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AETI Announces 395% Increase In First Quarter Net Income

Stocks in this article: AETI

HOUSTON, May 7, 2013 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI) a leading supplier of power delivery solutions for the global energy industry, today announced its 2013 first quarter results.

For the quarter ended March 31, 2013, net income attributable to common stockholders increased 395% to $1.7 million or $0.18 per diluted share when compared to the $0.3 million, or $0.04 per diluted share, reported in the first quarter of 2012. Sequentially, net income attributable to common shareholders increased 238% when compared to $0.5 million, or $0.06 per diluted share, reported in the fourth quarter of 2012.

For the 1 st quarter 2013 AETI reported consolidated revenue of $14.4 million, flat when compared to the first quarter of 2012 and down $0.6 million when compared to the fourth quarter of 2012.

Operating income from domestic operations for the quarter ended March 31, 2013 grew to $0.6 million from a loss of ($0.2) million in the first quarter of 2012 and grew 84% when compared with the $0.3 million in the fourth quarter of 2012.  

"I am very pleased that our strategy to focus on turnkey power delivery products and E&I construction service projects for the global oil & gas industry has resulted in a significant improvement in our financial performance, more than tripling our EBITDA compared to Q1 2012," said Charles Dauber, AETI's President and Chief Executive Officer. "Our marketing push in the growing natural gas-related infrastructure and deepwater markets enabled us to achieve a backlog of $28.4 million, one of our strongest quarters ever," Dauber said.

AETI's joint venture companies reported aggregate revenues of $39.7 million for the quarter of which the Company reports only its share of the net equity income.   AETI's equity in the income of its foreign joint ventures, net of management expenses, was $1.4 million for the quarter ended March 31, 2013, compared to $0.7 million for the quarter ended March 31, 2012 and compared to the $0.4 million for the fourth quarter of 2012. Dauber added, "Our Chinese and Brazilian joint ventures completed several large projects that significantly contributed to our improved financial results."

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