Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 26 October 2004
Artesyn continues earnings growth
Artesyn Technologies has reported financial results for the third quarter ended 24th September 2004.
Artesyn Technologies has reported financial results for the third quarter ended 24th September 2004 Sales for the third quarter of 2004 grew 22% to $107.0 million compared with $88.0 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 third quarter of 2004 was $3.6 million, or $0.09 per share, compared with a loss of $5.2 million, or ($0.14) per share in the third quarter of 2003.
Total orders received during the third quarter of 2004 were $101.9 million, yielding a book-to-bill ratio of 0.95, which is in line with the company's typical range of 0.9 to 1.1.
Backlog at the end of the third quarter was $92.0 million with approximately 97% shippable during the fourth quarter of 2004.
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During the third quarter, Artesyn had 15 major design wins that the company estimates will realise more than $106 million in lifetime revenues.
Total design wins for the quarter are expected to generate $129 million in lifetime sales.
Sales for the first nine months of 2004 grew 20% to $309.0 million compared with $257.5 million for the first nine months of 2003.
Net income for the first nine months of 2004 was $8.6 million, or $0.22 per share, compared with a net loss of $16.9 million, or ($0.44) per share for the same period in 2003.
Commenting on the third quarter financial results, Joseph O'Donnell, Artesyn's Chief Executive Officer, stated: "Artesyn has reported a year over year increase in quarterly revenue for five consecutive quarters, consistent with improving market trends in communications and IT".
"Demand improved from customers in both wireless infrastructure and server/storage markets, including our embedded board products and DC/DC power supplies".
"Gross margin of 25.8% reflects favourable manufacturing variances and positive sales mix".
O'Donnell continued: "In January, we communicated to investors that Artesyn would end the year with revenue growth in the 15-20% range, maintain steady gross margin improvement and continue solid earnings growth".
"Reflecting upon third quarter results, it is clear that we are meeting these goals and are well on our way to achieving our 2004 objectives".
"Above market growth is being achieved as a result of our strong customer relationships, innovation in applying new technologies and improving operating efficiencies".
"It is also evident when comparing Artesyn's year-to-date results to our principal competitors, we are continuing to gain market share".
Discussing technology investments, O'Donnell added: "As a preferred supplier to our blue chip customers, close engineering relationships have been developed that help us focus our R and D efforts towards new products and architectures that effectively address customers' needs".
"This has led Artesyn to more recently invest in open system architectures in both of our business segments".
"During the year, we initiated AdvancedTCA development for our embedded board division, and most recently we have announced a new digital protocol for power system control with seven industry leaders including Emerson Network Power and Texas Instruments".
"This protocol is an important first step in the effort to drive industry wide standardisation of on-board power management".
"Otherwise known as 'Power Management Bus' or 'PMBus', this new protocol addresses customers' desire for open standards".
"When this new protocol is complete and adopted, the customer will be able to control all compliant point-of-load convertors using the same set of commands, without the need for proprietary silicon".
"PMBus will be completed before year-end with products to follow by mid-2005.
Total R and D spending is still estimated at about $42 million for the year".
"We ended the quarter with $98.1 million in cash, while investing $7.6 million in capital equipment".
"Overall, we are pleased with the results for the third quarter, our ninth quarter of meeting Wall Street's expectations", concluded O'Donnell.
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