American Power Conversion Reports Q1 1999 Results
American Power Conversion Corp. (West Kingston, RI) reported net income for the first quarter ended March 28, 1999, of $34.8 million, or $0.36 per share, up 30 percent from $26.7 million, or $0.28 per share, for the same period a year ago. Sales for the first quarter were $277.2 million, up 27 percent from $218.9 million for the same period last year. Revenues grew 14 percent in the Americas, 46 percent in EMEA (Europe, Middle East and Africa) and 57 percent in Asia. Revenues from the company's networking, datacenter and high-end enterprise solutions grew approximately 40 percent versus last year's quarter, accounting now for over 70 percent of total revenues."Network server applications continue to represent the core business opportunity for APC," stated President and CEO Rodger B. Dowdell. "This is the area of our business where we can best leverage our highly differentiated solutions, depth of distribution, and relationships with strategic business partners in the IT industry. Industry demand for network servers continues to exhibit solid growth opportunities and we have been able to capitalize on that trend on a global basis.