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Friday, Mar 29, 2024

3Q Income Drops for Power-One

Net income dropped in the third quarter for power conversion products designer and manufacturer Power-One. The Camarillo-based firm had a net income of $1.2 million, or $0.01 per diluted shares, on revenues of $78.7 million for the quarter ending Sept. 30. For the previous year’s third quarter the company had income of $1.5 million, or $0.02 per diluted share, on revenues of $67.2 million. The company credited orders from new customers for why revenues exceeded the high-end of its guidance. Power-One CEO Bill Yeates in a statement said the third quarter results show the company is on track with its plan for continued growth. “With a revenue expectation of well over a half-billion for 2007, and numerous sales and cost synergy expectations and opportunities, we believe that Power-One will become an even more formidable and profitable competitor,” Yeates said. In September, the company signed an agreement to purchase the power electronics group from Magnetek, Inc. for $71.7 million and the assumption of $16.7 million in debt. The power electronics group sells power supplies and alternative energy products. It has operations in Italy, Hungary, China and the United States with approximately 500,000 square feet of manufacturing space and 1,200 employees. Chatsworth-based Magnetek is a leading supplier of digital motion-control systems and power conditioner and inverters. Power-One expects a timeline of 12 to 18 months to integrate fully the company, Yeates said.

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