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Advanced Energy Industries, Inc.
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
FORT COLLINS, Colo., Nov. 21, 2011—Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced that its Board of Directors has authorized the company to repurchase up to $75 million of 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, 2011, the company had approximately $155 million in cash, cash equivalents and marketable securities and approximately 43.6 million common shares outstanding.
"Current market valuations combined with our strong cash position and projected cash flow generation afford us the leverage to initiate this repurchase program while still maintaining flexibility for other initiatives," said Garry Rogerson, CEO. "This repurchase program is an important element of our strategy for returning value to our shareholders. We expect the program to be accretive to earnings going forward."
About Advanced Energy
Advanced Energy is a global leader in innovative power and control technologies for high-growth, thin-film 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 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 to Advanced Energy on the date this release was issued. Advanced Energy undertakes 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 for Advanced Energy's stock, 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 affect Advanced Energy's ability to successfully execute its plan to repurchase common stock can be found 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.advanced-energy.com
or by contacting Advanced Energy's investor relations at 970-407-6555.