Power-One Inc. posted a net loss of $1.1 million, or 1 cent per share on sales of $69.3 million in the second quarter, compared to a net loss of $10.3 million, or 13 cents per share on sales of $56.2 million in the year-ago second quarter. Results also improved from the first quarter of 2003, when Power-One lost $3.1 million, or 4 cents per share on sales of $56.3 million.
The Camarillo, Calif., power supplier reported net new orders in the second quarter of $66.4 million, up 9.5% sequentially, and a book-to-bill ratio of 0.96. Overall turns business was 48% during the second quarter compared with 50% in the first quarter of 2003.
"We are certainly pleased with our second quarter sales, which exceeded forecasts due to increased demand, growth from new products and pull-in requests from our customers, "said Steve Goldman, chief executive of Power One, in a statement. "Although we continue to maintain a cautious outlook on our industry, we are encouraged by trends that indicate some industry turnaround by early 2004. Regardless of industry conditions, however, we expect to gain market share with our new technologically innovative products."
For the third quarter, Power-One anticipates net sales to be around 65 million, with net loss per share of 4 to 6 cents as the company realizes higher costs from research and development of its new silicon based power modules.