Advanced Energy reports 38.1 percent revenue increase

FORT COLLINS – Advanced Energy Industries Inc. (Nasdaq GM: AEIS)
reported second-quarter sales of $138.2 million, a 38.1 percent increase
over second quarter 2010.

The company also reported operating income of $17.3 million and earnings per share of 31 cents.

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“Our renewables business in the second quarter was pressured by several
industry dynamics, including declining panel prices, increasing
competition, and changing incentive programs, which impacted our results
more than anticipated,´ said Hans Betz, AE’s CEO.

AE’s thin films business unit sales were $97.3 million compared to $85.7
million in the same period in 2010, a 13.5 percent increase.

The company’s renewables business unit sales were $40.8 million during
the quarter compared to $14.4 million in the second quarter of 2010. The
jump in sales was attributed to the acquisition of PV Powered and the
ongoing growth of the North American solar equipment market, the company
said.

AE said it anticipated third-quarter sales of $130 million to $145 million.

In afternoon trading, shares of AE were down 5.78 percent to $11.39.