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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Advanced Energy Industries Inc | NASDAQ:AEIS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 104.57 | 41.83 | 113.22 | 0 | 09:05:02 |
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þ
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the quarterly period ended September 30, 2016
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or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the transition period from
to
.
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Delaware
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84-0846841
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1625 Sharp Point Drive, Fort Collins, CO
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80525
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Page
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Condensed Consolidated Statements of
Comprehensive (Loss) Income
|
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EX-31.1
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EX-31.2
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EX-32.1
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EX-32.2
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ITEM 1.
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UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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|
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September 30,
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December 31,
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||||
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2016
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|
2015
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||||
ASSETS
|
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|||
Current assets:
|
|
|
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Cash and cash equivalents
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$
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244,292
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$
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158,443
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Marketable securities
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5,538
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|
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11,986
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Accounts receivable, net of allowances of $1,993 and $8,739, respectively
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69,410
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54,959
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Inventories
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56,025
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52,573
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Deferred income tax assets
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6,044
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6,004
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Income taxes receivable
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7,902
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9,040
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Other current assets
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8,166
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7,868
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Current assets of discontinued operations
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23,491
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41,902
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Total current assets
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420,868
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342,775
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Deposits and other assets
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1,673
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1,729
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Property and equipment, net
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11,988
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9,645
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Goodwill
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43,596
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42,729
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Intangible assets, net
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30,200
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34,141
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Deferred income tax assets
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30,184
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30,398
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Non-current assets of discontinued operations
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163
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1,271
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TOTAL ASSETS
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$
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538,672
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$
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462,688
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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Current liabilities:
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Accounts payable
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$
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37,180
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$
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27,246
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Income taxes payable
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10,312
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13,972
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Accrued payroll and employee benefits
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10,719
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9,175
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Customer deposits
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6,890
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3,319
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Other accrued expenses
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13,149
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13,891
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Current liabilities of discontinued operations
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17,232
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36,481
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Total current liabilities
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95,482
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104,084
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Deferred income tax liabilities
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1,225
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1,181
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Uncertain tax positions
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4,191
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2,086
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Long term deferred revenue
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40,393
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45,584
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Other long-term liabilities
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17,232
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18,871
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Non-current liabilities of discontinued operations
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25,362
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27,302
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Total liabilities
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183,885
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199,108
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Stockholders’ equity:
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Preferred stock, $0.001 par value, 1,000 shares authorized, none issued and outstanding
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—
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—
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Common stock, $0.001 par value, 70,000 shares authorized; 39,689 and 39,756
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|
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issued and outstanding, respectively
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40
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40
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Additional paid-in capital
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201,772
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195,096
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Retained earnings
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151,083
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67,910
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Accumulated other comprehensive income
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1,892
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534
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Total stockholders’ equity
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354,787
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263,580
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$
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538,672
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$
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462,688
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2016
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2015
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2016
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2015
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||||||||||||
Sales:
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Product
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$
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107,650
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$
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94,238
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$
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294,695
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$
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279,270
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Services
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18,902
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15,518
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53,666
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48,650
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||||
Total sales
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126,552
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109,756
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348,361
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327,920
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||||
Cost of sales:
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||||||||
Product
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49,835
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43,770
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|
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137,984
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129,840
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||||
Services
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10,594
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7,448
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28,748
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23,894
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Total cost of sales
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60,429
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51,218
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166,732
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153,734
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Gross profit
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66,123
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58,538
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181,629
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174,186
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Operating expenses:
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Research and development
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11,293
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10,370
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33,324
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30,114
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Selling, general and administrative
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19,421
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16,585
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56,814
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49,976
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Amortization of intangible assets
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1,048
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1,098
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3,180
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3,298
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||||
Restructuring benefit
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—
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317
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—
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315
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||||
Total operating expenses
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31,762
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28,370
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93,318
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83,703
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||||
Operating income
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34,361
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30,168
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88,311
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90,483
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||||
Other income (expense), net
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(55
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)
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(722
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)
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1,138
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|
447
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Income from continuing operations before income taxes
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34,306
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29,446
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89,449
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90,930
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||||
Provision for income taxes
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5,268
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|
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6,133
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12,937
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18,938
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||||
Income from continuing operations
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29,038
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|
|
23,313
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|
76,512
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|
|
71,992
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|
||||
Income (loss) from discontinued operations, net of income taxes
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1,323
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(6,881
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)
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6,661
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|
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(266,743
|
)
|
||||
Net income (loss)
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$
|
30,361
|
|
|
$
|
16,432
|
|
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$
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83,173
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|
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$
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(194,751
|
)
|
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|
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||||||||
Basic weighted-average common shares outstanding
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39,681
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41,027
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39,723
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|
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40,905
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||||
Diluted weighted-average common shares outstanding
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39,967
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41,319
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40,015
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40,905
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||||
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||||||||
Earnings (loss) per share:
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||||
Continuing operations:
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|
||||
Basic earnings per share
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$
|
0.73
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|
|
$
|
0.57
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|
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$
|
1.93
|
|
|
$
|
1.76
|
|
Diluted earnings per share
|
|
$
|
0.73
|
|
|
$
|
0.56
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|
|
$
|
1.91
|
|
|
$
|
1.76
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
|
$
|
0.03
|
|
|
$
|
(0.17
|
)
|
|
$
|
0.17
|
|
|
$
|
(6.52
|
)
|
Diluted earnings (loss) per share
|
|
$
|
0.03
|
|
|
$
|
(0.17
|
)
|
|
$
|
0.17
|
|
|
$
|
(6.52
|
)
|
Net income:
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share
|
|
$
|
0.77
|
|
|
$
|
0.40
|
|
|
$
|
2.09
|
|
|
$
|
(4.76
|
)
|
Diluted earnings (loss) per share
|
|
$
|
0.76
|
|
|
$
|
0.40
|
|
|
$
|
2.08
|
|
|
$
|
(4.76
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income (loss)
|
|
$
|
30,361
|
|
|
$
|
16,432
|
|
|
$
|
83,173
|
|
|
$
|
(194,751
|
)
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
1,125
|
|
|
(2,498
|
)
|
|
1,389
|
|
|
(10,211
|
)
|
||||
Unrealized gain (loss) on marketable securities
|
|
(17
|
)
|
|
11
|
|
|
(31
|
)
|
|
(613
|
)
|
||||
Comprehensive income (loss)
|
|
$
|
31,469
|
|
|
$
|
13,945
|
|
|
$
|
84,531
|
|
|
$
|
(205,575
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2016
|
|
2015
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
||
Net income
(loss)
|
|
$
|
83,173
|
|
|
$
|
(194,751
|
)
|
Income (loss) from discontinued operations, net of income taxes
|
|
6,661
|
|
|
(266,743
|
)
|
||
Income from continuing operations, net of income taxes
|
|
76,512
|
|
|
71,992
|
|
||
|
|
|
|
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
|
|
|
|
||
Depreciation and amortization
|
|
5,938
|
|
|
6,779
|
|
||
Stock-based compensation expense
|
|
4,299
|
|
|
1,913
|
|
||
Net (gain) loss on sale or disposal of assets
|
|
259
|
|
|
(17
|
)
|
||
Changes in operating assets and liabilities, net of assets acquired:
|
|
|
|
|
|
|
||
Accounts receivable
|
|
(13,679
|
)
|
|
11,007
|
|
||
Inventories
|
|
(5,261
|
)
|
|
4,636
|
|
||
Other current assets
|
|
(696
|
)
|
|
(1,931
|
)
|
||
Accounts payable
|
|
10,619
|
|
|
6,933
|
|
||
Other current liabilities and accrued expenses
|
|
1,489
|
|
|
(840
|
)
|
||
Income taxes
|
|
2,562
|
|
|
9,045
|
|
||
Net cash provided by operating activities from continuing operations
|
|
82,042
|
|
|
109,517
|
|
||
Net cash used in operating activities from discontinued operations
|
|
(4,538
|
)
|
|
(37,462
|
)
|
||
Net cash provided by operating activities
|
|
77,504
|
|
|
72,055
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
||
Purchases of marketable securities
|
|
(745
|
)
|
|
(27,546
|
)
|
||
Proceeds from sale of marketable securities
|
|
7,161
|
|
|
15,891
|
|
||
Acquisitions, net of cash acquired
|
|
—
|
|
|
(128
|
)
|
||
Purchases of property and equipment
|
|
(4,524
|
)
|
|
(3,145
|
)
|
||
Net cash provided by (used in) investing activities from continuing operations
|
|
1,892
|
|
|
(14,928
|
)
|
||
Net cash used in investing activities from discontinued operations
|
|
—
|
|
|
(46
|
)
|
||
Net cash provided by (used in) investing activities
|
|
1,892
|
|
|
(14,974
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
||
Proceeds from exercise of stock options
|
|
1,753
|
|
|
3,503
|
|
||
Excess tax from stock-based compensation deduction
|
|
623
|
|
|
586
|
|
||
Other financing activities
|
|
(3
|
)
|
|
(3
|
)
|
||
Net cash provided by financing activities from continuing operations
|
|
2,373
|
|
|
4,086
|
|
||
Net cash used in financing activities from discontinued operations
|
|
(24
|
)
|
|
(14
|
)
|
||
Net cash provided by financing activities
|
|
2,349
|
|
|
4,072
|
|
||
Effect of currency translation on cash
|
|
(550
|
)
|
|
(2,142
|
)
|
||
Increase in cash and cash equivalents
|
|
81,195
|
|
|
59,011
|
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
|
169,720
|
|
|
125,285
|
|
||
CASH AND CASH EQUIVALENTS, end of period
|
|
250,915
|
|
|
184,296
|
|
||
Less cash and cash equivalents from discontinued operations
|
|
6,623
|
|
|
6,135
|
|
||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period
|
|
$
|
244,292
|
|
|
$
|
178,161
|
|
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
|
|
|
|
|
|
|
||
Cash paid for interest
|
|
$
|
173
|
|
|
$
|
217
|
|
Cash paid for income taxes
|
|
$
|
4,930
|
|
|
$
|
5,861
|
|
Cash received for refunds of income taxes
|
|
$
|
444
|
|
|
$
|
4,919
|
|
Cash held in banks outside the United States of America
|
|
$
|
176,815
|
|
|
$
|
94,773
|
|
NOTE 1.
|
BASIS OF PRESENTATION
|
NOTE 2.
|
DISCONTINUED OPERATIONS
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales
|
$
|
—
|
|
|
$
|
21,044
|
|
|
$
|
—
|
|
|
$
|
80,789
|
|
Cost of sales
|
3,095
|
|
|
26,545
|
|
|
672
|
|
|
101,915
|
|
||||
Total operating (income) expenses (including restructuring)
|
(1,473
|
)
|
|
15,007
|
|
|
(3,759
|
)
|
|
222,439
|
|
||||
Operating income (loss) from discontinued operations
|
(1,622
|
)
|
|
(20,508
|
)
|
|
3,087
|
|
|
(243,565
|
)
|
||||
Other (loss) income
|
(14
|
)
|
|
(145
|
)
|
|
325
|
|
|
(96
|
)
|
||||
Income (loss) from discontinued operations before income taxes
|
(1,636
|
)
|
|
(20,653
|
)
|
|
3,412
|
|
|
(243,661
|
)
|
||||
(Benefit) provision for income taxes
|
(2,959
|
)
|
|
(13,772
|
)
|
|
(3,249
|
)
|
|
23,082
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
$
|
1,323
|
|
|
$
|
(6,881
|
)
|
|
$
|
6,661
|
|
|
$
|
(266,743
|
)
|
|
|
September 30,
|
|
December 31,
|
||||
|
|
2016
|
|
2015
|
||||
Cash and cash equivalents
|
|
$
|
6,623
|
|
|
$
|
11,277
|
|
Accounts and other receivables, net
|
|
2,328
|
|
|
16,331
|
|
||
Inventories
|
|
246
|
|
|
—
|
|
||
Deferred income tax assets
|
|
14,294
|
|
|
14,294
|
|
||
Current assets of discontinued operations
|
|
$
|
23,491
|
|
|
$
|
41,902
|
|
|
|
|
|
|
||||
Intangibles and other assets, net
|
|
$
|
163
|
|
|
$
|
1,271
|
|
Non-current assets of discontinued operations
|
|
$
|
163
|
|
|
$
|
1,271
|
|
|
|
|
|
|
||||
Accounts payable and other accrued expenses
|
|
$
|
8,259
|
|
|
$
|
19,261
|
|
Accrued warranty
|
|
8,241
|
|
|
11,852
|
|
||
Accrued restructuring
|
|
732
|
|
|
5,368
|
|
||
Current liabilities of discontinued operations
|
|
$
|
17,232
|
|
|
$
|
36,481
|
|
|
|
|
|
|
||||
Accrued warranty
|
|
$
|
25,179
|
|
|
$
|
27,124
|
|
Other liabilities
|
|
183
|
|
|
178
|
|
||
Non-current liabilities of discontinued operations
|
|
$
|
25,362
|
|
|
$
|
27,302
|
|
NOTE 3.
|
INCOME TAXES
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income from continuing operations before income taxes
|
$
|
34,306
|
|
|
$
|
29,446
|
|
|
$
|
89,449
|
|
|
$
|
90,930
|
|
Provision for income taxes
|
5,268
|
|
|
6,133
|
|
|
12,937
|
|
|
18,938
|
|
||||
Effective tax rate
|
15.4
|
%
|
|
20.8
|
%
|
|
14.5
|
%
|
|
20.8
|
%
|
NOTE 4.
|
EARNINGS PER SHARE
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income from continuing operations, net of income taxes
|
$
|
29,038
|
|
|
$
|
23,313
|
|
|
$
|
76,512
|
|
|
$
|
71,992
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares outstanding
|
39,681
|
|
|
41,027
|
|
|
39,723
|
|
|
40,905
|
|
||||
Assumed exercise of dilutive stock options and restricted stock units
|
286
|
|
|
292
|
|
|
292
|
|
|
—
|
|
||||
Diluted weighted-average common shares outstanding
|
39,967
|
|
|
41,319
|
|
|
40,015
|
|
|
40,905
|
|
||||
Continuing operations:
|
|
|
|
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
0.73
|
|
|
$
|
0.57
|
|
|
$
|
1.93
|
|
|
$
|
1.76
|
|
Diluted earnings per share
|
$
|
0.73
|
|
|
$
|
0.56
|
|
|
$
|
1.91
|
|
|
$
|
1.76
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Stock options
|
|
—
|
|
|
172
|
|
|
—
|
|
|
151
|
|
Restricted stock units
|
|
1
|
|
|
4
|
|
|
1
|
|
|
2
|
|
NOTE 5.
|
MARKETABLE SECURITIES AND ASSETS MEASURED AT FAIR VALUE
|
|
September 30,
|
|
December 31,
|
||||||||||||
|
2016
|
|
2015
|
||||||||||||
|
Cost
|
|
Fair Value
|
|
Cost
|
|
Fair Value
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,989
|
|
|
$
|
4,995
|
|
Certificates of deposit
|
5,532
|
|
|
5,538
|
|
|
7,008
|
|
|
6,991
|
|
||||
Total marketable securities
|
$
|
5,532
|
|
|
$
|
5,538
|
|
|
$
|
11,997
|
|
|
$
|
11,986
|
|
|
|
Earliest
|
|
|
|
Latest
|
Certificates of deposit
|
|
10/10/2016
|
|
to
|
|
9/18/2017
|
September 30, 2016
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Certificates of deposit
|
$
|
—
|
|
|
$
|
5,538
|
|
|
$
|
—
|
|
|
$
|
5,538
|
|
Total marketable securities
|
$
|
—
|
|
|
$
|
5,538
|
|
|
$
|
—
|
|
|
$
|
5,538
|
|
|
|
||||||||||||||
December 31, 2015
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Commercial paper
|
$
|
—
|
|
|
$
|
4,995
|
|
|
$
|
—
|
|
|
$
|
4,995
|
|
Certificates of deposit
|
—
|
|
|
6,991
|
|
|
—
|
|
|
6,991
|
|
||||
Total marketable securities
|
$
|
—
|
|
|
$
|
11,986
|
|
|
$
|
—
|
|
|
$
|
11,986
|
|
NOTE 6.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Foreign currency gain (loss) from foreign currency exchange contracts
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(569
|
)
|
|
$
|
1,887
|
|
NOTE 7.
|
INVENTORIES
|
|
September 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Parts and raw materials
|
$
|
40,076
|
|
|
$
|
40,578
|
|
Work in process
|
5,964
|
|
|
5,643
|
|
||
Finished goods
|
9,985
|
|
|
6,352
|
|
||
Inventories
|
$
|
56,025
|
|
|
$
|
52,573
|
|
NOTE 8.
|
PROPERTY AND EQUIPMENT
|
|
September 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Buildings and land
|
$
|
1,732
|
|
|
$
|
1,623
|
|
Machinery and equipment
|
32,578
|
|
|
30,479
|
|
||
Computer and communication equipment
|
24,086
|
|
|
19,744
|
|
||
Furniture and fixtures
|
1,367
|
|
|
1,319
|
|
||
Vehicles
|
342
|
|
|
215
|
|
||
Leasehold improvements
|
15,545
|
|
|
15,173
|
|
||
Construction in process
|
265
|
|
|
15
|
|
||
|
75,915
|
|
|
68,568
|
|
||
Less: Accumulated depreciation
|
(63,927
|
)
|
|
(58,923
|
)
|
||
Property and equipment, net
|
$
|
11,988
|
|
|
$
|
9,645
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Depreciation expense
|
$
|
845
|
|
|
$
|
1,050
|
|
|
$
|
2,758
|
|
|
$
|
3,481
|
|
NOTE 9.
|
GOODWILL
|
|
September 30, 2016
|
|
Effect of Changes in Exchange Rates
|
|
December 31, 2015
|
||||||
Goodwill
|
$
|
43,596
|
|
|
$
|
867
|
|
|
$
|
42,729
|
|
|
September 30, 2016
|
||||||||||||||||
|
Gross Carrying Amount
|
|
Effect of Changes in Exchange Rates
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Weighted-Average Useful Life in Years
|
||||||||
Technology-based
|
$
|
14,130
|
|
|
$
|
(1,702
|
)
|
|
$
|
(3,778
|
)
|
|
$
|
8,650
|
|
|
10
|
Customer relationships
|
31,276
|
|
|
(3,250
|
)
|
|
(7,526
|
)
|
|
20,500
|
|
|
12
|
||||
Trademarks and other
|
2,892
|
|
|
(389
|
)
|
|
(1,453
|
)
|
|
1,050
|
|
|
10
|
||||
Total amortizable intangibles
|
$
|
48,298
|
|
|
$
|
(5,341
|
)
|
|
$
|
(12,757
|
)
|
|
$
|
30,200
|
|
|
|
|
December 31, 2015
|
||||||||||||||||
|
Gross Carrying Amount
|
|
Effect of Changes in Exchange Rates
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Weighted-Average Useful Life in Years
|
||||||||
Technology-based
|
$
|
14,130
|
|
|
$
|
(1,535
|
)
|
|
$
|
(2,828
|
)
|
|
$
|
9,767
|
|
|
10
|
Customer relationships
|
31,276
|
|
|
(2,805
|
)
|
|
(5,550
|
)
|
|
22,921
|
|
|
12
|
||||
Trademarks and other
|
2,892
|
|
|
(247
|
)
|
|
(1,192
|
)
|
|
1,453
|
|
|
10
|
||||
Total amortizable intangibles
|
$
|
48,298
|
|
|
$
|
(4,587
|
)
|
|
$
|
(9,570
|
)
|
|
$
|
34,141
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Amortization expense
|
|
$
|
1,048
|
|
|
$
|
1,098
|
|
|
$
|
3,180
|
|
|
$
|
3,298
|
|
NOTE 11.
|
WARRANTIES
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Balances at beginning of period
|
$
|
1,933
|
|
|
$
|
1,476
|
|
|
$
|
1,633
|
|
|
$
|
1,612
|
|
Increases to accruals related to sales during the period
|
789
|
|
|
235
|
|
|
1,726
|
|
|
674
|
|
||||
Warranty expenditures
|
(197
|
)
|
|
(240
|
)
|
|
(811
|
)
|
|
(816
|
)
|
||||
Effect of changes in currency exchange rates
|
(8
|
)
|
|
(7
|
)
|
|
(31
|
)
|
|
(6
|
)
|
||||
Balances at end of period
|
$
|
2,517
|
|
|
$
|
1,464
|
|
|
$
|
2,517
|
|
|
$
|
1,464
|
|
NOTE 12.
|
PENSION LIABILITY
|
|
September 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Pension liability
|
$
|
17,219
|
|
|
$
|
17,789
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net periodic (benefit) expense:
|
|
|
|
|
|
|
|
||||||||
Expected return on plan assets
|
$
|
(121
|
)
|
|
$
|
(166
|
)
|
|
$
|
(385
|
)
|
|
$
|
(494
|
)
|
Interest cost
|
235
|
|
|
332
|
|
|
747
|
|
|
986
|
|
||||
Amortization of actuarial gains and losses
|
80
|
|
|
—
|
|
|
255
|
|
|
—
|
|
||||
Net periodic expense
|
$
|
194
|
|
|
$
|
166
|
|
|
$
|
617
|
|
|
$
|
492
|
|
NOTE 13.
|
STOCK-BASED COMPENSATION
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Stock-based compensation expense
|
$
|
1,301
|
|
|
$
|
733
|
|
|
$
|
4,299
|
|
|
$
|
1,913
|
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
||||||||||
|
Number of Options
|
|
Weighted-Average Exercise Price per Share
|
|
Number of Options
|
|
Weighted-Average Exercise Price per Share
|
||||||
Options outstanding at beginning of period
|
495
|
|
|
$
|
17.30
|
|
|
642
|
|
|
$
|
17.10
|
|
Options granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Options exercised
|
(12
|
)
|
|
13.93
|
|
|
(147
|
)
|
|
15.42
|
|
||
Options forfeited
|
—
|
|
|
—
|
|
|
(12
|
)
|
|
26.32
|
|
||
Options outstanding at end of period
|
483
|
|
|
$
|
17.38
|
|
|
483
|
|
|
$
|
17.38
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Expected term (years)
|
n/a
|
|
n/a
|
|
n/a
|
|
4.3 years
|
Estimated volatility
|
n/a
|
|
n/a
|
|
n/a
|
|
43.0%
|
Estimated dividend yield
|
n/a
|
|
n/a
|
|
n/a
|
|
—%
|
Risk-free interest rate
|
n/a
|
|
n/a
|
|
n/a
|
|
1.1% - 1.4%
|
|
Three Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2016
|
||||||||||
|
Number of Options
|
|
Average Weighted Grant Date Fair Value
|
|
Number of Options
|
|
Average Weighted Grant Date Fair Value
|
||||||
Balance at beginning of period
|
353
|
|
|
$
|
28.97
|
|
|
233
|
|
|
$
|
26.10
|
|
RSUs granted
|
5
|
|
|
44.26
|
|
|
292
|
|
|
30.00
|
|
||
RSUs vested
|
(1
|
)
|
|
22.46
|
|
|
(151
|
)
|
|
26.03
|
|
||
RSUs forfeited
|
(1
|
)
|
|
24.98
|
|
|
(18
|
)
|
|
28.09
|
|
||
Balance at end of period
|
356
|
|
|
$
|
29.23
|
|
|
356
|
|
|
$
|
29.23
|
|
NOTE 14.
|
COMMITMENTS AND CONTINGENCIES
|
NOTE 15.
|
RELATED PARTY TRANSACTIONS
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales to related parties
|
$
|
673
|
|
|
$
|
56
|
|
|
$
|
896
|
|
|
$
|
367
|
|
Number of related party customers
|
2
|
|
|
1
|
|
|
3
|
|
|
2
|
|
|
September 30,
|
|
December 31,
|
||||
|
2016
|
|
2015
|
||||
Accounts receivable from related parties
|
$
|
282
|
|
|
$
|
83
|
|
Number of related party customers
|
2
|
|
|
1
|
|
NOTE 16.
|
SIGNIFICANT CUSTOMER INFORMATION
|
|
Three Months Ended September 30,
|
||||||||||||
|
2016
|
|
% of Total Sales
|
|
2015
|
|
% of Total Sales
|
||||||
Applied Materials, Inc.
|
$
|
45,806
|
|
|
36.2
|
%
|
|
$
|
33,566
|
|
|
30.6
|
%
|
LAM Research
|
24,305
|
|
|
19.2
|
%
|
|
21,640
|
|
|
19.7
|
%
|
||
|
|
|
|
|
|
|
|
||||||
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
% of Total Sales
|
|
2015
|
|
% of Total Sales
|
||||||
Applied Materials, Inc.
|
$
|
118,364
|
|
|
34.0
|
%
|
|
$
|
97,551
|
|
|
29.7
|
%
|
LAM Research
|
73,319
|
|
|
21.0
|
%
|
|
66,557
|
|
|
20.3
|
%
|
|
September 30,
|
|
December 31,
|
||||||||||
|
2016
|
|
2015
|
||||||||||
Applied Materials, Inc.
|
$
|
29,377
|
|
|
42.3
|
%
|
|
$
|
17,147
|
|
|
31.2
|
%
|
LAM Research
|
10,026
|
|
|
14.4
|
%
|
|
7,321
|
|
|
13.3
|
%
|
NOTE 17.
|
CREDIT FACILITIES
|
•
|
Semiconductor capital equipment market - Customers in the semiconductor capital equipment market incorporate our products into equipment that make integrated circuits. Our power conversion systems provide the energy to enable thin film processes, such as deposition and etch, and high voltage applications such as ion implant, wafer inspection and metrology.
|
•
|
Our thermal instrumentation products measure the temperature of the processed substrate or the process chamber. Our remote plasma sources deliver ionized gases for reactive chemical processes used in cleaning, surface treatment, and gas abatement. Precise control over the energy delivered to plasma-based processes enables the production of integrated circuits with reduced feature sizes and increased speed and performance.
|
•
|
Industrial power capital market - Our industrial power capital market is comprised of products for Thin Films Industrial Power and Specialty Power applications.
|
◦
|
Thin Films Industrial Power applications include glass coating, glass manufacturing, flat panel displays, solar cell manufacturing, and similar thin film manufacturing, including data storage, hard and optical coating.
|
◦
|
Specialty Power applications include power control modules for metal fabrication and treatment, and material and chemical processing. Our high voltage industrial applications include scanning electron microscopy, medical equipment, and instrumentation applications such as x-ray and mass spectroscopy, as well as general electron gun sources for scientific and industrial applications.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Sales
|
$
|
126,552
|
|
|
100.0
|
%
|
|
$
|
109,756
|
|
|
100.0
|
%
|
|
$
|
348,361
|
|
|
100.0
|
%
|
|
$
|
327,920
|
|
|
100.0
|
%
|
Gross profit
|
66,123
|
|
|
52.2
|
|
|
58,538
|
|
|
53.3
|
|
|
181,629
|
|
|
52.1
|
|
|
174,186
|
|
|
53.1
|
|
||||
Operating expenses
|
31,762
|
|
|
25.1
|
|
|
28,370
|
|
|
25.8
|
|
|
93,318
|
|
|
26.8
|
|
|
83,703
|
|
|
25.5
|
|
||||
Operating income from continuing operations
|
34,361
|
|
|
27.1
|
|
|
30,168
|
|
|
27.5
|
|
|
88,311
|
|
|
25.3
|
|
|
90,483
|
|
|
27.6
|
|
||||
Other income (expense), net
|
(55
|
)
|
|
—
|
|
|
(722
|
)
|
|
(0.7
|
)
|
|
1,138
|
|
|
0.3
|
|
|
447
|
|
|
0.1
|
|
||||
Income from continuing operations before income taxes
|
34,306
|
|
|
27.1
|
|
|
29,446
|
|
|
26.8
|
|
|
89,449
|
|
|
25.6
|
|
|
90,930
|
|
|
27.7
|
|
||||
Provision for income taxes
|
5,268
|
|
|
4.2
|
|
|
6,133
|
|
|
5.6
|
|
|
12,937
|
|
|
3.7
|
|
|
18,938
|
|
|
5.8
|
|
||||
Income from continuing operations, net of income taxes
|
$
|
29,038
|
|
|
22.9
|
%
|
|
$
|
23,313
|
|
|
21.2
|
%
|
|
$
|
76,512
|
|
|
21.9
|
%
|
|
$
|
71,992
|
|
|
21.9
|
%
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
% of Total Sales
|
|
2015
|
|
% of Total Sales
|
|
Increase/ (Decrease)
|
|
Percent Change
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Semiconductor capital equipment market
|
$
|
81,157
|
|
|
64.1
|
%
|
|
$
|
72,859
|
|
|
66.4
|
%
|
|
$
|
8,298
|
|
|
11.4
|
%
|
Industrial power capital markets
|
26,493
|
|
|
20.9
|
|
|
21,378
|
|
|
19.5
|
|
|
5,115
|
|
|
23.9
|
|
|||
Global service
|
18,902
|
|
|
15.0
|
|
|
15,519
|
|
|
14.1
|
|
|
3,383
|
|
|
21.8
|
|
|||
Total sales
|
$
|
126,552
|
|
|
100.0
|
%
|
|
$
|
109,756
|
|
|
100.0
|
%
|
|
$
|
16,796
|
|
|
15.3
|
%
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
2016
|
|
% of Total Sales
|
|
2015
|
|
% of Total Sales
|
|
Increase/ (Decrease)
|
|
Percent Change
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Semiconductor capital equipment market
|
$
|
229,486
|
|
|
65.9
|
%
|
|
$
|
216,247
|
|
|
65.9
|
%
|
|
$
|
13,239
|
|
|
6.1
|
%
|
Industrial power capital markets
|
65,209
|
|
|
18.7
|
|
|
63,022
|
|
|
19.2
|
|
|
2,187
|
|
|
3.5
|
|
|||
Global service
|
53,666
|
|
|
15.4
|
|
|
48,651
|
|
|
14.9
|
|
|
5,015
|
|
|
10.3
|
|
|||
Total sales
|
$
|
348,361
|
|
|
100.0
|
%
|
|
$
|
327,920
|
|
|
100.0
|
%
|
|
$
|
20,441
|
|
|
6.2
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
Research and development
|
$
|
11,293
|
|
|
8.9
|
%
|
|
$
|
10,370
|
|
|
9.4
|
%
|
|
$
|
33,324
|
|
|
9.6
|
%
|
|
$
|
30,114
|
|
|
9.2
|
%
|
Selling, general, and administrative
|
19,421
|
|
|
15.4
|
|
|
16,585
|
|
|
15.1
|
|
|
56,814
|
|
|
16.3
|
|
|
49,976
|
|
|
15.2
|
|
||||
Amortization of intangible assets
|
1,048
|
|
|
0.8
|
|
|
1,098
|
|
|
1.0
|
|
|
3,180
|
|
|
0.9
|
|
|
3,298
|
|
|
1.0
|
|
||||
Restructuring charges
|
—
|
|
|
—
|
|
|
317
|
|
|
0.3
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
0.1
|
|
||||
Total operating expenses
|
$
|
31,762
|
|
|
25.1
|
%
|
|
$
|
28,370
|
|
|
25.8
|
%
|
|
$
|
93,318
|
|
|
26.8
|
%
|
|
$
|
83,703
|
|
|
25.5
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Sales
|
$
|
—
|
|
|
$
|
21,044
|
|
|
$
|
—
|
|
|
$
|
80,789
|
|
Cost of sales
|
3,095
|
|
|
26,545
|
|
|
672
|
|
|
101,915
|
|
||||
Total operating (income) expenses (including restructuring)
|
(1,473
|
)
|
|
15,007
|
|
|
(3,759
|
)
|
|
222,439
|
|
||||
Operating income (loss) from discontinued operations
|
(1,622
|
)
|
|
(20,508
|
)
|
|
3,087
|
|
|
(243,565
|
)
|
||||
Other (loss) income
|
(14
|
)
|
|
(145
|
)
|
|
325
|
|
|
(96
|
)
|
||||
Income (loss) from discontinued operations before income taxes
|
(1,636
|
)
|
|
(20,653
|
)
|
|
3,412
|
|
|
(243,661
|
)
|
||||
(Benefit) provision for income taxes
|
(2,959
|
)
|
|
(13,772
|
)
|
|
(3,249
|
)
|
|
23,082
|
|
||||
Income (loss) from discontinued operations, net of income taxes
|
$
|
1,323
|
|
|
$
|
(6,881
|
)
|
|
$
|
6,661
|
|
|
$
|
(266,743
|
)
|
Reconciliation of Non-GAAP measure - operating expenses and operating income from continuing operations, excluding certain items
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Gross Profit from continuing operations, as reported
|
$
|
66,123
|
|
|
$
|
58,538
|
|
|
$
|
181,629
|
|
|
$
|
174,186
|
|
Operating expenses from continuing operations, as reported
|
31,762
|
|
|
28,370
|
|
|
93,318
|
|
|
83,703
|
|
||||
Adjustments:
|
|
|
|
|
|
|
|
||||||||
Restructuring charges
|
—
|
|
|
(317
|
)
|
|
—
|
|
|
(314
|
)
|
||||
Stock-based compensation
|
(1,301
|
)
|
|
(733
|
)
|
|
(4,299
|
)
|
|
(1,913
|
)
|
||||
Amortization of intangible assets
|
(1,048
|
)
|
|
(1,098
|
)
|
|
(3,180
|
)
|
|
(3,298
|
)
|
||||
Non-GAAP operating expenses from continuing operations
|
29,413
|
|
|
26,222
|
|
|
85,839
|
|
|
78,178
|
|
||||
Non-GAAP operating income from continuing operations
|
$
|
36,710
|
|
|
$
|
32,316
|
|
|
$
|
95,790
|
|
|
$
|
96,008
|
|
|
29.0
|
%
|
|
29.4
|
%
|
|
27.5
|
%
|
|
29.3
|
%
|
Reconciliation of Non-GAAP measure - income from continuing operations, excluding certain items
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Income from continuing operations, net of income taxes, as reported
|
$
|
29,038
|
|
|
$
|
23,313
|
|
|
$
|
76,512
|
|
|
$
|
71,992
|
|
Adjustments
|
|
|
|
|
|
|
|
||||||||
Restructuring charges
|
—
|
|
|
317
|
|
|
—
|
|
|
314
|
|
||||
Stock-based compensation
|
1,301
|
|
|
733
|
|
|
4,299
|
|
|
1,913
|
|
||||
Amortization of intangible assets
|
1,048
|
|
|
1,098
|
|
|
3,180
|
|
|
3,298
|
|
||||
Tax effect of non-GAAP adjustments
|
(608
|
)
|
|
(512
|
)
|
|
(1,973
|
)
|
|
(1,184
|
)
|
||||
Non-GAAP income from continuing operations, net of income taxes
|
$
|
30,779
|
|
|
$
|
24,949
|
|
|
$
|
82,018
|
|
|
$
|
76,333
|
|
Non-GAAP diluted earning per share
|
$0.77
|
|
$0.60
|
|
$2.05
|
|
$1.87
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
Net cash provided by operating activities from continuing operations
|
$
|
82,042
|
|
|
$
|
109,517
|
|
Net cash (used in) operating activities from discontinued operations
|
(4,538
|
)
|
|
(37,462
|
)
|
||
Net cash provided by operating activities
|
77,504
|
|
|
72,055
|
|
||
|
|
|
|
||||
Net cash provided by (used in) investing activities from continuing operations
|
1,892
|
|
|
(14,928
|
)
|
||
Net cash used in investing activities from discontinued operations
|
—
|
|
|
(46
|
)
|
||
Net cash provided by (used in) investing activities
|
1,892
|
|
|
(14,974
|
)
|
||
|
|
|
|
||||
Net cash provided by financing activities from continuing operations
|
2,373
|
|
|
4,086
|
|
||
Net cash (used in) financing activities from discontinued operations
|
(24
|
)
|
|
(14
|
)
|
||
Net cash provided by financing activities
|
2,349
|
|
|
4,072
|
|
||
|
|
|
|
||||
Effect of currency translation on cash
|
(550
|
)
|
|
(2,142
|
)
|
||
Increase in cash and cash equivalents
|
81,195
|
|
|
59,011
|
|
||
CASH AND CASH EQUIVALENTS, beginning of period
|
169,720
|
|
|
125,285
|
|
||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period
|
250,915
|
|
|
184,296
|
|
||
Less cash and cash equivalents from discontinued operations
|
6,623
|
|
|
6,135
|
|
||
CASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period
|
$
|
244,292
|
|
|
$
|
178,161
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
the inability to obtain an adequate supply of required parts, components, or subassemblies;
|
•
|
supply shortages, if a sole or limited source provider ceases operations;
|
•
|
the need to fund the operating losses of a sole or limited source provider;
|
•
|
reduced control over pricing and timing of delivery of raw materials and parts, components, or subassemblies;
|
•
|
the need to qualify alternative suppliers;
|
•
|
suppliers that may provide parts, components or subassemblies that are defective, contain counterfeit goods or are otherwise misrepresented to us in terms of form, fit or function; and
|
•
|
the inability of our suppliers to develop technologically advanced products to support our growth and development of new products.
|
•
|
issue stock that would dilute our current stockholders' percentage ownership;
|
•
|
pay cash that would decrease our working capital;
|
•
|
incur debt;
|
•
|
assume liabilities; or
|
•
|
incur expenses related to impairment of goodwill and amortization.
|
•
|
problems combining or separating the acquired/divested operations, systems, technologies, or products;
|
•
|
an inability to realize expected sales forecasts, operating efficiencies or product integration benefits;
|
•
|
difficulties in coordinating and integrating geographically separated personnel, organizations, systems, and facilities;
|
•
|
difficulties integrating business cultures;
|
•
|
unanticipated costs or liabilities;
|
•
|
diversion of management's attention from our core business;
|
•
|
adverse effects on existing business relationships with suppliers and customers;
|
•
|
potential loss of key employees, particularly those of purchased organizations;
|
•
|
incurring unforeseen obligations or liabilities in connection with either acquisitions or divestitures; and
|
•
|
the failure to complete acquisitions even after signing definitive agreements which, among other things, would result in the expensing of potentially significant professional fees and other charges in the period in which the acquisition or negotiations are terminated.
|
•
|
our ability to effectively manage our employees at remote locations who are operating in different business environments from the United States;
|
•
|
our ability to develop and maintain relationships with suppliers and other local businesses;
|
•
|
compliance with product safety requirements and standards that are different from those of the United States;
|
•
|
variations and changes in laws applicable to our operations in different jurisdictions, including enforceability of intellectual property and contract rights;
|
•
|
trade restrictions, political instability, disruptions in financial markets, and deterioration of economic conditions;
|
•
|
customs regulations and the import and export of goods (including customs audits in various countries that occur from time to time);
|
•
|
the ability to provide sufficient levels of technical support in different locations;
|
•
|
our ability to obtain business licenses that may be needed in international locations to support expanded operations;
|
•
|
timely collecting accounts receivable from foreign customers including $
14.5 million
in accounts receivable from foreign customers as of
September 30, 2016
; and
|
•
|
changes in tariffs, taxes, and foreign currency exchange rates.
|
•
|
substantial costs in the form of legal fees, fines, and royalty payments;
|
•
|
restrictions on our ability to sell certain products or in certain markets;
|
•
|
an inability to prevent others from using technology we have developed; and
|
•
|
a need to redesign products or seek alternative marketing strategies.
|
•
|
we could be subject to fines and penalties;
|
•
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our production or shipments could be suspended; and
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•
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we could be prohibited from offering particular products in specified markets.
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•
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negatively impact global demand for our products, which could result in a reduction of sales, operating income and cash flows;
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•
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make it more difficult or costly for us to obtain financing for our operations or investments or to refinance our debt in the future;
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•
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cause our lenders to depart from prior credit industry practice and make more difficult or expensive the granting of any technical or other waivers under our debt agreements to the extend we may seek them in the future;
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•
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decrease the value of our investments; and
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•
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impair the financial viability of our insurers.
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ITEM 3.
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DEFAULTS UPON SENIOR SECURITIES
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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OTHER INFORMATION
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ITEM 6.
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EXHIBITS
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31.1
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Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
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Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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|
|
|
32.1
|
|
Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
Attached as Exhibit 101 to this report are the following materials from Advanced Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Stockholders’ Equity, and (vi) the Notes to the Condensed Consolidated Financial Statements.
|
|
|
|
ADVANCED ENERGY INDUSTRIES, INC.
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|
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Dated:
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October 31, 2016
|
|
/s/ Thomas Liguori
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|
|
|
Thomas Liguori
|
|
|
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Executive Vice President & Chief Financial Officer
|
|
|
|
31.1
|
|
Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
Attached as Exhibit 101 to this report are the following materials from Advanced Energy, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Earnings, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Stockholders’ Equity, and (vi) the Notes to the Condensed Consolidated Financial Statements.
|
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