Power-One’s Revenues Up 42.5% From Last Year
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Power-One Inc. in Camarillo announced record revenues and earnings for the third quarter, which ended Sept. 30.
Total revenues for the three months increased 42.5%, to $24.5 million, compared with $17.2 million for the third quarter of last year. Earnings jumped to $2.1 million, or 18 cents per share, compared with $200,000, or 2 cents per share, for the comparable period in 1996.
“We are pleased to have delivered record revenues in our first earnings report since the [initial public stock offering],” said Steve Goldman, Power-One chief executive officer.
Goldman said the third quarter saw gains in almost every area, but added that Power-One views the future conservatively because “as an upstream manufacturer, we remain subject to our customers’ business cycles.”
Since concluding the third quarter, Power-One completed an $80.5 million initial public offering. The proceeds of the offering will be used to support the company’s growth strategy and fund capital expenditures.
Power-One designs and manufactures power supplies for electronic equipment manufacturers in the United States.
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