Power-One Posts Record Revenues For Q2 1999
Power-One Inc. (Camarillo, CA) reported record revenues for the second quarter ended June 27, 1999, of $46.6 million, a 91.1 percent increase from revenues of $24.4 million for the same period of 1998 and up from $34.8 million for the first quarter of 1999. The results for 1999 include Melcher AG, which was acquired in August 1998, and International Power Devices Inc., which was acquired on January 29, 1999.Net income for the second quarter ended June 27, 1999, decreased to $2.0 million, or $0.11 per diluted share, compared with $3.0 million, or $0.18 per diluted share, for the same period a year ago. EBITDA increased 52.3 percent to $7.7 million from $5.0 million a year ago. Power-One stated that its combined backlog as of June 27, 1999, was $62.5 million, up 48.1 percent from $40.2 million a year prior. "We are pleased that we were able to exceed the consensus earnings estimates of 9 cents for the second quarter," stated CEO Steve Goldman. "We are also delighted with the strong booking trend since March 1999 that has resulted in a record customer order backlog of $62.5 million at the end of June."Goldman added, "We are of course very pleased with the exceptionally strong performance of the HDC family of dc/dc products that we acquired from IPD, which are being extremely well accepted in the marketplace. We have made considerable investments in equipment, management and other resources to grow the IPD business, and we have constructed a best-in-class factory in Mexico for these state-of-the-art technology products with room for future expansion."