BOCA RATON, Fla., Feb. 7 /PRNewswire-FirstCall/ -- Artesyn
Technologies, Inc. (NASDAQ:ATSN) today reported financial results
for the fourth quarter and year ended December 30, 2005. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050117/FLMLOGO ) Sales for
the fourth quarter of 2005 were $112.2 million compared to $120.4
million for the corresponding quarter in 2004. Net income for the
fourth quarter of 2005 was $3.9 million, or $0.09 per share,
compared to net income of $5.3 million, or $0.12 per share for the
fourth quarter of 2004. For the year ended December 30, 2005,
Artesyn reported sales of $424.7 million compared to $429.4 million
for fiscal year 2004. Net income for fiscal year 2005 was $9.9
million, or $0.25 per share, compared to net income of $13.9
million, or $0.34 per share, for fiscal year 2004. Included in net
income for fiscal year 2005 are restructuring charges of $3.7
million, or $0.08 per share net of tax. Total orders received
during the fourth quarter were $115.2 million, yielding a
book-to-bill ratio of 1.03. Backlog at the end of the quarter was
$84.8 million, with approximately 93% shippable during the first
quarter of 2006. In the fourth quarter of 2005, Artesyn had 27
major design wins that the Company estimates will realize
approximately $206 million in lifetime project revenues. For the
year, the Company was awarded 107 design wins that are estimated to
generate $965 million of lifetime revenues. The Company incurred
additional expenses during the quarter related to inventory and
merger activities. A provision of approximately $1.0 million was
recorded for inventory not in compliance with the Restriction of
Hazardous Substances (RoHS) requirement for products used
throughout the European Union. Merger-related expenses for the
quarter were approximately $0.9 million. These combined expenses,
net of tax, represent $0.03 per share. The Company also realized a
net tax benefit of $1.7 million, or $0.03 per share, from the
reversal of tax contingencies no longer required. During the
quarter, it was determined that certain costs previously classified
within cost of sales, are more appropriately classified as research
and development costs, included within operating expenses.
Accordingly, in the fourth quarter of 2005, $2.7 million was
reclassified as research and development costs that related to the
first three quarters of 2005. To conform to the 2005 presentation,
a reclassification was made for approximately $0.9 million and $3.2
million for the respective quarterly and annual periods in 2004.
Business Segment Results Power Conversion Fourth quarter sales for
the Power Conversion segment were $87.8 million compared to $96.6
million for the fourth quarter of 2004. The decline in sales is
primarily from older programs in the server division going end of
life during 2005. Lower sales in this segment, the RoHS related
inventory provision of approximately $1.0 million and operating
inefficiencies of approximately $1.0 million, related to the
closure of the manufacturing facility in Hungary, resulted in an
operating loss of $0.4 million compared to operating income of $4.1
million for the same period last year. Embedded Systems Fourth
quarter sales for the Embedded Systems segment were $24.5 million
compared to $23.8 million for the fourth quarter of 2004. The
improvement in sales is primarily from the realization of revenue
from large wireless infrastructure customers supplying 3G
deployments and carrier upgrades in North America. As a result of
higher sales, operating income was $8.6 million for the fourth
quarter compared to $7.7 million for the same period last year.
About Artesyn Technologies, Inc. Artesyn Technologies, Inc.,
headquartered in Boca Raton, FL, is a world leader in the design,
manufacture and sale of power conversion and embedded board
solutions for infrastructure applications in server and storage,
networking, wireless and telecommunications systems. The Company's
products are used in middle to high-end servers, data storage
devices, routers, hubs, high-speed modems, RF amplification
systems, base station controllers and transceivers. The Company has
a global sales reach with design and manufacturing facilities in
Asia, Europe and North America. Artesyn is a public company whose
common stock is traded on the Nasdaq stock market under the symbol
ATSN. For more information, please visit the Company's web site at
http://www.artesyn.com/ . Use of Non-GAAP Financial Measures To
supplement the Company's financial statements presented on a GAAP
basis, Artesyn uses non-GAAP financial measures to give the reader
a clearer picture of Artesyn's current operating performance from
management's perspective. These non-GAAP financial measures include
EBITDA, which management believes is appropriate to enhance the
overall understanding of Artesyn's past financial performance.
These measures are not recognized for US GAAP financial statement
presentation and, as required, reconciliations to GAAP are provided
in the financial highlights after the written portion of this
release. Cautionary Statement About Forward-Looking Statements
Statements in this press release that are not historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that these forward- looking statements involve certain risks and
uncertainties and may differ materially from actual future events
or results. Undue reliance should not be placed on such
forward-looking statements. Certain risks and uncertainties are
identified in Artesyn's periodic filings with the United States
Securities and Exchange Commission, specifically the most recent
annual report on Form 10-K, filed on March 16, 2005. Some of these
risk factors include, but are not limited to, operating in a
volatile, competitive industry characterized by rapidly changing
prices, technologies and demands associated with global
manufacturing in foreign locations, dependence on a relatively
small number of customers, dependence on and volatility of foreign
sales, and technological changes which may render our existing
products uncompetitive or obsolete. Any forward-looking statement
made in this release is made as of the date of this release and
should not be relied upon as representing our estimates as of any
subsequent date. Artesyn assumes no obligation to update any such
forward- looking statements. While we may elect to update
forward-looking statements at some point in the future, we
specifically disclaim any obligation to do so, even if our
estimates change. For a more detailed discussion of such risks and
uncertainties, the Company strongly encourages you to review its
SEC filings. Artesyn Technologies, Inc. Financial Highlights (In
Thousands Except per Share Data) (Unaudited) Quarter Ended Fiscal
Year Ended Dec. 30, Dec. 31, Dec. 30, Dec. 31, 2005 2004 2005 2004
Orders $115,217 $115,331 $422,487 $429,661 Capital Expenditures
2,857 3,700 12,597 22,140 Sales Power Conversion 87,773 96,573
346,440 354,625 Embedded Systems 24,459 23,793 78,261 74,764 Total
112,232 120,366 424,701 429,389 Operating income 4,047 8,002 13,188
22,640 Depreciation and amortization 5,120 5,726 21,887 22,275
EBITDA 9,167 13,728 35,075 44,915 Net Income $3,895 5,268 9,936
13,873 Diluted Earnings Per Share $0.09 $0.12 $0.25 $0.34 Weighted
Average Shares Outstanding 51,860 51,403 40,442 51,140 Artesyn
Technologies, Inc. Condensed Consolidated Statements of Operations
(In Thousands Except per Share Data) (Unaudited) Quarter Ended
Fiscal Year Ended Dec. 30, Dec. 31, Dec. 30, Dec. 31, 2005 2004
2005 2004 Sales $112,232 $120,366 $424,701 $429,389 Cost of Sales
80,505 88,462 316,596 316,584 Gross Profit 31,727 31,904 108,105
112,805 Operating Expenses Selling, general and administrative
12,640 12,678 42,322 45,851 Research and development 15,003 11,224
48,890 44,314 Restructuring and other charges 37 -- 3,705 -- Total
Operating Expenses 27,680 23,902 94,917 90,165 Operating Income
4,047 8,002 13,188 22,640 Interest Expense, net (609) (1,312)
(3,405) (5,004) Income Before Income Taxes 3,438 6,690 9,783 17,636
Provision (Benefit) for (457) 1,422 (153) 3,763 Income Taxes Net
Income $3,895 $5,268 $9,936 $13,873 Net Income Per Share -Basic
$0.10 $0.13 $0.25 $0.35 -Diluted $0.09 $0.12 $0.25 $0.34 Weighted
Average Common and Common Equivalent Shares Outstanding -Basic
39,908 39,270 39,666 39,093 -Diluted 51,860 51,403 40,442 51,140
Artesyn Technologies, Inc. Condensed Consolidated Balance Sheets
(In Thousands) (Unaudited) December 30, December 31, 2005 2004
ASSETS Current Assets Cash and equivalents $100,260 $84,811 Short
term investments 3,408 21,125 Accounts receivable, net 79,708
61,352 Inventories, net 46,273 50,320 Prepaid expenses and other
current assets 8,047 1,380 Deferred income taxes, net 7,563 9,137
Total current assets 245,259 228,125 Property, Plant &
Equipment, Net 45,788 66,124 Other Assets Goodwill 20,546 22,107
Deferred income taxes, net 5,197 4,155 Other assets 19,539 21,128
Total long-term liabilities 29 -- Total other assets 45,311 47,390
Total Assets $336,358 $341,639 LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities Accounts payable $56,808 $54,958 Accrued and
other current liabilities 38,849 52,838 Total current liabilities
95,657 107,796 Long-Term Liabilities Convertible subordinated debt
90,000 90,000 Other long-term liabilities 7,433 9,867 Total
long-term liabilities 97,433 99,867 Total liabilities 193,090
207,663 Shareholders' Equity 143,268 133,976 Total Liabilities and
Shareholders' Equity $336,358 $341,639
http://www.newscom.com/cgi-bin/prnh/20050117/FLMLOGO
http://photoarchive.ap.org/ DATASOURCE: Artesyn Technologies
CONTACT: Gary Larsen, Chief Financial Officer, +1-561-451-1000, or
Pamela Rembaum, Director, Investor Relations, +1-561-451-1028, both
of Artesyn Technologies, Inc. Web site: http://www.artesyn.com/
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