Power-One Revenues Up 32% in First Quarter

Power-One in Camarillo said first-quarter revenues increased 32% to $34.8 million, compared with $26.4 million for the comparable period in 1998 and $28.4 million for the fourth quarter of 1998.

First-quarter results include figures for International Power Devices, which Power-One acquired Jan. 29.

Net income before factoring in one-time costs was $800,000 or 5 cents per diluted share, compared with $3.1 million or 18 cents per diluted share for the comparable period in 1998. One-time costs totaled $4.3 million, hurting financial results in the first quarter, including a write-off of $3.3 million for research and development related to the acquisition of International Power.

Those charges gave the company a first-quarter net loss of $3.5 million or 21 cents per diluted share.

“March may prove to be a decisive turning point in overall business activity, since it was the strongest booking month in the company’s history, with about $24 million in bookings,” said Chief Executive Steve Goldman. “International Power opened up a $2.3-billion worldwide merchant market for Power-One in high-density DC/DC converters.”

The Power-One Group has approximately 2,300 employees, with manufacturing operations in seven countries. The company designs power supplies for electronic equipment manufacturers in the United States and Europe.