Intl Rectifer Q4 Revs Beat Street; Q1 Forecast Tops Ests

International Rectifer (IRF) this afternoon reported better-than-expected results for its fiscal fourth quarter ended June 28.

For the quarter, the company posted revenue of $159.6 million, down 18.6% year over year, but up 16.2% sequentially, and ahead of the Street at $146.6 million. The company posted GAAP profits of $29.1 million or 41 cents a share, but that includes a host of one-time items; my back of the envelope match suggests the company suffered a non-GAAP loss of $39.1 million or 55 cents a share. The Street had been looking for a loss of 59 cents a share.

For FY Q1, the company sees revenue of $165 million to $175 million, which is ahead of the current Street consensus of $155.2 million.

Meanwhile, the company also said that it has changed its method of accounting for legal costs related to patent applications; previously they were capitalized, now they are being expended as incurred. IRF also said that it misstated cash flows in the last three quarterly reports; the company said the numbers were actually better than reported. (The issue involved accounting for exchange rate effects on cash and equivalents.)

After hours, IRF is up 47 cents, or 2.8%, to $17.51.