APC Announces First-Quarter 2001 Results
American Power Conversion Corp. (APC, West Kingston, RI) announced that first-quarter 2001 profits fell 42 percent. The company reports that income fell to $27.2 million, or $0.14 per share, from $47.1 million, or $0.24 per share, in the year-ago period. The company also said that it reduced its staff by four percent in the first quarter, and would cut about 200 more jobs by the end of the second quarter.
APC said that revenues for the first quarter were $359.7 million, up 16 percent from $311.2 million in the first quarter last year.