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TheStreet Open House

Advanced Energy Announces Second Quarter Results

  • Revenue of $140 million
  • GAAP loss of $0.24 per diluted share
  • Non-GAAP earnings of $0.35 per diluted share
  • Ended first quarter with $99 million in cash

FORT COLLINS, Colo., July 29, 2013 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced financial results for the second quarter ended June 30, 2013. The company reported second quarter sales of $139.7 million compared to $111.8 million in the first quarter of 2013 and $115.7 million in the second quarter of 2012. Loss from continuing operations was $9.8 million or $0.24 per diluted share. On a non-GAAP basis, income from continuing operations was $13.9 million or $0.35 per diluted share. The non-GAAP measures exclude, on an after tax basis, $19.6 million in restructuring charges, $2.5 million of stock-based compensation and $1.6 million of intangible amortization. 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 $99.1 million in cash and marketable securities, a decline of $83.2 million due to the recent acquisition of the three-phase string product line.

"We are pleased with our performance in the second quarter, having made significant progress on our aggressive restructuring and integration plan," said Garry Rogerson, CEO. "Improved profitability returned to our Thin Films business this quarter as we expanded into new applications, our markets recovered and we continued to reduce our costs. In our Solar Energy business we are already seeing initial demand and a growing pipeline for our newly-acquired three-phase string product line and recently-released one megawatt inverter offering. With a strong and building backlog in both business units we anticipate an acceleration of earnings per share for 2013. Our focus on successfully delivering on our strategic objectives remains our primary focus. With an efficient company-wide cost structure in place, an expanded product line and cost-effective worldwide distribution, we are laying the foundation for a successful 2014."

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