Artesyn Reports Third-Quarter 2002 Results

October 27, 2002 by Jeff Shepard

Artesyn Technologies Inc. (Boca Raton, FL) reported financial results for the quarter ended September 27, 2002. Revenue for the quarter totaled $86.0 million, compared to $109.0 million in the same period a year ago. The company incurred a cash loss of $0.16 per share for the quarter, excluding the impact of restructuring and goodwill impairment charges of $53.4 million. The results were in line with analyst expectations and compares to a cash loss of $0.17 per diluted share in 2001, excluding charges.

Including the impact of all charges, the third-quarter net loss was $55.7 million, or $1.45 per diluted share, compared to a net loss of $16.6 million in the same period a year ago. Total orders in the quarter were $80.2 million, with a book-to-bill ratio of $0.93. Backlog at the end of the quarter stood at $70.8 million, with approximately $66.0 million of this amount shippable in the fourth quarter.