EXHIBIT 99.1

 

For Immediate Release

 

American Power Conversion Reports Third Quarter 2005 Financial Results

 

WEST KINGSTON, R.I. — October 26, 2005

— American Power Conversion Corporation (Nasdaq: APCC) (APC) today reported financial results for the third quarter 2005.

 

Revenue for the third quarter 2005 was $512.3 million, up 16 percent from $441.7 million in the third quarter 2004 and up 7 percent sequentially from $480.6 million in the second quarter 2005.  Net income for the third quarter 2005 was $48.7 million or $0.24 per diluted share, a decrease of 28 percent from $67.2 million or $0.34 per diluted share in the third quarter 2004 and up 16 percent sequentially from $41.9 million or $0.21 per diluted share in the second quarter 2005.

 

On a non-GAAP basis, net income for the third quarter 2005 decreased 11 percent year-over-year.  Net income for the third quarter of 2004 included 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.

 

Third Quarter 2005 Financial Summary

(In millions, except per share amounts)

 

 

 

Q3 2005

 

Q3 2004

 

YOY
Change

 

Q2 2005

 

QOQ
Change

 

Net Sales

 

$

512.3

 

$

441.7

 

16

%

$

480.6

 

7

%

Operating Income

 

$

58.2

 

$

59.3

 

(2

)%

$

49.9

 

17

%

Net Income

 

$

48.7

 

$

67.2

 

(28

)%

$

41.9

 

16

%

Diluted EPS

 

$

0.24

 

$

0.34

 

(28

)%

$

0.21

 

16

%

 

“APC’s strong top line sales momentum continued in the third quarter, with the ninth consecutive quarter of double digit year-over-year revenue growth as well as double-digit growth in all reporting segments and growth in all major geographies,” said Rodger B. Dowdell, Jr., APC’s president and chief executive officer.  “We are very pleased with the progress we are making relative to growing our business, in particular in the network-critical physical infrastructure (NCPI) space, but we are disappointed with our earnings performance.”

 

“During our quarterly close process, we learned that in addition to pricing and product mix, higher operational costs, particularly within the global supply chain and logistics areas, ultimately

 


The following information was filed by American Power Conversion Corp on Wednesday, October 26, 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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