Artesyn Technologies Announces First Quarter Results
biz.yahoo.com
BOCA RATON, Fla.--(BUSINESS WIRE)--April 19, 2001--Artesyn Technologies, Inc. (Nasdaq:ATSN - news) today reported financial results for the first quarter ended March 30, 2001. Revenue for the quarter totaled $150.3 million, a decrease of 6 percent from $159.6 million a year ago. The company incurred a cash loss for the quarter of $0.07 per diluted share, compared to cash earnings of $0.29 per diluted share in 2000. These results are in line with the updated guidance provided on March 15, 2001.
Orders booked in the first quarter totaled $113.2 million, with an ending backlog of $189.8 million. This compares to $196.2 million and $174.2 million, respectively, in the same period a year ago.
``As we announced last month, early in the quarter, we noticed a significant drop in demand from a number of our customers,'' commented Artesyn's President and CEO, Joseph M. O'Donnell. ``This trend accelerated during the quarter as order cancellations and push-outs became commonplace. Unfortunately, the lower revenue, combined with manufacturing inefficiencies and the utilization of premium-priced components ordered during the fourth quarter of 2000, resulted in a significant decline in profitability.
``We have not seen any evidence to suggest that market conditions will improve materially during the second quarter,'' continued O'Donnell. ``We are continuing to examine all areas of our business for ways to reduce cost, while investing to improve our competitive position.
``Looking into the second half of the year, we are remaining very cautious, although a number of new programs will begin shipping. Our current forecasts would show us at approximately $700 million in sales for the year. One bright spot is the increasing adoption of distributed power architectures by our major customers. We believe our investments in point-of-load DC/DC converters and high-efficiency DC/DC bricks will give us a strong position in the marketplace when customer demand begins to rebound.''
Investors will have the opportunity to listen to management's discussion of this release in a conference call to be held on April 19, 2001 at 8:30 a.m. Eastern time either by calling 800-857-2748 (passcode: O'Donnell) or over the Internet at vcall.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download and install any necessary audio software. The webcast will be available for replay for seven days after the teleconference.
Artesyn Technologies, Inc., headquartered in Boca Raton, Fla., is a leading provider of power conversion equipment, real-time systems and logistics management for the communications industry. For more information about Artesyn Technologies and its products, please visit the company's web site at artesyn.com. |
