Power management solutions provider Power-One has announced that net sales for the fourth quarter ended December 31, 2007 were $132.3 million, compared with $116.2 million for the fourth quarter of 2006.
Net loss for the fourth quarter ended December 31, 2007 was $6.5 million, or $0.07 per share, compared with a net loss of $14.2 million, or $0.16 per share, for the fourth quarter of 2006.
For fiscal 2007, sales increased by 51% to $511.6 million, while net loss was $36.4 million or $0.42 per share, compared with sales of $338 million and net loss of $14.6 million or $0.17 per share for 2006.
The company said that the 51% year-over-year revenue growth was driven mainly from the late 2006 acquisition of Magnetek’s Power Electronics Group, in addition to growth in the renewable energy inverter market, and higher sales in certain traditional products. Fourth quarter bookings were $123 million, compared with $118 million in the third quarter of 2007.
Bill Yeates, CEO, said: This has been a challenging quarter and year for Power-One, but we have been improving our sales each quarter of the year. We have made significant progress throughout the year in a number of areas including reducing our selling, general and administrative expense and improving sales by over 50%, but made only modest improvements in gross margin.