HOUSTON, March 30, 2011 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) (the "Company"), the premium global supplier of custom-designed power delivery solutions for the traditional and renewable energy industries, today announced the following results for the fiscal fourth quarter and twelve months ended December 31, 2010.
Total sales for the three months ended December 31, 2010 were $10.5 million, essentially flat from the September 30, 2010 quarter.
The Company reported a net profit for the fourth quarter of $199,000 ($0.02 per basic and diluted share), an improvement from the third quarter's net loss of $340,000 ($0.04 per basic and diluted share).Compared with the same period in 2009, sales were down 12.4% and net income was up $52,000. For the year ended December 31, 2010, sales were $39.0 million, a decline of 25% versus the year ended December 31, 2009, with a net loss of $1.7 million, or $0.22 per basic and diluted share. This compares with a profit in 2009 of $678,000, or $0.09 per basic and diluted share. "We are pleased to return to profitability in the fourth quarter of the year, reflecting the progress we made in the second half of 2010," stated Charles Dauber, AETI's President and Chief Executive Officer. "Although the first half of 2010 was the roughest in memory, our traditional oil & gas and industrial markets are showing positive signs that we look forward to seeing continue in 2011." Operating results In the quarter, the Company's Technical Products & Services (TP&S) segment saw a slight revenue increase of $21,000 to $5.7 million. Gross profit for the TP&S segment in the quarter rose to $837,000, an improvement of $533,000 over the prior quarter. This improvement in gross profit was driven by the increased margins in our products business and continued focus on decreasing indirect expenses.