Exhibit 99.1

(POWER ONE LOGO)

Contacts:

     
Ed Schnopp
  Kristyn Hutzell
Senior Vice President, Treasurer and CFO
  The McBride Group
(805) 987-8741
  Investor Relations
  (925) 946-9432

FOR IMMEDIATE RELEASE

February 3, 2005

POWER-ONE ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND
FISCAL YEAR ENDED DECEMBER 31, 2004

•   Q4’04 net sales of $71.9 million, up 7% vs. Q4’03 net sales of $67.0 million

•   FY 2004 net sales of $280.3 million, up 9% vs. FY 2003 net sales of $256.3 million

•   Q4’04 net loss of $0.11 per share vs. Q4’03 net loss of $0.12 per share

•   2004 net loss of $0.25 per share vs 2003 net loss of $0.22

•   Q1’05 restructuring charge of approximately $20-$25 million expected for realignment of telecom power systems business, other cost reductions and impairment charges. Expected cost savings of approximately $25 million annually

•   maXyz™ Z-One Digital IBA™ architecture design activity accelerates

     Camarillo, CA, February 3, 2005 — Power-One, Inc. (NASDAQ: PWER) today announced that net sales for the fourth fiscal quarter ended December 31, 2004 increased 7% to $71.9 million compared with $67.0 million for the fourth quarter of 2003. For the fiscal year ended December 31, 2004, net sales were $280.3 million, an improvement of nearly $24 million, or 9%, over net sales of $256.3 million in 2003.

     Net loss for the fourth fiscal quarter ended December 31, 2004 was $9.1 million, or $0.11 per share, compared with a net loss of $10.4 million, or $0.12 per share, for the same quarter in 2003. The net loss during the fourth quarter of 2003 included certain asset impairment and restructuring charges of $8.9 million, or approximately $0.11 per share, partially offset by the favorable resolution of a tax contingency of $2.3 million, or approximately $0.03 per share.

     For the 2004 fiscal year, net loss was $21.2 million, or $0.25 per share, compared with a net loss of $18.2 million, or $0.22 per share, in the 2003 fiscal year. The 2003 fiscal year included the aforementioned asset impairment, restructuring charge and tax benefit.

     Net new orders in the fourth quarter of 2004 were $63.4 million, an 8% increase compared with $58.7 million in the third quarter of 2004, and down compared with $71.4 million in the fourth quarter of 2003. The book-to-bill ratio was 0.88 for the fourth quarter of 2004, compared with 0.87 for the third quarter of 2004. The Company’s 180-day backlog at the end of the fourth quarter was $38.0 million, a 9% decrease compared with $41.8 million at the end of the third quarter of 2004; 90-day backlog was $33.9 million, a decrease of 7% compared with $36.5 million at the end of the third quarter. Overall turns business was

 


The following information was filed by Power One Inc on Thursday, February 3, 2005 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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