Advanced Energy Accelerates Vesting of Certain Stock Options
October 19 2005 - 5:10PM
PR Newswire (US)
FORT COLLINS, Colo., Oct. 19 /PRNewswire-FirstCall/ -- Advanced
Energy Industries, Inc. (NASDAQ:AEIS) announced that on October 18,
2005, its Board of Directors approved the accelerated vesting of
certain unvested options awarded under its stock option plans. The
acceleration applies only to those options with an exercise price
of $15.00 or higher. The closing sales price of Advanced Energy
common stock on the Nasdaq National Market on October 18, 2005 was
$10.69. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO ) In
connection with this acceleration, options to purchase
approximately 624,000 shares of common stock that would otherwise
have vested over the next 30 months became fully vested. As of
October 18, 2005, options to purchase 3.8 million shares of our
common stock were outstanding. Unvested options totaling 852,000
that had an exercise price less than $15.00 that were outstanding
as of October 18, 2005 will continue to vest on their normal
schedule. The Board of Directors determined to accelerate the
vesting of these options principally to reduce future compensation
expense that would otherwise be required to be recorded in the
statement of operations in periods following our adoption of
Statement of Financial Accounting Standards No. 123, Share Based
Payment (revised 2004) ("SFAS 123R"). The Company will be required
to apply the expense recognition provisions of SFAS 123R beginning
in the first quarter of 2006. As a result of the acceleration
before considering expected forfeitures, as required by SFAS 123R,
the Company expects to eliminate a total of approximately $5
million to $6 million of compensation expense on a pre-tax basis
over fiscal years 2006, 2007 and 2008. About Advanced Energy
Advanced Energy is a global leader in the development and support
of technologies critical to high-technology manufacturing processes
used in the production of semiconductors, flat panel displays, data
storage products, solar cells, architectural glass, and other
advanced product applications. Leveraging a diverse product
portfolio and technology leadership, Advanced Energy creates
solutions that maximize process impact, improve productivity and
lower the cost of ownership for its customers. This portfolio
includes a comprehensive line of technology solutions in power,
flow, thermal management, and plasma and ion beam sources for
original equipment manufacturers (OEMs) and end-users around the
world. Advanced Energy operates in regional centers in North
America, Asia and Europe and offers global sales and support
through direct offices, representatives, and distributors. Founded
in 1981, Advanced Energy is a publicly held company traded on the
Nasdaq National Market under the symbol AEIS. For more information,
please visit our corporate website:
http://www.advanced-energy.com/. Safe Harbor Statement The
Company's statements and assumptions regarding the anticipated
requirements of SFAS 123R in respect of the recognition of
compensation expense are "forward looking statements" within the
meanings of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Forward looking
statements inherently are subject to known and unknown risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements. For example,
the amount of compensation expense we eliminate in 2006-2008 or the
timing of the application of SFAS 123R to us might be materially
different from our projections, as a result of amendments to SFAS
123R or interpretations of such accounting standard. Other factors
might also affect the ultimate accuracy of our forward looking
statements. The company assumes no obligation to update the
information in this press release.
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Energy Industries,
Inc. CONTACT: Mike El-Hillow, Executive Vice President, Chief
Financial Officer, +1-970-407-6570, , or Cathy Kawakami, Director,
Corporate and Investor Relations, +1-970-407-6732, , both of
Advanced Energy Industries, Inc. Web site:
http://www.advanced-energy.com/
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