Power-One Inc. Announces Financial Results for the Second Quarter
Power-One Inc. (Camarillo, CA) announced that total revenues for the second quarter ending July 2, 2000, increased 120 percent to $113.8 million, compared to $51.7 million for the same quarter in 1999. Results for 2000 also include Powec AS (Norway) for May and June.Cash earnings per share, or earnings before amortization of intangibles expense and acquisition related charges, net of income taxes, for the second quarter of 2000 increased 280 percent to $0.38 per diluted share, compared to $0.10 per diluted share for the comparable quarter in 1999. Net income for the second quarter increased 469 percent to $10.6 million, or $0.28 per diluted share, compared with $1.9 million, or $0.06 per diluted share for the same quarter in 1999. Total revenues for the six months ending July 2, 2000 increased 111 percent to $190.9 million, compared to $90.6 million for the same period in 1999. Cash earnings per share for the six months ending July 2, 2000 increased 294 percent to $0.63 per diluted share, compared to $0.16 per diluted share for the comparable period in 1999. Net income was $9.1 million, or $0.24 per diluted share, for the six months ended July 2, 2000, compared to a net loss of $1.6 million, or $0.06 per diluted share, for the same period in 1999, which included $4.3 million or $0.15 per diluted share of acquisition related charges.
