EXHIBIT 99.1

 

For Immediate Release

 

American Power Conversion Reports Record

Revenue for the Fourth Quarter and Full Year 2005

 

                  Fourth Quarter Revenues Increase 13% and Contribute to Record Revenues in 2005

                  GAAP Earnings per Share of $0.09 Include $0.10 Additional Tax Expense

                  Board of Directors Approves $200 Million Stock Repurchase Plan

 

WEST KINGSTON, R.I. — February 2, 2006 —

American Power Conversion Corporation (Nasdaq: APCC) (APC) today reported financial results for the fourth quarter and full year ended December 31, 2005.

 

Revenue for the fourth quarter 2005 was a record $578.6 million, up 13 percent from $510.8 million in the fourth quarter 2004, the tenth consecutive quarter of double-digit revenue growth, and up 13 percent from $512.3 million in the third quarter 2005.  Net income for the fourth quarter 2005 was $17.5 million or $0.09 per diluted share, down 67 percent from $52.8 million or $0.27 per diluted share in the fourth quarter 2004 and a decrease of 64 percent from $48.7 million or $0.24 per diluted share in the third quarter 2005.

 

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 our foreign subsidiaries under the American Jobs Creation Act.  Excluding the incremental tax expense, non-GAAP net income for the fourth quarter 2005 was $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 percent from the third quarter 2005.

 

Fourth Quarter 2005 Financial Summary

(In millions, except per share amounts)

 

 

 

 

 

 

 

YOY

 

 

 

QOQ

 

 

 

Q4 2005

 

Q4 2004

 

Change

 

Q3 2005

 

Change

 

Revenue

 

$

578.6

 

$

510.8

 

13

%

$

512.3

 

13

%

Operating Income

 

$

35.2

 

$

67.2

 

(48

)%

$

58.2

 

(39

)%

Net Income

 

$

17.5

 

$

52.8

 

(67

)%

$

48.7

 

(64

)%

EPS

 

$

0.09

 

$

0.27

 

(68

)%

$

0.24

 

(64

)%

 


The following information was filed by American Power Conversion Corp on Thursday, February 2, 2006 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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