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VENTURA COUNTY BUSINESS | VENTURA COUNTY EARNINGS

Power-One Revenue Up to Record $77 Million

May 09, 2000

Power-One in Camarillo said that revenue for the first quarter ended April 2 increased 98% to a record $77 million, compared with $38.9 million for the same quarter a year ago.

Results for both 2000 and 1999 include HC Power Inc., which was acquired in a stock-for-stock transaction Feb. 29. The transaction was accounted for as a pooling of interests.

Net income for the first quarter, before acquisition-related charges, was $8.6 million or 34 cents per diluted share, compared with $800,000, or 4 cents per diluted share, for the comparable quarter in 1999.

The acquisition of HC Power resulted in $10.1 million, or 40 cents per diluted share, of nonrecurring charges, while the acquisition of International Power Devices in 1999 resulted in $4.3 million, or 26 cents per diluted share, of nonrecurring charges.

When these charges are included, net loss for the first quarter was $1.5 million, or 6 cents per diluted share, compared with a loss of $3.5 million, or 19 cents per diluted share, for the same period last year.

"We are delighted to report the strongest quarterly financial performance in the company's history," said Chief Executive Steve Goldman. "During the quarter, we saw continued strong demand specifically from network equipment manufacturers in the datacom market, as well as strong order flow from customers active in the telecom and [automatic test equipment] markets."

Power-One manufactures power conversion products. The company has 4,000 employees with manufacturing operations in Irvine and Boston, as well as abroad in Mexico, the Dominican Republic, Puerto Rico, Switzerland, Ireland, Slovakia and China.

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