Artesyn Technologies Announces Preliminary Second Quarter Outlook.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)--June 3, 1998--Artesyn Technologies, Inc. (Nasdaq/NM:ATSN ATSN Apprenticeship and Training Support Network (Australia) ) announced today that its revenue and earnings for the second quarter ending July 3, 1998 are expected to be below analysts' estimates. Based on preliminary analysis of the results for the second quarter, the Company expects to report revenues of approximately $125 million, down 5% from the second quarter of 1997, and earnings of approximately $0.15 per share compared to $0.26 in the year ago quarter. The current mean EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. estimate for the second quarter as reported by I\B\E\S is $0.27 per share. The Company expects to announce actual results for the second quarter on July 16, 1998. Sales in the current quarter have been impacted by lower end use demand in the Company's primary market segments -- networking, telecommunications, computing and wireless infrastructure. This lower demand has been exacerbated by inventory reduction initiatives at certain customers. Commenting on the forecasts, Joseph M. O'Donnell, 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. , stated, "While disappointed with the second quarter outlook, we are encouraged by our customers' optimism for the next twelve months and the continuing high level of new program awards. For the near term, we are taking appropriate cost reduction steps but will continue our commitment to be the industry leader in customer service, technology and new product development." This release may contain certain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by the Company with the SEC, specifically the most recent reports on Form S-4, Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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, including, but not limited to, integration of operations and technology, failure to achieve beneficial synergies, variances between actual and estimated costs and expenses related to the merger, market acceptance of existing and new products of the combined company, the potential for fluctuations in operating results, and the volatility of the trading price Trading price The price at which a security is currently selling. of the Company's stock. 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. For more information about Artesyn Technologies and its products, please visit the Company's web site at http://www.artesyn.com. CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. Contact: Lippert/Heilshorn & Associates John Nesbett, 212/838-3777 or Company Contact: Artesyn Technologies, Inc. Richard Thompson, Chief Financial Officer 561/451-1000 |
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