American Electric Technologies Reports 3rd Quarter 2010 Results
The E&I construction group showed strong revenue growth in the core industrial construction business, which was up by 38% ($641,000) for the quarter, while the data center and marine construction groups were down by 62%, resulting in the segment being down by 5.6% for the quarter. Approximately $300,000 of the E&I construction group's revenue are from the previously announced 145kw rooftop solar project for the Houston Advanced Research Council with solar developer partner, Ignite Solar. Although gross profit was up for the traditional marine and industrial construction groups, overall gross profit for the E&I segment was reduced due to losses in the data center business.
Backlog for the E&I segment was $6.0 million, down from $6.9 million at the end of the second quarter.
The American Access Technologies segment reported sales of $2.0 million and gross profits of $523,709 in the third quarter of 2010 up from sales of $1.7 million and gross profit of $402,246 in the second quarter. The gross profit percentage improvement stemmed from increased sales and an improved manufacturing cost structure. The Company expects flat revenue and profitability from this segment for the remainder of the year.
Gross profit increases in the Technical Products, Technical Services, E&I Construction (except the data center group) and AAT segments resulted in an increased gross profit margin for the Company to 6% for the quarter."We are encouraged by a slight increase in the 'quality' of the opportunities we are seeing compared with earlier in the year," stated Dauber. "In addition, we are seeing the cost reduction activities initiated in the second quarter begin to show results in the third quarter, with a SG&A reduction of 12% versus the prior quarter." Also in the quarter, the Company formally launched the solar industry's first "Integrated Solar Inversion Station" called ISIS™, at the InterSolar 2010 conference in San Francisco in July. 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 is pursuing multiple utility-scale projects in North America and expects to begin product shipments in the early part of 2011.
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