As one of the world’s largest providers of power conversion and power management solutions, Power-One is one of only a few companies with the product breadth to support every step in the refinement of utility-grade AC into the various DC voltages required to power high-availability infrastructure systems at the site, system, and semiconductor levels.
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
Power-One, Inc. (Nasdaq:PWER), a leading provider of renewable energy and energy-efficient power conversion and power management solutions, 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.
For more information, please visit www.Power-One.com.
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Power3 Medical Products, Inc (PWRM)
Lou Gehrig’s disease (ALS) is a rapidly progressive, invariably fatal neurological disease that attacks the nerve cells (neurons) responsible for controlling voluntary muscles. The disease belongs to a group of disorders known as motor neuron diseases, which are characterized by the gradual degeneration and death of motor neurons.
Power3 Medical Products, Inc. is a leading bio-technology company focused on the development of innovative diagnostic tests in the fields of cancer and neurodegenerative diseases such as Alzheimer’s disease, Parkinson’s disease and amyotrophic lateral sclerosis (commonly known as ALS or Lou Gehrig’s disease).
Motor neurons are nerve cells located in the brain, brainstem, and spinal cord that serve as controlling units and vital communication links between the nervous system and the voluntary muscles of the body. Messages from motor neurons in the brain (called upper motor neurons) are transmitted to motor neurons in the spinal cord (called lower motor neurons) and from them to particular muscles. In ALS (Lou Gehrig’s disease) both the upper motor neurons and the lower motor neurons degenerate or die, ceasing to send messages to muscles. Unable to function, the muscles gradually weaken, waste away (atrophy), and twitch (fasciculations). Eventually, the ability of the brain to start and control voluntary movement is lost.
Power3 applies proprietary methodologies to discover and identify protein biomarkers associated with diseases. Through these processes, Power3 has developed a portfolio of products including BC-SeraPro™, a proteomic blood serum test for the early detection of breast cancer for which it has completed Phase I clinical trials, and NuroPro®, a proteomic blood serum test for the detection of neurodegenerative diseases, including Alzheimer’s, Parkinson’s, and ALS diseases, for which it is currently engaged in Phase II clinical trials. These tests are designed to analyze an individual’s proteins to detect the presence of disease, a patient’s disease progression, a patient’s response to a particular drug, and the mechanisms of disease present in the patient for optimal targeted therapy.
Power3 Medical is a breakthrough proteomics company specializing in the identification of disease footprints in the areas of chemotherapeutic drug resistance and the early detection of breast cancer and neurological diseases. The research platform is centered on the study of proteomics, the science of protein interactions within living cells. With a combined 50+ years of proteomic experience, the Company has identified 334 protein biomarkers with the following potential medical applications:
1) Breast Cancer 5) Chemotherapeutic Drug Resistance
2) Alzheimer’s Disease 6) Leukemia
3) ALS (Lou Gehrig’s Disease) 7) Gastrointestinal Disease
4) Parkinson’s Disease 8)Metabolic Syndrome
For more information about Power3 Medical Products, Inc. please visit http://www.power3medical.com
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Rockwood Holdings, Inc. (NYSE:ROC) announced that funds affiliated with Kohlberg Kravis Roberts & Co. L.P have agreed to sell 8,000,000 shares of its common stock in an underwritten offering. The Company will not receive any proceeds from the offering. The shares will be offered pursuant to an automatically effective registration statement previously filed with the Securities and Exchange Commission. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.
Rockwood Holdings, Inc. develops, manufactures, and markets specialty chemicals and materials for industrial and commercial applications primarily in Germany, the United States, and Europe.
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OGE Energy Corp. (NYSE:OGE) reported earnings of $0.25 per diluted share for the three months ended March 31, 2011, compared with ongoing earnings of $0.36 per share and GAAP earnings of $0.25 per share for the first quarter of 2010. GAAP earnings are calculated using generally accepted accounting principles. Earnings on an ongoing basis exclude the one-time charge of $11 million in 2010 to write off previously recognized tax benefits relating to Medicare Part D subsidies affected by national healthcare legislation.
OGE Energy Corp., together with its subsidiaries, operates as an energy and energy services provider offering physical delivery and related services for electricity and natural gas primarily in the south central United States.
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Dolby Laboratories, Inc. (NYSE:DLB) announced the Company’s financial results for its second quarter of fiscal 2011. For the second quarter, Dolby reported total revenue of $250.0 million, compared to $243.4 million for the second quarter of fiscal 2010. Second quarter GAAP net income was $82.1 million, or $0.72 per diluted share, compared to $85.9 million, or $0.74 per diluted share, for the second quarter of fiscal 2010. On a non-GAAP basis, second quarter net income was $92.2 million, or $0.81 per diluted share, compared to $93.1 million, or $0.80 per diluted share, for the second quarter of fiscal 2010. Dolby’s non-GAAP measures exclude expenses related to stock-based compensation, the amortization of intangibles from business combinations, restructuring charges, and the related tax impact of these items.
Dolby Laboratories, Inc. develops and delivers products and technologies for the entertainment industry worldwide.
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