Artesyn Reports Third-Quarter 2003 Results
Artesyn Technologies Inc. (Boca Raton, FL), a leader in advanced power conversion equipment for the communications industry, reported financial results for the third quarter ended September 26, 2003. Sales reported for the third quarter of 2003 were $88 million compared to $86 million for the corresponding quarter last year.
For the first nine months of 2003, Artesyn reported sales of $257.5 million compared to $267.4 million for the same period last year. Total orders received during the quarter were $84.1 million, yielding a book-to-bill ratio of slightly less than one. Backlog at the end of the quarter was $79 million, with approximately 94% shippable during the fourth quarter.
Artesyn incurred a net loss of $5.2 million, or $0.14 per share, for the third quarter compared to a net loss of $55.7 million, or $1.45 per share, in the third quarter of 2002. Excluding the impact of third-quarter restructuring and other charges, Artesyn incurred a net loss of $0.03 per share, compared with $0.16 per share for the same quarter last year. For the first nine months of 2003, Artesyn incurred a net loss of $16.9 million, or $0.44 per share, compared to a net loss of $73.2 million, or $1.91 per share, in the comparable period in 2002.