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For Immediate Release
American Power Conversion Reports Second Quarter 2005 Financial Results
Net Income Increases 56 Percent Year-over-Year
WEST KINGSTON, R.I. July 25, 2005 American Power Conversion Corporation (Nasdaq: APCC) (APC) today reported financial results for the second quarter 2005.
Revenue for the second quarter 2005 was $480.6 million, up 21 percent from $395.7 million in the second quarter 2004 and up 18 percent from $408.0 million in the first quarter 2005. Net income for the second quarter 2005 was $41.9 million or $0.21 per diluted share, an increase of 56 percent from $26.8 million or $0.13 per diluted share in the second quarter 2004 and an increase of 16 percent from $36.0 million or $0.18 per diluted share in the first quarter 2005.
As evidenced by our eighth consecutive quarter of double digit year-over-year revenue growth, and the highest year-over-year growth rate since the fourth quarter 1999, APC experienced very strong demand during the second quarter, said Rodger B. Dowdell, Jr., APCs chief executive officer. Demand was strong across all operating segments and can be attributed to what we believe is an attractive macro-economic environment for IT spending and the success of our continued strategic investments to establish APC as a global leader in the market for network-critical physical infrastructure (NCPI). Against this strong top-line backdrop and normal pricing patterns, product mix issues and increased costs negatively impacted gross margins in the quarter. With our strong revenue growth outpacing our continuing increased investment in product development and demand-generating activities, we are pleased with the overall progress we achieved in the second quarter.
Segment and Geographic Review
For the second quarter 2005, APC experienced year-over-year growth in all segments and major geographic regions. Large Systems segment revenue of $104.9 million, consisting primarily of 3-phase uninterruptible power supplies (UPSs), APC Global Services, precision cooling and ancillary products for data centers, facilities and communication applications, grew 35 percent year-over-year and 30 percent sequentially. The Large Systems segment was 22 percent of the companys second quarter revenue. Customer demand for the companys on-demand data center
The following information was filed by American Power Conversion Corp on Monday, July 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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