Advanced Energy Reports Fourth-Quarter Results

February 25, 2002 by Jeff Shepard

Advanced Energy Industries Inc. (Fort Collins, CO) reported fourth-quarter revenue of $34.0 million, down 12 percent from the third-quarter’s $38.7 million, and 67 percent lower than the $102.7 million posted in the year-ago quarter. However, the company said it is seeing orders stabilize and expects first-quarter revenue to come in between $38.0 million to $40.0 million.

Advanced Energy’s net loss of the quarter totaled $14.4 million, or $0.45 per share, compared with a net loss of $7.5 million, or $0.24 per share, in the previous quarter. A year ago, the company reported net income of $27.4 million, or $0.83 per diluted share. The company recorded a $2.5 million restructuring charge in October as well as a $5.6 million charge related to a technology investment.

"Despite the continuation of a challenging industry environment, fourth-quarter revenue came in slightly above our expected range," said Doug Schatz, chairman and CEO of Advanced Energy. "We believe there is some stabilization in our end markets, as evidenced by the decrease in customer order cancellations and push-outs we experienced earlier in the quarter."

For the year, the company reported $193.6 million in revenue, down 46 percent from $359.8 million in 2000. Gross profit for the full year 2001 was $57.4 million, or 30 percent, compared with $176.5 million, or 49 percent, for 2000. The annual net loss was $31.4 million, or $0.99 per share, compared with net income of $68.0 million, or $2.10 per diluted share, for 2000.