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Investor Relations for Power-One
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POWER-ONE ANNOUNCES FOURTH QUARTER 2012 RESULTS
· Quarterly revenue of $192 million
· 628 megawatts of inverters shipped in the quarter and 3.6 gigawatts, up 23% for the full year
· Reports fourth quarter net loss per share of $0.14, includes a $0.04 net loss on FX remeasurement
· Began commercially shipping new ULTRA product in Europe
Camarillo, CA, January 31, 2013 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 of 2012 ended December 30, 2012. Power-One recorded net sales of $192 million with Renewable Energy Solutions contributing $123 million and Power Solutions posting $68 million. Net loss attributable to common stockholders for the fourth quarter was $17 million, or $0.14 per share. This includes a loss, net of tax, of $0.04 per share on foreign currency remeasurement as a result of the recent strengthening Euro versus the U.S. dollar late in the fourth quarter.
In the fourth quarter of 2012, Power-One shipped 628 megawatts of inverters, lower than we initially expected and due to weakness in Germany and Italy, said Richard Thompson, Chief Executive Officer of Power-One, Despite the difficult current market conditions, our new products continued to be well received in the marketplace as our TRIO family of string inverters posted record sales for the year and our liquid-cooled ULTRA series of central inverters began shipping commercially in Europe in the fourth quarter and is expected to ship in the U.S. in the first quarter.
The worldwide PV market is expected grow by approximately 7% in 2013, largely driven by growth in North America and Asia-Pacific, Mr. Thompson continued. We will benefit from this growth through our investment in these key markets and the introduction of industry-leading new product offerings.
Renewable Energy Solutions
In the fourth quarter of 2012, Renewable Energy Solutions generated sales of $123 million and an operating loss of $8.5 million. The operating loss was primarily due to lower gross margins resulting from the revenue shortfall, new product ramp-up costs, lower pricing and inventory charges. In the quarter, Power-One shipped 628 megawatts of inverters, bringing the 2012 total to 3.6 gigawatts, an increase of 23% over 2011.
The following information was filed by Power One Inc on Thursday, January 31, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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