Artesyn Technologies Reports Second-Quarter Financial Results

July 17, 2001 by Jeff Shepard

Artesyn Technologies Inc. (Boca Raton, FL) reported financial results for the second quarter ended June 29, 2001. Revenue for the quarter totaled $127.7 million, down from $164.3 million a year ago. The company incurred a cash loss for the quarter of $0.17 per diluted share, compared to cash earnings of $0.32 per diluted share in 2000. These results exclude the impact of restructuring and other special charges taken during the quarter, and are slightly ahead of the updated guidance provided on June 6, 2001.

Total orders in the quarter were $64.1 million, less $33.7 million in customer cancellations. The resulting net orders were $30.4 million, with an ending backlog of $92.5 million.

"The weak book-to-bill ratio in the quarter reflects a continuation of disappointing demand across the communication markets we serve," commented Artesyn President and CEO Joseph O'Donnell. "We have not yet seen any meaningful signs of improvement in the market and expect our third-quarter financial performance to closely mirror second-quarter results."