West Kingston-based American Power Conversion Corp. reported Thursday financial results, including record revenue, for the fourth quarter and full year ended Dec. 31, 2004. Revenue for the fourth quarter 2004 was a record $510.8 million, up 19 percent from $430.6 million in the fourth quarter 2003 and up 16 percent from $441.7 million in the third quarter 2004, the company announced in a statement.
On a constant currency basis, total company revenue in the fourth quarter grew 16 percent year-over-year and 14 percent sequentially. Net income for the fourth quarter 2004 was $52.8 million or 27 cents per share, a decrease of 9 percent from $58.0 million or 28 cents per share in the fourth quarter 2003 and a decrease of 21 percent from $67.2 million or 34 cents per share in the third quarter 2004.
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Net income for the fourth quarter 2003 includes an after-tax charge of $2.8 million or 1 cent per share resulting from the settlement of a lawsuit alleging patent infringement originally filed by SL Waber in 1997. Excluding this charge, non-GAAP net income for the fourth quarter 2003 was $60.8 million or 29 cents per share.
Net income for the third quarter of 2004 includes a net tax credit of approximately $20.8 million or 10 cents 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 4 cents per share after-tax. Excluding these items, non-GAAP net income for the third quarter of 2004 was $55.0 million or 28 cents per share.
On a non-GAAP basis, fourth quarter 2004 net income decreased 13 percent from fourth quarter 2003 non-GAAP net income and decreased 4 percent from third quarter 2004 non-GAAP net income.
