Artesyn Technologies Announces First Quarter Results.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--April 19, 2001 Artesyn Technologies, Inc. (Nasdaq:ATSN ATSN Apprenticeship and Training Support Network (Australia) ) today reported financial results for the first quarter ended March 30, 2001. Revenue for the quarter totaled $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 di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to cash earnings of $0.29 per diluted share in 2000. These results are in line with the updated guidance provided on March 15, 2001. Orders booked in the first quarter totaled $113.2 million, with an ending backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. of $189.8 million. This compares to $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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Joseph M. O'Donnell O'Donnell (Irish: Ó Dónaill or Ó Dómhnaill), which is derived from the forname Domhnaill (meaning "world ruler", Rex Mundi in Latin, Modern Irish spelling, Dónall) were an ancient and powerful Irish clan, kings, princes, and lords of Tyrconnel in early times, and . "This trend accelerated during the quarter as order cancellations and push-outs became commonplace. Unfortunately, the lower revenue, combined with manufacturing inefficiencies and the utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be 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 ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $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 converters and high-efficiency DC/DC bricks will give us a strong position in the marketplace when customer demand begins to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective ." Investors will have the opportunity to listen to management's discussion of this release in a conference call to be held on April 19, 2001 at 8:30 a.m. Eastern time either by calling 800-857-2748 (passcode: O'Donnell) or over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.vcall.com. To listen to the live call, please go to the website at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. and install any necessary audio software. The webcast will be available for replay for seven days after the teleconference. Artesyn Technologies, Inc., headquartered in Boca Raton, Fla., is a leading provider of power conversion equipment, real-time systems Real-time systems Computer systems in which the computer is required to perform its tasks within the time restraints of some process or simultaneously with the system it is assisting. and logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet for the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. . For more information about Artesyn Technologies and its products, please visit the company's web site at http://www.artesyn.com. This release may contain "forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. " statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 that involve certain risks and uncertainties. Readers are cautioned that these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. may differ materially from actual future events or results. Readers are referred to the documents periodically filed by Artesyn with the Securities and Exchange Commission, specifically the most recent reports on Forms 10-K and 10-Q, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Some of these factors include, but are not limited to, integration of operations and technology, market acceptance of existing and new products, dependence on and volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of foreign sales, the potential for fluctuations in operating results and general technological changes, which may render (1) To make visible; to draw. The term comes from the graphics world where a rendering is an artist's drawing of what a new structure would look like. In computer-aided design (CAD), a rendering is a particular view of a 3D model that has been converted into a realistic image. our existing products obsolete OBSOLETE. This term is applied to those laws which have lost their efficacy, without being repealed, 2. A positive statute, unrepealed, can never be repealed by non-user alone. 4 Yeates, Rep. 181; Id. 215; 1 Browne's Rep. Appx. 28; 13 Serg. & Rawle, 447. . Any forward-looking statement made in this release is made as of the date of this release and Artesyn assumes no obligation to update any such forward-looking statement.
Artesyn Technologies, Inc.
Financial Highlights
(In Thousands Except per Share Data)
(Unaudited)
Thirteen Weeks Ended
March 30, March 31,
2001 2000
--------- --------
Orders $113,197 $196,198
Sales 150,274 159,619
Operating income/(loss) (5,336) 15,944
EBITDA 2,550 21,611
Net income/(loss) (4,738) 10,610
Cash earnings/(loss)(a)
per share - diluted (0.07) 0.29
Earnings per share - diluted (0.12) 0.28
Weighted shares -diluted 38,250 38,402
(a) Earnings/(loss) before after-tax goodwill charges
Artesyn Technologies, Inc.
Consolidated Statements of Operations
(In Thousands Except per Share Data)
(Unaudited)
Thirteen Weeks Ended
March 30, March 31,
2001 2000
--------- ---------
Sales $ 150,274 $ 159,619
Cost of Sales 125,511 118,564
--------- ---------
Gross Profit 24,763 41,055
--------- ---------
Operating Expenses
Selling, general and
administrative 15,929 14,281
Research and development 12,204 10,295
Amortization of goodwill 1,966 535
--------- ---------
Total Operating Expenses 30,099 25,111
--------- ---------
Operating Income/(Loss) (5,336) 15,944
Interest Expense, net (1,631) (568)
--------- ---------
Income/(Loss) Before Income Taxes (6,967) 15,376
Provision/(Benefit) for Income Taxes (2,229) 4,766
--------- ---------
Net Income/(Loss) $(4,738) $ 10,610
========= =========
Earnings/(Loss) per Share
Basic $ (0.12) $ 0.29
========= =========
Diluted $ (0.12) $ 0.28
========= =========
Weighted Shares Outstanding
Basic 38,250 37,121
Diluted 38,250 38,402
Artesyn Technologies, Inc.
Consolidated Statements of Financial Condition
(In Thousands)
(Unaudited)
March 30, December 29,
2001 2000
--------- ------------
ASSETS
Current Assets
Cash and equivalents $ 20,613 $ 34,383
Accounts receivable, net 103,801 122,377
Inventories 175,031 150,462
Prepaid expenses and other 6,993 6,886
Deferred income taxes, net 12,552 12,552
--------- ------------
Total current assets 318,990 326,660
--------- ------------
Property, Plant & Equipment, Net 111,515 105,059
--------- ------------
Other Assets
Goodwill, net 63,702 62,880
Deferred income taxes, net 1,586 1,586
Other assets, net 3,409 1,630
--------- ------------
Total other assets 68,697 66,096
--------- ------------
Total Assets $ 499,202 $ 497,815
========= ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Current maturities of
long-term debt and capital
leases $ 1,271 $ 1,512
Accounts payable and accrued
liabilities 127,550 149,035
-------- ------------
Total current liabilities 128,821 150,547
-------- ------------
Long-Term Liabilities
Long-term debt and capital
leases 106,879 73,301
Other long-term liabilities 17,449 17,455
-------- ------------
Total long-term liabilities 124,328 90,756
-------- ------------
Total liabilities 253,149 241,303
Shareholders' Equity 246,053 256,512
-------- ------------
Total Liabilities and
Shareholders' Equity $ 499,202 $ 497,815
======== ============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion