Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 27 July 2004
Artesyn continues financial recovery
Artesyn Technologies has reported financial results for the second quarter ended 25th June 2004.
Artesyn Technologies has reported financial results for the second quarter ended 25th June 2004 Sales for the second quarter of 2004 grew 20% to $105.5 million compared with $87.6 million for the same period in 2003
This article was originally published on Electronicstalk on 4 Feb 2000 at 8.00am (UK)
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Net income for the second quarter of 2004 was $3.1 million, or $0.08 per share, compared with a loss of $4.2 million, or ($0.11) per share in the second quarter of 2003.
Total orders received during the second quarter of 2004 were $106.3 million, yielding a book-to-bill ratio of 1.01.
Backlog at the end of the second quarter was $97.1 million with approximately 92% shippable during the third quarter of 2004.
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.
During the second quarter, Artesyn had 29 major designs wins that the company estimates will realise more than $123 million in lifetime project revenues.
Total design wins for the quarter are expected to gross $145 million in lifetime project revenue.
Sales for the first six months of 2004 grew 19% to $202.0 million compared with $169.5 million for the first six months of 2003.
Net income for the first six months of 2004 was $5.0 million, or $0.13 per share, compared with a net loss of $11.6 million, or ($0.30) per share for the same period in 2003.
Commenting on the second quarter financial results, Joseph O'Donnell, Artesyn's Chief Executive Officer, stated: "For the fourth consecutive quarter, Artesyn has reported a year over year increase in quarterly revenue as a result of improved demand for embedded board products and DC/DC power supplies from customers in the wireless infrastructure market sector".
"Likewise, gross margin of 25.1% was better than the outlook we gave in last quarter's teleconference due to a favourable product mix, as well as improved manufacturing efficiencies".
Discussing technology investments, O'Donnell noted: "We are continuing our strategy to invest heavily in R and D to increase our leading technology position in DC/DC board mounted power and Advanced Telecom Computing Architecture, or ATCA.
Total R and D spending this year will be about $45 million".
"With over $100 million in cash, an ongoing positive cash flow from operations and a strong balance sheet, Artesyn is well positioned to meet our operating goals throughout 2004".
"Looking at the last half of the year, the third quarter is traditionally slower due to European summer holiday schedules, followed by a pickup in demand during the fourth quarter".
"As such, we anticipate third quarter revenue and earnings will be flat to modestly higher compared with the second quarter with growth resuming in the fourth quarter, following typical electronics industry seasonality trends", concluded O'Donnell.
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