Artesyn Reports Fourth-Quarter, Fiscal 2002 ResultsFebruary 04, 2003 by Jeff Shepard
Artesyn Technologies Inc. (Boca Raton, FL) reported financial results for the quarter and year ended December 27, 2002. Revenue for the quarter totaled $83.4 million, compared to $107.4 million in the same period a year ago. The company incurred a cash loss of $0.15 per diluted share for the quarter, excluding the impact of restructuring, inventory and other charges totaling $36.9 million, versus a pre-charge cash loss of $0.10 per diluted share in the prior year. Including the impact of all charges, the fourth quarter net loss was $35.6 million, or $0.93 per diluted share, compared to net income of $11.5 million, or $0.30 per diluted share, in the fourth quarter of 2001.
For the full year, sales totaled $350.8 million, with a cash loss of $0.61 per diluted share excluding charges. This compares to full-year 2001 sales of $494 million and a pre-charge cash loss of $0.52. Including the impact of all charges, the company incurred a net loss of $108.8 million, or $2.84 per diluted share, for the full year, compared to a net loss of $31.8 million, or $0.83 per diluted share, in 2001.