American Electric Technologies (AETI)

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AETI: AETI Announces 395% Increase in First Quarter Net IncomeFont size: A | A | A
7:00 AM ET 5/7/13 | GlobeNewswire
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American Electric Technologies, Inc. (Nasdaq:AETI) a leading supplier of power delivery solutions for the global energy industry, today announced its 2013 first quarter results.

For the quarter ended March 31, 2013, net income attributable to common stockholders increased 395% to $1.7 million or $0.18 per diluted share when compared to the $0.3 million, or $0.04 per diluted share, reported in the first quarter of 2012. Sequentially, net income attributable to common shareholders increased 238% when compared to $0.5 million, or $0.06 per diluted share, reported in the fourth quarter of 2012.

For the 1 quarter 2013 AETI reported consolidated revenue of $14.4 million, flat when compared to the first quarter of 2012 and down $0.6 million when compared to the fourth quarter of 2012.

Operating income from domestic operations for the quarter ended March 31, 2013 grew to $0.6 million from a loss of ($0.2) million in the first quarter of 2012 and grew 84% when compared with the $0.3 million in the fourth quarter of 2012.

"I am very pleased that our strategy to focus on turnkey power delivery products and E&I construction service projects for the global oil & gas industry has resulted in a significant improvement in our financial performance, more than tripling our EBITDA compared to Q1 2012," said Charles Dauber, AETI's President and Chief Executive Officer. "Our marketing push in the growing natural gas-related infrastructure and deepwater markets enabled us to achieve a backlog of $28.4 million, one of our strongest quarters ever," Dauber said.

AETI's joint venture companies reported aggregate revenues of $39.7 million for the quarter of which the Company reports only its share of the net equity income. AETI's equity in the income of its foreign joint ventures, net of management expenses, was $1.4 million for the quarter ended March 31, 2013, compared to $0.7 million for the quarter ended March 31, 2012 and compared to the $0.4 million for the fourth quarter of 2012. Dauber added, "Our Chinese and Brazilian joint ventures completed several large projects that significantly contributed to our improved financial results."

As of March 31, 2013, the Company reported $5.2 million of cash, $0.5 million of long-term debt and a backlog of $28.4 million.

Conference Call

AETI will conduct a conference call at 4:00 pm EDT on Tuesday, May 7th, 2013, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial 1 888-542-1137, pass code 952958, in the United States or 1 719-457-2693, pass code 952958, from outside the United States.

American Electric Technologies, Inc. (Nasdaq:AETI) is a leading provider of power delivery solutions to the global energy industry. AETI offers M&I Electric power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.

AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas; Keystone Heights, Florida; and Bay St. Louis, Mississippi. In addition, AETI has minority interests in three joint ventures, which have facilities located in Xian, China; Singapore; and Macae, Brazil. AETI's SEC filings, news and product/service information are available at www.aeti.com.

Forward Looking Statements

This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning anticipated future demand for our products, international expansion, and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company's expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 28, 2013. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the projected results expressed or implied herein will not be realized.

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American Electric Technologies, Inc. and Subsidiaries Business Segments (in thousands and percentages are calculated on segment sales and total sales) Unaudited Three Months Ended March 31, March 31, December 31, 2013 2012 2012 Revenue: Technical Products and Services $ 10,480 $ 9,823 $ 11,600 Electrical and Instrumentation Construction 2,528 2,992 2,094 American Access Technologies 1,422 1,617 1,342 $ 14,430 $ 14,432 $ 15,036 Gross profit: Technical Products and Services $ 1,857 18% $ 1,369 14% $ 2,186 19% Electrical and Instrumentation Construction 908 36% 202 7% (80) -4% American Access Technologies 215 15% 201 12% 384 29% $ 2,980 21% $ 1,772 12% $ 2,490 17% Income (loss) from domestic operations and net equity income from foreign joint ventures' operations: Technical Products and Services $ 1,554 15% $ 1,100 11% $ 2,074 18% Electrical and Instrumentation Construction 908 36% 202 7% (80) -4% American Access Technologies (75) -5% (187) -12% 45 3% Corporate and other unallocated expenses (1,785) (1,314) (1,712) Income (loss) from domestic operations 602 4% (199) -1% 327 2% Equity income from BOMAY 1,001 698 184 Equity income (loss) from MIEFE 20 10 (3) Equity income from AAG 437 63 336 Foreign operations expenses (51) (100) (97) Net equity income from foreign joint ventures' operations 1,407 671 420 Income (loss) from domestic operations and net equity income from foreign joint ventures' operations 2,009 14% 472 3% 747 5% Interest expense and other, net (16) (49) (32) Total other income (expense) (16) (49) (32) Income (loss) before income taxes 1,993 423 715 Provision for income taxes 255 89 141 Net income (loss) before redeemable preferred stock 1,738 334 574 Dividends on redeemable preferred stock (85) -- (85) Net income (loss) attributable to common stockholders $ 1,653 11% $ 334 2% $ 489 3% Earnings (loss) per common share: Basic $ 0.21 $ 0.04 $ 0.06 Diluted $ 0.18 $ 0.04 $ 0.06

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American Electric Technologies, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2013 December 31, 2012 (Unaudited) Assets Current assets: Cash and cash equivalents $ 5,203 $ 4,477 Accounts receivable-trade, net of allowance of $398 and $225 at March 31, 2013 and December 31, 2012, respectively 11,512 9,731 Inventories, net 5,195 5,616 Costs and estimated earnings in excess of billings on uncompleted contracts 2,575 2,205 Prepaid expenses and other current assets 327 318 Total current assets 24,812 22,347 Property, plant and equipment, net 5,045 4,922 Investments in foreign joint ventures 12,913 11,408 Other assets 264 297 Total assets $ 43,034 $ 38,974 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 5,196 $ 4,438 Accrued payroll and benefits 1,190 1,519 Other accrued expenses 358 522 Billings in excess of costs and estimated earnings on uncompleted contracts 5,338 3,576 Short-term notes payable 31 54 Total current liabilities 12,113 10,109 Notes payable 500 500 Deferred income taxes 3,329 3,058 Deferred compensation 156 122 Total liabilities 16,098 13,789 Convertible preferred stock Redeemable convertible preferred stock, series A, net of discount of $796 and $806 at March 31, 2013 and December 31,2012, respectively; $.001 par value, shares issued and outstanding 1,000,000 March 31, 2013, and December 31,2012 4,204 4,194 Common stockholders' equity: Common stock; $0.001 par value, 50,000,000 shares authorized, 7,960,925 and 7,919,032 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively 8 8 Additional paid-in capital 9,800 9,597 Treasury stock; at cost (49,863 shares at March 31, 2013 and 20,222 shares at December 31, 2012). (238) (92) Accumulated other comprehensive income 931 900 Retained earnings; including accumulated statutory reserves in equity method investments of $1,857 and $1,620 at March 31, 2013 and December 31, 2012, respectively 12,231 10,578 Total common stockholders' equity 22,732 20,991 Total liabilities, preferred stock and stockholders' equity $ 43,034 $ 38,974

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American Electric Technologies, Inc. and Subsidiaries Non-GAAP Financial Measures and Reconciliations Computation of Earnings , Including Net Equity Income from Foreign Joint Ventures, Before Interest, Dividends, Taxes, Depreciation and Amortization ("EBITDA") Unaudited (In thousands) Three months ended March 31, December 31, March 31, 2013 2012 2012 Net Income (loss) attributable to common stockholders $ 1,653 $ 489 $ 334 Add: Dividends on redeemable preferred stock 85 85 -- Depreciation and amortization 186 195 220 Interest expense and other, net 16 32 49 Provision for income taxes 255 141 89 EBITDA $ 2,195 $ 942 $ 692 (1) The Company is disclosing EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results. For more discussion of the use and limitations of EBITDA, see the 2012 10-K which was filed on March 28, 2013.

CONTACT: Investor Contacts:
American Electric Technologies, Inc.
Andrew L. Puhala
713-644-8182
[e-mail]

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