Advanced Energy Announces $75 Million Share Repurchase Program
November 21 2011 - 8:00AM
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.
Forward-Looking Language
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.advancedenergy.com or by
contacting Advanced Energy's investor relations at
970-407-6555.
CONTACT: Danny Herron
Advanced Energy Industries, Inc.
970.407.6570
danny.herron@aei.com
Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.
970.407.6555
ir@aei.com
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