• Posted by: Technology Staff Editor
• On: 03/14/2008 12:09:55
• In: Information Technology

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SAN JOSE, Calif. — Advanced Energy Industries Inc. has cut 50 jobs in an effort to save costs, according to a report from The Coloradoan.

The cuts ''occurred in general administrative positions in offices across North America, Europe and Asia,'' according to the Fort Collins, Colo.-based newspaper.

Advanced Energy (Fort Collins, Colo.), a supplier of subsystems, recently reported its results. Sales were $83.8 million for the fourth quarter of 2007, in line with the company's revised guidance.

This represented a decrease of 19.8 percent from $104.5 million in the fourth quarter of 2006, and a sequential decline of 7.4 percent from $90.5 million in the third quarter of 2007, driven primarily by further declines in the semiconductor equipment industry and order delays by key OEMs.

Net income from continuing operations for the fourth quarter of 2007 was $4.2 million, or $0.09 per diluted share, compared to $39.4 million, or $0.87 per diluted share, in the fourth quarter of 2006, which includes a tax benefit of $23.5 million related to the reversal of a valuation allowance for deferred taxes.

Net income from continuing operations for the fourth quarter of 2006, adjusted to exclude such tax benefit, was $15.9 million or $0.35 per diluted share. Net income from continuing operations also decreased sequentially from $5.9 million, or $0.13 per diluted share, in the third quarter of 2007.

Sales were $384.7 million for 2007, a 6.3 percent decrease from $410.7 million in 2006. Net income from continuing operations for 2007 was $34.4 million, or $0.75 per diluted share, compared to $87.2 million, or $1.93 per diluted share, in 2006.

For Q1, sales are expected to be $82 million to $88 million. Earnings per share are expected to range $0.07 to $0.11.