Advanced Energy Announces New $25 Million Share Repurchase Program
October 30 2012 - 8:00AM
Advanced Energy Industries, Inc. (Nasdaq:AEIS) today announced that
its Board of Directors has authorized the company to repurchase up
to $25 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, 2012, the company had approximately $174
million in cash, cash equivalents and marketable securities
and approximately 38 million common shares outstanding.
"Given the current macro uncertainty and upcoming elections, we
want to pro-actively be in a position to take advantage of any
market fluctuations. Our strong balance sheet and cash flow
generation are enabling us to pursue organic and inorganic
initiatives to drive growth while giving the flexibility to
implement this buyback program," said Garry Rogerson, CEO.
"Returning value to our shareholders is the focus of Advanced
Energy's strategy."
This plan follows the $75 million share repurchase program
initiated back in November of 2011 and completed in just six months
with the repurchase of approximately 6.4 million shares at an
average price of $11.72 per shares.
About Advanced Energy
Advanced Energy (Nasdaq:AEIS) is a global leader in
reliable power conversion solutions used in
thin-film plasma manufacturing processes and solar energy
generation. 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 Statements
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
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