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HOUSTON, Aug. 16, 2010 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) (the "Company"), the premium supplier of custom-designed power delivery solutions for the traditional and renewable energy industries, today announced the following results for the fiscal second quarter and six months ended June 30, 2010.
Total sales for the three months ended June 30, 2010, were $8.3 million, a decrease of 14% from the March 31, 2010 quarter and a decline of 32% from the quarter ended June 30, 2009. The Company reported a net loss for the second quarter of 2010 of $1.1 million, or 15 cents per basic share and 14 cents per diluted share, compared with a loss of $0.3 million, or 4 cents per basic and diluted share, for the same quarter last year. For the six months ending June 30, 2010, net sales were $17.9 million, with a loss of $1.6 million, or 20 cents per basic and fully diluted per share. This is compared to net sales of $28.2 million, net income of $0.4 million and $0.05 basic and fully diluted earnings per share in the comparable prior year period.
Although the Company saw improvement in its E&I construction and AAT segments in the 2010 second quarter, overall results were negatively impacted by continued weakness in the Company's traditional products business, primarily in the marine and industrial markets.
"The Company continued to experience weakness in our traditional markets in the 2
nd quarter," stated Charles Dauber, AETI's President and Chief Executive Officer. "However, we are encouraged by signs of improvement that we are seeing in some of our traditional segments and believe that the investments we've made in renewable energy product and market development in the past year should enable us to realize increased revenues and profitability in the 2nd half of 2010."
The Company is pleased to report progress on our strategy to leverage our traditional energy industry capabilities into the wind and solar markets. In the 2
nd quarter, the Company booked the following renewable energy orders which will positively impact third quarter revenue:
A 145KW solar project with Houston Advanced Research Council with solar developer partner, Ignite Solar. This project is valued at over $500,000 to AETI, which will provide the electrical equipment and project management services.
A $500,000 wind farm electrical services project for a major US wind farm developer/owner/operator.
A $125,000 custom switchgear project for a new solar farm.
The Company also recently introduced the solar industry's first "Integrated Solar Inversion Station" called ISIS™, at the InterSolar 2010 conference in San Francisco. ISIS™ is the industry's first integrated 1MW utility-grade solar power inverter system designed to provide greater and more reliable operating power for solar farms in the harshest environments. The Company received a strong response from its product launch due to the uniqueness of the solution. The Company plans to continue to invest in renewable product and market development to take advantage of the emerging utility-scale solar market, and expects to begin booking orders for the ISIS product this quarter for shipments in the latter part of 2010.