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American Electric Technologies Inc (AETI) SEC Filing 8-K Material Event for the period ending Wednesday, January 31, 2018

American Electric Technologies Inc

CIK: 1043186 Ticker: AETI

Exhibit 99.1

AETI Announces Impact of Tax Act on 2017 Financial Results

Houston, Jan. 31, 2018 - American Electric Technologies, Inc. (the “Company”) (NASDAQ: AETI), a leading supplier of power delivery solutions for the global energy industry, expects the recently passed Tax Cuts and Jobs Act (the “Tax Act”) will result in the inclusion of a one-time, non-cash increase to the Company’s GAAP net income for the quarter and fiscal year ended December 31, 2017 by approximately $2.8 million or $.29 per diluted share due to re-valuation of deferred tax liabilities, net of the repatriation tax on undistributed earnings, of the Company’s non-US subsidiary and joint venture.

The impact of the Tax Act may differ from the estimate above, possibly materially, due to, among other things, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the Tax Act. The Company will continue to analyze the Tax Act to determine the full effects of the new law, including the new lower corporate tax rate, on the Corporation’s financial statements and operations.

The Company will announce financial results for the quarter and year ended December 31, 2017 on or before April 2, 2018.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding the Company’s expectations regarding certain effects of the new tax law, including a revaluation of the Company’s deferred tax assets and liabilities. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: interpretations and clarifications regarding the new tax law; actual changes in the value of the Company’s deferred tax assets and liabilities during the fourth quarter of 2017; and other factors identified in the Company’s Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this press release, and the Company does not undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this document.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 31, 2018

 

 

AMERICAN ELECTRIC TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Florida   000-24575   59-3410234
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)
1250 Wood Branch Park Drive, Suite 600   77079
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code 713-644-8182

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 2.02. Results of Operations and Financial Condition.

On January 31, 2018, American Electric Technologies, Inc. (the “Company”) issued a press release disclosing the estimated impact of the of the Tax Cuts and Jobs Act (the “Tax Act”) on the Company’s financial results for the quarter and year ended December 31, 2017. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company estimates, based on currently available information, that the Tax Legislation will benefit the Company by increasing net income for the quarter and year ended December 31, 2017 by approximately $2.8 million or $.29 per diluted share due to re-valuation of deferred tax liabilities, net of the repatriation tax on undistributed earnings, of the Company’s non-US subsidiary and joint venture.

The impact of the Tax Act may differ from the estimate above, possibly materially, due to, among other things, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the Tax Act. The Company will continue to analyze the Tax Act to determine the full effects of the new law, including the new lower corporate tax rate, on the Corporation’s financial statements and operations.

The Company will announce financial results for the quarter and year ended December 31, 2017 on or before April 2, 2018.

In accordance with general instructions to Form 8-K, the information in this Form 8-K and Exhibit 99.1 attached hereto is being furnished under Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01. Financial Statements and Exhibits.

The following exhibit shall be deemed to be furnished, and not filed.

 

Exhibit
No.
  

Description

99.1    Press release dated January 31, 2018


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    AMERICAN ELECTRIC TECHNOLOGIES, INC.
Date: January 31, 2018     By:  

/s/ Charles M. Dauber

      Charles M. Dauber
      President and CEO

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American Electric Technologies Inc provided additional information to their SEC Filing as exhibits

Ticker: AETI
CIK: 1043186
Form Type: 8-K Corporate News
Accession Number: 0001193125-18-028413
Submitted to the SEC: Thu Feb 01 2018 8:51:33 AM EST
Accepted by the SEC: Thu Feb 01 2018
Period: Wednesday, January 31, 2018
Industry: Electrical Industrial Apparatus
Events:
  1. Earnings Release
  2. Financial Exhibit

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