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HOUSTON, March 5, 2013 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), a leading supplier of power delivery solutions for the global energy industry, today announced its 2012 fourth quarter and annual results.
Annual Results Improve
For the year ended December 31, 2012, AETI reported net income before taxes and preferred dividends of $3.0 million compared to a loss of $0.4 million for the year ended December 31, 2011. Net income attributable to common stockholders was $2.1 million, or $0.25 per diluted share, for the year ended December 31, 2012 compared to a loss of $5.9 million, or $(0.75) per share, for the year ended December 31, 2011. The prior year loss included a $5.4 million tax provision primarily related to a change in the valuation allowance on deferred tax assets resulting from past net operating losses.
For the year ended December 31, 2012, the Company reported domestic revenue of $54.1 million, a 4% increase when compared to the year ended December 31 2011, while income from domestic operations improved to $0.4 million, a $2.1 million increase when compared to the prior year.
For the year ended December 31, 2012, AETI's foreign joint ventures had combined revenues of $99.3 million, a 56% increase when compared to the revenues of $63.7 million for year ended December 31, 2011. Equity income from AETI's share of those foreign joint ventures, after associated management expenses, was $2.7 million which represents an 85% increase when compared to $1.5 million for the year ended December 31, 2011.
"I am very pleased with the achievement of important milestones we made during 2012. While top-line growth was 4%, we successfully transitioned from lower margin water and wastewater construction-related business to strategic oil and gas related products sales," said Charles Dauber, AETI's President and CEO. "We made good progress toward strategic objectives, as revenues for our core technical products business grew by 35%. Our international joint ventures also had a great year in 2012 and contributed to our significantly improved overall performance."