FORT COLLINS, Colo., May 07, 2018 (GLOBE NEWSWIRE) -- Advanced Energy Industries, Inc. (NASDAQ:AEIS), a global leader in innovative power and control technologies, announced that its Board of Directors has approved a $50 million increase to its authorization to repurchase shares of the Company’s common stock. When combined with the remaining prior authorization of $41.5 million, the Company has $91.5 million in total share repurchase authorization. Year to date, the company has repurchased shares of approximately $28.5 million and $108.5 million since the beginning of the program.
“Today’s announcement is in-line with our strategy to effectively deploy our cash and return value to shareholders,” said Yuval Wasserman, president & CEO of Advanced Energy. “Our differentiated business model continues to drive profitability and cash flow generation, allowing us the flexibility to pursue organic and inorganic initiatives and enhance capital returns.”
Purchases under the program may be made from time-to-time in the public or private markets, through block trades, Rule 10b5-1 trading plans or other available means and may include the use of derivative contracts and structured and accelerated share repurchase agreements. There is no minimum number of shares to be repurchased under the program, and it may be suspended or discontinued at any time.
About Advanced Energy
Advanced Energy (NASDAQ:AEIS) is a global leader in innovative power and control technologies for high-growth, precision power solutions for thin films processes and industrial applications. 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 and the Advanced Energy logo are trademarks of Advanced Energy Industries, Inc. or one of its Affiliates in the United States and elsewhere.
For more information, contact:
| Paul Oldham Advanced Energy Industries, Inc. (970) 407-6326 Paul.oldham@aei.com | Rhonda Bennetto Advanced Energy Industries, Inc. (970) 407-6555 ir@aei.com |
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934 that involve a number of risks and uncertainties. Such forward-looking statements include statements which may be preceded by the words "plan," "will," "expect," "believe," or similar words. 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.