Power-One Reports Record Fourth-Quarter and Year-End 2000 Results
Power-One Inc. (Camarillo, CA) announced that net sales for the fiscal year ended December 31, 2000, increased $273.8 million, or 115 percent, to a record $511.0 million, compared with $237.2 million in 1999. Results for 2000 include eight months of Powec AS, which was acquired on May 16, 2000.
Net income for the 2000 fiscal year, before acquisition-related charges, increased 250 percent to a record $55.6 million, or $0.71 per diluted share, compared with $15.9 million, or $0.25 per diluted share, for the same period in 1999. Including acquisition-related charges, net income was $43.9 million for the fiscal year ended December 31, 2000, or $0.56 per diluted share, compared with $11.6 million, or $0.18 per diluted share, for the same period in 1999.
Net sales for the fourth quarter ended December 31, 2000, increased 130 percent to a record $169.7 million, compared to $73.9 million for the same year-ago quarter. Net sales for the fourth quarter of 2000 increased sequentially by $19.3 million, or 13 percent, compared to the $150.4 million achieved in the third quarter of 2000. This is the ninth consecutive quarter in which the company has recorded sequential revenue growth.
Net income for the fourth quarter ended December 31, 2000 increased 135 percent to a record $18.8 million compared with $8.0 million for the same year-ago quarter. Earnings per share increased 109 percent to $0.23 per diluted share compared with $0.11 per diluted share for the same year-ago quarter.
Steve Goldman, CEO of Power-One, stated, “Our outstanding results for the quarter and year clearly demonstrate that we are successfully executing our strategic plan. During 2000, we continued to effectively capitalize on the opportunity in the communications infrastructure applications market for power conversion products and experienced strong growth across all of our business divisions."