- Company reports 97% quarterly backlog growth and the second highest backlog in company history
HOUSTON, May 15, 2017 (GLOBE NEWSWIRE) -- American Electric Technologies, Inc. (NASDAQ:AETI), a leading supplier of power delivery solutions for the global energy industry, today announced its first quarter 2017 financial results.
The company reported quarter ending backlog of $26.6 million, the company’s second highest backlog ever reported and the highest since Q3 2014.
For the quarter, the company reported revenue of $8.0 million, down 14% from Q4 and 3% from the $8.3 million revenue reported in Q1 2016. The revenue decrease was primarily related to the general oil & gas market conditions combined with the seasonality of our services business and the impact of the significant backlog growth reported was not reflected in revenues in Q1.
Based on the reduced revenue level, the Company reported an EBITDA loss (a non-U.S. GAAP measure) of $2.2 million for the quarter, compared with an EBITDA loss of $1.4 million in Q4 2016 and improved from the EBITDA loss of $2.7 million in Q1 of 2016.
“We were pleased with the strong increased bookings and the refinancing of our credit facility in Q1. However, our markets continue to be very challenging and liquidity remains tight,” said Charles Dauber, AETI president and chief executive officer. “Although our Q1 revenues were below our break-even level, the projects that comprise our backlog will commence being recognized for revenue starting in Q2.”
The 97% backlog growth compared with Q4 2016 ending backlog was primarily driven by orders in the midstream and downstream oil & gas and power generation markets. The Company previously announced project awards in the quarter including a $5M break-in win at a top 5 largest Engineering, Procurement and Construction firm for a new chemical plant project, and a $6M contract with a leading midstream operator to enhance electrical safety for their Permian Crude Pipeline and Terminal projects using the company’s IntelliSafe™ arc-resistant switchgear.
On March 27th, the company announced it has closed on a new $7.0M credit facility with Hunting Dog Capital of San Francisco. This new credit facility will be used to refinance existing debt and for general corporate purposes.
AETI will conduct a conference call at 11 a.m. EDT on May 15, 2017 to discuss the results with analysts, investors and other interested parties. Individuals who wish to participate in the conference call should dial 866-454-4207 passcode 934089, in the United States and Canada. International callers should dial +1 913-312-9312 passcode 934089.
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 Houma, Louisiana; 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 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, 2017. 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.