Exhibit 99.1

 

 

Contacts:

 

 

 

 

 

Paul Ross

 

Kristyn Hutzell

Vice President—Finance, Treasurer and CFO

 

The McBride Group

(805) 987-8741

 

Investor Relations

 

 

(925) 946-9432

 

FOR IMMEDIATE RELEASE

 

February 6, 2006

 

POWER-ONE ANNOUNCES RESULTS FOR THE FOURTH QUARTER OF 2005, OPTIMISTIC OUTLOOK FOR 2006, AND EXECUTIVE PROMOTIONS

 

                  10% to 15% increase in net sales forecasted for 2006 over 2005

                  Net earnings of $0.04 per diluted share on revenue of $64.3 million

                  Increased design-wins in Q4 2005 for Z-One™ Digital Power, including Top 10 customers and new No-bus™ wins

                  Executive management changes include separation of Chairman and CEO roles; signifying restructuring success and increased focus on top-line growth

 

Camarillo, CA, February 6, 2006

— Power-One, Inc. (NASDAQ: PWER) today announced that for the quarter ended December 31, 2005,  net sales were $64.3 million and net income was $3.4 million, or $0.04 per diluted share, including a gain on the sale of certain Company assets of $0.03 per diluted share and $0.01 per share of income due to foreign exchange.  While meeting the net income goal for the quarter, revenue came in under forecast primarily due to customer forecast shortfalls in the Company’s power systems business.   The Company believes that the realignment of its cost structure has solidly positioned it for future sales and earnings growth.

 

For the fiscal year ended December 31, 2005, net sales were $261.6 million with a net loss of $0.45 per share, compared with net sales of $280.3 million and a net loss of $0.25 per share during fiscal 2004.  The focus on restructuring operations and realignment of the cost structure during the first half of 2005 contributed substantially to the Company’s profitability in the second half of 2005.

 

For fiscal year 2006, the Company expects revenue growth in the low double-digits levels, which includes a revenue ramp-up projected to follow from significant design wins secured during 2005.  The success of 2005’s design wins, new opportunities supporting storage/server customers, growth in the power systems market and the adoption of Z-One™ digital power management products should all contribute to the Company’s significant growth opportunities.

 

“We are excited about our prospects for sales growth and profitability in 2006.   With our restructuring behind us, we have turned our focus on expanding sales relationships with new and existing customers,” said Steve Goldman, Chairman of Power-One.  “With the accelerating revenue anticipated from new customers this year, we expect to exit fiscal 2006 with at least two new top-five customers

 


The following information was filed by Power One Inc on Monday, February 6, 2006 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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