Product category: DC/DC Convertors
News Release from: Artesyn Technologies
Edited by the Electronicstalk Editorial Team on 20 April 2001
Artesyn down but upbeat on distributed power
Artesyn Technologies has reported financial results for the quarter ended 30th March 2001.
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Artesyn Technologies has reported financial results for the quarter ended 30th March 2001. Revenue for the quarter totalled $150.3 million, a decrease of 6 percent from $159.6 million a year ago. The company incurred a cash loss for the quarter of $0.07 per diluted share, compared with cash earnings of $0.29 per diluted share in 2000.
Orders booked in the first quarter totalled $113.2 million, with an ending backlog of $189.8 million.
This compares with $196.2 million and $174.2 million, respectively, in the same period a year ago.
"As we announced last month, early in the quarter, we noticed a significant drop in demand from a number of our customers", commented Artesyn's President and CEO, Joseph M.
O'Donnell.
"This trend accelerated during the quarter as order cancellations and push-outs became commonplace.
Unfortunately, the lower revenue, combined with manufacturing inefficiencies and the utilisation of premium-priced components ordered during the fourth quarter of 2000, resulted in a significant decline in profitability".
"We have not seen any evidence to suggest that market conditions will improve materially during the second quarter", continued O'Donnell.
"We are continuing to examine all areas of our business for ways to reduce cost, while investing to improve our competitive position".
"Looking into the second half of the year, we are remaining very cautious, although a number of new programs will begin shipping.
Our current forecasts would show us at approximately $700 million in sales for the year.
One bright spot is the increasing adoption of distributed power architectures by our major customers.
We believe our investments in point-of-load DC/DC convertors and high-efficiency DC/DC bricks will give us a strong position in the marketplace when customer demand begins to rebound".
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