Arteysn Technologies, Inc., Boca Raton, Fla., reported that revenues for the first quarter ending March 31 totalled $150.3 million, down 6% from $159.6 million in the same quarter a year ago.
The company incurred a net loss of $4.7 million or 12 cents per diluted share, compared to earnings of $10.6 million or 28 cents per diluted share in the same quarter in 2000. These results are in line with the company's updated guidance of March 15, 2001.
Arteysn's first-quarter bookings totaled $113.2 million with an ending backlog of $189.8 million, compared with $196.2 million and $174.2 million, respectively, in the year-ago period.
"As we announced last month, we noticed a significant drop in demand from a number of our customers," said Joseph O'Donnell, Artesyn's president and chief executive, in a released statement.
"This trend accelerated during the quarter as order cancellations and pushouts became commonplace. Unfortunately, the lower revenue, combined with manufacturing inefficiencies and utilization of premium-priced components during the fourth quarter of 2000, resulted in a significant decline in profitability."
"Looking into the second half of the year, we are remaining very cautious, although a number of new programs will being shipping," continued O'Donnell. "Our current forecasts would show us at approximately $700 million in sales for the year."
Artesyn provides power conversion equipment to the telecom industry.