabilities, net				21,657					35,860					65,046					(83,461	)
Other				697					(245	)				3,219					4,758
Net cash provided by operating activities				57,765					58,316					139,396					41,051
Cash flows from investing activities:
Additions to property, plant and equipment				(11,681	)				(31,560	)				(72,605	)				(128,083	)
Proceeds from sale of property, plant and equipment				—					—					118					5,524
Sale of investments				—					48,682					52,131					75,792
Maturities of investments				4,000					32,684					25,500					216,307
Purchase of investments				—					(13,124	)				(9,979	)				(173,383	)
Released from (additions to) restricted cash				2					(165	)				176					524
Net cash provided by (used in) investing activities				(7,679	)				36,517					(4,659	)				(3,319	)
Cash flows from financing activities:
Proceeds from exercise of stock options				11,132					918					15,474					3,269
Excess tax benefit from stock-based awards				—					34					—					864
Purchase of treasury stock				—					(3,145	)				(5,210	)				(26,720	)
Net settlement of restricted stock units for tax withholdings				(3,972	)				(1,750	)				(5,464	)				(4,260	)
Net cash (used in) provided by financing activities				7,160					(3,943	)				4,800					(26,847	)
Effect of exchange rate changes on cash and cash equivalents				(750	)				(2,967	)				(1,470	)				(4,193	)
Net increase in cash and cash equivalents				56,496					87,923					138,067					6,692
Cash and cash equivalents, beginning of year				386,994					217,500					305,423					298,731
Cash and cash equivalents, end of year			$	443,490				$	305,423				$	443,490				$	305,423

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