FORT COLLINS, Colo., April 25 /PRNewswire-FirstCall/ -- Advanced
Energy Industries, Inc. (NASDAQ:AEIS) today announced financial
results for the first quarter ended March 31, 2007. Sales were
$107.3 million for the first quarter of 2007, an increase of 2.7%
compared to $104.5 million in the fourth quarter of 2006, and an
increase of 14.1% compared with $94.0 million in the first quarter
of 2006. Gross profit was $48.3 million, or 45.0% of sales, an
increase of 7.6%, compared with $44.9 million, or 42.9% of sales
for the fourth quarter of 2006, and 25.1% higher than $38.6
million, or 41.0% of sales in the first quarter of 2006. Operating
profit for the first quarter of 2007, which included a $2.8 million
restructuring charge related to the closure of our factory in
Stolberg, Germany, was $17.9 million, or 16.7% of sales, an
increase of 7.8%, compared with $16.6 million, or 15.9% of sales in
the fourth quarter of 2006, and an increase of 35.6%, compared to
$13.2 million, or 14.0% of sales in the first quarter of 2006.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO) Net
income from continuing operations for the first quarters of 2007
and 2006 was $12.7 million and $12.8 million, respectively, or
$0.28 per diluted share for each period; however, the first quarter
of 2007 included the above mentioned restructuring charge of $2.8
million, and an effective tax rate of 35% in the first quarter of
2007 compared to a 15% tax rate in the first quarter of 2006. "We
are pleased with our results this quarter and are particularly
encouraged by the strength in the semiconductor and solar markets.
Semiconductor revenues were sequentially 8% higher than the fourth
quarter of 2006, and solar revenues were 103% higher from the prior
quarter representing 7% of our overall sales," said Dr. Hans Betz,
president and chief executive officer of Advanced Energy. "Our
strong operating performance demonstrates the progress of our
strategic initiatives including streamlining our operations and
leveraging our technology to diversify our business. We remain
excited about the potential of the markets that we serve and in our
ability to grow." Second Quarter 2007 Guidance The Company
anticipates second quarter 2007 results to be within the following
ranges: * Sales of $102 million to $106 million. * Earnings per
share of $0.26 to $0.29. First Quarter 2007 Conference Call
Management will host a conference call today, Wednesday, April 25,
2007 at 5:00 pm Eastern Time to discuss Advanced Energy's financial
results. You may access this conference call by dialing
888-713-4717. International callers may access the call by dialing
706-679-7720. For a replay of this teleconference, please call
706-645-9291, and enter the pass code 1215631. The replay will be
available through May 2, 2007. There will also be a webcast
available on the Investor Relations webpage at
http://ir.advanced-energy.com/. About Advanced Energy Advanced
Energy is a global leader in the development and support of
technologies critical to thin film deposition 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. The
Company's 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 Global Market under the symbol AEIS.
For more information, please visit our corporate website:
http://www.advanced-energy.com/. The Company's expectations with
respect to financial results for the second quarter of 2007 are
forward looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements 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. Such risks and uncertainties include, but are not
limited to: the volatility and cyclicality of the industries the
company serves, the timing of orders received from customers, the
company's ability to realize cost improvement benefits from the
global operations initiatives underway, and unanticipated changes
to management's estimates, reserves or allowances. These and other
risks are described 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 http://www.sec.gov/. Copies may also be obtained from
Advanced Energy's website at http://www.advanced-energy.com/ or by
contacting Advanced Energy's investor relations at 970-221-4670.
Forward- looking statements are made and based on information
available to the company on the date of this press release. The
company assumes no obligation to update the information in this
press release. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED) (in thousands, except per share data) Three Months
Ended March 31, December 31, 2007 2006 2006 Sales $107,323 $93,950
$104,533 Cost of sales 59,014 55,400 59,639 Gross profit 48,309
38,550 44,894 Operating expenses: Research and development 12,035
10,459 12,240 Selling, general and administrative 15,218 14,405
15,535 Amortization of intangible assets 324 477 450 Restructuring
charges 2,792 29 20 Total operating expenses 30,369 25,370 28,245
Income from operations 17,940 13,180 16,649 Other income, net 1,554
1,833 1,060 Income from continuing operations before income taxes
19,494 15,013 17,709 (Provision) benefit for income taxes (6,823)
(2,252) 21,697 Income from continuing operations 12,671 12,761
39,406 Gain on sale of discontinued assets -- -- 1,000 Income from
discontinued operations -- -- 1,000 Net income $12,671 $12,761
$40,406 Net income per basic share Income from continuing
operations $0.28 $0.29 $0.88 Income from discontinued operations
$-- $-- $0.02 Basic earnings per share $0.28 $0.29 $0.90 Net income
per diluted share Income from continuing operations $0.28 $0.28
$0.87 Income from discontinued operations $-- $-- $0.02 Diluted
earnings per share $0.28 $0.28 $0.89 Basic weighted-average common
shares outstanding 44,941 44,571 44,826 Diluted weighted-average
common shares outstanding 45,636 45,004 45,345 CONDENSED
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands) March 31,
December 31, 2007 2006 ASSETS Current assets: Cash and cash
equivalents $51,073 $58,240 Marketable securities 105,259 85,978
Accounts receivable, net 76,318 74,794 Inventories, net 57,655
52,778 Deferred income taxes 19,677 24,434 Other current assets
3,688 4,503 Total current assets 313,670 300,727 Property and
equipment, net 31,647 33,571 Deposits and other 7,690 2,640
Goodwill and intangibles, net 65,681 65,584 Customer service
equipment, net 616 832 Deferred income tax assets, net 8,833 8,549
Total assets $428,137 $411,903 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Trade accounts payable $17,428 $16,310 Other
accrued expenses 30,170 36,488 Current portion of capital leases
and senior borrowings 127 131 Total current liabilities 47,725
52,929 Long-term liabilities: Capital leases and senior borrowings
175 198 Other long-term liabilities 9,616 2,986 Total long-term
liabilities 9,791 3,184 Total liabilities 57,516 56,113
Stockholders' equity 370,621 355,790 Total liabilities and
stockholders' equity $428,137 $411,903
http://www.newscom.com/cgi-bin/prnh/20030825/AEISLOGO
http://photoarchive.ap.org/ DATASOURCE: Advanced Energy Industries,
Inc. CONTACT: Lawrence D. Firestone, Executive Vice President, CFO
of Advanced Energy Industries, Inc., +1-970-407-6570, Web site:
http://www.advanced-energy.com/
Copyright
Advanced Energy Industries (NASDAQ:AEIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Advanced Energy Industries (NASDAQ:AEIS)
Historical Stock Chart
From Jul 2023 to Jul 2024