Exhibit 99.1

 

LOGO    American Electric Technologies, Inc
   1250 Wood Branch Park Drive
   Houston, Texas 77079
   713.644.8182

FOR RELEASE – March 20 – 7:00 am (EST)

AETI announces Q4 2014 results

HOUSTON, March 20, 2015 - 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 2014 financial results.

The Company reported a $2.1 million net loss attributable to common shareholders in the fourth quarter of 2014 on consolidated revenue of $13.7 million, down from a net profit of $0.6 million in the fourth quarter of 2013 on revenue of $16.5 million.

The Company previously announced it had experienced project delays and manufacturing cost overruns in the third quarter due to new product introductions and a significant increase in the number of large power distribution center (“PDC”) projects in process primarily for the midstream and downstream oil and gas markets. As expected, the fourth quarter was negatively impacted by the resulting low margins from those projects that shipped in the quarter, coupled with additional warranty and project closeout costs.

The revenue for the quarter was impacted by customer project delays, related to the drop in oil prices. One customer postponed a multi-million dollar land-based oil production PDC delivery until early 2016 but continued the engineering portion of the project.

The company’s wholly-owned subsidiary M&I Electric Brazil, which was established in Q3 of this year, grew revenue to $0.7 million, up from $0.2 million in Q3, but incurred losses of $0.2 million in the quarter related to operational start-up costs. M&I Electric Brazil is expected to play a strong role in the company’s 2015 growth plans as it ramps its electrical services and construction business.

“In the third quarter we stated that we understood the causes of our growing pains and were working to address them. We have completed the new product introductions and believe those issues are now behind us” said Charles Dauber, president and chief executive officer, AETI. “Although we experienced significant challenges this year, with our newly expanded manufacturing operation, new products, new chief operating officer, exiting of our remaining non-core business (American Access Technologies), the establishment of M&I Electric Brazil, and numerous initial wins at top tier energy firms, the Company is well positioned for the future”.

The Company reported record backlog in the oil & gas market sector in the quarter of $25 million, leading to total backlog of $26.5 million, down only $1.4 million from the record total backlog reported at the end of Q3 2014.


The following information was filed by American Electric Technologies Inc (AETI) on Monday, March 23, 2015 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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