diff --git a/trac/core.py b/trac/core.py
index f2b92b6..0447bdc 100644
--- a/trac/core.py
+++ b/trac/core.py
@@ -98,31 +98,6 @@ class ComponentMeta(type):
             # Don't put the Component base class in the registry
             return new_class
 
-        # Only override __init__ for Components not inheriting ComponentManager
-        if True not in [issubclass(x, ComponentManager) for x in bases]:
-            # Allow components to have a no-argument initializer so that
-            # they don't need to worry about accepting the component manager
-            # as argument and invoking the super-class initializer
-            init = d.get('__init__')
-            if not init:
-                # Because we're replacing the initializer, we need to make sure
-                # that any inherited initializers are also called.
-                for init in [b.__init__._original for b in new_class.mro()
-                             if issubclass(b, Component)
-                             and '__init__' in b.__dict__]:
-                    break
-            def maybe_init(self, compmgr, init=init, cls=new_class):
-                if cls not in compmgr.components:
-                    compmgr.components[cls] = self
-                    if init:
-                        try:
-                            init(self)
-                        except:
-                            del compmgr.components[cls]
-                            raise
-            maybe_init._original = init
-            new_class.__init__ = maybe_init
-
         if d.get('abstract'):
             # Don't put abstract component classes in the registry
             return new_class
@@ -137,16 +112,7 @@ class ComponentMeta(type):
 
         return new_class
 
-
-class Component(object):
-    """Base class for components.
-
-    Every component can declare what extension points it provides, as well as
-    what extension points of other components it extends.
-    """
-    __metaclass__ = ComponentMeta
-
-    def __new__(cls, *args, **kwargs):
+    def __call__(cls, *args, **kwargs):
         """Return an existing instance of the component if it has already been
         activated, otherwise create a new instance.
         """
@@ -154,17 +120,29 @@ class Component(object):
         if issubclass(cls, ComponentManager):
             self = super(Component, cls).__new__(cls)
             self.compmgr = self
+            self.__init__(*args, **kwargs)
             return self
 
         # The normal case where the component is not also the component manager
         compmgr = args[0]
         self = compmgr.components.get(cls)
         if self is None:
-            self = super(Component, cls).__new__(cls)
+            self = cls.__new__(cls)
             self.compmgr = compmgr
             compmgr.component_activated(self)
+            self.__init__(*list(args)[1:], **kwargs)
+            compmgr.components[cls] = self
         return self
 
+
+class Component(object):
+    """Base class for components.
+
+    Every component can declare what extension points it provides, as well as
+    what extension points of other components it extends.
+    """
+    __metaclass__ = ComponentMeta
+
     @staticmethod
     def implements(*interfaces):
         """Can be used in the class definiton of `Component` subclasses to