Advanced Energy Announces New $25 Million Share Repurchase Program
FORT COLLINS, Colo., Oct. 30, 2012 (GLOBE NEWSWIRE) -- Advanced Energy
Industries, Inc. (Nasdaq:AEIS) today announced that its Board of Directors has
authorized the company to repurchase up to $25 millionof its common stock
over the next 12 months. Purchases under the program may be made from
time-to-time in the public or private markets, through block trades, Rule
10b5-1 trading plans or other available means and may include the use of
derivative contracts and structured share repurchase agreements. There is no
minimum number of shares to be repurchased under the program, and it may be
suspended or discontinued at any time. As of September 30, 2012, the company
had approximately$174 millionin cash, cash equivalents and marketable
securities and approximately 38 million common shares outstanding.
"Given the current macro uncertainty and upcoming elections, we want to
pro-actively be in a position to take advantage of any market fluctuations.
Our strong balance sheet and cash flow generation are enabling us to pursue
organic and inorganic initiatives to drive growth while giving the flexibility
to implement this buyback program," saidGarry Rogerson, CEO. "Returning value
to our shareholders is the focus of Advanced Energy's strategy."
This plan follows the $75 million share repurchase program initiated back in
November of 2011 and completed in just six months with the repurchase of
approximately 6.4 million shares at an average price of $11.72 per shares.
About Advanced Energy
Advanced Energy(Nasdaq:AEIS) is a global leader in reliable power conversion
solutions used in thin-filmplasmamanufacturing processes and solar energy
generation. Advanced Energyis headquartered inFort Collins, Colorado, with
dedicated support and service locations around the world. For more
information, go towww.advanced-energy.com.
This release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended, including the
timing, extent and means of potential stock repurchases, as well as our
expectation that the program will be accretive to earnings. Readers are
cautioned not to place undue reliance on forward-looking statements. All
forward-looking statements are based upon information available toAdvanced
Energyon the date this release was issued. Advanced Energyundertakes no
obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Forward-looking statements involve risks and uncertainties that could cause
actual events or results to differ materially from the events or results
described in this press release, including regulatory limitations on
repurchases, conditions in the market forAdvanced Energy'sstock,
management's determination to use available cash for other purposes and the
company's ability to continue to generate cash from operations. Further
information regarding factors that could affectAdvanced Energy'sability to
successfully execute its plan to repurchase common stock can be found
inAdvanced Energy'sForm 10-K, Forms 10-Q and other reports and statements
filed with theSecurities and Exchange Commission. These reports and
statements are available on theSEC'swebsite atwww.sec.gov. Copies may also
be obtained fromAdvanced Energy'swebsite atwww.advancedenergy.comor by
contactingAdvanced Energy'sinvestor relations at 970-407-6555.
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
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