Artesyn Reports First-Quarter 2004 Results
Artesyn Technologies Inc. (Boca Raton, FL), a leader in power conversion solutions and real-time subsystems for the communications industry, reported financial results for the first quarter ended March 26, 2004. Sales reported for the first quarter of 2004 were $96.5 million compared to $81.9 million for the same quarter last year.
Net income for the first quarter was $1.9 million, or earnings per share of $0.05, compared to a net loss of $7.5 million, or $0.19 per share, for the first quarter a year ago. Total orders received during the first quarter of 2004 were $106.1 million, yielding a book-to-bill ratio of 1.10. The quarter ended with backlog of $96.3 million with approximately 93 percent shippable during the second quarter.
Artesyn’s President and Chief Executive Officer Joseph O’Donnell stated, "After three years of industry turmoil, we are pleased to report Artesyn’s second consecutive quarter of profitability. In addition, revenue for the quarter grew 18 percent compared to the first quarter of 2003. The book-to-bill ratio of 1.10 was at the high end of our expected range, supporting the 2004 revenue growth goals."