Power-One Announces Record Fourth Quarter And Fiscal Year 2010 Results

• Revenue exceeds $1 billion in 2010
• Quarterly revenue grows 157% year-over-year to $366 million
• Operating income reaches $265 million in 2010
• 2010 diluted EPS of $0.96 includes $0.14 charge from SynQor litigation

CAMARILLO, Calif., Feb. 3, 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 fourth quarter and fiscal year 2010. For the quarter ended January 2, 2011, Power-One posted net sales of $366 million, an increase of 157% from the fourth quarter 2009. Net income attributable to common stockholders for the fourth quarter was $54 million, or $0.35 per diluted share, compared to $5 million, or $0.05 per share for the same period last year. Net income was negatively impacted by a $22 million charge as a result of the SynQor litigation, which lowered diluted EPS by $0.14.

For the full year, Power-One achieved net sales of $1.05 billion, an increase of 143% compared to 2009. Net income attributable to common stockholders was $144 million, or $0.96 per diluted share, compared to a loss of $65 million, or a $0.74 loss per share for the prior year.

"We gained market share and achieved record sales and net income in 2010, as both Renewable Energy Solutions and Power Solutions posted positive operating income in the fourth quarter," said Richard Thompson, Chief Executive Officer of Power-One. "With our focus on technology-leading products and customer service, Power-One is positioned for continued revenue and profitability growth in 2011."

Renewable Energy Solutions

Renewable Energy Solutions posted a revenue increase of 285% versus last year as it continued to grow at a faster pace than the photovoltaic (PV) inverter market. In the quarter, Power-One introduced its U.S. inverter product line and opened its manufacturing and research and design center in Phoenix, Arizona.