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 fourth quarter and year ended December 26, 2003. Sales reported for the fourth quarter of 2003 were $99.3 million compared to $83.4 million for the same quarter last year.
Net income for the fourth quarter was $1.2 million, or earnings per share of $0.03, compared to a net loss of $35.6 million, or $0.93 per share, for the fourth quarter a year ago. Restructuring charges incurred in the fourth quarter of 2003 were $0.5 million, or $0.01 per share, net of tax benefits, compared to restructuring and other charges of $29.9 million, or $0.78 per share, net of tax benefits, for the same period last year. The fourth quarter 2003 restructuring charges included asset transfer and personnel-related costs associated with previously announced cost-reduction initiatives.
Artesyn reported sales for the 52 weeks ended December 26, 2003, of $356.9 million compared to $350.8 million during the same period in 2002. The net loss incurred during 2003 was $15.6 million, or $0.40 per share, compared to a net loss of $108.8 million, or $2.84 per share, for fiscal year 2002. Restructuring and other charges, net of tax benefits, incurred during 2003 were $8.2 million, or $0.21 per share, compared to $85.2 million, or $2.23 per share, in the prior year.
