Exhibit 99.1

 

For Immediate Release

 

American Power Conversion Reports Record

Revenue for the Fourth Quarter and Full Year 2004

 

Quarterly Revenue of $511 Million Tops Half Billion Mark for First Time in Company History

Full Year 2004 Revenue Increases 16 Percent to $1.7 Billion

 

WEST KINGSTON, R.I. — February 3, 2005

— American Power Conversion Corporation (Nasdaq: APCC) (APC) today reported financial results, including record revenue, for the fourth quarter and full year ended December 31, 2004.

 

Revenue for the fourth quarter 2004 was a record $510.8 million, up 19 percent from $430.6 million in the fourth quarter 2003 and up 16 percent from $441.7 million in the third quarter 2004.  On a constant currency basis, total company revenue in the fourth quarter grew 16 percent year-over-year and 14 percent sequentially.  Net income for the fourth quarter 2004 was $52.8 million or $0.27 per share, a decrease of 9 percent from $58.0 million or $0.28 per share in the fourth quarter 2003 and a decrease of 21 percent from $67.2 million or $0.34 per share in the third quarter 2004.

 

Net income for the fourth quarter 2003 includes an after-tax charge of $2.8 million or $0.01 per share resulting from the settlement of a lawsuit alleging patent infringement originally filed by SL Waber in 1997.  Excluding this charge, non-GAAP net income for the fourth quarter 2003 was $60.8 million or $0.29 per share.

 

Net income for the third quarter of 2004 includes a net tax credit of approximately $20.8 million or $0.10 per share associated with the reversal of income tax provisioning resulting from the favorable outcome of tax audits by U.S. federal and state taxing authorities, partially offset by a charge for excess inventory of $11.5 million or $0.04 per share after-tax.  Excluding these items, non-GAAP net income for the third quarter of 2004 was $55.0 million or $0.28 per share.

 

On a non-GAAP basis, fourth quarter 2004 net income decreased 13 percent from fourth quarter 2003 non-GAAP net income and decreased 4 percent from third quarter 2004 non-GAAP net income.

 

Fourth Quarter Financial Summary

 

(In millions, except per share amounts)

 

 

 

Q4 2004

 

Q4 2003

 

YOY
Change

 

Q3 2004

 

QOQ
Change

 

Revenue

 

$

510.8

 

$

430.6

 

19%

 

$

441.7

 

16%

 

Operating Income

 

$

67.2

 

$

71.8

 

(6)%

 

$

59.3

 

13%

 

Net Income

 

$

52.8

 

$

58.0

 

(9)%

 

$

67.2

 

(21)%

 

EPS

 

$

0.27

 

$

0.28

 

(4)%

 

$

0.34

 

(21)%

 

 


The following information was filed by American Power Conversion Corp on Thursday, February 3, 2005 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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