Advanced Energy Industries, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported sales of $112,495,000 against $148,653,000 for the same period a year ago. Operating loss was $3,098,000 against operating income of $23,962,000 for the same period a year ago. Loss from continuing operations before income taxes was $2,377,000 against income from continuing operations before income taxes of $24,354,000 for the same period a year ago. Loss from continuing operations, net of income taxes was $2,595,000 or $0.06 basic and diluted per share against income from continuing operations, net of income taxes of $19,730,000 or $0.45 diluted per share for the same period a year ago. Net loss was $2,770,000 or $0.06 basic and diluted per share against net income of $31,408,000 or $0.72 diluted per share for the same period a year ago. Income from operations without restructuring charge was $1,131,000, income from continuing operations, net of tax without restructuring charge was $521,000 or $0.01 diluted per share. Non-GAAP EPS was $0.01 per share, which excludes the restructuring charges of $4.2 million. Excluding the share repurchases, cash flow was $6.3 million for the quarter. For the year, the company reported sales of $516,799,000 against $459,414,000 for the same period a year ago. Operating income was $49,251,000 against $65,188,000 for the same period a year ago. Income from continuing operations before income taxes was $50,468,000 against $67,409,000 for the same period a year ago. Income from continuing operations, net of income taxes was $36,854,000 or $0.84 diluted per share against $53,593,000 or $1.23 diluted per share for the same period a year ago. Net income was $36,314,000 or $0.84 diluted per share against $71,192,000 or $1.64 diluted per share for the same period a year ago. Income from operations without restructuring charge was $56,599,000, income from continuing operations, net of tax without restructuring charge was $42,106,000 or $0.96 diluted per share. The company anticipates first quarter 2012 results from continuing operations to be within the ranges are sales of $95 million to $105 million and non-GAAP per share earnings of approximately break-even. The current semiconductor capital expenditure outlook for 2012 is anticipated to modestly decline, although visibility remains somewhat cloudy. The company expects 2012 tax rate to follow within the same range of 25% to 27%.