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American Electric Technologies, Inc

6410 Long Drive

Houston, Texas 77087

713.644.8182

 

Media Contacts:    Investor Contacts:

Shanta Mauney

   John H. Untereker
smauney@wardcc.com    juntereker@aeti.com

713-869-0707

   713-644-8182

FOR RELEASE – March 17, 2010 – 5:00pm(EST)

American Electric Technologies Reports Results for 2009

HOUSTON March 12, 2010- American Electric Technologies, Inc. (NASDAQ: AETI), the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, announced the following results for the year and quarter ended December 31, 2009.

Total sales for the year ended December 31, 2009 were $52.2 million, a decline of 20% over the year ended December 31, 2008. Total sales for the fourth quarter of 2009 were $12.0 million, a 31.2% reduction from the fourth quarter of 2008. Fourth quarter sales were essentially flat compared with the preceding quarter.

The company reported net income of $0.68 million, or basic and diluted earnings per share of $0.09 for the year ended December 31, 2009 compared with net income of $1.7 million, or basic and diluted earnings per share of $0.22 and $0.21, respectively for the year ended December 31, 2008. Net income for the fourth quarter of 2009 was $147.4 thousand, or basic and diluted EPS of $0.02, compared with net income of $925.0 thousand or basic and diluted income per share of $0.10, in the fourth quarter of 2008. The full year results for both 2009 and 2008 were negatively impacted by charges of approximately $2 million ($0.17 per basic and fully diluted share) occasioned by unprofitable school electrical contracting work that has been completed.

Charles Dauber, AETI’s President and Chief Executive Officer reported “In spite of a very challenging market environment for our traditional businesses, we are pleased that we maintained profitability throughout 2009. We have been successful in achieving our principal goals for 2009, which were to effectively manage our costs and cash flow while investing in new renewable energy product and market development.”

2009 AETI key data:

 

 

Our Technical Products and Services (TP&S) segment generated $31.1 million in revenue in 2009, compared with sales of $34.1 million by this segment in 2008.

 

 

Our TP&S gross profit margin increased from 15.2% to 17.8%, delivering $5.2 million gross profit in 2009 versus $5.5 million in the prior year. A substantial portion of the gross profit margin improvement was due to favorable product mix.

 

 

As of December 31, 2009, the backlog for the TP&S segment was approximately $5.9 million, substantially reduced from $14.4 million in 2009. All of this backlog should be realized during the 2010 fiscal year.


The following information was filed by American Electric Technologies Inc (AETI) on Friday, March 19, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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