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Advanced Energy Announces 2007 Third Quarter Financial Results
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Advanced Energy Industries, Inc. announced financial results for the third quarter ended September 30, 2007. Sales were $90.5 million for the third quarter of 2007, consistent with the Company's revised guidance given on August 30, 2007. This represented a decrease of 16.0% from $107.7 million in the third quarter of 2006, and a sequential decline of 12.1% compared to $103.0 million in the second quarter of 2007.
Gross margin for the third quarter was 40.6%, down from 43.7% in the third quarter of 2006, and down from 43.6% in the second quarter of 2007. This was primarily due to lower revenues, an additional charge of $2.2 million to cost of goods sold, and costs related to the transition of manufacturing from Stolberg, Germany to China. The additional charges were related to a change in the estimate of warranty expense for two products, which resulted in a 2.4% reduction in gross margin. The company also incurred a net charge of $1.4 million related to a foreign exchange loss during the quarter, as the Yen and Euro strengthened relative to the US dollar. Net income for the third quarter of 2007 was $5.9 million, or $0.13 per diluted share, compared to $17.0 million, or $0.38 per diluted share in the third quarter of 2006, and $11.7 million or $0.25 in the second quarter of 2007.
Read the entire story here.
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October 26th, 2007
Source: CNN |
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