Advanced Energy Announces 2008 Third Quarter Financial Results Driven by Record Solar Revenues

Fort Collins, Colo., October 22, 2008 – Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced financial results for the third quarter ended September 30, 2008. Sales for the third quarter of 2008 were $84.5 million, which represented a 6.6% decline from $90.5 million in the same quarter a year ago and a 4.0% decline from $88.0 million in the second quarter of 2008. The decrease was attributed mainly to weakening global economic conditions and continued challenges in the semiconductor capital equipment market. Our book to bill ratio for the quarter was 0.92:1, with an ending backlog of $48.9 million.

Despite the overall decline in revenue, sales to non-semiconductor markets grew 11% sequentially to 48% of total sales for the quarter. Non-semiconductor performance was driven by sales to the solar market, which represented 23% of total revenue, and sales to the flat panel display market, which were also strong at 11% of total sales. Service sales grew to 18% of total revenue, as customers evaluated the benefits of making near-term investments versus extending the life of their existing equipment with upgrades and maintenance during these challenging economic times.

Gross margin for the third quarter was 41.7%, up from 40.6% in the third quarter of 2007, and 40.1% in the second quarter of 2008, due principally to a more favorable product mix.

Net income for the third quarter of 2008 was $5.4 million, or $0.13 per diluted share, compared to $5.9 million, or $0.13 per diluted share, in the third quarter of 2007. Net income also decreased sequentially from $5.9 million or $0.14 per diluted share in the second quarter of 2008.

“Sales to the solar market reached their highest levels yet, and were once again key to the success of our quarterly results, aided by strength in sales to the flat panel display market and our service business. We continued to build out our non-semiconductor businesses with new products such as our recently announced 500KW Solaron inverter. The expansion of this product portfolio will allow us to penetrate larger inverter installations, including utilities and solar farms. Overall, we were pleased with our performance in the third quarter, especially in light of the particularly challenging economic environment,” said Dr. Hans Betz, president and chief executive officer of Advanced Energy. “Unfortunately, the distressed economic conditions are impacting all markets and have led us to guide lower revenues and earnings for the fourth quarter. We will, however, take important steps to manage costs in order to maintain a healthy business, while investing in key products and markets to position the company for future opportunities.”

Fourth Quarter 2008 Guidance

The Company anticipates fourth quarter 2008 results to be within the following ranges:
• Sales of $66 million to $72 million.
• Earnings per share of ($0.05) to $0.01

Third Quarter 2008 Conference Call

Management will host a conference call today, Wednesday, October 22, 2008 at 5:00 pm Eastern Daylight Time to discuss Advanced Energy's financial results. Domestic callers may access this conference call by dialing 888-713-4717. International callers may access the call by dialing 706-634-7937. Participants will need to provide a conference passcode 68332373. For a replay of this teleconference, please call 800-642-1687 or 706-645-9291, and enter the passcode 68332373. The replay will be available through 12:00 a.m. Eastern Daylight Time, October 24, 2008. A webcast will also be available on the Investor Relations webpage at http://ir.advanced-energy.com.

About Advanced Energy
Advanced Energy^® is a global leader in innovative power and control technologies for high-growth, thin-film manufacturing and solar power generation. Specifically, AE targets solar grid-tie inverters, solar cells, semiconductors, flat panel displays, data storage products, architectural glass and other advanced applications.

The Company’s expectations with respect to financial results for the fourth quarter of 2008 are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to: the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry, the timing of orders received from customers, the company's ability to realize cost improvement benefits from the global operations initiatives underway, and unanticipated changes to management's estimates, reserves or allowances. These and 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.advanced-energy.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.
###

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
                    (in thousands, except per share data)


                                        Three Months Ended  Nine Months Ended
                                           September 30,       September 30,
                                          2008      2007      2008      2007

    Sales                               $84,510   $90,492  $261,393  $300,863
    Cost of sales                        49,249    53,765   155,008   170,873
    Gross profit                         35,261    36,727   106,385   129,990

    Operating expenses:
      Research and development           14,681    12,937    41,528    37,883
      Selling, general and
       administrative                    14,337    15,537    42,760    46,169
      Amortization of intangible assets     223       201       689       727
      Restructuring charges                 522       556     1,589     3,505
          Total operating expenses       29,763    29,231    86,566    88,284

    Income from operations                5,498     7,496    19,819    41,706

    Other income, net                       429       308     2,330     3,367
    Income from continuing operations
     before income taxes                  5,927     7,804    22,149    45,073
    Provision for income taxes             (558)   (1,948)   (4,951)  (14,879)

    Net income                           $5,369    $5,856   $17,198   $30,194

    Basic earnings per share              $0.13     $0.13     $0.40     $0.67

    Diluted earnings per share            $0.13     $0.13     $0.40     $0.66

    Basic weighted-average common
     shares outstanding                  41,787    45,248    42,773    45,117

    Diluted weighted-average common
     shares outstanding                  42,201    45,761    43,183    45,696



              CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
                                (in thousands)

                                                 September 30,    December 31,
                                                     2008              2007

    ASSETS

    Current assets:
      Cash and cash equivalents                    $81,232           $94,588
      Marketable securities                         53,687           110,676
      Accounts receivable, net                      65,582            64,188
      Inventories, net                              53,637            50,532
      Deferred income taxes                         13,747            23,696
      Other current assets                           4,037             4,289
    Total current assets                           271,922           347,969

    Property and equipment, net                     29,819            30,912

    Long-term investments                           33,307             1,483
    Deposits and other                               5,869             5,562
    Goodwill and intangibles, net                   68,587            67,768
    Customer service equipment, net                  1,223             1,236
    Deferred income tax assets, net                 19,292             4,098

    Total assets                                  $430,019          $459,028


    LIABILITIES AND STOCKHOLDERS'
     EQUITY

    Current liabilities:
      Trade accounts payable                       $14,431           $12,424
      Other accrued expenses                        28,584            29,590
    Total current liabilities                       43,015            42,014

    Long-term liabilities                            9,109             9,953

    Total liabilities                               52,124            51,967

    Stockholders' equity                           377,895           407,061
    Total liabilities and stockholders' equity    $430,019          $459,028

SOURCE Advanced Energy Industries, Inc.

Frederick A. Ball is Appointed to Advanced Energy Board of Directors

Fort Collins, Colo., October 29, 2008—Advanced Energy Industries, Inc. (NasdaqGM: AEIS) today announced that Frederick A. Ball was appointed to its Board of Directors on October 27, 2008. Mr. Ball currently serves as chief financial officer for Webroot, a software security company. He is also a member of the Board of Directors of Electro Scientific Industries, a provider of photonic and laser systems for micro-engineering applications, and serves as a member of their audit committee.

Hans Betz, president and chief executive officer of Advanced Energy, said, “We are excited to welcome Fred to our Board. His executive leadership experience in finance, operations and the semiconductor markets should make him a strong addition to the board of Advanced Energy Industries.”

Mr. Ball brings a wealth of experience to Advanced Energy. His past positions include senior vice president and chief financial officer of Big Band Networks, a provider of network platforms for broadband multimedia services. He also held various executive positions at Borland Software Corporation, a provider of enterprise software development solutions, including chief financial officer and executive vice president of corporate development and mergers and acquisitions. In addition, Mr. Ball worked at KLA-Tencor Corporation, a manufacturer of semiconductor equipment, where he served as vice president, mergers and acquisitions and vice president of finance. Mr. Ball holds a Bachelor of Science degree in accounting and spent 11 years as a CPA at PricewaterhouseCoopers (PwC).

About Advanced Energy
Advanced Energy develops innovative power and control technologies that enable high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy also develops grid connect inverters for the solar energy market

Advanced Energy to Report Third Quarter 2008 Financial Results

FORT COLLINS, Colo., October 9, 2008 -- Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) will release third quarter 2008 financial results on Wednesday, October 22, 2008. Management's quarterly company update will also be held on October 22, 2008, beginning at 3:00 p.m. Mountain Time/5:00 p.m. Eastern Time.

To participate in the live conference call, dial (888) 713-4717 approximately five minutes prior to the start of the meeting, and an operator will connect you. International participants should dial (706) 634-7937. All participants will need to provide the operator with the conference pass code 68332373.

A live and archived webcast of the call will also be available on the company’s website. To access the webcast, visit the Investor Relations section of Advanced Energy’s corporate website at http://ir.advanced-energy.com, and link to the Q308 Webcast on the Investor Relations Home Page. The archived webcast will be available at the same location approximately two hours following the end of the live event.

A telephone replay will be available for 48 hours following the webcast. To access the replay, dial (800) 642-1687 or (706) 645-9291 and enter the conference pass code 68332373.

About Advanced Energy^®

Advanced Energy^® develops innovative power and control technologies that drive high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy^® also develops grid connect inverters for the solar energy market.

AE is a publicly held company traded on Nasdaq Global Market under the symbol AEIS. For more information, go to http://www.advanced-energy.com.

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Source: Advanced Energy Industries, Inc.

Advanced Energy^® Introduces A Utility-Scale Solar Inverter With Unsurpassed 97.5 Percent CEC-Weighted Efficiency Rating (Pending)

New inverter delivers more power, faster ROI and higher energy harvests long term

For more information, contact:

Advanced Energy Reports Solid 2008 Second Quarter Financial Results Driven by Growth in Solar Market

Third Quarter 2008 Guidance

Second Quarter 2008 Conference Call

About Advanced Energy

Advanced Energy to Report Second Quarter 2008 Financial Results

FORT COLLINS, Colo., July 9, 2008 -- Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) will release second quarter 2008 financial results on Wednesday, July 23, 2008. Management's quarterly company update will also be held on July 23, 2008, beginning at 3:00 p.m. Mountain Time/5:00 p.m. Eastern Time.

To participate in the live conference call, dial 877-627-6511 approximately 5 minutes prior to the start of the meeting, and an operator will connect you to the conference call. International participants should dial 719-325-4916. All participants will need to provide the operator with the conference pass code 9067934.

A live and archived webcast of the call will also be available on the company’s website. To access the webcast, visit the Investor Relations section of Advanced Energy’s corporate website at http://ir.advanced-energy.com, and link to the Q208 Webcast on the Investor Relations Home Page. The archived webcast will be available at the same location approximately 2 hours following the end of the live event.

A telephone replay will be available for 48 hours following the webcast. To access the replay, dial 888-203-1112 or 719-457-0820 and enter the conference pass code 9067934.

About Advanced Energy^®

Advanced Energy^® develops innovative power and control technologies that drive high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy^® also develops grid connect inverters for the solar energy market.

AE is a publicly held company traded on Nasdaq Global Market under the symbol AEIS. For more information, go to http://www.advanced-energy.com.

--------------------------------------------------------------------------------
Source: Advanced Energy Industries, Inc.

Edward C. Grady is Elected to Advanced Energy Board of Directors

FORT COLLINS, Colo., May 12, 2008—Advanced Energy Industries, Inc. (Nasdaq: AEIS) today announced that Edward C. Grady was elected by the stockholders as a new director on May 7, 2008. Mr. Grady currently serves on the Board of Directors of Evergreen Solar, Inc., a developer and manufacturer of solar panels and other solar energy products; Verigy Ltd., a provider of automated test systems for the semiconductor industry; and Electro Scientific Industries, Inc., a supplier of production equipment for micro-engineering applications.

Hans Betz, president and chief executive officer of Advanced Energy, said, "We are pleased to welcome Ed to our Board. His extensive experience in our markets, particularly the solar market, will benefit Advanced Energy as we continue to grow."

Mr. Grady was the president and chief executive officer of Brooks Automation, Inc., a leading worldwide provider of automation solutions to the global semiconductor and related industries, until his retirement October 2007, and continues to serve as a senior executive consultant. Prior to joining Brooks he was a partner at Propel Partners, a venture firm in Palo Alto, California. Prior to this he ran several divisions at KLA-Tencor and helped to grow the business to a level in excess of $1 billion in revenues. Before KLA-Tencor, he served as president and CEO of Hoya Micro Mask for three years. He started his career as an engineer for Monsanto/MEMC, and during his 13 years with the company, rose to the position of vice president of worldwide sales for EPI, the most profitable division in MEMC.

About Advanced Energy
Advanced Energy^® develops innovative power and control technologies that enable high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy^® also develops grid connect inverters for the solar energy market.

Advanced Energy Announces Strong First Quarter Results

Second Quarter 2008 Guidance

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
    (in thousands, except per share data)


                                                    Three Months Ended
                                                 March 31,        December 31,
                                             2008        2007         2007

    Sales                                    $88,887     $107,323   $83,836
    Cost of sales                             53,039       59,014    51,017
    Gross profit                              35,848       48,309    32,819

    Operating expenses:
         Research and development             13,085       12,035    12,510
         Selling, general and
          administrative                      14,468       15,218    16,075
         Amortization of intangible
          assets                                 240          324       218
         Restructuring charges                   674        2,792      (219)
              Total operating expenses        28,467       30,369    28,584

    Income from operations                     7,381       17,940     4,235

    Other income, net                            905        1,554     1,444
    Income from continuing operations
     before income taxes                       8,286       19,494     5,679
    Provision for income taxes                 2,320        6,823     1,512

    Net income                                $5,966      $12,671    $4,167

    Basic and diluted earnings per share       $0.13        $0.28     $0.09

    Basic weighted-average common shares
     outstanding                              44,662       44,941    45,274

    Diluted weighted-average common
     shares outstanding                       45,065       45,636    45,758



    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
    (in thousands)

                                                 March 31,        December 31,
                                                    2008              2007

    ASSETS

    Current assets:
         Cash and cash equivalents               $99,064           $94,588
         Marketable securities                    37,816           110,676
         Accounts receivable, net                 70,493            64,188
         Inventories, net                         51,603            50,532
         Deferred income taxes                    14,156            23,696
         Other current assets                      3,757             4,289
    Total current assets                         276,889           347,969

    Property and equipment, net                   31,870            30,912

    Deposits and other                            46,140             7,045
    Goodwill and intangibles, net                 72,528            67,768
    Customer service equipment, net                1,060             1,236
    Deferred income tax assets, net               14,614             4,098

    Total assets                                $443,101          $459,028


    LIABILITIES AND STOCKHOLDERS' EQUITY

    Current liabilities:
         Trade accounts payable                  $16,786           $12,424
         Other accrued expenses                   25,669            29,590
    Total current liabilities                     42,455            42,014

    Long-term liabilities                          9,979             9,953

    Total liabilities                             52,434            51,967

    Stockholders' equity                         390,667           407,061
    Total liabilities and stockholders'
     equity                                     $443,101          $459,028

Annie Leschin / Brooke Deterline
Advanced Energy Industries, Inc.
970-407-6555
ir@aei.com

Advanced Energy to Report First Quarter 2008 Financial Results

FORT COLLINS, Colo., April 8, 2008 -- Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) will release first quarter 2008 financial results on Wednesday, April 23, 2008. Management's quarterly company update will be held on April 23rd beginning at 3:00 p.m. Mountain Time/5:00 p.m. Eastern Time.

To participate in the live conference call, dial 888-713-4717 approximately 5 minutes prior to the start of the meeting, and an operator will connect you to the conference call. International participants may dial 706-634-7937. Participants will need to provide the operator with the conference pass code 42737664.

A live and archived webcast of the call will also be available on the company’s website. To access the webcast, visit the Investor Relations section of Advanced Energy’s corporate website at http://ir.advanced-energy.com, and link to the Q108 Webcast on the Investor Relations Home Page. The archived webcast will be available at the same location approximately 2 hours following the end of the event.

A telephone replay may be accessed for 48 hours following the event. To access the replay, dial 800-642-1687 or 706-645-9291 and enter the conference pass code 42737664.

About Advanced Energy^®

Advanced Energy^® develops innovative power and control technologies that drive high-growth, plasma thin-film manufacturing processes worldwide, including semiconductors, flat panel displays, data storage products, solar cells, architectural glass, and other advanced product applications. Advanced Energy^® also develops grid connect inverters for the solar energy market.

AE is a publicly held company traded on Nasdaq Global Market under the symbol AEIS. For more information, go to http://www.advanced-energy.com.

--------------------------------------------------------------------------------
Source: Advanced Energy Industries, Inc.

• Advances in Radio Frequency Plasma Power Delivery Systems

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