Power-One Posts Strong First Quarter 2010 Results
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 first quarter 2010. Power-One recorded net sales of $152 million for the first quarter ended April 4, 2010, an increase of 56% from the first quarter 2009. Net income attributable to common stockholders for the first quarter was $3.8 million, or $0.04 per diluted share, compared to a net loss of $61 million, or $0.70 per share for the same period last year.
Renewable energy products again recorded strong sequential revenue gains in the first quarter 2010, with positive demand trends continuing in 2010. The company’s renewable energy products posted a record $82 million in revenue for the first quarter 2010, equating to a year-over-year increase of 556% from $13 million in the first quarter 2009. For the first time, renewable energy products contributed the majority of the company’s revenue, at 54% of total sales in the quarter, versus 13% in the first quarter of 2009. Power-One’s power products generated revenue of $70 million in the first quarter 2010 versus $85 million in the same period of 2009, with the majority of the decline due to component shortages experienced in the industry. Total 90-day backlog showed extraordinary growth, as Power-One posted $205 million in 90-day backlog. The renewable energy products 90-day backlog rose to $142 million, while the power products backlog grew to $63 million.
Power-One expanded gross margin for the fourth consecutive quarter, improving to 30% in the first quarter of 2010, compared with 14% for the same period last year. Volume increases, a favorable product mix, improved processes and supply chain management contributed to the expansion. Gross margin was negatively affected by approximately $1.6 million in charges related to the closure of the Dominican Republic facility. Operating income for the first quarter 2010 was $21.1 million, or 14% of revenue, and was impacted by $2.6 million in total charges related to the closure of the Dominican Republic facility, slated to be completed by the end of the second quarter 2010. Net income included a $5.7 million dollar loss from the repurchase of $4.5 million in face value of Power-One’s 8% Senior Secured Convertible Notes due 2013.
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