American Power Conversion Corp. reported its third-quarter net income was nearly halved as its business continues to be plagued by softened demand for information technology.
American Power reported a profit, after a one-time charge of $15.3 million related to the write-off of excess inventory and headcount reduction, of $22.3 million, or 11 cents per share, compared with net income of $45 million, or 22 cents per share, a year ago.
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Excluding charges, the maker of surge suppressors and uninterruptable power supplies reported pro forma net income of $37.6 million, or 19 cents per share, compared with $57.4 million, or $0.29 per share, a year ago.
Revenues slipped to $360.9 million from $397 million a year ago, the West Kingston, Rhode Island-based company said in a statement.
The company said it will continue to expand despite weak market conditions and wILL begin production during the current quarter at a facility in Sao Paulo, Brazil, to boost its competitive position in Latin America.
Shares of American Power closed at $13.93 Thursday on Nasdaq. The stock fell nearly 26 percent during the third quarter, compared with a decline of about 15 percent in the Standard & Poor’s 500 index
