Artesyn Technologies Announces Third Quarter 2000 Results

October 22, 2000 by Jeff Shepard

Artesyn Technologies Inc. (Boca Raton, FL) has reported record sales for the three and nine months ended September 29, 2000 of $182.5 million and $506.4 million, respectively. Cash earnings, which exclude the after-tax effect of goodwill amortization, also increased to $15.0 million, or $0.37 per diluted share for the three months ended September 29, 2000 and $38.5 million, or $0.98 per diluted share for the nine months ended September 29, 2000.

Artesyn Technologies also reported that demand for their products remained strong as orders exceeded $196.0 million in the third quarter. Backlog rose to a record level of $247 million including approximately $192 million shippable in the fourth quarter of 2000. Gross margin for the company was 27.5 percent of sales for the third quarter, compared to 26.8 percent in the same quarter of the prior year.

Commenting on the quarter, President and CEO Joseph M. O´Donnell said, "We are pleased to report another quarter of record sales and earnings. The momentum gained in the first half of the year continued into the third quarter and, more importantly, current customer demand makes us optimistic that improving performance will continue. Despite the industry-wide component availability problems, we are meeting our customer requirements with few disruptions. However, these shortages have temporarily contributed to higher than planned inventory levels."