Given a manifold M with an equivariantly formal circle action and any invar
iant submanifold W which does not contain fixed points of the action, we pr
esent a new localization theorem, which expresses an integration over W/S-1
in terms of an integration over the fixed points of the action. In the set
ting of symplectic geometry our results imply the Jeffrey-Kirwan localizati
on theorem for the circle action.