American Electric Technologies Inc (AETI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Exhibit 99.1

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

FOR RELEASE – March 30 – 7:00 am (EST)

AETI announces 2015 Q4 and year-end results

HOUSTON, March 30, 2016 – American Electric Technologies, Inc. (NASDAQ: AETI), a leading supplier of power delivery solutions for the global energy industry, today announced its 2015 fourth quarter and fiscal year financial results.

The Company reported Q4 consolidated revenues of $7.7 million, down from $13.8 million in the 3rd quarter and down from $13.7 million in Q4 2014. For the full year, the Company reported revenues of $49.1 million, down 14% from $57.3 million in 2014. This revenue level was driven by the Company’s previously announced backlog heading into Q4 of $8.84 million, down from the $16.51 million heading into the third quarter due to reduced spending in the oil and gas markets and a $4.0 million project cancellation of an oil-related onshore production project with a major oil company.

While the company reduced its fixed indirect costs in the quarter, the lower revenues coupled with adjustments to deferred tax liabilities from international operations and several other non-cash write-downs resulted in a $3.7 million net loss attributable to common shareholders for the quarter and a $2.9 million net loss attributable to common shareholders for the 2015 fiscal year.

The Company reported a Q4 ending backlog of $19.0 million, its highest quarter-end backlog since Q4 2014. The primary driver of the backlog increase came from orders received in the power generation and distribution market sector, which represented $10.7 million or 56% of total backlog. This is the highest power generation sector backlog in the Company’s history and underscores the Company’s moves to offset reduced oil & gas sector demand levels with other market sectors.

“Our reduced backlog level at the end of Q3 lead to lower Q4 revenues that drove operating income down by approximately $1.8M, and when combined with almost $1.5M of non-cash expenses, resulted in the company’s loss for the quarter.” said Charles Dauber, AETI president and chief executive officer. “The power generation orders we booked in Q4 enabled us to show an increased backlog but the financial impact of those orders won’t be reflected until 2016.”

During the quarter, the Company closed on an $8.5 million credit facility with Frost Bank of Texas which will be used for general corporate purposes including providing the Company with the liquidity and flexibility to execute our growth strategy.

The Company’s subsidiary M&I Electric Brazil reported annual revenues of over $3M