Digital Power Announces 2000 2nd Quarter Results
FREMONT, Calif., Aug 21, 2000 /PRNewswire via COMTEX/ -- Digital Power Corporation (Amex: DPW chart, msgs), today announced revenues and net income results for its second quarter ended June 30, 2000.
For the six months ended June 30, 2000, revenues increased 12.9% to $8,525,708 from $7,549,411 for the same period of 1999. Net income was $107,373 versus a net loss of $95,035 for the same period last year.
Revenues for the quarter ended June 30, 2000, were $4,287,433, compared to $4,332,948 for the prior year quarter ended June 30, 1999. Net income was $16,046 compared to $60,501 for the comparable quarter last year.
Digital Power also reported that orders received during the six months ended June 30, 2000, increased 51% to $11,611,000 from $7,684,000 for the same six month period last year. Orders received during the quarter ended June 30, 2000, increased 39% to $6,263,000 from $4,517,000 for the same quarter last year.
Commenting on the results, Robert O. Smith, Chief Executive Officer and Chairman of Digital Power, said, "We are very pleased and excited about Digital Power's current position in the rapidly growing power conversion industry. The Internet infrastructure build-out is a reality and we continue to participate in this through our customers' growth. The next generation designs addressing this market are power hungry and we believe that Digital Power's new high-density, high-efficiency products are particularly well positioned to meet this demand. Domestic orders were very strong so far this year; up 50% in the second quarter and 75% for the first half. Given that our products are not sold off the shelf, and have inherent lead times, orders booked in the first half of the year will primarily benefit revenues and earnings during the second half of the year and beyond.
"Our customer list continues to grow impressively and includes Lucent, JDS Uniphase, Motorola, Foundry Networks, Extreme Networks and many others. Going forward our largest customer represents less than 10% of total revenues. We consider this a very favorable position to be in, since we are not dependent on just one or two very large customers controlling our destiny."
Digital Power designs, develops, manufactures, and markets switching power supplies for sale to manufacturers of computer and other electronic equipment. The headquarters are located at 41920 Christy Street, Fremont, California, 94538-3158, phone number 510-657-2635. Contact Malcolm McGuire (CCRI) at 800-828-0406 or visit the website at digipwr.com .
The foregoing contains forward-looking statements which are subject to contingencies and uncertainties which are set forth in Digital Power's filings with the Securities and Exchange Commission. Such forward-looking statements are not guarantees of future performance, and are based on numerous assumptions about future conditions that could prove to be inaccurate. Actual events, transactions, and results may differ materially from anticipated events, transactions or results described in such statements.
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