Computer Products Reports First Quarter Results; Sales Increase 29%.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 16, 1998--Computer Products, Inc. (Nasdaq/NM:CPRD CPRD Chehalem Park and Recreation District (Newberg, Oregon) CPRD Corporate Policy and Research Department (PBGC) ) today reported earnings for the first quarter ended April 3, 1998 which also include a pre-tax restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $9.6 million related to the integration of Zytec and Computer Products as previously disclosed. Excluding the restructuring charge, income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter of 1998 was $9.6 million, or $0.23 per share, compared to $7.1 million, or $0.19 per share, reported for the year-ago quarter. Including the restructuring charge, net income was $3.2 million, or $0.08 per share. Sales for the quarter increased 29% to $147.2 million from $114.5 million in the first quarter of 1997. Excluding the restructuring charge, operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in the first quarter of 1998 was $14.9 million, or 10.1% of sales, compared to $11.0 million, or 9.6% of sales, in the first quarter of 1997. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter of 1998 included an additional $1.0 million to support activities following the merger with Zytec Corporation. These costs were incurred to support marketing activities, to change the Company's name to Artesyn Techonologies (pending shareholder approval in May 1998), to begin implementation of a new enterprise-wide information system, and to familiarize the Company's employees, customers, suppliers and investors with the resources of the new Artesyn Technologies. Commenting on first ce as sales increased 29% over the first quartenications and wireless markets was lower than ets, improve operating income over last year and make significant progress in our integration initiatives." Consistent with the Company's previous disclosures regarding a restructuring plan following the merger, the Company recorded a pre-tax restructuring charge of $9.6 million to eliminate duplicate facilities in an effort to reduce costs and introduce best practices pursuant to its integration plan. Specific restructuring actions include the consolidation of manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. , thereby eliminating three of 11 facilities worldwide with corresponding headcount reductability." Computer Products, Inc., headquartered in Boca Raton, Fla., is a leading provider of power che Company's web site at http://www.artesyn.com. This release may contain certain forward-looking statements that involve risks and uncertainties. These statements hose contained in the forward-looking statements, including, but not limited to, integration of operations and technology, failure to achieve beneficial synergies, varianer Products Inc. Consolidated 08,957 84,907 --------------- ------------ Gross Profit 38,221 29,556 --------------- ------------ Operat --------------- ------------- Total Operating Expenses 32,vision for Income Taxes 1,667 -- Net Income $ 3,236 $ 5,014 =========== $0.14 =============== ============ Assuming Dilution- Income from continuing operations $0.08 $0.19 Discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. - (0.06) --------------- ------------ Net income $0.08 $0.13 =============== ============ Number of shares used in the per share calculation Basic 38,461 36,165 Assuming dilution 41,468 39, --------------- --------------- (Unaudited) (Audited) ASSETS Current Assets Current Assets Appearing on a company's balance sheet, it represents cash, accounts receivable, inventory, marketable securities, prepaid expenses, and other assets that can be converted to cash within one year. Cash and equivalents --------------- 62,327 61,581 --------------- --------------- Other Assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. Goodwill, net 39,740 40,704 Deferred income taxes, net 4,535 4,509 Other assets, net 2,225 2,034 --------------- --------------- Total other assets 46,500 47,247 -UITY Current Liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. Current maturit929 --------------term debt and capital leases term liabilities 57,250 61,974 162,676 --------------- --------------- Total Liabilities and or Company Contact: ERS/ELECTRONICS EARNINGS Today's News On The Net - Business Wire's full file on the Internet |
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