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American Electric Technologies Reports 4th Quarter And 2010 Results

The recorded results reflect the transfer of R&D expenses related to the development of new products from the Technical Products business direct costs and gross profit calculations, to a new line on the income statement called R&D expense where they will be reflected. Research and development costs in the fourth quarter relating to the Company's new solar inverter product, approximated $188,000 as compared to $273,000 in the previous quarter.

Also, the reported results reflect the transfer of expenses related to the management of its international joint ventures from the Technical Products business indirect expenses and will show them on the income statement as a cost against equity net income. Joint venture costs in the fourth quarter approximated $91,000 as compared to $96,000 in the previous quarter.

For the year, TP&S saw a $10.5 million or 34% revenue decrease versus 2009. However, revenue for the second half of 2010 increased $2.2 million or 24% to $11.4 million as compared with the first half of 2010.

For the twelve months ended December 31, 2010, TP&S reported a gross profit of $1.2 million compared with a gross profit of $6.1 million in the prior year.

Backlog for the Technical Products segment was $7.7 million at December 31, 2010 versus the $6.2 million coming into the fourth quarter.

The company also continued its R&D efforts related to its Integrated Solar Inversion Station (ISIS™) product for the fast growing utility-scale solar power generation market, and is seeing a growing pipeline for the company's solar products and turnkey solutions. The company expects to begin seeing financial impact from its investment in solar power in mid-year 2011.

The E&I construction group showed slight revenue growth in the core industrial construction business to $3.0 million, compared with $2.8 million in the prior quarter. For the year, E&I construction saw revenues of $11.5 million, compared with revenues of $14.6 million in the prior year.  

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