Product category:
DC/DC Convertors
News Release from: Emerson Network Power - Embedded Power
Edited by the Electronicstalk Editorial
Team on 09 February 2006
Sales and income down for Artesyn
Artesyn Technologies has reported financial results for the fourth quarter and year ended 30th December 2005.
Artesyn Technologies has reported financial results for the fourth quarter and year ended 30th December 2005 Sales for the fourth quarter of 2005 were $112.2 million compared with $120.4 million for the corresponding quarter in 2004
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 2005 was $3.9 million, or $0.09 per share, compared with net income of $5.3 million, or $0.12 per share for the fourth quarter of 2004.
For the year ended 30th December 2005, Artesyn reported sales of $424.7 million compared with $429.4 million for fiscal year 2004.
Net income for fiscal year 2005 was $9.9 million, or $0.25 per share, compared with net income of $13.9 million, or $0.34 per share, for fiscal year 2004.
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Included in net income for fiscal year 2005 are restructuring charges of $3.7 million, or $0.08 per share net of tax.
Total orders received during the fourth quarter were $115.2 million, yielding a book-to-bill ratio of 1.03.
Backlog at the end of the quarter was $84.8 million, with approximately 93% shippable during the first quarter of 2006.
In the fourth quarter of 2005, Artesyn had 27 major design wins that the company estimates will realise approximately $206 million in lifetime project revenues.
For the year, the company was awarded 107 design wins that are estimated to generate $965 million of lifetime revenues.
The company incurred additional expenses during the quarter related to inventory and merger activities.
A provision of approximately $1.0 million was recorded for inventory not in compliance with the Restriction of Hazardous Substances (RoHS) requirement for products used throughout the European Union.
Merger-related expenses for the quarter were approximately $0.9 million.
These combined expenses, net of tax, represent $0.03 per share.
The company also realised a net tax benefit of $1.7 million, or $0.03 per share, from the reversal of tax contingencies no longer required.
During the quarter, it was determined that certain costs previously classified within cost of sales are more appropriately classified as research and development costs, included within operating expenses.
Accordingly, in the fourth quarter of 2005, $2.7 million was reclassified as research and development costs that related to the first three quarters of 2005.
To conform to the 2005 presentation, a reclassification was made for approximately $0.9 million and $3.2 million for the respective quarterly and annual periods in 2004.
Fourth quarter sales for the Power Conversion segment were $87.8 million compared with $96.6 million for the fourth quarter of 2004.
The decline in sales is primarily from older programmes in the server division going end of life during 2005.
Lower sales in this segment, the RoHS related inventory provision of approximately $1.0 million and operating inefficiencies of approximately $1.0 million, related to the closure of the manufacturing facility in Hungary, resulted in an operating loss of $0.4 million compared with operating income of $4.1 million for the same period last year.
Fourth quarter sales for the Embedded Systems segment were $24.5 million compared with $23.8 million for the fourth quarter of 2004.
The improvement in sales is primarily from the realisation of revenue from large wireless infrastructure customers supplying 3G deployments and carrier upgrades in North America.
As a result of higher sales, operating income was $8.6 million for the fourth quarter compared with $7.7 million for the same period last year.
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