American Electric Technologies, Inc. (AETI) Moves on First Quarter Results: Company Announces 395% Increase in First Quarter Net Income
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Point Roberts, WA - May 7, 2013 (Investorideas.com newswire) Investorideas.com staff: Investorideas.com, an investor research portal specializing in investing ideas in leading sectors including oil and gas stocks issues a news and trading alert for American Electric Technologies, Inc. (NASDAQ: AETI), trading up over 9% on 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 1st 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.
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. (AETI) is a leading provider of power delivery solutions to the global energy industry. AETI offers M&I Electric(TM) 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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