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Advanced Energy Appoints New Chief Financial Officer

FORT COLLINS, Colo., Aug 16, 2010—Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced that Danny C. Herron has been named executive vice president and chief financial officer. Mr. Herron will start on September 1, 2010, and will report directly to Dr. Hans Betz, chief executive officer.

Mr. Herron has more than 25 years of experience in finance and operations and has spent the past 12 years of his career as chief financial officer for renewable energy and consumer products companies. His most recent position was chief financial officer for Sundrop Fuels, Inc., a solar gasification-based renewable fuels company based in Louisville, Colorado. He previously held the positions of president and chief financial officer of VeraSun, a publicly-traded corn-based ethanol company, chief financial officer at Swift & Company, a $10 billion worldwide beef and pork producer and chief financial officer at ConAgra Foods, Inc. Beef Division, where he managed the $8.5 billion international division. In his role at Swift, Mr. Herron managed the company's transition to a stand-alone company after the acquisition from ConAgra Foods, Inc. During Mr. Herron's previous roles as chief financial officer his notable experience includes merging and integrating companies, raising financing and divesting non-core businesses.

"We are extremely pleased to have Danny join Advanced Energy as our new CFO," said Dr. Hans Betz, chief executive officer. "Danny brings a unique blend of financial and operational experience that we expect will benefit Advanced Energy as we continue to execute our growth strategy."

Mr. Herron replaces Lawrence Firestone who resigned from Advanced Energy last week.

About Advanced Energy

Advanced Energy (NASDAQ: AEIS) is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.  
 

Advanced Energy Announces Resignation of Chief Financial Officer

FORT COLLINS, Colo., August 11, 2010—Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) (“Advanced Energy”) today announced that Lawrence Firestone, Executive Vice President and Chief Financial Officer, has resigned to pursue other opportunities. John McMahon, Vice President and Corporate Controller, will handle financial reporting, accounting and finance responsibilities until a replacement for Mr. Firestone can be named. Mr. Firestone agreed to provide advisory services to Advanced Energy for up to six months following his resignation.

“I would like to thank Larry for his dedication and service to Advanced Energy for the past four years. We appreciate his contributions to our growing business and wish him well in his future endeavors,” said Dr. Hans Betz, chief executive officer. “I understand his decision and am pleased he will continue on in an advisory capacity while we work through this transition.” Dr. Betz said he expects to name a replacement quickly to ensure business continuity.

About Advanced Energy

Advanced Energy (NASDAQ: AEIS - News) is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

Advanced Energy Announces Record Bookings and Revenues for the Second Quarter 2010

FORT COLLINS, Colo., July 21, 2010—Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced financial results for the second quarter ended June 30, 2010. Total sales for the second quarter were $115.2 million, representing an all-time high for the company in a single quarter and producing earnings of $0.31 per diluted share. The results highlighted in this release include our Aera® mass flow controller business that is currently being divested, as well as the inclusion of two months of operating results from PV Powered.

“We had an outstanding second quarter, with $154 million in bookings and $115 million in revenue, including PV Powered and the flow business. As our semiconductor revenues continued to grow, the semiconductor industry demonstrated its momentum again this quarter,” said Dr. Hans Betz, chief executive officer.

"Our recent acquisition of PV Powered contributed significantly to our higher inverter revenues and backlog, which we anticipate will provide momentum for the second half of 2010. PV Powered also contributed to our bottom line, delivering a profitable second quarter ahead of expectations and making the acquisition immediately accretive. The addition of this excellent team and product line to our Solaron inverter business positions us to forge ahead and take the leading position in the US market for inverters and expand worldwide.”

"Additionally, today we announced that we are divesting our flow business. We see this move as a crucial part of our corporate strategy to focus the company on becoming the market leader in power conversion and capitalize on future growth opportunities.”

Semiconductor sales rose 9.9% sequentially to $53.5 million, representing 46.4% of total sales for the quarter. Sales to the non-semiconductor thin film markets increased 87.2% sequentially to $35.9 million, representing 31.2% of total sales for the quarter. Inverter sales grew substantially with the addition of PV Powered to $14.4 million to 12.5% of total sales compared to $2.3 million in the first quarter. Service revenue was flat sequentially at $11.4 million, representing 9.9% of total sales for the quarter.

Bookings for the second quarter, including $15.3 million for the mass flow controller business, hit a record of $154.3 million, or a 60.0% increase, compared to $96.7 million in the first quarter of 2010, resulting in a book-to-bill ratio of 1.34:1 for the second quarter. Ending backlog for the second quarter increased 52.0% sequentially to $123.6 million, including $14.4 million for the flow business, compared to $81.3 million at the end of the first quarter of 2010.

Advanced Energy also announced that it has entered into an agreement to sell its flow business, related product lines and all related assets including the real property in Japan to Hitachi Metals, Ltd. for $44 million in cash, subject to an adjustment based on inventory balance at closing. The company anticipates this transaction will close in the third quarter of 2010 subject to satisfaction of customary closing conditions.

As a result of this transaction, the financial results for our flow business will be recorded in discontinued operations on a net basis beginning with the second quarter 2010. These amounts are revenue of $15.1 million, gross profit of $5.3 million, operating expenses of $1.7 million and net income of $2.2 million, or $0.05 per diluted share in the quarter ended June 30, 2010. Comparable results for the flow business for the second quarter of 2009 were revenues of $3.7 million, gross profit of $0.6 million, operating expenses of $1.3 million and a net loss of $0.4 million, or $0.01 per diluted share. For comparative purposes, the financial results discussed below assume the adjustments for the divestiture have been made.

Excluding the flow business, sales for the second quarter of 2010 increased 43.6% to $100.1 million from $69.7 million in the first quarter of 2010, and up substantially from $31.9 million in the second quarter of 2009.

Gross margin for the second quarter was 44.5%, compared with 41.9% in the first quarter of 2010, as a result of higher revenues and leverage from overhead absorption. This compares to gross margin of 22.8% in the same period last year.

Operating expenses for the second quarter increased to $31.5 million. This increase was significantly driven by the addition of approximately two months of operating costs associated with the acquisition of PV Powered, including an additional $767,000 of amortization of acquired intangible assets.

Second quarter net income from continuing operations was $11.5 million or $0.26 per diluted share, compared to net income from continuing operations of $4.9 million or $0.11 per diluted share in the first quarter of 2010. In the same period a year ago, net loss from continuing operations was $16.0 million or a loss of $0.38 per share.

Cash, cash equivalents and investments were $128.9 million at the end of the second quarter, versus $163.4 million in the first quarter reflecting the $35 million payment for the PV Powered acquisition.

Third Quarter 2010 Guidance
The Company anticipates third quarter 2010 results from continuing operations, without revenues from the flow business, to be within the following ranges:
• Sales of $130.0 million to $140.0 million
• Earnings per share of $0.36 to $0.44

Announcement of Agreement to Sell Aera Flow Controller and Related Product Lines to Hitachi Metals, Ltd.
This earnings release should be read in conjunction with our press release regarding the sale of the Aera flow business transaction dated July 21, 2010.

Second Quarter 2010 Conference Call
Management will host a conference call tomorrow, Thursday July 22, 2010, at 8:30 a.m. Eastern Daylight Time to discuss Advanced Energy's financial results. Domestic callers may access this conference call by dialing (888) 713-4717. International callers may access the call by dialing (816) 650-2836. Participants will need to provide a conference pass code 86106130. For a replay of this teleconference, please call (800) 642-1687 or (706) 645-9291, and enter the pass code 86106130. The replay will be available through 12:00 a.m. Eastern Daylight Time, July 24, 2010. A webcast will also be available on the Investor Relations web page at http://ir.advanced-energy.com.

About Advanced Energy
Advanced Energy (NASDAQ: AEIS - News) is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

Forward-Looking Language
The Company’s expectations with respect to guidance to financial results for the third quarter ending September 30, 2010 are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are 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 effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits, and unanticipated changes to management's estimates, reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements 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 from Advanced Energy's website at www.advancedenergy.com or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.

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Advanced Energy Announces Agreement to Sell Aera Mass Flow Controller and Related Product Lines to Hitachi Metals, Ltd.

FORT COLLINS, Colo., July 21, 2010—Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) (the “Company” or “Advanced Energy”) today announced that the Company has entered into an agreement to sell its Aera^® mass flow control and related product lines and real property in Japan to Hitachi Metals, Ltd., part of Hitachi Metals Group, for $44 million in cash, subject to adjustment based on the inventory balance at closing. Subject to the satisfaction of customary closing conditions, the Company anticipates the closing of this transaction within the third quarter of 2010.

"The sale of our Aera mass flow controller product line represents a significant step in our strategy to focus our global resources on power conversion,” said Dr. Hans Betz, Chief Executive Officer of Advanced Energy. “Our core technology portfolio in power conversion for the semiconductor, flat panel display, solar panel and other thin film markets as well as grid-tied PV inverters is the foundation of our long-term growth strategy. These markets provide tremendous growth opportunities as we continue to develop technologies and scale our business to address them.”

At closing, the Company will transfer substantially all of the assets associated with the Aera product lines to Hitachi Metals, Ltd., which will assume certain related liabilities as well as global sales for the Aera product lines. During a transition period, the Company has agreed to provide manufacturing support and certain other services to enable Hitachi Metals, Ltd. to complete the transition without interruption in business flow. Both companies will work to maintain the highest quality service and support throughout the transition for customers using the Aera flow products. It is also contemplated that Hitachi Metals, Ltd. will leverage the Company’s worldwide service infrastructure and have the Company become an authorized service provider for Hitachi Metals, Ltd. to service products in all countries other than Japan.

“Hitachi Metals, Ltd. is a highly capable materials manufacturer, and the Aera product lines are complementary to their current business. We are working together to ensure a seamless transition for our mass flow control customers worldwide,” continued Dr. Betz.

“We are very pleased to add the high-quality Aera product line to our product portfolio,” said Mr. Hiroyuki Fujii, Executive President of Hitachi Metals, Ltd. “This acquisition increases our industry presence in these strategic markets. Advanced Energy has built a great reputation in the semiconductor, flat panel display and solar panel market, and it is our honor to acquire these products and carry forward the strong heritage of the Aera product line.”

The Aera product lines had sales of $11.9 million in the first quarter of 2010 and $15.1 million in the second quarter of 2010. As a result of the sale, the Company's assets are classified as held for sale on the balance sheet as of June 30, 2010, and results from continuing operations will be reduced by the revenue and costs associated with the mass flow controller business and will be included in the discontinued operations line on the income statement. Further financial detail regarding the amounts related to the mass flow controller business are included in the financial tables attached.

GCA Savvian served as the financial advisor and provided a fairness opinion to Advanced Energy related to the transaction.

This press release should be read in conjunction with our earnings release dated July 21, 2010. As previously announced, management will host a conference call tomorrow, Thursday July 22, 2010, at 8:30 a.m. Eastern Daylight Time to discuss Advanced Energy's financial results, including the transaction described herein. Domestic callers may access this conference call by dialing (888) 713-4717. International callers may access the call by dialing (816) 650-2836. Participants will need to provide a conference pass code 86106130. For a replay of this teleconference, please call (800) 642-1687 or (706) 645-9291, and enter the pass code 86106130. The replay will be available through 12:00 a.m. Eastern Daylight Time, July 24, 2010. A webcast will also be available on the Investor Relations web page at http://ir.advanced-energy.com.

Forward-Looking Language
Statements in this press release concerning the proposed transaction and future business, operating and financial condition of the Company and Hitachi Metals, Ltd. including expectations regarding revenues, gross margins, and operating expenses for future periods are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are 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: satisfaction of the closing conditions under the definitive agreement and the successful completion of closing, the amount of the final purchase price, our ability to transition the Aera product line post closing; Hitachi Metals, Ltd.’s ability to successfully integrate the Aera product line post closing and our expectations surrounding the benefits of the transaction; as well as the effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the Company serves, particularly the semiconductor industry, and unanticipated changes to management's reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements 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 from Advanced Energy's website at www.advanced-energy.com or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the Company on the date of this press release. The Company assumes no obligation to update the information in this press release.

About Advanced Energy
Advanced Energy is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

About Hitachi Metals Group
The Hitachi Metals Group is an integral supplier of highly functional component materials that draw on its competitive core technologies. With products that are recognized as leading global brands, the Group operates in the automobile, electronics and industrial infrastructure-related markets, guided by the overarching theme of "global environmental protection."

Please visit www.hitachi-metals.co.jp for more information.

Advanced Energy^® Establishes Manufacturing Line for RF Generators in South Korea

FORT COLLINS, Colo., June 24, 2010—Advanced Energy Industries, Inc. (NasdaqGM: AEIS), today announced that it has expanded its service facility and installed a new manufacturing line for its RF generator products, located in Sungnam City, South Korea. The company began shipping its first Korean-manufactured product, a high-power RF generator for the flat panel display industry, earlier this month.

Having begun sales and service operations in Korea in 1999, Advanced Energy will leverage its existing infrastructure and expand its presence in the region by increasing its local manufacturing capabilities to achieve better alignment with its Korean-based customers. With this new investment, Advanced Energy is well positioned for continued growth in this key market.

“The expansion of our local manufacturing capability complements our strong applications, sales and service presence in the region, better enabling our responsiveness and ability to reduce lead times and strengthen overall support for our Korean customers,” said Dr. Hans Betz, chief executive officer of Advanced Energy. “South Korea is one of the most technologically advanced countries in the world and is a hub for world-class technological innovation. Our new manufacturing line is indicative of the commitment we have to our customers in this key region. We expect to add additional products to this manufacturing line based on future market requirements and demand.”

About Advanced Energy
Advanced Energy (Nasdaq: AEIS) is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

Forward-Looking Language

About Advanced Energy

About PV Powered

For more information, contact:

Advanced Energy to Report First Quarter 2010 Financial Results on April 22

FORT COLLINS, Colo., April 7, 2010—Advanced Energy Industries, Inc. (Nasdaq: AEIS) will release first quarter 2010 financial results on Thursday, April 22, 2010. Management's quarterly company update will also be held on April 22, 2010, beginning at 3:00 p.m. Mountain Time/ 5:00 p.m. Eastern Time.

To participate in the live conference call, dial 888-713-4717 approximately five minutes prior to the start of the meeting, and an operator will connect you. International participants should dial 816-650-2836. Participants will need to provide the operator with conference pass code 67518997, which has been reserved for this call.

A live and archived webcast of the call will also be available on the company’s website. To access the webcast, visit the Investor Relations section of Advanced Energy’s corporate website at http://ir.advanced-energy.com, and link to the Q1 2010 Webcast on the Investor Relations Home Page. The archived webcast will be available at the same location approximately two hours following the end of the live event.

A telephone replay will be available for 48 hours following the webcast. To access the replay, dial 800-642-1687 or 706-645-9291 and enter conference pass code 67518997.

About Advanced Energy

Advanced Energy is a global leader in innovative power and control technologies for high-growth markets, including advanced thin-film manufacturing and commercial grid-tied inverters for solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

Advanced Energy Announces Acquisition of Solar Inverter Provider, PV Powered

Fort Collins, Colo., March 24, 2010 – Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced it has signed a definitive agreement to acquire PV Powered Inc., a leading manufacturer of grid-tied PV inverters in the residential, commercial, and utility-scale markets. The acquisition is expected to add an estimated $40-50 million to Advanced Energy’s 2010 revenues and be neutral to marginally dilutive to GAAP net income in 2010.

“We are very excited to announce this acquisition and believe the combination of Advanced Energy and PV Powered will continue our strong momentum in the inverter market, propelling us forward as a leading manufacturer of solar inverters in North America. The addition of PV Powered’s transformer-based inverters with power levels below 500kw for the small to mid range commercial inverter market allows Advanced Energy to target a portion of the market that we have not yet addressed. As a combined company, our comprehensive portfolio of both transformerless and transformer-based inverter products will serve the entire spectrum of commercial project sizes from 30kw to multi-megawatt utility installations, placing us firmly at the heart of the emerging and fast-growing solar inverter market,” said Hans Betz, chief executive officer of Advanced Energy.

PV Powered is an innovation leader for high-reliability transformer-based PV inverters utilized in commercial roof top and ground mount systems in the North American market. Founded in 2003 and based in Bend, Oregon, PV Powered is a privately held company with approximately 90 employees and $21 million of revenues in 2009. Its inverters range in size from 30kw to 260kw for the commercial market and 1kw to 5kw for the residential market, with market leading efficiency ratings. PV Powered’s experienced inverter engineering team has continuously optimized the performance and reliability of its inverters allowing PV Powered to offer the industry’s first standard 10 year product warranty and optional 20 year extended warranty.

"The employees and management of PV Powered are extremely excited at the prospect of joining Advanced Energy,” said Gregg Patterson, chief executive officer of PV Powered. “PV Powered and Advanced Energy have a collective history of industry innovation, driven by a commitment to power conversion efficiency and inverter reliability that leads the market. Both organizations share a common mission to deliver the lowest levelized cost of energy and the highest levels of customer satisfaction. Together, we can offer the broadest technology and product portfolio in the industry.”

Under the agreement, Advanced Energy will acquire PV Powered for a purchase price of up to $90 million consisting of $50 million to be paid at closing in the form of $35 million in cash and $15 million in Advanced Energy’s common stock, as well as up to $40 million in a potential earn-out based on PV Powered’s full year 2010 financial results. The transaction will be subject to a number of other customary closing conditions and regulatory approvals including Hart Scott Rodino. Throughout 2010, PV Powered will operate as a wholly-owned subsidiary, continuing to sell and support its PV Powered branded inverters.

Currently, we anticipate sales of PV Powered’s inverter to contribute as much as $40M-$50 million to Advanced Energy’s 2010 revenue. Of that, we expect $30-35 million to come from sales to the commercial market and $10-15 million from the residential market. We anticipate gross margins on these products to be in the range of 26-29% and have additional operating expenses of $3-4 million.

Needham & Company, LLC acted as the financial advisor and provided a fairness opinion to Advanced Energy related to this transaction.

Conference Call

Management will host a conference call today, March 24, 2010, at 2:00 pm Eastern Daylight Time to discuss the acquisition. Domestic callers may access this conference call by dialing (888) 713-4717. International callers may access the call by dialing (816) 650-2836. Participants will need to provide a conference passcode 64949878. For a replay of this teleconference, please call (800) 642-1687 or (706) 645-9291, and enter the passcode 64949878. The replay will be available through 11:59 pm Eastern Daylight Time, March 26, 2010. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com.

Forward-Looking Language

Statements in this press release and information discussed on the related conference call concerning the proposed transaction and future business, operating and financial condition of the company and PV Powered, including expectations regarding revenues, gross margins, and operating expenses for future periods, including achievement of the milestones subject to the earn-out under the merger agreement are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are 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: satisfaction of the closing conditions under the definitive agreement and the successful closing of the acquisition of PV Powered, the amount of the final purchase price, and the successful integration of the operations of Advanced Energy and PV Powered following the closing and our expectations surrounding the benefits of the transaction; as well as the effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits from the global operations initiatives underway, and unanticipated changes to management's estimates, reserves or allowances. These and other risks are described in Advanced Energy's Form 10-K, Forms 10-Q and other reports and statements 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 from Advanced Energy's website at www.advancedenergy.com or by contacting Advanced Energy's investor relations at 970-407-6555. Forward-looking statements are made and based on information available to the company on the date of this press release. The company assumes no obligation to update the information in this press release.

About Advanced Energy

Advanced Energy is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar-power generation. Specifically, Advanced Energy targets solar grid-tie inverters, solar cells, semiconductors, flat panel displays, data storage products, architectural glass and other advanced applications. 

About PV Powered

PV Powered is the innovation leader for grid-tied PV inverters in the residential, commercial and utility markets, setting the industry standard for innovation in reliability and efficiency. Founded in Bend, Oregon in 2003 and privately owned, the company brings together one of the most experienced design teams in solar power electronics. PV Powered was recently selected to receive a Stage 2 award under the Solar Energy Grid Integration System (SEGIS) program by the U.S. Department of Energy (DOE). The company is leading a team of recognized distributed energy and smart grid partners in developing innovations that increase energy harvest, reduce the cost of PV systems, and remove barriers to high levels of PV grid penetration. For more information on the company, visit www.pvpowered.com.