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Saturday, Mar 2, 2024

Power Products Firm Cutting Staff

Power-One Inc. will cut its workforce by 1,000 employees due to uncertainty in demand for its power conversion and management product supplies. The Camarillo-based company expects to pay about $1.3 million in severance costs and will recoup that amount in about three months through savings by not paying salaries and benefits. For the fourth quarter ending in December, Power-One reported net income of $1.7 million, or $0.02 per diluted share, on revenues of $130.4 million. That is a marked improvement from the net loss of $6.5 million, or $0.07 per diluted share, on revenues of $132.3 million for the same period in 2007. For the full year, however, the company had a net loss of $17.5 million, or $0.20 per diluted share, on revenues of $537.5 million. For the 2007 fiscal year, Power-One had a net loss of $36.4 million, or $0.42 per diluted share, on revenues of $511.6 million. Due to market uncertainty, Power-One will not issue guidance for the first quarter or full year. Shares in Power-One closed up at $1.07.

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