Investors

Power-One, Inc. Issues Notices of Redemption of Convertible Notes & Conversion of Preferred Stock

Silver Lake Sumeru, the Sole Holder of the Notes Intends to Convert the Notes

Camarillo, CA – October 27, 2011 – On October 25, 2011, Power-One, Inc. (Nasdaq: PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, issued a notice of redemption to the registered holders of its 6.0%/8.0%/10.0% Convertible Senior Notes due May 8, 2019 (the "Notes"), calling for the redemption of all outstanding Notes on November 23, 2011.  The indenture governing the Notes provides that they will be redeemed at a price of 100% of the principal amount of the Notes, and that the holders of the Notes may convert them into shares of the Company’s common stock or into shares of non-voting Series C Junior Participating Convertible Preferred Stock (the “Junior Preferred Stock”) in lieu of the cash redemption price.  Silver Lake Sumeru (“Sumeru”), the holder of the Notes, has advised Power-One that it intends to convert them after the November 8, 2011 interest payment date into 36,375 shares of the Junior Preferred Stock which will be convertible into 26,944,444 shares of common stock.

Power-One also issued a notice of automatic conversion to Sumeru, the registered holder of its outstanding Series A Convertible Preferred Stock (the “Series A Preferred Stock”).  Pursuant to the terms of the certificate of designation governing the Series A Preferred Stock, all Series A Preferred Stock outstanding on November 8, 2011 will be converted into the Company’s common stock, representing 17,500,000 shares of the Company’s common stock on the conversion date.

Under terms of the Junior Preferred Stock, Sumeru is prohibited, subject to certain limited exceptions, from converting the shares of Junior Preferred Stock into common stock if such conversion would result in Sumeru owning more than 19.9% of the outstanding common stock.  

By calling the securities for redemption, Power-One will save $6 million per year in interest and dividend payments.  Sumeru has not requested a shelf registration at this time.

“Power-One’s ability to call the Silver Lake Sumeru Notes and Series A Preferred Stock highlights the transition of the company from a restructuring mode when we took the investment in 2009 to an industry leading company generating strong cash flow,” said Richard Thompson, Chief Executive Officer of Power-One.  “We look forward to the continued involvement of Sumeru as members of our Board of Directors and shareholders of the Company.”

This press release does not constitute a notice of redemption under the indenture covering the Notes, nor does it constitute a notice of automatic conversion under the certificate of designation governing the Series A Convertible Preferred Stock and is qualified in its entirety by reference to the notice of redemption issued by the Company and the notice of automatic conversion.

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world’s second largest designer and manufacturer of photovoltaic inverters.  Its renewable energy products enable the industry’s highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes.  Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems.  The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

About Silver Lake Sumeru

Silver Lake Sumeru is the middle market strategy of Silver Lake, the world's largest private investment firm focused on technology and technology-enabled industries. The Silver Lake Sumeru team applies fundamental operating insight, deep technology sector expertise, and world-class investing skills to acquire and manage sector-leading middle market technology companies such as AVI-SPL, Mobile Messenger, Power-One, and Spansion. Silver Lake also has the leading market position in large cap technology investments. Silver Lake's portfolio includes or has included technology industry leaders such as Ameritrade, Avago, Avaya, Business Objects, Flextronics, Gartner, GersonLehrman Group, Instinet, Intelsat, IPC Systems, MCI, the NASDAQ OMX Group, NetScout, NXP, Sabre, Seagate Technology, Serena Software, Skype, SunGard Data Systems, Thomson and UGS. For more information, please visit www.silverlake.com.

Power-One Announces Third Quarter 2011 Results

  • Quarterly revenue reaches $245 million; Shipped 740 MW of inverters
  • Posts third quarter operating income of $34 million; GAAP Net Income of $41 million
  • Increases global market share and expands in new markets

Camarillo, CA, October 27, 2011 – Power-One, Inc. (NASDAQ: PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the third quarter 2011.  For the quarter ended October 2, 2011, Power-One recorded net sales of $245 million, with Renewable Energy Solutions contributing $174 million and Power Solutions posting $71 million.  Net income attributable to common stockholders for the third quarter was $40.6 million, or $0.27 per diluted share.  Included in third quarter results was income of $16.9 million, or $0.11 per diluted share, related to the release of cumulative translation adjustments upon the liquidation of a foreign subsidiary.

“Power-One gained significant customer wins in the third quarter, as we expanded revenue in high growth solar markets, such as India and other regions in Asia ,” said Richard Thompson, Chief Executive Officer of Power-One. “Despite difficult global macroeconomic conditions that impacted both SBUs, we generated $59 million of operating cash flow and ended the quarter with $183 million of cash and cash equivalents”

Renewable Energy Solutions

In the third quarter of 2011, Renewable Energy Solutions increased penetration of Asia-Pacific, particularly with sales to India.  Inverter and related products generated sales of $174 million for the third quarter 2011. During the quarter, Power-One shipped 740 MW of inverters, bringing the 2011 year-to-date total to 2.1 gigawatts, versus 1.7 gigawatts during the same period in 2010. 

Power Solutions

Power Solutions recorded sales of $71 million in the third quarter 2011.  In the quarter, revenue was negatively impacted by slower demand in the Network Power Systems and Servers, Storage and Networking markets.  During the third quarter, Power Solutions’ posted its fourth consecutive quarter of operating profit.  This was driven by improved operating efficiencies.

Business Outlook

Global macroeconomic uncertainty continues to influence end market demand in both SBUs.   For the fourth quarter of 2011, Power-One forecasts revenue of $220 million to $250 million.   

Earnings Conference Call

Power-One will discuss its 2011 third quarter results today at 2:00 p.m. Pacific Time.  The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID # 18232823, or over the Internet through the Power-One investor relations Web site at http://investor.power-one.com.   To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software.  For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One’s web site at http://investor.power-one.com throughout the current quarter. 

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world’s second largest designer and manufacturer of photovoltaic inverters.  Its renewable energy products enable the industry’s highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes.  Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems.  The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

Safe Harbor Statement

Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company’s control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company’s ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations;  the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company's equity securities; the results of pending legal proceedings; the Company’s ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company’s ability to increase working capital.  Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described  in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which  are also available through the Company's Website at www.power-one.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.

Power-One Launches New Products at Solar Power International

SOLAR POWER INTERNATIONAL, DALLAS, TX – October 18, 2011 – Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced that the company will present new products from its AURORA® range at Solar Power International.

At Solar Power International, Power-One will present the new category AURORA Vision consisting of monitoring and control products, services and solutions.  

In addition, Power-One will also launch the new AURORA MICRO-0.3 micro-inverter as well as its DC/DC power optimizer and the AURORA ULTRA-1400, the largest inverter currently available with an output of up to 1.4 MW.

“The new offerings expand our broad array of products and services for the solar market,” said Dr. Alex Levran, President of Renewable Energy Solutions at Power-One. “We are excited to present not only several new inverters which combine high innovation content and key features, but also to introduce the AURORA Vision offering which provides greater system control and yield for our customers.”

AURORA Vision

With the new category AURORA Vision, Power-One helps its customers to maximize the return of investment of renewable energy projects through better understanding and communication between the user and the installation.

The new AURORA Vision has three key offerings: software, hardware and accessories. To maximize system energy output while minimizing costs, the software includes a full range of system fault management, diagnostics, asset tracking, performance index and alerting services as well as revenue information. The hardware section of AURORA Vision offers equipment designed to capture data and environmental information to allow the transfer between inverter, installation and owner. Accessories such as the desktop monitoring system and the EVO Easy control, which help to monitor the performance of connected inverters over the internet, complete the AURORA Vision portfolio.

MICRO-0.3

The MICRO-0.3 is a real alternative to the traditional string inverters Power-One is well-known for and offers customers attractive benefits. The device minimizes efficiency losses in challenging conditions, because every module benefits from a separate MPPT creating the optimum power curve for individual panel conditions. Moreover, the micro-inverter allows for controlling every module individually, ease of plant expansion without the hassle of string re-sizing or panel matching and offers efficiency ratings of up to 95.5 percent.

AURORA ULTRA-1400

The new ULTRA-1400 is the largest solar power inverter currently in the Power-One AURORA product range. Designed for large utility-grade installations this liquid-cooled, high-powered inverter offers maximum power for a minimum footprint. The new concept also features an IP65 enclosure, low maintenance and operational costs. Industry-leading power conversion efficiencies of up to 98.7 percent, combined with up to four high-speed MPPT channels, optimize energy harvesting across a wide array of operating conditions. This very large inverter system significantly reduces the wiring requirements and on-site testing thanks to separated and dedicated compartments for DC and AC.

To learn more about Power-One's AURORA inverter products, please visit
www.power-one.com/renewable-energy.  

About Power-One

Power-One is the world’s second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry’s highest yielding conversion of power from both solar arrays and wind farms for use by utilities and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including renewable energy, data storage and networking, industrial and network power systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.Power-One.com.

Contacts:

For Press Inquiries please contact

Cate Powers, Edelman

Tel.: (323) 251-0387, Email: Cate.Powers@Edelman.com

For Investor Relations please contact

Kevin Trosian, Vice President, Finance and Investor Relations

Tel.: +1 (805) 383 5888, Email: Investor.Relations@Power-One.com

 

Power-One, Inc. Appoints Dave Wojciechowski as Vice President of Renewable Energy Sales, North America

Camarillo, CA – October 17, 2011 – Power-One, Inc. (Nasdaq: PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announces the appointment of Dave Wojciechowski as Vice President of Renewable Energy Sales for North America.  Dave joins Power-One with considerable experience with photovoltaic inverters, having led North American and global sales teams and driven market development.

Most recently, he held the position of Senior Director of Sales at SMA Solar Technology America.  Prior to his tenure at SMA, Dave was the Director of Global Sales at Emcore and held senior engineering positions at a variety of companies, including IBM.  Dave holds an MBA from Columbia Business School and a dual BS in Chemical Engineering from Clarkson University and BA in Chemistry from  S.U.N.Y. at Potsdam.

Dr. Alex Levran, President of Renewable Energy Solutions at Power-One, said, "We are excited to have Dave join Power-One, as he brings a wealth of experience and a variety of comprehensive sales strategies to our team. His knowledge of the U.S. and Canadian solar markets and key players will help drive our already strong growth in this market, which we entered in late 2010.”

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world’s second largest designer and manufacturer of photovoltaic inverters.  Its renewable energy products enable the industry’s highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes.  Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems.  The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

Power-One Announces Second Quarter 2011 Results

  • Quarterly revenue grows 21 percent year-over-year to $260 million
  • Second quarter diluted EPS reaches $0.21 on operating income of $53 million
  • Customer wins and share gains in the United States, China and India spur renewable energy sales

CAMARILLO, Calif., July 28, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the second quarter 2011. For the quarter ended July 3, 2011, Power-One recorded net sales of $260 million, an increase of 21 percent from the second quarter 2010. Net income attributable to common stockholders for the second quarter was $31 million, or $0.21 per diluted share, compared to $24 million, or $0.17 per share for the same period last year.

"Power-One has made significant progress expanding into the fast growing solar markets in the United States, China and India, resulting in important customer wins and increased market share," said Richard Thompson, Chief Executive Officer of Power-One. "Power-One continued to perform well in an uncertain marketplace, highlighting the strength of our products and global business model."

"For the second half of 2011, we anticipate the solar market will begin to gain momentum in Europe and be bolstered by gains in new geographies, while the Power Solutions business continues to show improvements," continued Mr. Thompson.

Renewable Energy Solutions

During the second quarter of 2011, Renewable Energy Solutions posted a 27 percent revenue increase versus the same period last year, as Power-One showed continued momentum in the photovoltaic (PV) inverter market. The Company gained new customers in the United States, China and India which contributed to the increase in Renewable Energy revenue in North American and Asia Pacific, as these regions increased from 4% of total revenue last quarter to 18% in the second quarter of 2011. 

Inverter and related products generated sales of $180 million for the second quarter 2011. During the quarter, Power-One shipped 718 MW of inverters, bringing the 2011 year-to-date total to 1.3 gigawatts, versus 800 megawatts during the same period in 2010.

Power Solutions

Power Solutions increased sales by 11 percent year-over-year, with revenue of $80 million in the second quarter 2011 versus $72 million in the same period of 2010.  During the second quarter, Power Solutions' profitable performance was driven by continued operating efficiencies, including better absorption and reduced delinquencies. The unit continues to focus on reducing operating expenses and will continue to develop and implement plans to achieve its objectives.

Business Outlook

Power-One continues to expand its reach into new customers and geographies. For the third quarter of 2011, Power-One forecasts revenue of $265 million to $280 million, indicating increasing revenue versus the second quarter of 2011. Third quarter revenue is expected to be positively impacted by increased Renewable Energy sales to regions such as North America and Asia, as well as a stabilizing to improving market in the European region. For the year, Power-One anticipates generating revenue between $1.05 billion and $1.15 billion.

Earnings Conference Call

Power-One will discuss its 2011 second quarter results today at 2:00 p.m. Pacific Time. The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID #82102371, or over the Internet through the Power-One investor relations Web site at http://investor.power-one.com. To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One's web site at http://investor.power-one.com throughout the current quarter. 

About Power-One

Power-One is a leading provider of renewable energy and energy-efficient power conversion and power management solutions and is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from solar arrays for use by utilities, commercial enterprises and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including Renewable Energy, Servers Storage & Networking, Industrial and Network Power Systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338

Safe Harbor Statement

Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company's control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company's ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations;  the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company's equity securities; the results of pending legal proceedings; the Company's ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company's ability to increase working capital. Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company's Website at http://www.power-one.com/ or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov/. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.

 

POWER-ONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(UNAUDITED)
         
         
         
  Three Months Ended Six Months Ended
  July 3, July 4, July 3, July 4,
  2011 2010 2011 2010
         
RENEWABLE ENERGY SALES  $ 180,026  $ 142,276  $ 331,655  $ 224,366
POWER SALES  80,278  72,273  173,192  142,560
TOTAL SALES  260,304  214,549  504,847  366,926
COST OF GOODS SOLD  172,926  135,142  333,211  241,791
GROSS PROFIT   87,378  79,407  171,636  125,135
         
GENERAL AND ADMINISTRATIVE        
Selling, general and administrative  20,895  18,225  41,980  33,199
Research and development  12,086  8,568  23,382  16,946
Litigation Charges  638  --   873  -- 
Amortization of intangibles  468  356  910  733
Restructuring costs and asset impairment  --   2,923  --   3,852
Total expenses  34,087  30,072  67,145  54,730
         
INCOME FROM OPERATIONS  53,291  49,335  104,491  70,405
         
INTEREST AND OTHER INCOME (EXPENSE):        
Interest income  709  26  1,192  26
Interest expense  (1,631)  (2,016)  (3,018)  (4,035)
Other income (expense), net  (4,496)  722  (6,709)  (4,136)
Total interest and other income (expense)  (5,418)  (1,268)  (8,535)  (8,145)
         
INCOME BEFORE INCOME TAXES  47,873  48,067  95,956  62,260
         
PROVISION FOR INCOME TAXES  16,601  23,258  34,052  32,958
EQUITY IN EARNINGS FROM JOINT VENTURE  413  353  595  461
NET INCOME   $ 31,685  $ 25,162  $ 62,499  $ 29,763
         
PREFERRED STOCK DIVIDEND AND ACCRETION  870  855  1,736  1,706
         
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS  $ 30,815  $ 24,307  $ 60,763  $ 28,057
         
BASIC INCOME PER SHARE  $ 0.26  $ 0.23  $ 0.51  $ 0.28
DILUTED INCOME PER SHARE  $ 0.21  $ 0.17  $ 0.41  $ 0.21
         
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING  103,636  88,453  103,713  88,377
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING  140,283  142,278  140,602  140,955
 
 
POWER-ONE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(UNAUDITED)
     
     
     
  July 3, January 2,
  2011 2011
     
ASSETS    
     
CURRENT ASSETS:    
Cash and cash equivalents  $ 142,715  $ 227,907
Accounts receivable:    
Trade (net of allowance)  238,420  262,546
Other  6,061  7,980
Inventories  177,345  152,286
Prepaid expenses and other current assets  21,829  21,671
     
 Total current assets  586,370  672,390
     
PROPERTY AND EQUIPMENT, net  79,729  63,325
INTANGIBLE ASSETS, net  18,816  18,802
OTHER ASSETS  8,494  7,295
     
TOTAL ASSETS  $ 693,409  $ 761,812
     
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY    
     
CURRENT LIABILITIES:    
Accounts payable  $ 143,856  $ 213,096
Long-term debt, current portion  --   103
Income Tax Payable  6,340  103,739
Other accrued expenses and current liabilities  63,537  67,888
     
Total current liabilities  213,733  384,826
     
LONG-TERM DEBT, less current portion  35,986  35,911
OTHER LONG-TERM LIABILITIES  53,327  39,445
     
REDEEMABLE CONVERTIBLE PREFERRED STOCK  20,153  19,597
     
STOCKHOLDERS' EQUITY:    
Common stock  104  104
Additional paid-in capital  627,951  629,687
Accumulated other comprehensive income  68,834  41,420
Accumulated deficit  (326,679)  (389,178)
     
Total stockholders' equity  370,210  282,033
     
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY  $ 693,409  $ 761,812

 

CONTACT: Investor Contact:

         Power-One, Inc.

         Kevin Trosian

         Vice President, Finance & Investor Relations

         Investor.Relations@Power-One.com

         (805) 383-5888

Power-One Sets Date for Second Quarter 2011 Earnings Release

Power-One Invites Public to Listen to Conference Call on the Web

CAMARILLO, Calif., July 7, 2011 (GLOBE NEWSWIRE) -- In conjunction with Power-One, Inc.'s (Nasdaq:PWER) 2011 second quarter financial results announcement, members of the public are invited to listen to the company's live quarterly conference call on the internet on Thursday, July 28, 2011 at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. The purpose of the conference call is to discuss the company's 2011 second quarter financial results. The conference call will feature Richard Thompson, Chief Executive Officer and Gary Larsen, Chief Financial Officer.

Financial results will be released over the newswires after the market closes on Thursday, July 28, 2011. The press release will also be posted on Power-One's corporate web site. Investors who would like to listen to the live conference call may go to the investor relations section at http://investor.power-one.com/events.cfm. An online re-broadcast of the call will also be available on the site.

Power-One's Second Quarter 2011 Conference Call Info
Date: Thursday, July 28, 2011
Time:  2:00 PM Pacific Time / 5:00 PM Eastern Time; 
Access Available on the web at www.power-one.com

About Power-One

Power-One is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from both solar arrays and wind farms for use by utilities and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including renewable energy, data storage and networking, industrial and network power systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information about the Company, please visit www.power-one.com.

The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338

CONTACT: Kevin Trosian
Vice President, Finance & Investor Relations
Tel.: +1 (805) 383-5888
Email: Investor.Relations@Power-One.com

Power-One Inverters Chosen to Power WindTronics

Power-One Helps Bring Wind Power to the Mainstream

CAMARILLO, Calif., June 27, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion solutions, today announced that the Company's Aurora PVI-3.0-OUTD-W 3kW inverter has been selected by WindTronics for use with the Honeywell Wind Turbine for on-grid installations. WindTronics is spreading the availability of wind power for home and business owners with its wind turbine, which is now available through a global distribution network. 

"After evaluating several major inverter firms, we chose to work with Power-One to develop an optimized inverter to offer with the Honeywell Wind Turbine.   Power-One's proven input technology supports our value proposition to generate power at low wind speeds, increasing the harvested energy for residences and businesses," said Reg Adams, President of WindTronics.

The Honeywell Wind Turbine, often referred to as a wind generator for its size, weight, shrouded/enclosure and quiet characteristics, features the innovative Blade Tip Power System™ BTPS that utilizes a system of magnets and stators surrounding its outer ring to capture power at the blade tips where speed is greatest, practically eliminating mechanical resistance and drag. This enables the Honeywell Wind Turbine to start turning at 0.5 mph and generating energy in two mph of wind.

The Power-One inverter specifically provides the Honeywell Wind Turbine with a utility grid connection. This allows the power generated by the wind turbine to be used and measured onsite by a utility meter. Additionally, the Power-One inverter seamlessly connects with two wind turbines at once, allowing customers with multiple units to benefit from lower install costs and accurate energy measurement.

"WindTronics is revolutionizing the wind industry with its turbine that generates power at low wind speeds," stated Mirko Bindi, Business Development Manager for Wind Power, Power-One Renewable Energy Solutions. "We are pleased to work with them to deliver an optimized solution for their customers. Further, this also enables us to leverage our renewable energy expertise in the solar industry and apply it more widely to the small wind industry."

About Power-One

Power-One is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from both solar arrays and wind farms for use by utilities and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including renewable energy, data storage and networking, industrial and network power systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information about Power-One, please visit www.Power-One.com.

The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338

CONTACT: For Press Enquiries please contact
Chavonne Yee, Marketing Communications Manager
Tel: +1 (480)335-7894
Email: Chavonne.Yee@Power-One.com
For Investor Relations please contact
Kevin Trosian, Vice President
Finance and Investor Relations
Tel: +1 (805) 383 5888
Email: Investor.Relations@Power-One.com

Power-One, Inc. Announces Digital Power Management Patent License with ZMDI

Power-One, Inc. Announces Digital Power Management Patent License with ZMDI

Camarillo, CA and Dresden, Germany – June 14, 2011 -- Power-One, Inc. (NASDAQ:PWER), a leading global manufacturer of renewable energy and energy-efficient power conversion and management solutions, and Zentrum Mikroelektronik Dresden AG (ZMDI), an innovative provider of energy efficient analog and mixed-signal semiconductor solutions, announced today that they entered into a non-exclusive, worldwide, Field of Use agreement for Digital Power Technology (DPT) patents from Power-One. 

Digital Power Technology drives increased system efficiency, improved design flexibility, faster time to market, decreased footprint size and lower system costs.  DPT also enables telemetry capability, providing access to critical information including current, temperature and voltage.  Telemetry allows the system to accurately monitor its power consumption and thermal performance, enabling designers to easily engineer key features such as system optimization, fault detection and predictive maintenance features into their end products.  

As applications in server, storage, networking and wireless infrastructure continue to drive board densities higher, requiring complex power architectures to drive FPGA’s, ASICS, DSP’s and other semiconductor devices, Digital Power Technology is an extremely attractive solution.

“Power-One is pleased to license its Digital Power Technology to ZMDI, an emerging market leader in the power-management IC industry, for incorporation into its products,” said Steve Hogge, President of Power Solutions at Power-One. “With the expanding number of leading power supply and semiconductor companies partnering with Power-One, we will continue to expand the market by providing energy-efficient technologies with increased functionality for our customers."

“Leveraging the DPT patents meshes with our goal of delivering energy-efficient solutions for point-of-load applications,” stated Bernhard Huber, ZMDI Business-Line Manager for Standard Components. “We can focus on developing chipsets that address all output loading conditions based on ZMDI’s performance goals.”

To learn more about Power-One products, please visit www.Power-One.com.

About Power-One

Power-One designs and manufactures energy-efficient power conversion and power management solutions for alternative/renewable energy, routers, data storage and servers, wireless communications, optical networking, semiconductor test equipment, industrial markets and custom applications. Power-One, with headquarters in Camarillo, California, has global sales offices, manufacturing and R&D operations in Asia, Europe and the Americas. Power-One is a public company listed on NASDAQ under the ticker symbol PWER.  For more information about the Company, please visit www.power-one.com.

About ZMDI

Zentrum Mikroelektronik Dresden AG (ZMDI) is a semiconductor company focused on energy efficiency. The company is a leading supplier of innovative, highly precise, robust and cost-efficient analog and mixed-signal semiconductors which allow for a maximum of energy efficiency and environmental protection in the automotive, mobile medical, industrial automation, and consumer markets.  The company designs and markets application-specific standard products (ASSPs) and application-specific integrated circuits (ASICs) which are known for their robust, cost-effective performance in demanding environments characterized by high temperature, high voltage and the need for ultra-low power.

Headquartered in Dresden, Germany, ZMDI has 280 employees worldwide and serves customers from its offices in Dresden, Stuttgart, Germany; Milan, Italy; Pocatello, ID, Melville, NY, USA; Tokyo, Japan; Seoul, Korea and Taipei, Taiwan. ZMDI has design centers in Dresden, Stuttgart and Munich, Germany; Varna, Bulgaria and Madison, Wisconsin. See more at www.zmdi.com.

Contacts:

For Sales or Product Inquiries:
Power-One, Inc.
Rob Russell, 978-273-3187
Vice President Marketing & Product Management
robert.russell@power-one.com 
For Investors:
Power-One, Inc.
Kevin Trosian, 805-987-8741
Vice President, Finance & Investor Relations

Power-One Announces First Quarter 2011 Results

  • Quarterly revenue grows 61 percent year-over-year to $245 million
  • Operating income rises 143 percent year-over-year to $51 million
  • First quarter diluted EPS reaches $0.20 versus $0.04 in the year ago period

CAMARILLO, Calif., May 5, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, today announced financial results for the first quarter 2011. For the quarter ended April 3, 2011, Power-One recorded net sales of $245 million, an increase of 61 percent from the first quarter 2010. Net income attributable to common stockholders for the first quarter was $30 million, or $0.20 per diluted share, compared to $4 million, or $0.04 per share for the same period last year.

"We are pleased with the performance of both our Power and Renewable Energy SBUs, despite difficult market conditions in the European solar market that affected Power-One's renewable energy sales in the first quarter," said Richard Thompson, Chief Executive Officer of Power-One.

"We anticipate the solar market will begin to gain momentum as Italy recently passed its legislation and the German market is showing signs of heightened activity," continued Mr. Thompson. "Further, we expect our focus on new geographies, particularly North America and Asia, will add revenue in renewables and lead to improving profitability in both our Power Solutions and Renewable Energy Solutions SBUs."

Renewable Energy Solutions

Renewable Energy Solutions posted a revenue increase of 85 percent versus last year as Power-One showed continued momentum in the photovoltaic (PV) inverter market. In the quarter, Power-One continued to build out its infrastructure by increasing U.S. production and gaining new customers in North America. Power-One also opened its China manufacturing facility to meet the burgeoning demand of the Chinese and Indian markets. Additionally, it began shipping utility-grade inverters for new industry leading customers in the U.S. and India.

Inverter and related products recorded sales of $152 million for the first quarter 2011. Renewable Energy Solutions contributed 62 percent of the company's revenue, versus 54 percent in the first quarter of 2010. During the quarter, Power-One shipped 609 MW of inverters.

Power Solutions

Power Solutions increased sales by 32 percent year-over-year, with revenue of $93 million in the first quarter 2011 versus $70 million in the same period of 2010. During the first quarter, Power Solutions' positive performance was driven by better product mix and higher overhead absorption. The unit continues to focus on reducing operating expenses and will continue to develop and implement plans to achieve its objectives.

Business Outlook

Power-One continues to build an impressive pipeline of new business in its new and existing geographies. For the second quarter of 2011, Power-One forecasts revenue of $250 million to $270 million, indicating increasing revenue versus the first quarter of 2011. Second quarter revenue is expected to be impacted by inverter inventory in the channel, albeit at lower levels than in the first quarter, and faster growth in the string inverter market in Europe versus ground mount systems. For the year, Power-One anticipates generating revenue between $1.1 billion and $1.25 billion.

Earnings Conference Call

Power-One will discuss its 2011 first quarter results today at 2:00 p.m. Pacific Time. The call will be available both via the telephone at (877) 390-5535 or (631) 291-4579, conference ID #59753165, or over the Internet through the Power-One investor relations Web site at http://investor.power-one.com. To listen to the call, please log-in at least 10 minutes early to register, download, and install any necessary audio software. For those who cannot listen to the live broadcast, the webcast will be available on the investor relations section of the Power-One's web site at http://investor.power-one.com throughout the current quarter. 

About Power-One

Power-One is the world's second largest designer and manufacturer of photovoltaic inverters. Its renewable energy products enable the industry's highest yielding conversion of power from both solar arrays and wind farms for use by utilities and homes. Power-One has a 40 year history as the leader in high efficiency and high density power supply products for a variety of industries including renewable energy, data storage and networking, industrial and network power systems. The company is headquartered in Camarillo, CA and has global sales offices, manufacturing, and R&D operations in Asia, Europe, and the Americas. Power-One is traded on NASDAQ under the ticker symbol PWER. For more information, please visit www.Power-One.com.

The Power-One, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7338

Safe Harbor Statement

Statements made in this press release which state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and may include statements regarding anticipated future productivity. It is important to note that future performance and actual results could differ materially from those discussed in or underlying such forward-looking statements as a result of risks and uncertainties that cannot be predicted or quantified and that are beyond the Company's control. Important factors that could cause actual results to differ materially include, but are not limited to: economic conditions in general and business conditions in the power supplies and renewable energy markets; foreign exchange rates; the Company's ability to improve its operational and supply chain efficiencies; competitive factors such as pricing and technology; the timing and results achieved in completing product manufacturing transitions to Company facilities in China or other low-cost locations; the threat of a prolonged economic slowdown or a lengthy or severe recession; continued volatility of the financial markets, including fluctuations in interest rates and trading prices of the Company's equity securities; the results of pending legal proceedings; the Company's ability to secure market share in higher margin, high-growth markets; the market growth of product sectors targeted by the Company as sectors of focus; and the Company's ability to increase working capital. Additional information concerning factors that could cause actual results to differ materially from expectations expressed in this press release are described in the Company's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 from time to time, which are also available through the Company's Website at www.power-one.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at www.sec.gov. Power-One undertakes no obligation to publicly update or revise any forward-looking statement.

POWER-ONE, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share data)
(UNAUDITED)
     
  Three Months Ended
  April 3,
2011
April 4, 
2010
     
RENEWABLE ENERGY SALES  $ 151,629  $ 82,090
POWER SALES  92,914  70,287
TOTAL SALES  244,543  152,377
COST OF GOODS SOLD  160,285  106,649
GROSS PROFIT   84,258  45,728
     
GENERAL AND ADMINISTRATIVE    
Selling, general and administrative  21,085  14,974
Research and development  11,296  8,378
Litigation Charges  235  -- 
Amortization of intangibles  442  377
Restructuring costs and asset impairment  --   929
Total expenses  33,058  24,658
     
INCOME FROM OPERATIONS  51,200  21,070
     
INTEREST AND OTHER INCOME (EXPENSE):    
Interest income  483  -- 
Interest expense  (1,387)  (2,019)
Other income (expense), net  (2,213)  (4,858)
Total interest and other income (expense)  (3,117)  (6,877)
     
INCOME BEFORE INCOME TAXES  48,083  14,193
     
PROVISION FOR INCOME TAXES  17,451  9,700
EQUITY IN EARNINGS FROM JOINT VENTURE  182  108
NET INCOME  $ 30,814  $ 4,601
     
PREFERRED STOCK DIVIDEND AND ACCRETION  866  851
     
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS  $ 29,948  $ 3,750
     
BASIC INCOME PER SHARE  $ 0.25  $ 0.04
DILUTED INCOME PER SHARE  $ 0.20  $ 0.04
     
BASIC WEIGHTED AVERAGE SHARES OUTSTANDING  103,791  88,300
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING  140,920  95,562
 
POWER-ONE, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(UNAUDITED)
     
  April 3,
2011
January 2,
2011
     
ASSETS    
     
CURRENT ASSETS:    
Cash and cash equivalents  $ 243,570  $ 227,907
Accounts receivable:    
 Trade (net of allowance)  227,827  262,546
 Other  6,179  7,980
Inventories  185,079  152,286
Prepaid expenses and other current assets  20,944  21,671
     
 Total current assets  683,599  672,390
     
PROPERTY AND EQUIPMENT, net  73,109  63,325
INTANGIBLE ASSETS, net  18,524  18,802
OTHER ASSETS  9,470  7,295
     
TOTAL ASSETS  $ 784,702  $ 761,812
     
LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY    
     
CURRENT LIABILITIES:    
Accounts payable  $ 168,000  $ 213,096
Restructuring reserve  303  549
Long-term debt, current portion  110  103
Income Tax Payable  126,455  103,739
Other accrued expenses and current liabilities  59,848  67,339
     
 Total current liabilities  354,716  384,826
     
LONG-TERM DEBT, less current portion  35,952  35,911
OTHER LONG-TERM LIABILITIES  46,200  39,445
     
REDEEMABLE CONVERTIBLE PREFERRED STOCK  19,873  19,597
     
STOCKHOLDERS' EQUITY:    
Common stock  104  104
Additional paid-in capital  625,878  629,687
Accumulated other comprehensive income  60,343  41,420
Accumulated deficit  (358,364)  (389,178)
     
 Total stockholders' equity  327,961  282,033
     
TOTAL LIABILITIES, PREFERRED STOCK AND STOCKHOLDERS' EQUITY  $ 784,702  $ 761,812
CONTACT: Investor Contact:
Power-One, Inc.
Kevin Trosian
Vice President, Finance & Investor Relations
Investor.Relations@Power-One.com
(805) 383-5888

Media Contact:
Edelman for Power-One
Jon Murchinson
Jon.Murchinson@edelman.com
Phone: 415-486-3274

Power-One mit neuem 300W Mikro-Wechselrichter und DC/DC Power Optimizer

SOLAREXPO 2011, VERONA, ITALIEN 4. Mai 2011 – Power-One, Inc. zeigt auf der Solarexpo in Verona, Italien, gleich zwei neue Highlights: den neuen 300W Mikro-Wechselrichter und den DC/DC Leistungsoptimierer. Mit dem neuen AURORA MICRO-0.3 Wechselrichter bietet Power-One eine Alternative zu den traditionellen String-Wechselrichtern für die das Unternehmen bekannt ist. Mikro-Wechselrichter werden direkt an das jeweilige Modul angeschlossen. Sie kontrollieren so die Leistung jedes einzelnen Solarpanels individuell und optimieren sie. Das zweite Produkt, der AURORA OPTI-0.3 Power Optimizer, wird ebenfalls direkt am Modul installiert und erhöht dessen Energieausbeute.

Aurora Micro - Solar Inverter

Mikro-Wechselrichter wie der AURORA MICRO-0.3 bieten für Kunden attraktive Vorteile: Da jedes Modul mit seinem eigenen Mikro-Wechselrichter ausgestattet ist, profitiert das einzelne Solarpanel von einem eigenen MPPT, der die optimale Leistu

ngskurve für die individuellen Bedingungen errechnet. Dadurch lassen sich nicht nur Effizienzverluste minimieren, sondern es kann auch jedes Modul einzeln überwachen. Gleichzeitig ermöglichen Mikro-Wechselrichter eine einfache Erweiterung der Anlage, da weder die Größe der Reihenschaltung noch die Anordnung der einzelnen Module verändert werden muss.

Der neue Power-One Mikro-Wechselrichter zeichnet sich darüber hinaus durch einen hohen Wirkungsgrad von bis zu 95,5 Prozent, ein widerstandsfähiges, wetterfestes Gehäuse sowie eine HF Isolation aus. Dadurch eignet sich das Gerät für jede Art von Anwendung, be

i der die Eingangsanschlüsse geerdet werden müssen. Elektrolytfreie Kondensatoren erhöhen die Lebensdauer und Zuverlässigkeit des Produktes zusätzlich. Da jedes Paket bereits über einen proprietären, kabellosen Kommunikations-Hub sowie eine Netzschnittstelle verfügt, lässt sich die Einheit einfach installieren. Bis zu zehn Mikro-Wechselrichter können zu einem String verknüpfen werden.

Ertragsoptimierer wie der AURORA OPTI-0.3 sind die ideale Ergänzung für alle AURORA Wechselrichter von Power-One, da sie die Leistungsausbeute eines jeden Moduls in einem Feld optimieren. Solarmodule werden normalerweise seriell angeordnet. Wird ein Modul in seiner Funktionalität beeinträchtigt, reduziert sich bei dieser Anordnung der Energieertrag der gesamten Installation entsprechend. Dieser Effekt kann durch Ertragsoptimierer deutlich reduziert werden. Der AURORA OPTI-0.3 nutzt Gleichstrom-Technologie, um den Ertrag jedes einzelnen Moduls innerhalb eines Strings zu maximieren, indem die Spannung für die spezifischen Wetterbedingungen optimiert wird.

Darüber hinaus hilft das Gerät Ausfälle durch eine teilweise oder temporäre Verschattung oder eine schlechte Modulanordnung zu minimieren. Die Daten jedes einzelnen Moduls können durch einen Kommunikations-Hub kabellos übermittelt werden, der im Lieferumfang enthalten

ist. Dies hilft Installateuren dabei, möglichst große Installationen zu erstellen und erhöht den Return on Investment (ROI). Zudem erzielt der AURORA OPTI-0.3 Wirkungsgrade von bis zu 99,5 Prozent und verfügt über einen Maximium Power Point Tracker (MPPT) sowie eine temperaturbeständige Bauweise.

„Mit diesen beiden neuen Produkten bieten wir unseren Kunden etwas völlig Neues“, erklärt Paolo Casini, Vice President, Product Marketing von Power-One. „Sowohl der Mikro-Wechselrichter als auch der Power Optimizer wurden entwickelt, um eine maximale Energieausbeute bei Anlagen zu garantieren, die mit schwierigen Bedingungen zu kämpfen haben. Dies können Installationen sein, die teilweise

oder vorübergehend verschattet sind oder bei denen die Module schlecht zusammengestellt wurden. Darüber hinaus ist der MICRO-0.3 die perfekte Wahl für Kunden, die die Größe ihrer Anlage einfach erweitern möchten.“

Wenn Sie mehr über Power-One sowie die Produkte und Dienstleistungen des Unternehmens erfahren möchten, besuchen Sie uns unter www.Power-One.com.

Über Power-One

Power-One entwickelt und produziert energieeffiziente Lösungen für Leistungsumwandlung und Energiemanagement. Dazu gehören Wechselrichter für Solar- und Windkraftanlagen, Produkte für Router, Datenspeicher und Server ebenso wie drahtlose Kommunikationsverbindungen, Glasfasernetze, Testgeräte für Halbleiter, Industrieanwendungen und kundenspezifische Lösungen. Das in Camarillo,

Kalifornien, ansässige Unternehmen hat Vertriebsniederlassungen, Fertigungsstätten und Forschungs- und Entwicklungszentren in Asien, Europa, Nord- und Südamerika. Power-One ist am amerikanischen NASDAQ unter der Bezeichnung PWER notiert. Weitere Informationen finden Sie unter: www.power-one.com.

Kontakt:

Pressekontakt:

Regina Kirchmann, Edelman Deutschland (München)

Tel.: +49 (89) 413 01 823, E-Mail: Regina.Kirchmann@Edelman.com

 

Investor Relations Kontakt:

Kevin Trosian, Vice President, Finance and Investor Relations

Tel.: +1 (805) 987-8741, E-Mail: Kevin.Trosian@Power-One.com

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