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 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, 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 Sets Date for 2011 Analyst Day

Power-One Invites Public to Listen to Presentations on the Web

CAMARILLO, Calif., April 25, 2011 (GLOBE NEWSWIRE) -- In conjunction with Power-One, Inc.'s (Nasdaq:PWER) 2011 Analyst Day to be held in New York City, members of the public are invited to listen to the company's live presentation on the internet on Tuesday, May 17, 2011. The purpose of the 2011 Analyst Day is to discuss to discuss Power-One's corporate objectives and strategies. The presentations will feature Richard Thompson, Chief Executive Officer, Gary Larsen, Chief Financial Officer, Dr. Alex Levran, President, Renewable Energy Solutions and Steve Hogge, President, Power Solutions.

Investors who would like to listen to the live presentations may go to the investor relations section at http://investor.power-one.com/events.cfm. An online re-broadcast of the presentations will also be available on the site.

Power-One's 2011 Analyst Day Presentation Info

Date: Tuesday, May 17, 2011

Access: Available on the web at http://investor.power-one.com/events.cfm

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

CONTACT:  Kevin Trosian 

Vice President, Finance & Investor Relations

(805) 987-8741

Power-One Sets Date for 2011 First Quarter Earnings Release

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

CAMARILLO, Calif., April 25, 2011 (GLOBE NEWSWIRE) -- In conjunction with Power-One, Inc.'s (Nasdaq:PWER) 2011 first 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, May 5, 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 first 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, May 5, 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 2011 First Quarter Conference Call Info

Date:  Thursday, May 5, 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, 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

(805) 987-8741

Power-One Updates Outlook for the First Quarter of 2011

CAMARILLO, Calif., April 6, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and management solutions, today updated its financial outlook. For the period ended April 3, 2011, the company expects to report revenue between $240 million and $245 million, below its previously announced range of $260 million to $290 million, due to market conditions and near-term feed-in-tariff uncertainty in Italy and Germany. 

"Although we expect to post a nearly 60 percent increase in revenue in the first quarter of 2011 compared to 2010, we've revised our guidance for the quarter due to recent adverse conditions in the European solar market," said Richard Thompson, Chief Executive Officer of Power-One. "Based on current developments, we still anticipate European countries such as Italy and Germany will continue to support solar adoption to reduce reliance on non-renewable sources of power. Further, for the remainder of 2011 and 2012, we believe we are better positioned to handle similar regional anomalies due to our expanded product line and focus on developing new markets, including the United States, China and India."

Power-One will provide further information on its first quarter 2011 performance when it reports earnings on May 5, 2011, after the market close.

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 that 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. Words such as "anticipate" and "believe" and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.  Forward-looking statements are not guarantees, but rather are predictions of and make certain assumptions regarding anticipated future results. Achievement of actual results is dependent upon and will involve a variety of risks and uncertainties that could cause actual results to differ materially from assumptions and predictions. Such risks and uncertainties include, but are not limited to, the risk that the market for the sale of certain products and services may not develop as expected; the risk that countries in which we do business do not continue to support the adoption of solar or other alternative energy sources; the impact of competitive products or technologies and competitive pricing pressures; the existence or enactment of adverse U.S. and foreign government regulation; the risk that the development of products and services may not proceed as planned; general adverse domestic and international economic conditions including interest rate and currency exchange rate fluctuations; the ability to capture customers in new markets that we are pursuing; and changes in the regulatory environment in which our business operates. 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.

CONTACT: For Investors:
Power-One, Inc.
Kevin Trosian, 805-987-8741
Vice President, Finance & Investor Relations

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

Power-One, Inc. Secures $150 Million in Revolver Financing Led by Bank of America Merrill Lynch

CAMARILLO, Calif., March 30, 2011 (GLOBE NEWSWIRE) -- Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion solutions, has closed a 3-year, $150 million revolver for general corporate purposes, including expansion of design, production, service and sales of its renewable energy inverters in the North American and Asian markets.

The transaction was oversubscribed and the new facility was arranged by Bank of America Merrill Lynch as lead and book manager. Other participant banks include Bank of the West, Comerica Bank, HSBC Bank USA National Association, Silicon Valley Bank and Union Bank.

"Access to this capital facility provides Power-One with additional flexibility to execute our strategies, including our focus on high growth markets in the United States, China, and India," said Gary R. Larsen, Power-One's Chief Financial Officer. "Further, as our customers are increasingly looking for partners with solid balance sheets, Power-One has the financial capabilities to service their long-term product needs and projects."

"This type of facility is possible because of Power-One's successful track record, cash flow and expertise," said Jon Krahulik, Managing Director and Global Head of Clean Technology at Bank of America Merrill Lynch. "Additionally, it highlights the rapid evolution of the cleantech industry and the opportunities available in both the solar and wind sectors."

"With renewable energy being an important and growing component of the California economy, the support of Bank of America Merrill Lynch for Power-One demonstrates its commitment to both the renewable energy industry and the region," said Tony Sciarrino, Market Executive, Global Commercial Banking-California Coastal, Bank of America Merrill Lynch.

To learn more about Power-One and its products, please visit http://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, please visit www.Power-One.com.

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

About Bank of America Merrill Lynch

Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Banc of America Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, which are both registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.

CONTACT: For Investors:
Power-One, Inc.
Kevin Trosian, 805-987-8741
Vice President, Finance & Investor Relations

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

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