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American Electric Technologies Reports 4th Quarter And 2010 Results

Gross profit in the quarter for the E&I construction segment was $149,000, down from $215,000 in the prior quarter. 

For the year, E&I construction saw a huge improvement of $1.3 million in gross profit from a $483,000 loss in 2009 to $834,000 gross profit in 2010. This primarily resulted from the exit of the new school construction market at the end of 2009 as previously reported.

Backlog for the E&I segment was $6.2 million, slightly up from $6.0 million at the end of the third quarter.

The American Access Technologies segment reported sales of $1.8 million in the fourth quarter of 2010, slightly down from sales of $2.0 million in the prior quarter. For the year, the segment saw a 5% increase in revenues to $6.9 million.

For the quarter, the segment saw gross profit margins rise to 28%, from 27% in the third quarter. This improvement stemmed from continued focus on manufacturing cost reductions. The segment realized a significant increase in gross profit for the year, showing gross profit for the group of $1.7 million, up from $1.0 million the prior year.

"Improved revenue coupled with the indirect cost reductions begun earlier in the year had a significant impact on gross margins in the second half of the year," stated Dauber. "We anticipate that as our traditional business levels increase and we start to see impact from our renewable market and product development efforts, we will realize additional gross margin improvements."

Equity income from joint ventures was up $0.2 million for the year, resulting from a loss accrual reversal of $0.6 million from our China venture being offset by a $0.3 million decrease in earnings from the Company's 49% owned Singapore venture and a loss of $0.1 million on the start up of the 49% owned Brazilian joint venture.

As previously reported, in the quarter the Company announced the dissolution of a Memorandum of Understanding (MOU) for a new Chinese joint venture with Wiscom Systems, Ltd of Nanjing, China.

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