Exhibit 99.1

 

Contacts:

 

 

Linda Heller

 

Kristyn Moll

Senior Vice President, Finance and CFO

 

Avalon Investor Relations

(805) 987-8741

 

(512) 514-6046

 

POWER-ONE ANNOUNCES FOURTH QUARTER AND YEAR-END 2008 RESULTS

 

Achieves Results within Guidance and Net Income of $0.02 per Share

 

Camarillo, CA, February 5, 2009

— Power-One, Inc. (NASDAQ: PWER) (the “Company”), a leading provider of power conversion and power management solutions, today announced that for the fourth quarter ended December 28, 2008, net sales were $130.4 million, a decrease of 1.5% from $132.3 million in the fourth quarter of 2007.  Net income was $0.02 per share, which included a gain of $3.9 million, or $0.04 per share, from the repurchase of $10 million of outstanding convertible debt during the quarter, compared to a net loss of $0.07 per share for the same period last year.  For full-year 2008, sales increased by 5.1% to $537.5 million, and net loss was $17.5 million or $0.20 per share compared with sales of $511.6 million and net loss of $36.4 million, or $0.42 per share for full-year 2007.

 

Revenue for the quarter was negatively affected by the difficult market environment and approximately $4.8 million related to the appreciation of the U.S. dollar against European currencies. Bookings of $104.6 million in the fourth quarter of 2008 decreased 15% from bookings of $122.7 million in the fourth quarter of 2007.  The Company ended the fourth quarter of 2008 with approximately $69 million in 90-day backlog, compared to  approximately $76 million for the same period last year.

 

Gross margin improved to 22.0% in the fourth quarter of 2008 compared with 21.1% in the fourth quarter of 2007, as a result of continued efforts to improve operating efficiencies.  Operating expenses decreased to 21.7% of net sales compared with  23.3% of net sales for the fourth quarter of 2007.

 

The Company continues to implement aggressive cost reduction actions in response to ongoing demand uncertainty.  As a result, the Company will reduce its global headcount by approximately 1,000, or 22% of the workforce, and will incur charges of approximately $1.3 million related to severance.  The Company expects to recoup the cash severance payments from related salary and benefits savings within three months of being incurred and will realize the substantial majority of the run rate benefit in the second quarter of 2009.

 

1


The following information was filed by Power One Inc on Thursday, February 5, 2009 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.

View differences made from one year to another to evaluate Power One Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Power One Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account