Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 04 February 2005
Artesyn completes a year in the black
Artesyn Technologies has reported financial results for the fourth quarter and fiscal year ended 31st December 2004.
Artesyn Technologies has reported financial results for the fourth quarter and fiscal year ended 31st December 2004 Sales for the fourth quarter of 2004 were $120.4 million, a 21% increase from the $99.3 million reported in the fourth quarter last year
This article was originally published on Electronicstalk on 4 Feb 2000 at 8.00am (UK)
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Net income for the fourth quarter of 2004 was $5.3 million, or $0.12 per share, compared with net income of $1.2 million, or $0.03 per share, for the fourth quarter of 2003.
For the year ended 31st December 2004, Artesyn reported sales of $429.4 million, a 20% increase from fiscal year 2003 revenues of $356.9 million.
Net income for fiscal year 2004 was $13.9 million, or $0.34 per share, compared with a net loss of $15.6 million, or $(0.40) per share, for fiscal year 2003.
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Total orders received during the fourth quarter of 2004 were $115.3 million, yielding a book-to-bill ratio of 0.96, which is within the company's typical range and slightly above last quarter's ratio.
Backlog at the end of the year was $87.0 million with approximately 95% shippable during the first quarter 2005.
For the fourth quarter of 2004, Artesyn reported 19 major design wins which Artesyn estimates will realise lifetime revenues of approximately $329 million.
For the year, 82 major design wins were awarded which the company estimates will generate nearly $700 million of lifetime revenues.
Commenting on the quarter, Artesyn's Chairman and CEO, Joe O'Donnell noted: "We are pleased with the quarter's solid results".
"Demand for power and embedded systems was strong across our IT and wireless end markets".
"As anticipated, gross margins of 25.8% during the fourth quarter reached our expectations set at the beginning of the year".
Artesyn's commitment to investing in new technologies and product development continued during the quarter with more than $10 million spent on R and D.
The company is an advocate of open architecture systems to support customers seeking ways to improve time to market and streamline their costs and standard platforms.
Using open architectures offer the most effective alternatives.
Within the power conversion division, Artesyn led the formation, along with a number of power supply and semiconductor companies, of the Power Management Bus (PMBus) coalition.
The objective of this group of market leaders is to develop and support a new open communications standard for power systems control within a digital control framework.
The protocol is nearing completion and products should be introduced during the first half of 2005.
Artesyn's embedded systems business is also a supporter of open architectures as seen by the significant investments in AdvancedTCA - the new industry standard for next generation telecommunications equipment.
Turning to the results for fiscal 2004, O'Donnell commented: "At the beginning of the year, we outlined to our investors objectives for 2004".
"These objectives were to increase profitability, grow market share, enter new communication market segments and continue our industry leading position in technology".
"As of year-end, each of the objectives was achieved".
"Each quarter was profitable and had incremental growth in net earnings and revenue during the year".
"Top line growth was a result of growing market share at our current customer base, adding new customers and product segments - as in rectifiers, amplifiers and site solutions".
"Finally, our ongoing commitment to R and D investments of nearly 10% of sales gives our customers the ability to choose from a large breadth of innovative new products".
"During 2004, a total of 68 new product models were released including 31 POL modules".
"As fiscal year 2005 begins, we continue to be optimistic in the rebound and growth of our target sectors within communications and look forward to continued growth of our market leading position in both power conversion and embedded systems solutions".
"We expect revenue growth between 15 and 20% during the year, with the first quarter historically being our slowest quarter of the year, yet still resulting in strong year-over-year growth".
"We anticipate that gross margins will improve modestly during 2005 and intend to maintain R and D investments near 10% of sales".
"With cash and short-term investments of $106 million at year-end, we are excited at the growth opportunities for Artesyn during 2005", concluded O'Donnell.
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