American Electric Technologies Inc (AETI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2011

American Electric Technologies Inc

CIK: 1043186 Ticker: AETI

Exhibit 99.1



American Electric Technologies, Inc

6410 Long Drive

Houston, Texas 77087


FOR RELEASE – March 21, 2012 – 4:40 (EST)

CORRECTING and REPLACING — AETI Reports 33% revenue growth and $2.3 million EBT improvement for 2011

Change in NOL tax reserve results in Q4 loss

HOUSTON, March 21, 2012 – In a press release issued earlier today by American Electric Technologies, Inc. (NASDAQ: AETI), please note that there are multiple changes relating to the “Income (loss) from domestic operations” section of the first table. The full, corrected release follows:

American Electric Technologies, Inc. (NASDAQ: AETI) (the “Company”), a leading global supplier of power delivery solutions for the traditional and renewable energy industries, today announced its 2011 year-end and fourth quarter financial results.

Domestic revenue for the quarter was up 40% versus the same quarter in 2010 and up 8% versus the third quarter. Revenue at the end of 2011 was $51.9 million, a 33% increase over the previous year.

Operating income from domestic operations for the quarter was $0.1 million, up $0.7 million from the prior year’s fourth quarter loss of $0.6 million, and an upward trend from Q3 2011.

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.

The Company reported earnings before taxes of $0.6 million, up from $0.1 million in the 2010 fourth quarter. For the year, AETI reported a loss before taxes of $0.4 million, a $2.3 million improvement versus 2010.

In the quarter, AETI reported a change to its balance sheet reserves associated with the net loss carry forward (“NOL”) deferred tax asset primarily related to the NOL generated by American Access Technologies, Inc. prior to the 2007 merger and subsequent

The following information was filed by American Electric Technologies Inc (AETI) on Friday, March 23, 2012 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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Definitive Proxy Statement (Form DEF 14A)
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American Electric Technologies Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2012 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


Ticker: AETI
CIK: 1043186
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-143027
Submitted to the SEC: Fri Mar 30 2012 2:07:01 PM EST
Accepted by the SEC: Fri Mar 30 2012
Period: Saturday, December 31, 2011
Industry: Electrical Industrial Apparatus

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