Exhibit 99.1

 

LOGO   

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


The following information was filed by American Electric Technologies Inc (AETI) on Wednesday, March 30, 2016 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.

View differences made from one year to another to evaluate American Electric Technologies Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by American Electric Technologies Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account