Exhibit 99.1

Financial News Release

CONTACTS:
Danny Herron		Annie Leschin/Vanessa Lehr
Advanced Energy Industries, Inc.		Advanced Energy Industries, Inc.
970.407.6570		970.407.6555
danny.herron@aei.com		ir@aei.com

ADVANCED ENERGY ANNOUNCES SECOND QUARTER RESULTS

	•		Revenue of $138.2 million, a 38.1% increase over Q2, 2010
	•		Operating Income of $17.3 million, 12.5% of revenue
	•		EPS of $0.31 share

Fort Collins, Colo., July 25, 2011 — Advanced Energy Industries, Inc. (Nasdaq GM: AEIS) today announced financial results for the second quarter ended June 30, 2011. The company posted second quarter sales of $138.2 million, operating income of 12.5%, and earnings of $0.31 per diluted share from continuing operations.

“Our renewables business in the second quarter was pressured by several industry dynamics, including declining panel prices, increasing competition, and changing incentive programs, which impacted our results more than anticipated. We were nonetheless pleased that our thin films business unit was in-line with expectations,” said Dr. Hans Betz, chief executive officer. “Looking at our expectations for the remainder of 2011, we believe the benefits of our diversification strategy become clear. As our thin film business softens with market cyclicality, our renewables business is poised to capture previously-deferred business as customers initiate projects in order to take advantage of tax credits by year-end. Longer-term, we continue to see demand for our utility-scale inverter products in North America and remain confident that Advanced Energy’s strategy of selling based on levelized cost of energy (LCOE), superior uptime performance and best-in-class service offering will continue to differentiate us in the market”

Thin Film Business Unit

Thin Films business unit sales were $97.3 million versus $85.7 million in the same period of 2010, a 13.5% improvement year over year. Total Thin Film sales met our expectations this quarter, although declined slightly on a sequential basis from $100.1 million in the first quarter of 2011. Strength in our flat panel display market this quarter was somewhat offset by the initial signs of a pause in semiconductor capital spending, as well as the overcapacity and resulting price declines in the solar panel industry.

Renewables Business Unit

Renewables business unit sales were $40.8 million in the quarter versus $14.4 million in the same period of 2010. The significant year-over-year improvement reflects the acquisition of PV Powered and the ongoing growth of the North American solar equipment market. Renewable sales were impacted by several industry dynamics during the quarter, leading to slower than anticipated sequential growth of 9%.

Operating income was $17.3 million or 12.5% of revenue. Net income from continuing operations was $13.5 million or $0.31 per diluted share, compared to net income from continuing operations of $18.8 million or $0.43 per diluted share in the first quarter of 2011.

Bookings for the second quarter were $101.7 million.

Third Quarter 2011 Guidance

The Company anticipates third quarter 2011 results from continuing operations, to be within the following ranges:

•

Sales of $130.0 million to $145.0 million

•

Earnings per share of $0.20 to $0.30

Second Quarter 2011 Conference Call

Management will host a conference call tomorrow, Tuesday, July 26, 2011, at 8:30 a.m. Eastern Daylight Time to discuss Advanced Energy’s financial results. Domestic callers may access this conference call by dialing (866) 362-4820. International callers may access the call by dialing (617) 597-5345. Participants will need to provide a conference pass code 76215669. For a replay of this teleconference, please call (888) 286-8010 or (617) 801-6888, and enter the pass code 29763068. The replay will be available for two weeks following the conference call. A webcast will also be available on the Investor Relations web page at
http://ir.advanced-energy.com.

About Advanced Energy

Advanced Energy (NASDAQ: AEIS — News) is a global leader in innovative power and control technologies forthin-film manufacturing and high-growth solar-power generation. Advanced Energy is headquartered in Fort Collins, Colorado, with dedicated support and service locations around the world. For more information, go to www.advanced-energy.com.

Forward-Looking Language

The Company’s expectations with respect to guidance to financial results for the third quarter ending September 30, 2011 and statements that are not historical information 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 effects of global macroeconomic conditions upon demand for our products, the volatility and cyclicality of the industries the company serves, particularly the semiconductor industry, the continuation of RPS (renewable portfolio standards), the timing and availability of incentives and grant programs in the US and Europe related to the renewable energy market, renewable energy project delays resulting from solar panel price declines and increased competition in the solar inverter equipment market, the timing of orders received from customers, the company’s ability to realize benefits from cost improvement efforts, the ability to source materials and manufacture products, 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.advancedenergy.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.

###

ADVANCED ENERGY INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share data)

		Three Months Ended												Six Months Ended
		June 30,								March 31,				June 30,
		2011				2010				2011				2011				2010
SALES
COST OF SALES		$	138,154			$	100,107			$	137,652			$	275,806			$	169,794
GROSS PROFIT			82,777				55,548				75,607				158,384				96,028
			55,377				44,559				62,045				117,422				73,766
			40.1	%			44.5	%			45.1	%			42.6	%			43.4	%
OPERATING EXPENSES:
Research and development			17,137				13,515				15,862				32,999				24,657
Selling, general and administrative			20,001				17,183				20,905				40,906				29,412
Amortization of intangible assets			921				767				921				1,842				767
Total operating expenses			38,059				31,465				37,688				75,747				54,836
INCOME FROM OPERATIONS			17,318				13,094				24,357				41,675				18,930
Other income, net			92				220				663				755				605
Income from continuing operations before income taxes			17,410				13,314				25,020				42,430				19,535
Provision for income taxes			3,898				1,857				6,254				10,152				3,228
INCOME FROM CONTINUING OPERATIONS			13,512				11,457				18,766				32,278				16,307
Results from discontinued operations, net of tax			74				2,162				140				214				3,529
INCOME FROM DISCONTINUED OPERATIONS, NET OF INCOME TAXES			74				2,162				140				214				3,529
NET INCOME		$	13,586			$	13,619			$	18,906			$	32,492			$	19,836
Basic weighted-average common shares outstanding			43,571				42,806				43,440				43,505				42,440
Diluted weighted-average common shares outstanding			44,187				43,327				44,133				44,156				43,004
EARNINGS PER SHARE:
CONTINUING OPERATIONS:
BASIC EARNINGS PER SHARE		$	0.31			$	0.27			$	0.43			$	0.74			$	0.38
DILUTED EARNINGS PER SHARE		$	0.31			$	0.26			$	0.43			$	0.73			$	0.38
DISCONTINUED OPERATIONS
BASIC EARNINGS PER SHARE		$	0.00			$	0.05			$	0.00			$	0.00			$	0.08
DILUTED EARNINGS PER SHARE		$	0.00			$	0.05			$	0.00			$	0.00			$	0.08
NET INCOME:
BASIC EARNINGS PER SHARE		$	0.31			$	0.32			$	0.44			$	0.75			$	0.47
DILUTED EARNINGS PER SHARE		$	0.31			$	0.31			$	0.43			$	0.74			$	0.46

ADVANCED ENERGY INDUSTRIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

		June 30,				December 31,
		2011				2010
ASSETS
Current assets:
Cash and cash equivalents		$	135,564			$	130,914
Marketable securities			10,124				9,640
Accounts receivable, net			128,802				119,893
Inventories, net			100,392				77,593
Deferred income taxes			7,689				7,510
Income taxes receivable			2,388				6,061
Other current assets			11,689				10,156
Total current assets			396,648				361,767
Property and equipment, net			38,408				34,569
Deposits and other			8,795				8,874
Goodwill and intangibles, net			93,094				96,781
Deferred income tax assets, net			5,059				3,166
Total assets		$	542,004			$	505,157
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	48,828			$	56,185
Other accrued expenses			47,130				46,140
Total current liabilities			95,958				102,325
Long-term liabilities			30,393				28,864
Total liabilities			126,351				131,189
Stockholders’ equity			415,653				373,968
Total liabilities and stockholders’ equity		$	542,004			$	505,157

ADVANCED ENERGY INDUSTRIES,
INC. SEGMENT INFORMATION
(in thousands)

		Three Months Ended												Six Months Ended
		June 30,								March 31,				June 30,
		2011				2010				2011				2011				2010
SALES:
Thin Films		$	97,331			$	85,697			$	100,099			$	197,430			$	153,120
Renewables			40,823				14,410				37,553				78,376				16,674
Total Sales			138,154				100,107				137,652				275,806				169,794
OPERATING INCOME:
Thin Films		$	20,042							$	24,824			$	44,866
Renewables			321								2,512				2,833
Total segment operating income			20,363								27,336				47,699
Corporate expenses			(3,045	)							(2,979	)			(6,024	)
Other income, net			92								663				755
Income from continuing operations before income taxes		$	17,410							$	25,020			$	42,430