Power-One Inc. (Camarillo, CA) announced that net sales for the fourth fiscal quarter ended December 31, 2004, increased 7% to $71.9 million compared with $67 million for the fourth quarter of 2003. For the fiscal year ended December 31, 2004, net sales were $280.3 million, an improvement of nearly $24 million, or 9%, over net sales of $256.3 million in 2003.
Net loss for the fourth fiscal quarter ended December 31, 2004, was $9.1 million, or $0.11 per share, compared with a net loss of $10.4 million, or $0.12 per share, for the same quarter in 2003. The net loss during the fourth quarter of 2003 included certain asset impairment and restructuring charges of $8.9 million, or approximately $0.11 per share, partially offset by the favorable resolution of a tax contingency of $2.3 million, or approximately $0.03 per share. For the 2004 fiscal year, net loss was $21.2 million, or $0.25 per share, compared with a net loss of $18.2 million, or $0.22 per share, in the 2003 fiscal year.
Power-One Chief Executive Officer Steve Goldman stated, "In addition to realigning our traditional businesses to quicken the pace to profitability, our new products also play a key component in our long-term strategy. I am pleased to announce that design activity for our new Z-One digital power management architecture is strengthening, as we now have over 10 active design wins proceeding throughout the world. Some of the applications for these design wins include wireless platforms, networking, telecom, semiconductor automatic test equipment and commercial aviation. We also expanded the Z-One product portfolio to include 7 A and 20 A point-of-load converters and 8 node and 32 node digital power managers. This expansion provides a cost-effective, digital, edge-to-edge solution for almost any board-level power challenge."
