Power supplier Power-One Inc., Camarillo, Calif., reported that net sales for the first quarter ended April 1 increased $92.8 million, or 121%, to $169.9 million, compared with $77.0 million in the first quarter of 2000.
First-quarter results include $19.2 million in net sales from Powec AS, which was acquired on May 16, 2000.
Net income for the first quarter increased $17.9 million, or 22 cents per diluted share to $16.4 million, or 20 cents per diluted share, compared with a net loss of $1.5 million, or 2 cents per diluted share for the same period in 2000.
Excluding the acquisition-related charges, net income for the first quarter of 2000 would have been $8.6 million, or 11 cents per diluted share.
Cash earnings per share for the first quarter increased 85% to 24 cents per diluted share, compared to 13 cents per diluted share for the year-ago quarter.
Power-One reported a 180-day backlog at the end of the first quarter of $112 million, down 56% from the $255 million reported at the end of the fourth quarter 2000. The company's 90-day backlog also decreased to $92 million at the quarter's end, down 46% compared to the end of the fourth quarter 2000.
Net new orders were negative in the first quarter due to cancellations by several top customers. Additionally, many customers rescheduled previous orders from delivery in the second quarter to the end of the year and, to a smaller extent, into next year.
"Considering the recent widespread and sudden decline in communications infrastructure business conditions, we are pleased to have delivered earnings in line with our previous expectations," said Steve Goldman, chief executive of Power-One, in a released statement. "We think the balance of this year will be particularly challenging considering the large inventory overhang at our direct and indirect customers, as well as the pervasive weakness throughout the communications industry."