Exhibit 99.1

 

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American Electric Technologies, Inc

6410 Long Drive

Houston, Texas 77087

713.644.8182

FOR RELEASE – March 4 – 7:00 am (EST)

AETI Reports 2013 Q4 and Fiscal Year Results

Annual profit up 102 percent on continued record quarterly revenue

HOUSTON, March 4, 2014—American Electric Technologies, Inc. (NASDAQ: AETI), a leading supplier of power delivery solutions for the global energy industry, today 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.”


The following information was filed by American Electric Technologies Inc (AETI) on Friday, March 7, 2014 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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