Advanced Energy Announces New $25 Million Share Repurchase Program
FORT COLLINS, Colo., Oct. 30, 2012 (GLOBE NEWSWIRE) -- 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.
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.
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