Artesyn Reports Third-Quarter Financial Results
Artesyn Technologies Inc. (Boca Raton, FL) reported financial results for the third quarter ended September 28, 2001. Revenue for the quarter totaled $108.6 million, down from $182.5 million a year ago. The company incurred a cash loss for the quarter of $0.17 per diluted share, compared to cash earnings of $0.37 per diluted share in 2000. These results were in line with analyst expectations and exclude the impact of restructuring and other special charges taken during the quarter.
”Aggressive cost-reduction efforts initiated over the last six months allowed us to meet earnings expectations, even with lower than anticipated revenues," commented Artesyn's President and CEO Joseph O'Donnell. "Total operating costs during the quarter were reduced by approximately 22 percent versus the second quarter, with selling and administrative expenses at their lowest level since 1996. Actions taken in the third quarter will further reduce operating and overhead costs, as we position the company to return to profitability. For the fourth quarter, we are estimating a reduction in the cash EPS loss to between $0.08 and $0.12 on flat revenues. "