The Company's cash position as of December 31, 2010 was $1.4 million and borrowings on the line of credit were $4.0 million versus $1.5 million of cash and $3.0 million of borrowings at September 30, 2010.
Outlook for Fiscal 2011
We continue to see uncertainty in our traditional markets. However, we are now seeing positive signs in some of our business segments including North America land drilling, Gulf Coast industrial services, international power generation, and International marine/offshore drilling, particularly in Brazil.
We believe short term revenues and profitability should remain relatively flat as we continue to balance the tight management of our cost structure and our push for profitability with our goal to become a market leader for the emerging utility-scale solar inverter market. We believe that our continued investments in renewable energy product and market development will begin to bear fruit in mid-year 2011.
Detailed information on the financial results for the year and quarter ended December 31, 2010 is included in the company's Annual Report on Form 10-K which will be filed with the Securities and Exchange Commission on or before March 31, 2011.
AETI will conduct a conference call at 3:00pm CDT on Wednesday March 30, 2011, to discuss the results with analysts, investors and other interested parties. Individuals wishing to participate in the conference call should dial 1-866-288-9872, confirmation code 966575, in the United States or 1-913-312-2900, confirmation code 966575, from outside the United States.
American Electric Technologies, Inc.
(Nasdaq:AETI) is the premium supplier of custom-designed power delivery solutions to the traditional and renewable energy industries. AETI offers M&I Electric
power distribution and control products, electrical services, and E&I Construction services, as well as American Access Technologies zone enclosures, and Omega Metals custom fabrication services. South Coast Electric Systems L.L.C., a subsidiary, services Gulf Coast marine and vessel customers.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas, Keystone Heights, Fla. and Bay St. Louis, Miss. In addition, AETI has minority interests in three joint ventures, which have facilities located in Xian, China, Singapore and Macae, Brazil. AETI's SEC filings, news and product/service information are available at
Forward Looking Statements
Except for the historical and present factual information contained herein, the matters set forth in this document, including statements regarding the anticipated results of our international joint ventures are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. There are many risks, uncertainties and other factors that can prevent the achievement of our goals or cause results to differ from those expressed or implied by these forward-looking statements including, without limitation, the risks inherent in doing business outside of the U. S. such as political, social and economic instability, currency fluctuations and conversion restrictions. These and other risks which may impact management's expectations are described in greater detail in filings made by the Company with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise its forward-looking statements even if experience or future events make it clear that any of the anticipated results expressed or implied herein will not be realized.
CONTACT: Media Contacts:
Frank R. Pierce