News

Artesyn Reports Fourth-Quarter Revenue and Earnings

February 03, 2005 by Jeff Shepard

Artesyn Technologies Inc. (Boca Raton, FL), a leader in power conversion solutions for the communications, reported financial results for the fourth quarter and fiscal year ended December 31, 2004. Sales for the fourth quarter of 2004 were $120.4 million, a 21% increase from the $99.3 million reported in the fourth quarter last year. Net income for the fourth quarter of 2004 was $5.3 million, or $0.12 per share, compared to net income of $1.2 million, or $0.03 per share, for the fourth quarter of 2003.

For the year ended December 31, 2004, Artesyn reported sales of $429.4 million, a 20% increase from fiscal year 2003 revenues of $356.9 million. Net income for fiscal year 2004 was $13.9 million, or $0.34 per share, compared to a net loss of $15.6 million, or $0.40 per share, for fiscal year 2003.

Artesyn Chairman and CEO Joe O’Donnell noted, "We are pleased with the quarter’s solid results. Demand for power and embedded systems was strong across our IT and wireless end markets. As anticipated, gross margins of 25.8% during the fourth quarter reached our expectations set at the beginning of the year."