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Thursday, March 02, 2006

APC records 13% in fourth quarter

•In 2005

The American Power Con-version (APC) has realized a high-ceilinged report for the fourth quarter of 2005, with increase of 13 per cent.

APC is end-to-end power solution provider for real-time infrastructure.

APC’s comprehensive products and services for home and corporate environments improve the availability, manageability and performance of sensitive electronic, network, communication and industrial equipment of all sizes, even as it offers a wide variety of products.

Also the non- Generally Accepted Accounting Principles (GAAP) results, showed that its shares were up from $0.09 to $0.10 in the year under review.

Even as the Board of Directors (BoD) has approved $200 million stock repurchase plan.
APC results for the fourth quarter and full year ended December 31, 2005, showed revenue record of $578.6 million, up by 13 per cent from $510.8 million in the fourth quarter 2004.

This is the tenth consecutive quarter of double-digit revenue growth, and up 13 per cent from $512.3 million in the third quarter 2005 according to the company.

Net income for the fourth quarter was said to be $17.5 million or $0.09 per diluted share, down 67 per cent from $52.8 million or $0.27 per diluted share in the fourth quarter 2004 and a decrease of 64 per cent from $48.7 million or $0.24 per diluted share in the third quarter 2005.

APC’s president and chief executive, Mr. Rodger B. Dowdell, Jr., while disclosing this said that net income for the fourth quarter 2005 includes $19.9 million or $0.10 per diluted share in additional income tax expense associated with the repatriation of $500 million in cash from the foreign subsidiaries under the American Jobs Creation Act.

He explained that this excludes the incremental tax expense, non-GAAP net income for the fourth quarter 2005, which was at $37.3 million or $0.19 per diluted share.

On a non-GAAP basis, fourth quarter 2005 net income decreased 29 percent from fourth quarter 2004 net income and 23 per cent from the third quarter 2005.

The fourth quarter 2005 financial summary were quoted in millions, except per share amounts.

“We are pleased that the investments we have made in innovative products and service offerings for our customers and partners continued to drive double-digit revenue growth in the fourth quarter,” said Rodger B. Dowdell, Jr., APC’s president and chief executive officer.

“We experienced growth across all of our product lines and we are particularly proud of the 60 per cent year- over-year revenue growth for InfraStruXure, our core NCPI solution. We are also investing to re-architect our supply chain to drive higher levels of customer satisfaction and reduce product costs, while simultaneously investing in the start up of new product lines as well as new factories. While we are realizing some benefits of higher volume on our manufacturing costs, as well as leverage on our operating expenses, we are incurring additional costs to implement the improvements in our manufacturing and supply chain, which impacted our gross margin in the quarter,” he said.

For the fourth quarter and full year 2005, APC reported record revenue in the Large Systems segment, consisted primarily of three phase, uninterruptible power supplies (UPSs), APC Global Services, precision cooling and ancillary products for data centers, facilities and communication applications.

Fourth quarter revenue of $143.1 million increased 33 percent year-over-year and 43 percent sequentially. Full year 2005 Large Systems segment revenue of $429 million was up 33 percent from 2004.

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