Advanced Energy Industries, Inc. announced financial results for the fourth quarter ended December 31, 2011. The company posted fourth quarter sales of $112.5 million compared to $148.7 million in the fourth quarter of 2010 and $128.5 million in the third quarter of 2011. Loss from continuing operations was $2.6 million or $0.06 per diluted share. On a non-GAAP basis, income generated from operations was 1.0% of sales, and earnings from our continuing operations on a per share basis was $0.01. The non-GAAP measures exclude the impact of the $4.2 million restructuring charge recorded in the fourth quarter. The company also generated $6.3 million in cash during the quarter before the share repurchase of $18 million.
“During the fourth quarter we made great strides executing on our strategic plan by consolidating facilities, redesigning incentive plans and repurchasing stock and we are well on our way to achieving our initial goals and exceeding our cost savings targets,” said Garry Rogerson, chief executive officer. "While market conditions remain uncertain in the near-term, our focus is centered on accomplishing the objectives we laid out at our analyst day to realign our cost structure, accelerate revenue growth and effectively utilize our cash. Once implemented, these actions should improve our profitability and deliver exceptional value to our shareholders."