Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - Stabilis Solutions, Inc. | d498956d8k.htm |
EXHIBIT 99.1
AETI Announces Quarterly Financial Growth, Improved Annual Results
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.”
Fourth Quarter Domestic Revenues, Income Increase
For the fourth quarter ended December 31, 2012, AETI reported domestic revenue of $15.0 million, an increase of 28% versus the quarter ended September 30, 2012 and 2% when compared to the quarter ended December 31, 2011.
Operating income from domestic operations for the quarter ended December 31, 2012 increased 164%, to $0.3 million, when compared to the quarter ended September 30, 2012 and 193% when compared to the quarter ended December 31, 2011.
AETI’s equity in the income of its foreign joint ventures, net of management expenses, was $0.4 million for the quarter ended December 31, 2012, a decrease of $0.3 million when compared to $0.7 million for the quarter ended September 30, 2012 and a decrease of $0.1 million when compared $0.5 million for the quarter ended December 31, 2011.
Net income attributable to common stockholders for the quarter ended December 31, 2012 was $0.5 million, or $0.06 per diluted share, which was a $5.7 million improvement when compared to the $5.2 million net loss for the quarter ended December 31, 2011 and essentially unchanged when compared to the quarter ended September 30, 2012. During the quarter ended December 31, 2011, AETI incurred a $5.8 million tax charge primarily related to its deferred tax assets.
“In 2012, we grew our midstream and downstream oil and gas business, successfully installed our first ISIS solar inversion station, acquired and integrated Assort Services Ltd in Brazil and automation and control technology from AmnorTech, and also improved our financial flexibility through improved operating performance and a $5 million preferred stock issuance,” Dauber said.
As of December 31, 2012, the Company reported $4.5 million of cash, $0.5 million of long-term debt and a backlog of $15.5 million.
Dauber continued, “Looking ahead, we have a strong balance sheet, we recently hired Andy Puhala as our new CFO, and we are well positioned to profitably grow the business in 2013.”
Conference Call
AETI will conduct a conference call at 4:00 pm EST on Tuesday, March 5, 2013, to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial 1-888-490-2759, pass code 540288, in the United States or 1-719-955-1565, pass code 540288, from outside the United States.
American Electric Technologies, Inc. (Nasdaq:AETI) is a leading provider supplier of power delivery solutions to the global energy industry. 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 www.aeti.com.
The American Electric Technologies, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=17444
Forward Looking Statements
This press release contains forward-looking statements, as defined in Section 27A of the Securities Exchange Act of 1934, concerning anticipated future demand for our products, international expansion, and other future plans and objectives. While the Company believes that such forward-looking statements are based on reasonable assumptions, there can be no assurance that such future revenues, profits, plans and objectives will be achieved on the schedule or in the amounts indicated. Investors are cautioned that these forward-looking statements are not guarantees of future performance. Actual events or results may differ from the Company’s expectations, and are subject to various risks and uncertainties, including those listed in Item 1A of the Form 10-K filed with the Securities and Exchange Commission on March 30, 2012. 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 projected results expressed or implied herein will not be realized.
American Electric Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Twelve Months Ended | ||||||||
| December 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| (Unaudited) | ||||||||
|
|
|
|
|
|||||
| Revenue |
$ | 54,065 | $ | 51,940 | ||||
| Cost of sales |
45,942 | 44,785 | ||||||
|
|
|
|
|
|||||
| Gross profit |
8,123 | 7,155 | ||||||
| Operating expenses: |
||||||||
| Research and development |
103 | 577 | ||||||
| Selling and marketing |
2,455 | 2,508 | ||||||
| General and administrative |
5,146 | 5,780 | ||||||
|
|
|
|
|
|||||
| Total operating expenses |
7,704 | 8,865 | ||||||
|
|
|
|
|
|||||
| Income (loss) from domestic operations |
419 | (1,710 | ) | |||||
| Net equity income from foreign joint ventures’ operations: |
||||||||
| Equity income from foreign joint ventures’ operations |
3,088 | 1,917 | ||||||
| Foreign joint ventures’ operations related expenses |
(343 | ) | (437 | ) | ||||
|
|
|
|
|
|||||
| Net equity income from foreign joint ventures’ operations |
2,745 | 1,480 | ||||||
|
|
|
|
|
|||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations |
3,164 | (230 | ) | |||||
| Interest expense and other, net |
(148 | ) | (216 | ) | ||||
|
|
|
|
|
|||||
| Total other income (expense) |
(148 | ) | (216 | ) | ||||
| Income (loss) before income taxes |
3,016 | (446 | ) | |||||
| Provision for income taxes |
707 | 5,442 | ||||||
|
|
|
|
|
|||||
| Net income (loss) before mandatorily redeemable preferred stock |
2,309 | (5,888 | ) | |||||
|
|
|
|
|
|||||
| Dividends on mandatorily redeemable preferred stock |
(225 | ) | — | |||||
|
|
|
|
|
|||||
| Net income (loss) attributable to common stockholders |
$ | 2,084 | $ | (5,888 | ) | |||
|
|
|
|
|
|||||
| Earnings (loss) per common share: |
||||||||
| Basic |
$ | 0.26 | $ | (0.75 | ) | |||
|
|
|
|
|
|||||
| Diluted |
$ | 0.25 | $ | (0.75 | ) | |||
|
|
|
|
|
|||||
| Weighted-average number of common shares outstanding: |
||||||||
| Basic |
7,901,225 | 7,813,587 | ||||||
|
|
|
|
|
|||||
| Diluted |
8,258,742 | 7,813,587 | ||||||
|
|
|
|
|
|||||
American Electric Technologies, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Unaudited
(in thousands, except share and per share data)
| Three Months Ended | Three Months Ended | |||||||||||||||
| December 31, | December 31, | December 31, | September 30, | |||||||||||||
| 2012 | 2011 | 2012 | 2012 | |||||||||||||
| Revenue |
$ | 15,036 | $ | 14,740 | $ | 15,036 | $ | 11,725 | ||||||||
| Cost of sales |
12,546 | 12,472 | 12,546 | 10,036 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross profit |
2,490 | 2,268 | 2,490 | 1,689 | ||||||||||||
| Operating expenses: |
||||||||||||||||
| Research and development |
67 | (20 | ) | 67 | — | |||||||||||
| Selling and marketing |
625 | 664 | 625 | 471 | ||||||||||||
| General and administrative |
1,471 | 1,513 | 1,471 | 1,095 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total operating expenses |
2,163 | 2,157 | 2,163 | 1,566 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from domestic operations |
327 | 111 | 327 | 123 | ||||||||||||
| Net equity income from foreign joint ventures’ operations: |
||||||||||||||||
| Equity income from foreign joint ventures’ operations |
517 | 597 | 517 | 746 | ||||||||||||
| Foreign joint ventures’ operations related expenses |
(97 | ) | (78 | ) | (97 | ) | (23 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net equity income from foreign joint ventures’ operations |
420 | 519 | 420 | 723 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations |
747 | 630 | 747 | 846 | ||||||||||||
| Interest expense and other, net |
(32 | ) | (34 | ) | (32 | ) | (29 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other income (expense) |
(32 | ) | (34 | ) | (32 | ) | (29 | ) | ||||||||
| Income (loss) before income taxes |
715 | 596 | 715 | 817 | ||||||||||||
| Provision for income taxes |
141 | 5,794 | 141 | 232 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) before mandatorily redeemable preferred stock |
574 | (5,198 | ) | 574 | 585 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Dividends on mandatorily redeemable preferred stock |
(85 | ) | — | (85 | ) | (85 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income (loss) attributable to common stockholders |
$ | 489 | $ | (5,198 | ) | $ | 489 | $ | 500 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Earnings (loss) per common share: |
||||||||||||||||
| Basic |
$ | 0.06 | $ | (0.66 | ) | $ | 0.06 | $ | 0.06 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
$ | 0.06 | $ | (0.66 | ) | $ | 0.06 | $ | 0.06 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Weighted-average number of common shares outstanding: |
||||||||||||||||
| Basic |
7,918,943 | 7,825,574 | 7,918,943 | 7,915,039 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted |
8,226,284 | 7,825,574 | 8,226,284 | 8,223,410 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
American Electric Technologies, Inc. and Subsidiaries
Business Segments (in thousands and percentages are calculated on segment sales and total sales)
| Twelve Months Ended | ||||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2012 (Unaudited) |
2011
|
|||||||||||||||
|
|
|
|
|
|||||||||||||
| Revenue: |
||||||||||||||||
| Technical Products and Services |
$ | 38,973 | $ | 28,929 | ||||||||||||
| Electrical and Instrumentation Construction |
9,196 | 15,478 | ||||||||||||||
| American Access Technologies |
5,896 | 7,533 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| $ | 54,065 | $ | 51,940 | |||||||||||||
|
|
|
|
|
|||||||||||||
| Gross profit: |
||||||||||||||||
| Technical Products and Services |
$ | 6,649 | 17 | % | $ | 4,589 | 16 | % | ||||||||
| Electrical and Instrumentation Construction |
513 | 6 | % | 1,233 | 8 | % | ||||||||||
| American Access Technologies |
961 | 16 | % | 1,333 | 18 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 8,123 | 15 | % | $ | 7,155 | 14 | % | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations: |
||||||||||||||||
| Technical Products and Services |
$ | 6,012 | 15 | % | $ | 3,891 | 13 | % | ||||||||
| Electrical and Instrumentation Construction |
513 | 6 | % | 1,233 | 8 | % | ||||||||||
| American Access Technologies |
(484 | ) | -8 | % | (227 | ) | -3 | % | ||||||||
| Corporate and other unallocated expenses |
(5,622 | ) | (6,607 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Income (loss) from domestic operations |
419 | 1 | % | (1,710 | ) | -3 | % | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Equity income from BOMAY |
2,569 | 1,656 | ||||||||||||||
| Equity income (loss) from MIEFE |
16 | 10 | ||||||||||||||
| Equity income from AAG |
503 | 251 | ||||||||||||||
| Foreign operations expenses |
(343 | ) | (437 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
| Net equity income from foreign joint ventures’ operations |
2,745 | 1,480 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations |
3,164 | 6 | % | (230 | ) | 0 | % | |||||||||
| Interest expense and other, net |
(148 | ) | (216 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
| Total other income (expense) |
(148 | ) | (216 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
| Income (loss) before income taxes |
3,016 | (446 | ) | |||||||||||||
| Provision for income taxes |
707 | 5,442 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Net income (loss) before mandatorily redeemable preferred stock |
2,309 | 4 | % | (5,888 | ) | -11 | % | |||||||||
| Dividends on mandatorily redeemable preferred stock |
(225 | ) | — | |||||||||||||
|
|
|
|
|
|||||||||||||
| Net income (loss) attributable to common stockholders |
$ | 2,084 | 4 | % | $ | (5,888 | ) | -11 | % | |||||||
|
|
|
|
|
|||||||||||||
American Electric Technologies, Inc. and Subsidiaries
Business Segments (in thousands and percentages are calculated on segment sales and total sales) Unaudited
| Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
| December 31, | December 31, | December 31, | September 30, | |||||||||||||||||||||||||||||
| 2012 | 2011 | 2012 | 2012 | |||||||||||||||||||||||||||||
| Revenue: |
||||||||||||||||||||||||||||||||
| Technical Products and Services |
$ | 11,600 | $ | 9,022 | $ | 11,600 | $ | 8,903 | ||||||||||||||||||||||||
| Electrical and Instrumentation Construction |
2,094 | 3,639 | 2,094 | 1,495 | ||||||||||||||||||||||||||||
| American Access Technologies |
1,342 | 2,079 | 1,342 | 1,327 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| $ | 15,036 | $ | 14,740 | $ | 15,036 | $ | 11,725 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Gross profit: |
||||||||||||||||||||||||||||||||
| Technical Products and Services |
$ | 2,186 | 19 | % | $ | 1,759 | 19 | % | $ | 2,186 | 19 | % | $ | 1,507 | 17 | % | ||||||||||||||||
| Electrical and Instrumentation Construction |
(80 | ) | -4 | % | 403 | 11 | % | (80 | ) | -4 | % | 61 | 4 | % | ||||||||||||||||||
| American Access Technologies |
384 | 29 | % | 106 | 5 | % | 384 | 29 | % | 121 | 9 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 2,490 | 17 | % | $ | 2,268 | 15 | % | $ | 2,490 | 17 | % | $ | 1,689 | 14 | % | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations: |
||||||||||||||||||||||||||||||||
| Technical Products and Services |
$ | 2,074 | 18 | % | $ | 1,738 | 19 | % | $ | 2,074 | 18 | % | $ | 1,389 | 16 | % | ||||||||||||||||
| Electrical and Instrumentation Construction |
(80 | ) | -4 | % | 403 | 11 | % | (80 | ) | -4 | % | 61 | 4 | % | ||||||||||||||||||
| American Access Technologies |
45 | 3 | % | (282 | ) | -14 | % | 45 | 3 | % | (227 | ) | -17 | % | ||||||||||||||||||
| Corporate and other unallocated expenses |
(1,712 | ) | (1,748 | ) | (1,712 | ) | (1,100 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Income (loss) from domestic operations |
327 | 2 | % | 111 | 1 | % | 327 | 2 | % | 123 | 1 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Equity income from BOMAY |
184 | 313 | 184 | 624 | ||||||||||||||||||||||||||||
| Equity income (loss) from MIEFE |
(3 | ) | 82 | (3 | ) | (1 | ) | |||||||||||||||||||||||||
| Equity income from AAG |
336 | 202 | 336 | 123 | ||||||||||||||||||||||||||||
| Foreign operations expenses |
(97 | ) | (78 | ) | (97 | ) | (23 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net equity income from foreign joint ventures’ operations |
420 | 519 | 420 | 723 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations |
747 | 5 | % | 630 | 4 | % | 747 | 5 | % | 846 | 7 | % | ||||||||||||||||||||
| Interest expense and other, net |
(32 | ) | (34 | ) | (32 | ) | (29 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Total other income (expense) |
(32 | ) | (34 | ) | (32 | ) | (29 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Income (loss) before income taxes |
715 | 596 | 715 | 817 | ||||||||||||||||||||||||||||
| Provision for income taxes |
141 | 5,794 | 141 | 232 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net income (loss) before mandatorily redeemable preferred stock |
574 | (5,198 | ) | 574 | 585 | |||||||||||||||||||||||||||
| Dividends on mandatorily redeemable preferred stock |
(85 | ) | — | (85 | ) | (85 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders |
$ | 489 | 3 | % | $ | (5,198 | ) | -35 | % | $ | 489 | 3 | % | $ | 500 | 4 | % | |||||||||||||||
|
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American Electric Technologies, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
| December 31, 2012 |
December 31, 2011 |
|||||||
| (Unaudited) |
|
|||||||
| Assets | ||||||||
| Current assets: |
||||||||
| Cash and cash equivalents |
$ | 4,477 | $ | 3,749 | ||||
| Accounts receivable-trade, net of allowance of $225 and $393 at December 31, 2012 and December 31, 2011, respectively |
9,731 | 11,291 | ||||||
| Inventories, net |
5,616 | 4,945 | ||||||
| Costs and estimated earnings in excess of billings on uncompleted contracts |
2,205 | 2,026 | ||||||
| Prepaid expenses and other current assets |
318 | 336 | ||||||
|
|
|
|
|
|||||
| Total current assets |
22,347 | 22,347 | ||||||
| Property, plant and equipment, net |
4,922 | 4,489 | ||||||
| Investments in foreign joint ventures |
11,408 | 9,308 | ||||||
| Other assets |
297 | 87 | ||||||
|
|
|
|
|
|||||
| Total assets |
$ | 38,974 | $ | 36,231 | ||||
|
|
|
|
|
|||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: |
||||||||
| Accounts payable |
$ | 4,438 | $ | 5,772 | ||||
| Accrued payroll and benefits |
1,519 | 1,414 | ||||||
| Other accrued expenses |
522 | 855 | ||||||
| Billings in excess of costs and estimated earnings on uncompleted contracts |
3,576 | 2,909 | ||||||
| Short-term notes payable |
54 | 154 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
10,109 | 11,104 | ||||||
| Notes payable |
500 | 5,057 | ||||||
| Deferred income taxes |
3,058 | 2,433 | ||||||
| Deferred compensation |
122 | 116 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
13,789 | 18,710 | ||||||
|
|
|
|
|
|||||
| Convertible preferred stock |
||||||||
| Mandatorily redeemable convertible preferred stock; $.001 par value, shares issued and outstanding 1,000,000 December 31, 2012, none December 31,2011 |
4,194 | — | ||||||
|
|
|
|
|
|||||
| Common stockholders’ equity: |
||||||||
| Common stock; $0.001 par value, 50,000,000 shares authorized, 7,919,022 and 7,828,509 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively |
8 | 8 | ||||||
| Additional paid-in capital |
9,597 | 8,171 | ||||||
| Treasury stock; 20,222 shares at cost |
(92 | ) | — | |||||
| Accumulated other comprehensive income |
900 | 849 | ||||||
| Retained earnings; including accumulated statutory reserves in equity method investments of $1,620 and $1,284 at December 31, 2012 and December 31, 2011, respectively |
10,578 | 8,493 | ||||||
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| Total common stockholders’ equity |
20,991 | 17,521 | ||||||
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| Total liabilities, preferred stock and stockholders’ equity |
$ | 38,974 | $ | 36,231 | ||||
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American Electric Technologies, Inc. and Subsidiaries
Non-GAAP Financial Measures and Reconciliations
Computation of Earnings, Including Net Equity Income from Foreign Joint Ventures, Before Interest,
Dividends, Taxes, Depreciation and Amortization (“EBITDA”)
Unaudited
(In thousands)
| Twelve months ended | Three months ended | |||||||||||||||||||
| December 31, | December 31, | December 31, | September 30, | December 31, | ||||||||||||||||
| 2012 | 2011 | 2012 | 2012 | 2011 | ||||||||||||||||
| Net Income (loss) attributable to common stockholders |
$ | 2,084 | $ | (5,888 | ) | $ | 489 | $ | 500 | $ | (5,198 | ) | ||||||||
| Add: |
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| Dividends on mandatorily redeemable preferred stock |
225 | — | 85 | 85 | — | |||||||||||||||
| Depreciation and amortization |
877 | 772 | 195 | 209 | 193 | |||||||||||||||
| Interest expense and other, net |
148 | 216 | 32 | 29 | 34 | |||||||||||||||
| Provision for income taxes |
707 | 5,442 | 141 | 232 | 5,794 | |||||||||||||||
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| EBITDA |
$ | 4,041 | $ | 542 | $ | 942 | $ | 1,055 | $ | 823 | ||||||||||
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| (1) | The Company is disclosing EBITDA, which is a non-GAAP measure, because it is used by management and provided to investors to provide comparability of underlying operational results. For more discussion of the use and limitations of EBITDA, see the 2012 10-K which will be filed on or before April 30, 2013. |
CONTACT: Media Contacts:
Ward Creative Communications for
American Electric Technologies, Inc.
Molly LeCronier
713-869-0707
mlecronier@wardcc.com
Investor Contacts:
American Electric Technologies, Inc.
713-644-8182
investorrelations@aeti.com