Power-One, Inc. (PWER)

[eastunder]

Power-One Announces Third Quarter 2011 Results

Thursday , October 27, 2011 16:05ET


-- Quarterly revenue reaches $245 million; Shipped 740 MW of inverters
-- Posts third quarter operating income of $34 million; GAAP Net Income of
$41 million
-- Increases global market share and expands in new markets


CAMARILLO, Calif., Oct. 27, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the third quarter 2011. For the quarter ended October 2, 2011, Power-One recorded net sales of $245 million, with Renewable Energy Solutions contributing $174 million and Power Solutions posting $71 million. Net income attributable to common stockholders for the third quarter was $40.6 million, or $0.27 per diluted share. Included in third quarter results was income of $16.9 million, or $0.11 per diluted share, related to the release of cumulative translation adjustments upon the liquidation of a foreign subsidiary.

"Power-One gained significant customer wins in the third quarter, as we expanded revenue in high growth solar markets, such as India and other regions in Asia ," said Richard Thompson, Chief Executive Officer of Power-One. "Despite difficult global macroeconomic conditions that impacted both SBUs, we generated $59 million of operating cash flow and ended the quarter with $183 million of cash and cash equivalents"

Renewable Energy Solutions

In the third quarter of 2011, Renewable Energy Solutions increased penetration of Asia-Pacific, particularly with sales to India. Inverter and related products generated sales of $174 million for the third quarter 2011. During the quarter, Power-One shipped 740 MW of inverters, bringing the 2011 year-to-date total to 2.1 gigawatts, versus 1.7 gigawatts during the same period in 2010.

Power Solutions

Power Solutions recorded sales of $71 million in the third quarter 2011. In the quarter, revenue was negatively impacted by slower demand in the Network Power Systems and Servers, Storage and Networking markets. During the third quarter, Power Solutions' posted its fourth consecutive quarter of operating profit. This was driven by improved operating efficiencies.

Business Outlook

Global macroeconomic uncertainty continues to influence end market demand in both SBUs. For the fourth quarter of 2011, Power-One forecasts revenue of $220 million to $250 million.

Earnings Conference Call

Power-One will discuss its 2011 third quarter results today at 2:00 p.m. Pacific Time. The call will be available both via the telephone at [phone] or [phone], conference ID # 18232823, or over the Internet through the Power-One investor relations Web site at http://investor.power-one.com. To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One's web site at http://investor.power-one.com throughout the current quarter.

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.


Continued at:

http://www.knobias.com/story.htm?eid=3.1.d5ae435b2391a076e6f56f38e0ae5f6f6bc9a754c6c46f2aae9cae56d231e020