Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 29 April 2003
Artesyn encouraged by market
stabilisation
Artesyn Technologies has released its financial results for the first quarter ended 28th March 2003.
Artesyn Technologies has released its financial results for the first quarter ended 28th March 2003 Revenue for the quarter totalled $81.9 million, versus $90.5 million for the corresponding quarter a year ago
This article was originally published on Electronicstalk on 4 Feb 2000 at 8.00am (UK)
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Total orders received in the quarter were $87.1 million, yielding a book-to-bill ratio of 1.06.
Backlog at the end of the quarter was $78.0 million with approximately $73.0 million of this amount scheduled to ship in the second quarter.
The company incurred a loss of $(0.19) per diluted share for the quarter compared with a loss of $(0.19) per diluted share in the first quarter of 2002.
Further reading
Artesyn extands 24V DC/DC range to 30A
Artesyn Technologies has added a new member to its BXB family of industry standard, half-brick DC/DC converters.
New standard in efficiency from DC/DC Converters
Artesyn Technologies has introduced the EXB30 series of high-efficiency, single-output, open-frame, isolated DC/DC converters.
Excluding restructuring and other charges, the loss per diluted share was $(0.13) in the first quarter of 2003 compared with a loss of $(0.17) for the same period in 2002.
During the first quarter 2003, the company incurred charges net of tax benefit of approximately $1.8 million related to previously announced restructuring actions and facility consolidations and a write-off of $0.6 million of debt issuance costs associated with the company's recently announced credit facility.
The company incurred $0.8 million in after-tax restructuring charges in the comparable prior year period.
Loss per diluted share excluding restructuring and other charges shown above is not a recognised measure for financial statement presentation under US generally accepted accounting principles.
This non-GAAP information excludes items that are generally "non-recurring" in nature to provide the reader with a clearer picture of current fundamental operating performance from management's perspective.
"Demand in the first quarter was consistent with our expectations and we are encouraged by the book-to-bill ratio", commented Artesyn's President and CEO, Joseph M O'Donnell.
"While we are seeing some signs of market stabilisation, we anticipate only modest sequential improvements in revenue for the remainder of 2003".
"Operating performance improved sequentially in the first quarter of 2003 compared with the fourth quarter of 2002", continued O'Donnell.
"Gross profit rose to 16.4% from 14.8% as the impact of previously announced cost reduction actions began.
Looking ahead, gross profit will be impacted positively with the closure of the Kindberg, Austria facility in April and the Youghal, Ireland manufacturing facility in September as production is moved to the company's lower-cost manufacturing locations in Hungary and China".
"We achieved our liquidity objective in March by entering into a new five-year, $35 million revolving line of credit with Fleet Capital Corporation.
The new asset-backed line replaces the company's $40 million syndicated revolving credit facility which was due to expire in March 2004.
Following the execution of the new agreement, our cash balance was approximately $51.9 million, with $10.5 million drawn on the new line".
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