Artesyn Technologies Reports First-Quarter Financial Results for 2000April 20, 2000 by Jeff Shepard
Artesyn Technologies Inc. (Boca, Raton, FL) reported net income for the first quarter, ending March 31, 2000, as $10.6 million, or $0.28 per diluted share on record sales of $159.6 million. Net income increased 45 percent from the same quarter last year, as well as an 18-percent growth in sales.
Cash earnings, defined as net income before after-tax goodwill charges, increased 42 percent to $11.1 million or $0.29 per fully diluted share in the first quarter, compared to $7.8 million or $0.20 in 1999.
The improvement in cash earnings is primarily the result of increased sales volume and continued manufacturing cost reductions.