HOUSTON, March 28, 2017 - American Electric Technologies, Inc. (NASDAQ: AETI), a leading supplier of power delivery solutions for the global energy industry, today announced its fourth quarter and fiscal year 2016 financial results.
AETI announced that fourth quarter revenues were $9.4 million, up 22% versus Q4 2015 and up 8% from Q3.
The company also saw continued strong backlog growth in the quarter, reporting Q4 ending backlog of $13.5 million, which is up 24% from $10.9M at the end of Q3 and is the highest quarter ending backlog since Q1 2016.
Based on the increased revenue, the Company reported a reduced EBITDA loss (a non-U.S. GAAP measure) of $1.4 million for the quarter, compared with an EBITDA loss of $2.3 million in Q3 2016 and $2.8 million in Q4 of 2015.
Subsequent to the end of the quarter, the company announced it had closed on a new $7.0 million credit facility which will be used to refinance existing debt and for general corporate purposes. A Form 8-K reporting the transaction was filed on March 27.
“We are pleased with the continued growth of our revenue and backlog in the quarter as we execute back to profitability”, said Charles Dauber, AETI president and chief executive officer. “Our new credit facility enables the company to continue to execute on our growth initiatives and positions us well for the future”.
The Company previously announced multiple project awards including for a New England LNG project, a landfill gas project, a multi-million project at one of the world’s largest Engineering Procurement and Construction (EPC) firms, and most recently a $6M award for the company’s IntelliSafe™ medium voltage arc-resistant switchgear for a leading midstream operator.
AETI will conduct a conference call at 10 a.m. EST on March 28, 2017 to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial 877-876-9176 passcode 966293, in the United States and Canada. International callers should dial +1 785-424-1667 passcode 966293.
American Electric Technologies, Inc. (NASDAQ:AETI) is a leading provider of power delivery solutions to the global energy industry. AETI offers M&I Electric™ power distribution and control products, electrical services, and construction services.
AETI is headquartered in Houston and has global sales, support and manufacturing operations in Beaumont, Texas; and Rio de Janeiro, Macaé and Belo Horizonte, Brazil. In addition, AETI has minority interests in two joint ventures, which have facilities located in Xian, China and Singapore. AETI's SEC filings, news and product/service information are available at www.aeti.com.
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 domestic and international demand for our products, 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, 2016. 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.