Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 02 May 2005
Disappointing first quarter for Artesyn
Artesyn Technologies has reported financial results for the first quarter ending on 1st April 2005.
Artesyn Technologies has reported financial results for the first quarter ending on 1st April 2005 Sales reported for the first quarter of 2005 were $102.5 million compared with $96.5 million for the same quarter last year
This article was originally published on Electronicstalk on 4 Feb 2000 at 8.00am (UK)
Related stories
70W AC/DC power supplies offer more flexibility
Artesyn's new 70 Watt AC/DC power supplies offer greater design flexibility
High efficiency DC/DC converters offer dual output
High-efficiency, open-frame, DC/DC converters provide two independent, fully regulated, positive outputs
Net income and earnings per share for the first quarter of 2005 and 2004 were each approximately $1.9 million, and $0.05 per share, respectively.
Included in net income for the first quarter of 2005 is approximately $675,000, net of tax, representing the recovery of expenses under an indemnification from a previous technology licence agreement.
Total orders received during the first quarter of 2005 were $101.0 million, yielding a book-to-bill ratio of 0.99.
Backlog at the end of the quarter was $85.6 million with approximately 87% shippable during the second quarter.
There were 30 major design wins during the first quarter, which Artesyn estimates will realise approximately $357 million in revenues over the next two to four years.
Artesyn's CEO and President, Joseph O'Donnell commented about the quarter: "While first quarter sales grew year over year, the financial results were disappointing compared with our expectations entering the quarter".
"As explained in our press release on April 12th, sales were negatively impacted by customer delays in launching new programmes initially scheduled for the first quarter".
"While these product introductions have been rescheduled for later in 2005, this year's revenue expectations have been lowered, as there will be fewer months of volume production in 2005".
"We will continue to invest in new technologies and products; however, to guard against the timing risk associated with customer systems introductions, we have taken measures to reduce operating expenses throughout the company".
The company remains enthusiastic about the year and expects 2005 revenue growth between 8 and 12%, and 2005 diluted earnings per share growth between 20 and 35%, with a majority of the growth occurring in the second half of the year.
• Emerson Network Power - Embedded Power: contact details and other news
• Email this article to a colleague
• Register for the free Electronicstalk email newsletter
• Electronicstalk Home Page
Search the Pro-Talk network of sites
