APC Revenues Top $1 BillionFebruary 04, 1999 by Jeff Shepard
American Power Conversion Corp. (APC, West Kingston, RI) reported record annual results for the year ended December 31, 1998, with revenues of $1.126 billion, up 29 percent from $873.4 million in 1997. Net income for the year was a record $155.1 million, or $1.60 per share, excluding a charge of approximately $7.6 million, or $0.08 per share, for acquired R&D expenses associated with the acquisition of Silcon A/S. Excluding the R&D charge, net income for 1998 was up 27 percent from $121.8 million, or $1.27 per share, in 1997.Revenues for the fourth quarter ended December 31, 1998, were $318.9 million, a 27 percent increase from $251.7 million for the same period last year. Net income for the current quarter was $47.5 million, or $0.49 per share, compared to $37.4 million, or $0.39 per share in the fourth quarter of 1997."1998 was an extremely rewarding year and I am pleased to point out that APC is the first company solely dedicated to power protection solutions to reach one billion dollars in revenues," stated President and CEO Rodger B. Dowdell Jr. "With the acquisition of Silcon A/S, the continued introduction of new products, the expansion and development of new strategic partnerships, and the distribution of manufacturing efforts around the world, we made very significant progress in 1998 toward our objective of providing global end-to-end Nonstop Networking solutions to our customers."Dowdell added that, "For the full year 1999, we expect to see revenue and net income growth in the range of 20 to 25 percent."