American Electric Technologies Reports 3rd Quarter 2010 Results
HOUSTON, Nov. 11, 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 third quarter and nine months ended September 30, 2010.
Total sales for the three months ended September 30, 2010, were $10.5 million, an increase of 26% from the June 30, 2010 quarter. The Company reported a net loss for the third quarter of $340,106 ($.04 per basic and diluted share), an improvement from the second quarter's net loss of $1.1 million.
Compared with the same period in 2009, revenue for the period was down 12.5% and the company reported net income of $170,291 as compared to the net loss of $340,106 reported in this most recent quarter."The Company saw a moderate rebound in our traditional businesses in the third quarter," stated Charles Dauber, AETI's President and Chief Executive Officer. "We saw increases in our technical products business and in our technical services business, and we began seeing revenues increase from our renewable energy efforts as well". Sequential results highlighted The Company's Technical Products & Services segment saw revenue increase to $5.7 million, an increase of 60% from the previous quarter. This revenue increase was driven by a more than 57% increase in the technical products business from our drilling and industrial markets, a 17% increase in the traditional technical services business, as well as by the previously announced $500,000 in renewable services business. Backlog for the Technical Products segment was $6.2 million, essentially flat from the $6.0 million coming into the third quarter. The Technical Products & Services segment gross profit (loss) improved by $655,679 to a loss of $66,400, compared with a loss of $722,079 in the prior quarter. This improvement in gross profit was driven by the increased revenue described above and also includes research and development costs in the quarter related to the Company's new solar inverter product of approximately $250,000.
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