West Kingston-based American
Power Conversion Corp., which makes devices to protect electronic
equipment from power surges, said its second-quarter profit fell
15 percent as sales declined.
Net income fell to $29.6 million, or 15 cents a share, from
$34.8 million, or 18 cents, a year earlier, the company said in a
release distributed by PR Newswire. Sales fell 13 percent to
$308.2 million from $356 million. Company officials couldn’t be
reached immediately to comment.
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West Kingston, Rhode Island-based American Power said in
March that it was cutting about 1,000 jobs, or 17 percent of its
workforce, and merging factories, as slowing sales of personal
computers and other electronic products lessened demand for its
products.
Shares of American Power fell 17 cents to $10.78 as of 4 p.m.
New York time on the Nasdaq Stock Market. The news was released
after the close of regular U.S. trading.
Bloomberg News
