Advanced Energy Completes $75 Million Share Repurchase Program
June 05 2012 - 5:30PM
Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced the
completion of its $75 million share repurchase program. The
program, which was initiated in November 2011, was completed in
approximately six months and the company purchased 6.4 million
shares at an average price of $11.72 per share. As of March
31, 2012, the company had approximately $151 million in
cash, cash equivalents and marketable securities and approximately
41.3 million common shares outstanding.
"The completion of the repurchase program demonstrates Advanced
Energy's commitment to return value to its shareholders. Our strong
cash position coupled with positive cash flow generation has
allowed us to conduct this program with minimal impact to our
overall cash position," said Garry Rogerson, CEO. "We remain
focused on our restructuring initiatives to align our cost
structure, accelerate revenue growth and effectively utilize our
cash which, once implemented, should lead to improved profitability
and exceptional shareholder value."
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 statements as to Advanced Energy's cash
holdings and position, future results of restructuring initiatives
and profitability. 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. Further information regarding factors that
could affect Advanced Energy 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
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