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Industry News
August 2, 2012
Advanced Energy Announces Second Quarter Results
Advanced Energy Industries, Inc. announced financial results for the second quarter ended June 30, 2012. The company posted second quarter sales of $115.7 million compared to $105.8 million in the first quarter of 2012 and $138.2 million in the second quarter of 2011. Income from continuing operations was $8.8 million or $0.22 per diluted share. On a non-GAAP basis, income from continuing operations was $7.3 million or $0.18 per diluted share. The non-GAAP measures exclude the impact of a $1.5 million after tax gain from the sale of mass flow control manufacturing assets and a $0.1 million restructuring gain. A reconciliation of non-GAAP income from continuing operations and earnings per share is provided in the tables below. The company ended the quarter with $149.0 million in cash and marketable securities, having generated $33.5 million of cash during the quarter, excluding share repurchases of $35.2 million.
"Second quarter results were highlighted by the sound profitability we achieved in both of our business units," said Garry Rogerson, chief executive officer. "With a record backlog and a strong pipeline of opportunities, our Solar Energy business continues to gain momentum in the North American market, which should help to offset some of the cyclicality in our Thin Films markets. Our goal of building a sustainable, profitable business is coming to fruition as we remain focused on managing our costs, expanding our market presence and growing revenues."
Thin Films sales increased 7% to $64.8 million in the second quarter of 2012 from $60.4 million in the first quarter of 2012, due to an increase in non-semiconductor sales. Thin Films sales declined 33% from $97.3 million in the second quarter of 2011, reflecting lower levels of capital investment by companies in the Thin Film markets.
Solar Energy sales were $50.8 million in the second quarter of 2012, an increase of 12% from $45.4 million in the first quarter of 2012. Solar Energy sales increased 24% from $40.8 million in the second quarter of 2011 due to utility-scale deployments in North America.
Income from continuing operations for the second quarter was $8.8 million or $0.22 per diluted share, compared to income from continuing operations of $13.5 million or $0.31 per diluted share in the same period last year and income from continuing operations of $0.8 million or $0.02 per diluted share in the first quarter of 2012. In the second quarter of 2012, operating expenses (excluding restructuring) decreased $4.0 million sequentially, aided by a reduction in incentive accrual and to a lesser extent a reduction in other operating expenses. On a non-GAAP basis, excluding the impact of the restructuring benefit and the one-time gain on the sale of mass flow control manufacturing assets, income from continuing operations was $7.3 million or $0.18 per diluted share, up from $2.4 million or $0.06 per diluted share in the first quarter of 2012.
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During the quarter the company made further progress on the transfer of manufacturing of certain solar inverter subcomponents to its Shenzhen, China factory.
The remainder of the restructuring plan is expected to be implemented over the next 3 to 9 months as the company further reduces its cost structure by consolidating certain facilities and centralizing other activities. As a result, the company anticipates further charges in the amount of $2 to $6 million, principally for consolidating locations, and another $2 to $3 million in additional severance costs over this timeframe. Once complete, the restructuring plan, along with other cost savings initiatives and margin improvements, is currently expected to deliver annual savings in excess of $30 million, well ahead of our original plan.
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