Restructuring Leads to Net Loss for Power-One

Restructuring charges contributed to a net loss of $11 million in the second quarter for Power-One Inc., the company reported. The Camarillo-based designer and manufacturer of power conversion products closed its Chatsworth facility and cut jobs and other expenses to reduce its budget by $20 million. The company reported a loss of $11 million or a loss of $0.13 per diluted share on revenues of $124 million for the second quarter ending June 30. That is a significant decrease from the net income of $3 million, or $0.04 per diluted share on revenues of $79 million, for the same reporting period in 2006. The company is pleased with the efforts made to better align its cost structure and cut expenses, said CEO Bill Yeates. “We are now seeing strong bookings and demand strength across our core and custom businesses,” Yeates said.