American Electric Technologies, (NASDAQ:AETI)

Fourth Quarter 2013 Results

• AETI reported consolidated revenue of $18.1 million, which was up 21% from $15.1 million in Q4 2012.
• The company reported EPS of $0.07 compared to $0.06 for the same quarter 2012.

"We were pleased with both our top line revenue growth and our strong profitability growth in 2013, both of which were driven primarily by our record revenue in our core technical products group," said Charles Dauber, AETI president and chief executive officer.

Dauber continued, "All of our international joint ventures showed down results for Q4, which is reflective of slowed growth in the developing energy markets. BOMAY, AETI's Chinese joint venture, showed a seasonal decline, but was also impacted by a slowing Chinese economy and some customer delays at CNPC. We expect to see a business improvement at BOMAY Q1 2014. However, we expect our Brazil joint venture to remain at these lower activity levels for at least several quarters."

"Although our international joint ventures had a down second half of 2013, they still had a strong 2013 overall, and we remain optimistic on the long-term Chinese and other international energy market opportunities," Dauber said.

Third Quarter 2013 Results

• For the quarter ended September 30, 2013 AETI reported consolidated revenue of $17.6 million, up 50 percent from $11.7 million in Q3 2012.
• The company reported $0.10 per diluted share, compared to the $0.06 per diluted share reported in the third quarter of 2012.

"Our focus on our core oil & gas and distributed power generation segments of the energy industry have driven our record revenues and backlog for the quarter," said Charles Dauber, AETI president and chief executive officer. "83% of our record quarterly backlog comes from our core energy industry focus, and we expect the strong requirements for natural gas infrastructure in the US, including pipelines and gas processing, will continue driving needs for our power delivery solutions well into 2014."

Second Quarter 2013 Results

• For the quarter ended June 30, 2013 AETI reported consolidated revenue of $15.2 million, up 18% from $12.9 million in Q2 2012 and up 5% from Q1 2013.
• Net income attributable to common stockholders increased 40% to $1.1 million or $0.12 per diluted share when compared to the $0.8 million, or $0.09 per diluted share, reported in the second quarter of 2012.

2013 First Quarter Conference Call Notes: 

• Adding to backlog every day.
• Management expects to fill its current backlog of $28 million over the 2013 second and third quarters.
• Orders from China contributed to the quarter but the company was able to replace this orders in backlog.
• Brazil and China will continue to add to backlog, but orders from China tend to be lumpier.
• Management expect the margins attained in the 2013 first quarter to be maintained.

First Quarter 2013 Results

• For the 1^st 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.
• 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.

HOUSTON, Sept. 19, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) a leading supplier of power delivery solutions for the global energy industry, announced today it has been selected by Westlake Chemical's Engineering & Procurement supplier Chengda Engineering, to supply turnkey power delivery products and services for Westlake's Chlor-Alkali expansion project at the Westlake Polymers plant located in Geismar, LA

The Westlake Chemical Chlor-Alkali expansion site, adjacent to the existing vinyl chloride monomer (VCM) and polyvinyl chloride (PVC) facility in Geismar, is intended to have a capacity of 350,000 electrochemical units (ECU)/year. The expansion has been targeted for start-up in the second half of 2013, according to Westlake Chemical, with total facility project costs estimated at between $370 million and $420 million.

Selected by Westlake's Engineering and Procurement (E&C) supplier Chengda Engineering, AETI's M&I Electric group will provide a fully integrated Power Control Building to provide primary power delivery for all of the plant's process equipment electrical requirements including powering motors, transformers, lighting, heating and cooling. In addition to electrical power systems, AETI will also provide real-time power equipment operational information to the plant's data acquisition and control center.

"We selected AETI for our electrical project requirements due to their wide experience in providing large power delivery switchgear and integrated Power Control Room solutions, and their 65-year history of providing a comprehensive array of electrical products and services to the midstream and downstream energy sectors," said Liu Song, Deputy Project Director of Chengda Engineering Inc. "We look forward to working with AETI on future projects that require integrated power delivery solutions as well."

"We are very pleased to have been selected for this Westlake Chemical plant expansion project by Chengda," said Charles Dauber, president and CEO, AETI. "This is another successful example of our oil and gas strategy, which includes providing optimized power delivery solutions for the Exploration and Production, Midstream, and Downstream oil and gas markets."

The approximate value of the project is $6 million. AETI expects to recognize this revenue by the end of the fourth quarter 2012.

Second Quarter 2012 Results

• Domestic revenue for the three months ended June 30th was $12.9 million, a 13% revenue improvement over the same period 2011.
• Second quarter of 2012 fully diluted earnings per share attributable to common stockholders was $0.09, a $0.18 per share improvement compared to $0.09 loss per share in the second quarter of 2011.

"Our improved domestic results derived from continued strength in our technical products related to the North American oil & gas business", commented Charles Dauber, president and chief executive officer. "The company is successfully executing our focus on higher-value added products for the Exploration and Production, midstream and downstream oil & gas markets, and are also realizing results from our investments in our utility-scale solar inverter product."

First Quarter 2012 Results

• Domestic revenue for the quarter increased by 20% to $14.4 million, compared with $12.1 million in the same quarter in 2011.
• For the quarter, the company reported net income of $0.3 million, up from a loss of $0.3 million in the same period 2011.
• EPS of $0.04 vs loss of $0.04 in prior year period

"We were pleased to see the continued domestic and international progress in the first quarter and the $1 million improvement in earnings before taxes versus last year," stated Charles Dauber, AETI's President and Chief Executive Officer. "We are also excited about the recent $5 million capital infusion from the sale of our preferred stock which provides us the ability to expand our business with high-growth, strong-margin global energy opportunities."

On May 2, 2012 American Electric Technologies, Inc. (the "Company") completed the previously announced private placement of Series A Convertible Preferred Stock and Common Stock Purchase Warrants. The Company received proceeds of $5,000,325 and issued 1,000,000 shares of its Series A Convertible Preferred Stock (the "Series A Preferred Stock") and 325,000 Common Stock Purchase Warrants (the "Warrants") to JCH Crenshaw Holdings, LLC. (the "Investor").

HOUSTON, April 18, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) a leading global supplier of power delivery solutions for the energy industry, today announced that it has entered into a definitive agreement to sell $5.0 million of convertible preferred stock in a private financing to JCH Crenshaw Holdings, LLC of Beaumont, Texas.  

JCH Crenshaw Holdings, LLC is led by Casey Crenshaw.  Mr. Crenshaw is currently executive vice president of The Modern Group, a family of leading oil field equipment companies including Dragon, president of M/G Finance Co. LLC and serves on Modern's board of directors. As part of the investment, Mr. Crenshaw will join AETI's board of directors.  

"I am very enthusiastic about AETI's prospects for market leadership in the global energy industry," said Crenshaw. "The company has a deep history in oil & gas, a strong management team, and is well positioned in the key global energy markets for future success."

The agreement provides for the issuance of $5.0 million of Series A convertible preferred stock, convertible into 1,000,000 shares of common stock at a conversion price of $5.00 per share. The agreement also provides for the issuance of warrants to purchase 125,000 shares of common stock at an exercise price of $6.00 per share and 200,000 shares at an exercise price of $7.00 per share.

AETI is raising this capital for general corporate purposes which may include expansion of its manufacturing capacity to meet growing demand for its power delivery products, accelerating its international expansion in key energy markets including Brazil and China and making additional corporate acquisitions.

"Casey Crenshaw brings AETI significant experience in successfully growing a global oil and gas business," stated Charles Dauber, chief executive officer of AETI. "We appreciate his support and financial commitment, and welcome him to the AETI board of directors." Closing of the financing is subject to an amendment to the Company's revolving credit agreement and customary closing conditions. The Company will file a Form 8-K with the Securities and Exchange Commission with additional information about this transaction.  

The securities to be issued in the private placement have not been registered under the Securities Act of 1933 or any state securities laws and unless so registered may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and applicable state securities laws.

Fourth Quarter 2011 Results

• Revenues for the fourth quarter 2011 were $14.7 vs $10.5 in fourth quarter 2010
• Non GAAP EPS for the fourth quarter 2011 was $0.05 vs $0.03 in fourth quarter 2010

The Company reported significant improvement in its domestic operating results. At year's end operating income from domestic operations had improved by $2.6 million from 2010.

"I was pleased see the continued strong revenue and operational profitability growth in the fourth quarter and for the year, reflecting the progress started earlier in 2011 based on the growth in our core oil and gas markets and in our foreign joint ventures," stated Charles Dauber, AETI's President and Chief Executive Officer.

AETI's foreign joint venture equity income, net of management expenses, for the quarter was $0.5 million compared with $0.8 million in the same 2010 period. For the year, the Company's foreign joint venture equity income, net of management expenses, was $1.5 million, compared with 2010 foreign joint venture net equity income of $1.9 million which included a $0.7 million benefit due to an accrual reversal.

HOUSTON, March 8, 2012 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) (the "Company"), the leading global supplier of power delivery solutions for the traditional and renewable energy industries, today announced that as part of its global energy growth strategy, it has acquired the technology of Amnor Technologies, Inc. ("Amnortech") of Shepherd, Texas.

Amnortech provides automation and control system technologies for land and offshore drilling monitoring and control (auto-driller); marine automation including ballast control and tank monitoring and machinery plant control and monitoring systems; IP-based CCTV systems; and military vessel security and safety systems, all proven in multiple installations. 

"Our growth strategy is focused on continued expansion in our domestic and global energy markets including China and Brazil, and through targeted acquisitions such as that of Amnortech," said Charles Dauber, chief executive officer, AETI. "We are pleased to have Amnortech join the AETI family, enabling us to not only accelerate growth in the land drilling market segment, but to also increase our product gross margins by adding high-value software to our drilling power system solutions." 

As part of the acquisition, Amnortech President Ron Nance, will join AETI as vice president and general manager of AETI's newly formed Automation Group, reporting to Neal Hare, AETI SVP and chief technology officer. 

"Amnortech is excited to join forces with AETI to become the leading provider of complete drilling rig power and control systems," said Nance. "Our technologies and teams perfectly complement each other and we look forward to working together to further grow AETI's oil & gas and marine businesses." 

AETI plans to incorporate the Amnortech automation and control technology with its M&I Electric™ branded AC land drilling solution for the North American shale, worldwide oil & gas and global unconventional oil exploration markets, including Brazil. The technology can also be utilized for offshore drilling and marine vessel applications. 

AETI, one of the leading global providers of land drilling power systems offers a suite of products and services including: 

• AC VFDs, generator control switchgear, motor control centers, and power control buildings for land drilling rigs up to 4,000 HP;
• SCR drilling systems including Analog and Digital DC drives, with generator control switchgear, motor control centers and power control buildings for DC drilling rigs;
• Drilling rig electrical construction rig-up services where AETI rig-up electricians provide the wiring of the drilling rig and;
• Drilling rig electrical services including start-up/commissioning, electrical maintenance, emergency services and spare parts. 

Terms of the acquisition were not disclosed.