Advanced Energy Reports Decreased Q3 Revenues
Advanced Energy Industries Inc. (Fort Collins, CO) reported third-quarter revenues of $38.7 million, down 60 percent from $96.3 million in the year-ago quarter, and 16 percent below $46.2 million for the previous quarter.
Advanced Energy's reported gross margin for the quarter was 28.5. The company also posted
an actual net loss of $7.5 million, or $0.24 per diluted share, including a pretax charge of $1.2 million related to an investment.
Excluding the charge, the company reported a net loss of $6.7 million, or $0.21 per diluted share.
In the year-ago period, Advanced Energy had actual net income of $16.3 million, or $0.50 per diluted share, and pro-forma net
income of $16.5 million, or $0.51 per diluted share.
"Our third-quarter 2001 revenue is in line with the revenue forecast range we provided on August 15th. As expected, we continued to
experience order cancellations and pushouts throughout the quarter from our OEM customers as their customers decreased capital spending plans," said Doug Schatz, chairman and CEO. "We did not experience any delays as a
result of the tragedy on September 11th. We are currently reviewing further cost reductions company-wide as we continue to reposition the company to operate efficiently at this lower level of order activity."