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Advanced Energy Announces Third Quarter Results

  • Revenue of $143 million
  • GAAP earnings of $0.02 per diluted share
  • Non-GAAP earnings of $0.53 per diluted share
  • Ended quarter with $105 million in cash

FORT COLLINS, Colo., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced financial results for the third quarter ended September 30, 2013. The company reported third quarter sales of $142.9 million compared with $139.7 million in the second quarter of 2013 and $117.5 million in the third quarter of 2012. Income from continuing operations was $687,000 or $0.02 per diluted share. On a non-GAAP basis, income from continuing operations was $21.7 million or $0.53 per diluted share. The non-GAAP measures exclude, on an after tax basis, $22.4 million in restructuring charges, $3.6 million of stock-based compensation, $549,000 of intangible amortization and a $5.6 million benefit from a non-recurring tax release item. A reconciliation of non-GAAP income from continuing operations and earnings per share is provided in the tables below. It is important to note that based on our current mix of profits our effective tax rate has declined to approximately 12.5%. The company ended the quarter with $104.7 million in cash and marketable securities, a sequential increase of $5.6 million.

"As we approach the end of 2013, we had yet another sound quarter reflecting the significant progress we are making towards our strategic objectives," said Garry Rogerson, CEO. "Once again, we returned value to our shareholders by continuing to grow operating profit and earnings per share on a non-GAAP basis. Since the beginning of 2013, we have increased our operating income excluding restructuring by nearly 140%, from $7.7 million in the first quarter, to $12.6 million in the second quarter, to $18.3 million in the third quarter. Clearly, we are demonstrating the effectiveness of our low-cost, distributed R&D, centralized manufacturing model. With increasing backlog, a growing number of new products and entrance into new applications and geographies, we believe we are poised for continued profitable growth opportunities as we head into 2014."

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