March 11, 2014
American Electric Technologies, Inc. (Nasdaq:AETI), a leading supplier of power delivery solutions for the global energy industry, announced its fourth quarter and fiscal year 2013 financial results.
For the fiscal year ended December 31, 2013, the company reported annual revenues of $65 million, up 21% from 2012. Income from domestic operations for the year was up more than 480% to $2.5 million and net income attributable to common shareholders was up 102% to $4.2 million from fiscal year 2012.
For the fourth quarter, AETI reported consolidated revenue of $18.1 million, which was up 21% from Q4 2012, and up 3% from the previous record revenues reported in Q3 2013.
Income from domestic operations for the quarter was up 113% to $0.7 million versus Q4 2012 but down 8% from Q3 2013. Net income attributable to common shareholders for the quarter was $0.6 million or ($0.07/share) up 21% from Q4 2012 but down $0.3 million from Q3 2013.
"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.
AETI's joint venture companies reported record combined revenues of $105 million for the year, a 6% increase over 2012, and AETI's 2013 equity in the income of its foreign joint ventures, net of management expenses was $2.8 million, up slightly from 2012. For the quarter, AETI's equity joint ventures had revenues of $5.5 million, down 51% vs. Q4 of 2012 and reported a loss of $0.2 million net of management expenses on the reduced activity, compared with a $0.4 million profit in both Q4 2012 and Q3 2013.
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."
For the quarter ended December 31, 2013, the Company reported Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of $0.8 million, an 18% percent decline over the same period in 2012. The decline in quarterly EBITDA is primarily attributable to reduced equity income from the Company's joint ventures. The Company ended the quarter with $4.1 million of cash, $0.5 million of debt and $23.6 million of backlog.
"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.
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, Fla. and Bay St. Louis, Miss. 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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