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Thursday, Mar 28, 2024

Consolidation cuts into Power-One Profits

The closure of domestic and overseas plants contributed to a net loss for Power-One Inc. in the third quarter. The Camarillo-based designer and manufacturer of power conversion products shut down its facilities in Dallas and Hungary. Cuts were also made in higher-cost functions in California and Ireland. The company reported a net loss of $6.5 million, or a loss of $0.07 per diluted share, on revenues of $131.5 million for the quarter ending Sept. 30. A net income of $1.3 million, or $0.01 per diluted share, on revenues of $78.7 million was reported for the same period in 2006. Power-One attributed revenue growth for the quarter to its acquisition of the power electronics group from Magnetek, a manufacturer of digital power and motion control systems formerly based in the San Fernando Valley. The company also had high hopes for its new alternative energy line and its new line of modular solar power inverters expected to grow in market share. Power-One shares closed at $5.17 on the Nasdaq.

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