Artesyn Reports Fourth-Quarter, Fiscal 2002 Results
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.