Artesyn Reports First-Quarter 2002 Results
Artesyn Technologies Inc. (Boca Raton, FL) reported financial results for the first quarter ended March 29, 2002. Revenue for the quarter totaled $90.5 million, down from $150.3 million a year ago. The company incurred a loss of $0.17 per diluted share for the quarter, excluding charges. This compares to a cash loss of $0.07 per diluted share in 2001.
"Ongoing weakness in the telecom and wireless sectors of the market unfortunately had a negative impact on our revenue and earnings performance for the quarter," commented Artesyn President and CEO Joseph O'Donnell. "With continued reductions in anticipated infrastructure spending by the major carriers, conditions in these sectors are not expected to improve in the near term. Although the storage and server segments continue to show stability, our expectations for Artesyn are for only modest sequential improvements over the next three quarters."