UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 16, 2003
ADVANCED ENERGY INDUSTRIES, INC.
Delaware
000-26966
84-0846841
(State of
(Commission File Number)
(IRS Employer
incorporation)
Identification No.)
1625 Sharp Point Drive, Fort Collins, Colorado 80525
(Address of principal executive offices) (Zip Code)
(970) 221-4670
Not Applicable
| SIGNATURES | ||||||||
| EXHIBIT INDEX | ||||||||
| Third Quarter 2003 Earnings Release | ||||||||
Item 12. Results of Operations and Financial Condition
On October 16, 2003 Advanced Energy Industries, Inc. (the “Company”) announced via press release the Company’s results for its three- and nine-month periods ended September 30, 2003. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in this Current Report on Form 8-K, including the exhibit, is furnished pursuant to Item 12 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ADVANCED ENERGY INDUSTRIES, INC. | ||||||||
|
By:
|
/s/
Michael El-Hillow
|
|||||||
| Name: | Michael El-Hillow | |||||||
| Title: | Executive Vice President | |||||||
| and Chief Financial Officer | ||||||||
| Date: October 16, 2003 | ||||||||
EXHIBIT INDEX
Exhibit No.
Description
99.1
Third Quarter 2003 Earnings Release dated October 16, 2003.
| CONTACTS: | ||
| Mike El-Hillow | Cathy Kawakami | |
| Executive Vice President, Chief Financial Officer | Director of Investor Relations | |
| Advanced Energy Industries, Inc. | Advanced Energy Industries, Inc. | |
| 970-407-6570 | 970-407-6732 | |
| mike.el-hillow@aei.com | cathy.kawakami@aei.com |
FOR IMMEDIATE RELEASE
ADVANCED ENERGY REPORTS THIRD QUARTER 2003 RESULTS
Fort Collins, Colorado (October 16, 2003) Advanced Energy (Nasdaq: AEIS) today reported financial results for the third quarter ended September 30, 2003.
Revenue for the third quarter of 2003 decreased 3 percent to $68.6 million, compared to third quarter 2002 revenue of $70.7 million. Revenue for the third quarter of 2003 increased 9 percent compared to second quarter 2003 revenue of $62.9 million.
Net loss for the third quarter of 2003 was $27.4 million or $0.85 per share including pre-tax charges of $2.2 million related to restructuring charges and an intangible asset impairment, and a non-cash charge of $22.4 million related to the Company’s net deferred tax asset. The third quarter 2003 net loss compares to the third quarter 2002 net loss of $5.6 million or $0.17 per share, and the second quarter 2003 net loss of $5.8 million or $0.18 per share.
Sales for the nine months ended September 30, 2003 were $187.7 million compared to $181.5 million for the first nine months of 2002. Net loss for the 2003 nine-month period was $41.8 million, or $1.30 per share, compared to a net loss of $19.4 million, or $0.61 per share for the 2002 nine-month period.
Doug Schatz, chairman, president and chief executive officer, said, “The third quarter results met our expectations for moderate sequential improvement based on improving order trends and share gains in several end markets. Sales to the flat panel display, data storage and architectural glass markets all posted double-digit growth
sequentially. Our technology lead is being validated across our end markets through continued design wins and share gains in both our power and flow product lines.
“We are continuing to see modestly improving industry conditions. However, based on the fact that the fourth quarter will include industry-wide shutdowns, including three weeks at AE, we anticipate a fourth quarter sales level similar to that of the third quarter,” said Mr. Schatz.
Based on information currently available, the Company expects fourth quarter revenues to be relatively flat compared to the third quarter of 2003, and a loss per share range of $0.14 to $0.16, which assumes no tax benefit from the loss.
Third Quarter 2003 Conference Call
Management will host a conference call today, Thursday, October 16, 2003 at
5:00 pm Eastern time to discuss the financial results. You may access this
conference call by dialing 888-713-4717. International callers may access the
call by dialing 706-679-7720. For a replay of this teleconference, please call
706-645-9291, code 8360203. The replay will be available through Thursday,
October 23, 2003. There will also be a webcast available at
www.advanced-energy.com.
About Advanced Energy
Advanced Energy is a global leader in the development and support of technologies critical to high-technology manufacturing processes used in the production of semiconductors, flat panel displays, data storage products, compact discs, digital video discs, architectural glass, and other advanced product applications.
Leveraging a diverse product portfolio and technology leadership, AE creates solutions that maximize process impact, improve productivity and lower cost of ownership for its customers. This portfolio includes a comprehensive line of technology solutions in power, flow, thermal management, plasma and ion beam sources, and integrated process monitoring and control for original equipment manufacturers (OEMs) and end-users around the world.
AE operates in regional centers in North America, Asia and Europe and offers global sales and support through direct offices, representatives and distributors. Founded in 1981, AE is a publicly held company traded on the Nasdaq National Market under the symbol AEIS. For more information, please visit our corporate website: www.advanced-energy.com.
Safe Harbor Statement
This press release contains certain forward-looking statements subject to known
and unknown risks and uncertainties that could cause actual results to differ
materially from those expressed or implied by such statements. Such risks and
uncertainties include, but are not limited to, the volatility and cyclicality
of the semiconductor and semiconductor capital equipment industries, the timing
of orders received from our customers, our ability to execute on the cost
reduction initiatives currently underway, and other risks described in Advanced
Energy’s Form 10-K, Forms 10-Q as well as other reports and statements, as
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
by contacting Advanced Energy’s investor relations at 970-407-6732. The company
assumes no obligation to update the information in this press release.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2003
2002
2003
2002
$
68,567
$
70,674
$
187,671
$
181,454
45,474
44,074
126,355
117,168
23,093
26,600
61,316
64,286
12,979
12,185
38,897
36,020
7,329
9,738
23,920
25,201
6,340
7,245
17,487
21,073
1,011
3,220
3,288
3,220
1,175
—
1,175
—
—
—
—
5,313
28,834
32,388
84,767
90,827
(5,741
)
(5,788
)
(23,451
)
(26,541
)
(2,261
)
(2,797
)
(7,351
)
(3,370
)
(8,002
)
(8,585
)
(30,802
)
(29,911
)
(19,436
)
3,005
(11,000
)
10,469
$
(27,438
)
$
(5,580
)
$
(41,802
)
$
(19,442
)
$
(0.85
)
$
(0.17
)
$
(1.30
)
$
(0.61
)
32,286
32,073
32,217
31,994
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands)
September 30,
December 31,
2003
2002
$
33,004
$
70,188
103,376
102,159
53,967
43,885
14,089
14,720
58,579
57,306
6,727
6,828
—
17,510
269,742
312,596
43,426
41,178
5,451
5,181
87,051
86,601
3,266
4,091
4,250
6,086
$
413,186
$
455,733
$
21,023
$
16,055
28,975
31,064
12,882
15,197
1,810
2,338
64,690
64,654
7,506
10,665
697
694
3,777
8,663
187,718
187,718
199,698
207,740
264,388
272,394
148,798
183,339
$
413,186
$
455,733
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Nine Months Ended September 30,
2003
2002
(19,507
)
(20,173
)
(13,904
)
28,677
(4,905
)
(4,759
)
1,132
1,553
(37,184
)
5,298
70,188
81,955
$
33,004
$
87,253