Advanced Energy Announces Third Quarter Results
Advanced Energy Industries, Inc.
01.11.2011 23:01
---------------------------------------------------------------------------
-- Revenue of $128.5 million
-- Results include a restructuring charge of $3.1 million
-- Cash increased to $155 million
FORT COLLINS, Colo., 2011-11-01 23:01 CET (GLOBE NEWSWIRE) --Advanced Energy
Industries, Inc. (Nasdaq:AEIS) today announced financial results for the third
quarter ended September 30, 2011. The company posted third quarter sales of
$128.5 million, operating income of 8.3% of sales and diluted earnings per
share from continuing operations of $0.16. On a non-GAAP basis, income
generated from operations was 10.7% of sales and earnings from our continuing
operations on a per share basis were $0.21. The non-GAAP measures exclude the
impact of the previously-announced $3.1 million restructuring charge recorded
in the third quarter. A reconciliation of non-GAAP income from operations and
per share earnings is provided in the tables.
'Tenuous macroeconomic conditions coupled with continuing declines in capital
equipment spending pressured our Thin Films business this quarter. We continue
to see revenue growth in our Solar Energy business as orders increased and the
deployment of our previously announced utility scale projects continued,' said
Garry Rogerson, chief executive officer. 'By taking pro-active measures to
re-align our resources and cost structure, Advanced Energy will be better
positioned to make strategic investments that we expect will extend our
leadership and improve profitability in the future. During the quarter, cash
increased by $9 million as working capital declined during the quarter.'
Thin Films Business Unit
Thin Films business unit sales were $76.8 million versus $103.6 million in the
third quarter of 2010. On a sequential basis, Thin Films sales declined 21.1%
from $97.3 million in the second quarter of 2011. Industry conditions across
most of the company's thin films end markets weakened this quarter.
Semiconductor equipment sales slowed as manufacturers limited purchases due to
low fab utilization rates. The thin film renewables market continued to
experience panel overcapacity and pricing pressure, while the flat panel
display market is undergoing a pause in investment as capacity comes on line.
Solar Energy Business Unit
Solar Energy business unit sales were $51.7 million in the quarter versus $37.4
million in the same period of 2010. On a sequential basis, Solar Energy sales
increased 26.7% from $40.8 million in the second quarter of 2011. Despite the
solar panel industry's struggle with significant oversupply and ongoing price
declines, inverter sales grew once again this quarter due to utility-scale
shipments from large projects wins announced earlier this year.
Income from Continuing Operations
Income from continuing operations was $7.2 million or $0.16 per diluted share,
compared to income from continuing operations of $17.6 million or $0.40 per
diluted share in the same period last year. Income from continuing operations
was $13.5 million or $0.31 in the second quarter of 2011. On a non-GAAP basis,
excluding the impact of the restructuring charge, continuing operations
generated income for the quarter of $9.3 million or $0.21 per share.
Restructuring Charge
The restructuring charge incurred in the quarter related to the restructuring
plan that was announced on September 28, 2011. Under the first phase of the
plan, Advanced Energy will align its engineering resources with the geographic
footprint of its customer base. By localizing R&D within the major geographies
it serves, the company will improve its time to market and distance to key
customers, creating a more highly-focused and responsive development team. The
company will also transition the manufacture of certain solar inverter
subcomponents to its Shenzhen factory. This will lower product costs for its
Solar Energy business worldwide and enable regional fulfillment for complete
products in the growing Asian market. The anticipated savings from the
restructuring are approximately $6 million annually for the first phase.
The second phase will be implemented over the next 12 to 18 months as the
company reduces its cost structure, closes facilities and relocates certain
functions to different regions worldwide. As a result, the company anticipates
further charges in the amount of $8 to $12 million, principally for space
consolidation, and another $1 million in additional severance costs over this
timeframe. Once complete, these two phases of the restructuring plan, along
with other cost savings initiatives and margin improvements, are expected to
deliver annual savings of approximately $16 to $20 million.
Fourth Quarter 2011 Guidance
The Company anticipates fourth quarter 2011 results from continuing operations,
to be within the following ranges:
-- Sales of $105 million to $120 million
-- Non-GAAP earnings per share of approximately breakeven
Third Quarter 2011 Conference Call
Management will host a conference call tomorrow, Wednesday, November 2, 2011,
at 8:30 a.m. Eastern Daylight Time to discuss Advanced Energy's financial
results. Domestic callers may access this conference call by dialing
800-706-7748. International callers may access the call by dialing
617-614-3473. Participants will need to provide a conference pass code
72488976. For a replay of this teleconference, please call 888-286-8010 or
617-801-6888, and enter the pass code 48571613. The replay will be available
for two weeks following the conference call. A webcast will also be available
on the Investor Relations web page at http://ir.advanced-energy.com.
About Advanced Energy
Advanced Energy is a global leader in innovative power and control technologies
for high-growth, thin-films manufacturing and solar-power generation. Founded
in 1981, Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more information,
go to www.advanced-energy.com.
This release includes non-GAAP operating, net income and earnings per share
data. These non-GAAP measures are not in accordance with, or an alternative
for, generally accepted accounting principles and may be different from
non-GAAP measures used by other companies. In addition, these non-GAAP measures
are not based on any comprehensive set of accounting rules or principles.
Advanced Energy believes that these non-GAAP measures provide useful
information to management and investors regarding financial and business trends
relating to its financial condition and results of operations. Additionally,
the Company believes that these non-GAAP measures, in combination with its
financial results calculated in accordance with GAAP, provides investors with
additional perspective. The Company further believes that the items excluded
from certain non-GAAP measures do not accurately reflect the underlying
performance of its continuing operations for the period in which they are
incurred, even though some of these excluded items may be incurred and
reflected in the Company's GAAP financial results in the foreseeable future.
The use of non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with its results of operations as determined in
accordance with GAAP and these measures should only be used to evaluate the
company's results of operations in conjunction with the corresponding GAAP
measures.
For additional information on the items excluded from one or more of its
non-GAAP financial measures, refer to the Form 8-K regarding this release
furnished today to the Securities and Exchange Commission.
Forward-Looking Language
The Company's expectations with respect to guidance to financial results for
the fourth quarter ending December 31, 2011 and statements that are not
historical information are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are subject to known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such risks and
uncertainties include, but are not limited to: the effects of global
macroeconomic conditions upon demand for our products, the volatility and
cyclicality of the industries the company serves, particularly the
semiconductor industry, the continuation of RPS (renewable portfolio
standards), the timing and availability of incentives and grant programs in the
US and Europe related to the renewable energy market, renewable energy project
delays resulting from solar panel price declines and increased competition in
the solar inverter equipment market, the timing of orders received from
customers, the company's ability to realize benefits from cost improvement
efforts and any restructuring plans; the ability to source materials and
manufacture products, and unanticipated changes to management's estimates,
reserves or allowances. These and other risks are described in Advanced
Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the
Securities and Exchange Commission. These reports and statements are
available on the SEC's website at www.sec.gov. Copies may also be obtained from
Advanced Energy's website at www.advancedenergy.com or by contacting Advanced
Energy's investor relations at 970-407-6555. Forward-looking statements are
made and based on information available to the company on the date of this
press release. The company assumes no obligation to update the information in
this press release.
ADVANCED ENERGY
INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per
share data)
Three Months Ended Nine Months Ended
------------------------------------------------------
September 30, June 30, September 30,
------------------------------------------------------
2011 2010 2011 2011 2010
------------------------------------------------------
SALES $ 128,498 $ 140,966 $ 138,154 $ 404,304 $ 310,760
COST OF SALES 79,651 80,276 82,777 238,035 176,304
------------------------------------------------------
GROSS PROFIT 48,847 60,690 55,377 166,269 134,456
38.0% 43.1% 40.1% 41.1% 43.3%
OPERATING EXPENSES:
Research and development 17,592 16,672 17,137 50,591 41,329
Selling, general and 16,473 20,545 20,001 57,379 49,955
administrative
Restructuring charges 3,119 3,119
Amortization of 989 1,177 921 2,831 1,945
intangible assets
------------------------------------------------------
Total operating 38,173 38,394 38,059 113,920 93,229
expenses
------------------------------------------------------
Operating income 10,674 22,296 17,318 52,349 41,227
Other income (loss), net (259) 1,224 92 496 1,828
------------------------------------------------------
Income from continuing 10,415 23,520 17,410 52,845 43,055
operations before income
taxes
Provision for income 3,244 5,964 3,898 13,396 9,192
taxes
------------------------------------------------------
INCOME FROM CONTINUING 7,171 17,556 13,512 39,449 33,863
OPERATIONS, NET OF
INCOME TAXES
Income (loss) from (579) 2,392 74 (365) 5,921
discontinued operations,
net of income taxes
------------------------------------------------------
NET INCOME $ 6,592 $ 19,948 $ 13,586 $ 39,084 $ 39,784
======================================================
Basic weighted-average 43,535 43,254 43,571 43,515 42,711
common shares
outstanding
Diluted weighted-average 43,819 43,849 44,187 44,056 43,293
common shares
outstanding
EARNINGS PER SHARE:
CONTINUING OPERATIONS:
BASIC EARNINGS PER $ 0.16 $ 0.41 $ 0.31 $ 0.91 $ 0.79
SHARE
DILUTED EARNINGS PER $ 0.16 $ 0.40 $ 0.31 $ 0.90 $ 0.78
SHARE
DISCONTINUED OPERATIONS
BASIC EARNINGS PER $ (0.01) $ 0.06 $ 0.00 $ (0.01) $ 0.14
SHARE
DILUTED EARNINGS PER $ (0.01) $ 0.05 $ 0.00 $ (0.01) $ 0.14
SHARE
NET INCOME:
BASIC EARNINGS PER $ 0.15 $ 0.46 $ 0.31 $ 0.90 $ 0.93
SHARE
DILUTED EARNINGS PER $ 0.15 $ 0.45 $ 0.31 $ 0.89 $ 0.92
SHARE
ADVANCED ENERGY INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2011 2010
----------------------------
ASSETS UNAUDITED AUDITED
Current assets:
Cash and cash equivalents $ 132,253 $ 130,914
Marketable securities 22,669 9,640
Accounts receivable, net 132,048 119,893
Inventories, net 92,822 77,593
Deferred income taxes 7,689 7,510
Income taxes receivable 6,570 6,061
Other current assets 12,393 10,156
----------------------------
Total current assets 406,444 361,767
Property and equipment, net 40,837 34,569
Deposits and other 8,868 8,874
Goodwill and intangibles, net 92,105 96,781
Deferred income tax assets, net 5,176 3,166
----------------------------
Total assets $ 553,430 $ 505,157
============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 50,559 $ 56,185
Other accrued expenses 45,999 46,140
----------------------------
Total current liabilities 96,558 102,325
Long-term liabilities 31,775 28,864
----------------------------
Total liabilities 128,333 131,189
Stockholders' equity 425,097 373,968
----------------------------
Total liabilities and stockholders' equity $ 553,430 $ 505,157
============================
ADVANCED ENERGY INDUSTRIES,
INC.
SEGMENT INFORMATION
(UNAUDITED)
(in thousands)
Three Months Ended Nine Months Ended
----------------------------------------------------
September 30, June 30, September 30,
----------------------------------------------------
2011 2010 2011 2011 2010
----------------------------------------------------
SALES:
Thin Films $ 76,764 $ 103,616 $ 97,331 $ 274,194 $ 256,736
Solar Energy 51,734 37,350 40,823 130,110 54,024
----------------------------------------------------
Total Sales 128,498 140,966 138,154 404,304 310,760
====================================================
OPERATING INCOME:
Thin Films $ 16,015 $ 20,042 $ 60,881
Solar Energy 1,259 321 4,092
---------- ---------------------
Total segment operating 17,274 20,363 64,973
income
Corporate expenses (6,600) (3,045) (12,624)
Other income, net (259) 92 496
---------- ---------------------
Income from continuing $ 10,415 $ 17,410 $ 52,845
operations before income
taxes
========== =====================
ADVANCED ENERGY INDUSTRIES, INC.
SELECTED OTHER DATA (UNAUDITED)
(in thousands)
Reconciliation of Non-GAAP measure - income from operations Three Months
without restructuring charge Ended
-------------
September
30,
2011
-------------
Operating Income, as reported $ 10,674
Add back:
Restructuring charge 3,119
-------------
Income from operations without resturcturing charge $ 13,793
=============
Reconciliation of Non-GAAP measure - income without restructuring Three Months
charge Ended
-------------
September
30,
2011
-------------
Income from continuing operations, net of tax, as reported $ 7,171
Add back:
Restructuring charge, net of tax benefit 2,136
-------------
Income without restructuring charge $ 9,307
=============
Reconciliation of Non-GAAP measure - per share earnings from Three Months
continuing operations without restructuring charge Ended
-------------
September
30,
2011
-------------
Diluted earnings per share from continuing operations, as reported $ 0.16
Add back:
per share impact of restructuring charge, net of tax benefit 0.05
-------------
Per share earnings from continuing operations without $ 0.21
restructuring charge
=============
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
News Source: NASDAQ OMX
01.11.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
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---------------------------------------------------------------------------
Language: English
Company: Advanced Energy Industries, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US0079731008
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
Advanced Energy Industries, Inc.
01.11.2011 23:01
---------------------------------------------------------------------------
-- Revenue of $128.5 million
-- Results include a restructuring charge of $3.1 million
-- Cash increased to $155 million
FORT COLLINS, Colo., 2011-11-01 23:01 CET (GLOBE NEWSWIRE) --Advanced Energy
Industries, Inc. (Nasdaq:AEIS) today announced financial results for the third
quarter ended September 30, 2011. The company posted third quarter sales of
$128.5 million, operating income of 8.3% of sales and diluted earnings per
share from continuing operations of $0.16. On a non-GAAP basis, income
generated from operations was 10.7% of sales and earnings from our continuing
operations on a per share basis were $0.21. The non-GAAP measures exclude the
impact of the previously-announced $3.1 million restructuring charge recorded
in the third quarter. A reconciliation of non-GAAP income from operations and
per share earnings is provided in the tables.
'Tenuous macroeconomic conditions coupled with continuing declines in capital
equipment spending pressured our Thin Films business this quarter. We continue
to see revenue growth in our Solar Energy business as orders increased and the
deployment of our previously announced utility scale projects continued,' said
Garry Rogerson, chief executive officer. 'By taking pro-active measures to
re-align our resources and cost structure, Advanced Energy will be better
positioned to make strategic investments that we expect will extend our
leadership and improve profitability in the future. During the quarter, cash
increased by $9 million as working capital declined during the quarter.'
Thin Films Business Unit
Thin Films business unit sales were $76.8 million versus $103.6 million in the
third quarter of 2010. On a sequential basis, Thin Films sales declined 21.1%
from $97.3 million in the second quarter of 2011. Industry conditions across
most of the company's thin films end markets weakened this quarter.
Semiconductor equipment sales slowed as manufacturers limited purchases due to
low fab utilization rates. The thin film renewables market continued to
experience panel overcapacity and pricing pressure, while the flat panel
display market is undergoing a pause in investment as capacity comes on line.
Solar Energy Business Unit
Solar Energy business unit sales were $51.7 million in the quarter versus $37.4
million in the same period of 2010. On a sequential basis, Solar Energy sales
increased 26.7% from $40.8 million in the second quarter of 2011. Despite the
solar panel industry's struggle with significant oversupply and ongoing price
declines, inverter sales grew once again this quarter due to utility-scale
shipments from large projects wins announced earlier this year.
Income from Continuing Operations
Income from continuing operations was $7.2 million or $0.16 per diluted share,
compared to income from continuing operations of $17.6 million or $0.40 per
diluted share in the same period last year. Income from continuing operations
was $13.5 million or $0.31 in the second quarter of 2011. On a non-GAAP basis,
excluding the impact of the restructuring charge, continuing operations
generated income for the quarter of $9.3 million or $0.21 per share.
Restructuring Charge
The restructuring charge incurred in the quarter related to the restructuring
plan that was announced on September 28, 2011. Under the first phase of the
plan, Advanced Energy will align its engineering resources with the geographic
footprint of its customer base. By localizing R&D within the major geographies
it serves, the company will improve its time to market and distance to key
customers, creating a more highly-focused and responsive development team. The
company will also transition the manufacture of certain solar inverter
subcomponents to its Shenzhen factory. This will lower product costs for its
Solar Energy business worldwide and enable regional fulfillment for complete
products in the growing Asian market. The anticipated savings from the
restructuring are approximately $6 million annually for the first phase.
The second phase will be implemented over the next 12 to 18 months as the
company reduces its cost structure, closes facilities and relocates certain
functions to different regions worldwide. As a result, the company anticipates
further charges in the amount of $8 to $12 million, principally for space
consolidation, and another $1 million in additional severance costs over this
timeframe. Once complete, these two phases of the restructuring plan, along
with other cost savings initiatives and margin improvements, are expected to
deliver annual savings of approximately $16 to $20 million.
Fourth Quarter 2011 Guidance
The Company anticipates fourth quarter 2011 results from continuing operations,
to be within the following ranges:
-- Sales of $105 million to $120 million
-- Non-GAAP earnings per share of approximately breakeven
Third Quarter 2011 Conference Call
Management will host a conference call tomorrow, Wednesday, November 2, 2011,
at 8:30 a.m. Eastern Daylight Time to discuss Advanced Energy's financial
results. Domestic callers may access this conference call by dialing
800-706-7748. International callers may access the call by dialing
617-614-3473. Participants will need to provide a conference pass code
72488976. For a replay of this teleconference, please call 888-286-8010 or
617-801-6888, and enter the pass code 48571613. The replay will be available
for two weeks following the conference call. A webcast will also be available
on the Investor Relations web page at http://ir.advanced-energy.com.
About Advanced Energy
Advanced Energy is a global leader in innovative power and control technologies
for high-growth, thin-films manufacturing and solar-power generation. Founded
in 1981, Advanced Energy is headquartered in Fort Collins, Colorado, with
dedicated support and service locations around the world. For more information,
go to www.advanced-energy.com.
This release includes non-GAAP operating, net income and earnings per share
data. These non-GAAP measures are not in accordance with, or an alternative
for, generally accepted accounting principles and may be different from
non-GAAP measures used by other companies. In addition, these non-GAAP measures
are not based on any comprehensive set of accounting rules or principles.
Advanced Energy believes that these non-GAAP measures provide useful
information to management and investors regarding financial and business trends
relating to its financial condition and results of operations. Additionally,
the Company believes that these non-GAAP measures, in combination with its
financial results calculated in accordance with GAAP, provides investors with
additional perspective. The Company further believes that the items excluded
from certain non-GAAP measures do not accurately reflect the underlying
performance of its continuing operations for the period in which they are
incurred, even though some of these excluded items may be incurred and
reflected in the Company's GAAP financial results in the foreseeable future.
The use of non-GAAP measures have limitations in that they do not reflect all
of the amounts associated with its results of operations as determined in
accordance with GAAP and these measures should only be used to evaluate the
company's results of operations in conjunction with the corresponding GAAP
measures.
For additional information on the items excluded from one or more of its
non-GAAP financial measures, refer to the Form 8-K regarding this release
furnished today to the Securities and Exchange Commission.
Forward-Looking Language
The Company's expectations with respect to guidance to financial results for
the fourth quarter ending December 31, 2011 and statements that are not
historical information are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements are subject to known and
unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such risks and
uncertainties include, but are not limited to: the effects of global
macroeconomic conditions upon demand for our products, the volatility and
cyclicality of the industries the company serves, particularly the
semiconductor industry, the continuation of RPS (renewable portfolio
standards), the timing and availability of incentives and grant programs in the
US and Europe related to the renewable energy market, renewable energy project
delays resulting from solar panel price declines and increased competition in
the solar inverter equipment market, the timing of orders received from
customers, the company's ability to realize benefits from cost improvement
efforts and any restructuring plans; the ability to source materials and
manufacture products, and unanticipated changes to management's estimates,
reserves or allowances. These and other risks are described in Advanced
Energy's Form 10-K, Forms 10-Q and other reports and statements filed with the
Securities and Exchange Commission. These reports and statements are
available on the SEC's website at www.sec.gov. Copies may also be obtained from
Advanced Energy's website at www.advancedenergy.com or by contacting Advanced
Energy's investor relations at 970-407-6555. Forward-looking statements are
made and based on information available to the company on the date of this
press release. The company assumes no obligation to update the information in
this press release.
ADVANCED ENERGY
INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except per
share data)
Three Months Ended Nine Months Ended
------------------------------------------------------
September 30, June 30, September 30,
------------------------------------------------------
2011 2010 2011 2011 2010
------------------------------------------------------
SALES $ 128,498 $ 140,966 $ 138,154 $ 404,304 $ 310,760
COST OF SALES 79,651 80,276 82,777 238,035 176,304
------------------------------------------------------
GROSS PROFIT 48,847 60,690 55,377 166,269 134,456
38.0% 43.1% 40.1% 41.1% 43.3%
OPERATING EXPENSES:
Research and development 17,592 16,672 17,137 50,591 41,329
Selling, general and 16,473 20,545 20,001 57,379 49,955
administrative
Restructuring charges 3,119 3,119
Amortization of 989 1,177 921 2,831 1,945
intangible assets
------------------------------------------------------
Total operating 38,173 38,394 38,059 113,920 93,229
expenses
------------------------------------------------------
Operating income 10,674 22,296 17,318 52,349 41,227
Other income (loss), net (259) 1,224 92 496 1,828
------------------------------------------------------
Income from continuing 10,415 23,520 17,410 52,845 43,055
operations before income
taxes
Provision for income 3,244 5,964 3,898 13,396 9,192
taxes
------------------------------------------------------
INCOME FROM CONTINUING 7,171 17,556 13,512 39,449 33,863
OPERATIONS, NET OF
INCOME TAXES
Income (loss) from (579) 2,392 74 (365) 5,921
discontinued operations,
net of income taxes
------------------------------------------------------
NET INCOME $ 6,592 $ 19,948 $ 13,586 $ 39,084 $ 39,784
======================================================
Basic weighted-average 43,535 43,254 43,571 43,515 42,711
common shares
outstanding
Diluted weighted-average 43,819 43,849 44,187 44,056 43,293
common shares
outstanding
EARNINGS PER SHARE:
CONTINUING OPERATIONS:
BASIC EARNINGS PER $ 0.16 $ 0.41 $ 0.31 $ 0.91 $ 0.79
SHARE
DILUTED EARNINGS PER $ 0.16 $ 0.40 $ 0.31 $ 0.90 $ 0.78
SHARE
DISCONTINUED OPERATIONS
BASIC EARNINGS PER $ (0.01) $ 0.06 $ 0.00 $ (0.01) $ 0.14
SHARE
DILUTED EARNINGS PER $ (0.01) $ 0.05 $ 0.00 $ (0.01) $ 0.14
SHARE
NET INCOME:
BASIC EARNINGS PER $ 0.15 $ 0.46 $ 0.31 $ 0.90 $ 0.93
SHARE
DILUTED EARNINGS PER $ 0.15 $ 0.45 $ 0.31 $ 0.89 $ 0.92
SHARE
ADVANCED ENERGY INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, December 31,
2011 2010
----------------------------
ASSETS UNAUDITED AUDITED
Current assets:
Cash and cash equivalents $ 132,253 $ 130,914
Marketable securities 22,669 9,640
Accounts receivable, net 132,048 119,893
Inventories, net 92,822 77,593
Deferred income taxes 7,689 7,510
Income taxes receivable 6,570 6,061
Other current assets 12,393 10,156
----------------------------
Total current assets 406,444 361,767
Property and equipment, net 40,837 34,569
Deposits and other 8,868 8,874
Goodwill and intangibles, net 92,105 96,781
Deferred income tax assets, net 5,176 3,166
----------------------------
Total assets $ 553,430 $ 505,157
============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 50,559 $ 56,185
Other accrued expenses 45,999 46,140
----------------------------
Total current liabilities 96,558 102,325
Long-term liabilities 31,775 28,864
----------------------------
Total liabilities 128,333 131,189
Stockholders' equity 425,097 373,968
----------------------------
Total liabilities and stockholders' equity $ 553,430 $ 505,157
============================
ADVANCED ENERGY INDUSTRIES,
INC.
SEGMENT INFORMATION
(UNAUDITED)
(in thousands)
Three Months Ended Nine Months Ended
----------------------------------------------------
September 30, June 30, September 30,
----------------------------------------------------
2011 2010 2011 2011 2010
----------------------------------------------------
SALES:
Thin Films $ 76,764 $ 103,616 $ 97,331 $ 274,194 $ 256,736
Solar Energy 51,734 37,350 40,823 130,110 54,024
----------------------------------------------------
Total Sales 128,498 140,966 138,154 404,304 310,760
====================================================
OPERATING INCOME:
Thin Films $ 16,015 $ 20,042 $ 60,881
Solar Energy 1,259 321 4,092
---------- ---------------------
Total segment operating 17,274 20,363 64,973
income
Corporate expenses (6,600) (3,045) (12,624)
Other income, net (259) 92 496
---------- ---------------------
Income from continuing $ 10,415 $ 17,410 $ 52,845
operations before income
taxes
========== =====================
ADVANCED ENERGY INDUSTRIES, INC.
SELECTED OTHER DATA (UNAUDITED)
(in thousands)
Reconciliation of Non-GAAP measure - income from operations Three Months
without restructuring charge Ended
-------------
September
30,
2011
-------------
Operating Income, as reported $ 10,674
Add back:
Restructuring charge 3,119
-------------
Income from operations without resturcturing charge $ 13,793
=============
Reconciliation of Non-GAAP measure - income without restructuring Three Months
charge Ended
-------------
September
30,
2011
-------------
Income from continuing operations, net of tax, as reported $ 7,171
Add back:
Restructuring charge, net of tax benefit 2,136
-------------
Income without restructuring charge $ 9,307
=============
Reconciliation of Non-GAAP measure - per share earnings from Three Months
continuing operations without restructuring charge Ended
-------------
September
30,
2011
-------------
Diluted earnings per share from continuing operations, as reported $ 0.16
Add back:
per share impact of restructuring charge, net of tax benefit 0.05
-------------
Per share earnings from continuing operations without $ 0.21
restructuring charge
=============
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
News Source: NASDAQ OMX
01.11.2011 Dissemination of a Corporate News, transmitted by DGAP -
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Language: English
Company: Advanced Energy Industries, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US0079731008
WKN:
End of Announcement DGAP News-Service
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