Artesyn Technologies Inc. (Boca Raton, FL), a leader in power conversion solutions for the communications industry, reported financial results for the second quarter ended June 25, 2004. Sales for the second quarter of 2004 grew 20% to $105.5 million compared to $87.6 million for the same period in 2003. Net income for the second quarter of 2004 was $3.1 million, or $0.08 per share, compared to a loss of $4.2 million, or $0.11 per share, in the second quarter of 2003.
Sales for the first six months of 2004 grew 19% to $202 million compared to $169.5 million for the first six months of 2003. Net income for the first six months of 2004 was $5 million, or $0.13 per share, compared to a net loss of $11.6 million, or $0.30 per share, for the same period in 2003.
Artesyn Chief Executive Officer Joseph O’Donnell stated, "For the fourth consecutive quarter, Artesyn has reported a year-over-year increase in quarterly revenue as a result of improved demand for embedded board products and dc-dc power supplies from customers in the wireless infrastructure market sector. Likewise, gross margin of 25.1% was better than the outlook we gave in last quarter’s teleconference due to a favorable product mix, as well as improved manufacturing efficiencies."
