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FORT COLLINS, Colo., April 29, 2013 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced financial results for the first quarter ended March 31, 2013. The company reported first quarter sales of $111.8 million compared to $113.0 million in the fourth quarter of 2012 and $105.8 million in the first quarter of 2012. Income from continuing operations was $6.8 million or $0.17 per diluted share. On a non-GAAP basis, income from continuing operations was $11.7 million or $0.29 per diluted share. The non-GAAP measures exclude, on an after tax basis, $2.0 million of intangible amortization, $1.8 million of stock-based compensation and $1.0 million of acquisition related costs. A reconciliation of non-GAAP income from continuing operations and earnings per share is provided in the tables below. The company ended the quarter with $182.3 million in cash and marketable securities, having grown cash by $10 million during the quarter.
"We began 2013 with a sound first quarter," said Garry Rogerson, CEO. "Having successfully established a highly efficient global distribution model, with localized R&D and streamlined manufacturing, we have laid the foundation for future growth. The recent acquisition of REFUsol positions our Solar Energy business for significant growth over the next two years by enhancing our product line, applications and geographic reach. While we expect this acquisition to be accretive in the next 12 months, we anticipate it to negatively impact earnings over the next 6 months. Together with the improving outlook for our Thin Films business, we are poised to achieve our aspirational goals."
Thin Films sales were $61.8 million in the first quarter of 2013, a 15.8% increase from $53.3 million in the fourth quarter of 2012, and a 2.3% increase from $60.4 million in the first quarter of 2012. The increase was driven primarily by improvement in our semiconductor applications and healthy growth in flat panel display, along with increases across most of our other applications with the exception of thin film renewables.