Q3 2013 Earnings Call Transcript

Transcript Call Date 04/29/2013

Operator: Good afternoon. My name is Samantha, and I'll be your conference operator today. At this time, I would like to welcome everyone to the International Rectifier Third Quarter Fiscal year 2013 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. Thank you.

I would now turn the call over to our host Mr. Chris Toth, Investor Relations. Sir, you may begin your conference.

Chris Toth - Executive Director, IR: Thank you, Samantha. Hello and good afternoon. We all welcome you to the International Rectifier Conference Call. On the call today are Chief Executive Officer, Oleg Khaykin; and Chief Financial Officer, Ilan Daskal. I trust you've all seen copies of our press release which was published about an hour ago. If not, the press release can be found on our website at in the Investor Relations section.

Before we begin, I would like to remind you that except for historical information the matters that we will be describing this afternoon will be forward-looking statements that are dependent upon certain risks and uncertainties including factors such as orders received and shipped during the quarter, level of bookings, the timing and introduction of new technologies and products, general semiconductor industry conditions and the overall economy in financial markets. In addition to these risks we refer you to the risk factors included in our press release that we issued about an hour ago and in our most recent SEC filings.

I would also like to mention that in addition to reporting our GAAP financial results, we're presenting supplemental non-GAAP financial data. A reconciliation of the non-GAAP to GAAP measures set out in our release and discussion today can be found in our press release and our website.

We believe providing non-GAAP measures combined with our GAAP results provides a more meaningful representation regarding the Company's operational performance. Our non-GAAP presentation and EPS calculations exclude certain items, such as restructuring and severance charges, amortization of acquisition-related intangibles and certain discrete tax items among others.

Lastly, I would like to highlight the following upcoming events on Tuesday, May 14th; we will be attending JMP Securities Research Conference in San Francisco.

Now, Ilan will discuss our most recent financials. Ilan?

Ilan Daskal - CFO: Thank you, Chris. Good afternoon and thank you all for joining us. For the first quarter of fiscal 2013, IR reported a revenue of $224.3 million, which was about flat compared to the prior quarter and 9.6% decrease from the year ago quarter. Gross margin was 24.3%. The gross margin increase from the prior quarter was primarily due to better mix and manufacturing efficiencies.

Overall, GAAP net loss was $21.2 million or $0.31 per share for the quarter. This compares with a GAAP net loss of $32.7 million or $0.47 per share in the prior quarter and the GAAP net loss of $2.5 million or $0.04 per share in the prior year quarter.

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