Power-One Reports 1999 Year-End Financial Results
Power-One Inc. (Camarillo, CA) recently announced that total revenues for the fiscal year ended January 2, 2000, increased 100 percent to a record $205.4 million, compared to $102.5 million in 1998.
Net income for the 1999 fiscal year, before acquisition-related charges, increased to $14.4 million, or $0.76 per diluted share, compared with $8.0 million, or $0.46 per diluted share in 1998. Net income was $10.0 million, or $0.53 per diluted share, for the 1999 fiscal year, compared to $5.7 million, or $0.33 per diluted share, for 1998.
Total revenues for the fourth quarter increased 121 percent to $62.8 million, compared to $28.4 million for the same period in 1998. Net income was $7.1 million, or $0.31 per diluted share, for the fourth quarter of 1999, compared to $0.8 million, or $0.04 per diluted share, for the same period of 1998.
"We are pleased to report another excellent financial performance to our shareholders," said Steve Goldman, CEO. "Last year's operating results were another milestone in our company's pursuit of being a leader in the power supply industry. Our rapid growth last year, especially in the fourth quarter, resulted primarily from the strong increase in demand from the datacom, telecom and ATE markets. Particularly significant is the fact that we saw a substantial portion of the increased order flow from network equipment manufacturers such as Cisco, Nortel and Newbridge Networks. Our customer base remains diversified, with Cisco being the only customer that exceeded 10 percent of our sales in 1999. Sales to the communications market in 1999 increased $74.7 million, or 345 percent to $96.4 million."