APC Announces Q2 Results
American Power Conversion Corp. (APC, West Kingston RI) reported net sales for the second quarter ended June 27, 1999, or $315.5 million, an increase of 21 percent from $260.7 million for the same period last year. Net income for the second quarter of 1999 was $43 million, or $0.22 per share, an increase of 26 percent from $34.2 million, or $0.18 per share, in the year-ago quarter. The second quarter of 1998 net income and earnings per share results exclude a charge of approximately $7.4 million, or $0.04 cents per share, for acquired in-process research and development associated with the acquisition of Silicon A/S."The second quarter results continue to reflect a very solid and consistent performance from the APC team on a global basis and have extended our streak of meeting or exceeding the earnings per share consensus published on First Call to fourteen consecutive quarters," said APC President and CEO Rodger B. Dowdell Jr. "In such a dynamic industry, this type of financial consistency is very rewarding to us and is a strong indication that our financial model is firmly intact"The firm stated that its second quarter results were fueled by very robust growth in international markets as well as healthy demand for its products across all solution application areas. During the second quarter of 1999, revenues grew 8 percent in the Americas (North and Latin America), 46 percent in EMEA (Europe, Middle East and Africa) and 46 percent in Asia. Revenues from APC's networking, datacenter and high-end enterprise solutions grew approximately 23 percent compared to the second quarter of 1998 and accounted for over 66 percent of the Company's total revenues.