Sec Form 4 Filing - NOETH ARTHUR A @ ADVANCED ENERGY INDUSTRIES INC - 2004-05-05

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person NOETH ARTHUR A 2. Issuer Name and Ticker or Trading Symbol ADVANCED ENERGY INDUSTRIES INC [ AEIS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1625 SHARP POINT DRIVE 3. Date of Earliest Transaction (MM/DD/YY) 05/05/2004 (Street) FORT COLLINS, CO80525 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) __ X __ Form filed by One Reporting Person _____ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 0 D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares Director Stock Option (right to buy) $ 21.75 07/22/1997( 1 ) 07/22/2007 Common Stock 7,500 7,500 D Director Stock Option (right to buy) $ 11.6875 07/22/1998( 2 ) 07/22/2008 Common Stock 2,500 10,000 D Director Stock Option (right to buy) $ 35 07/22/1999( 2 ) 07/22/2009 Common Stock 2,500 12,500 D Director Stock Option (right to buy) $ 45.5 07/22/2000( 2 ) 07/22/2010 Common Stock 2,500 15,000 D Director Stock Option (right to buy) $ 29.53 07/23/2001( 2 ) 07/22/2011 Common Stock 2,500 17,500 D Director Stock Option (right to buy) $ 15.98 07/22/2002( 2 ) 07/22/2012 Common Stock 2,500 20,000 D Director Stock Option (right to buy) $ 10.67 05/07/2003( 3 ) 05/07/2013 Common Stock 5,000 25,000 D Director Stock Option (right to buy) $ 14.4 05/05/2004 A 5,000 05/05/2004( 3 ) 05/05/2014 Common Stock 5,000 $ 14.4 30,000 ( 4 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other NOETH ARTHUR A 1625 SHARP POINT DRIVE FORT COLLINS, CO80525 X Signatures Michael El-Hillow - Attorney-in-Fact 05/06/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )The director stock option granted on July 22, 1997 is immediately exercisable as to 2,500 shares of Common Stock and will vest as to 2,500 shares on each of July 22, 1999 and July 22, 2000. ( 2 )The director stock options granted on July 22, 1998, July 22, 1999, July 22, 2000, July 23, 2001, and July 22, 2002 will vest as to 2,500 shares of Common Stock on the third anniversary of the grant date. ( 3 )The director stock options granted on May 7, 2003 and May 5, 2004 are immediately fully exercisable. ( 4 )Mr. Noeth has been granted Director Stock Options (right to buy) totaling 30,000 shares of Common Stock with the above exercise prices and expiration dates.

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* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

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