American Electric returns to profit in 4th quarter

Print
Email
|

Associated Press

Posted on March 5, 2013 at 9:00 AM

Updated Tuesday, Mar 5 at 9:02 AM

HOUSTON (AP) — American Electric Technologies Inc. returned to profitability in its fourth quarter after reporting a loss a year earlier due to a large tax charge.

President and CEO Charles Dauber said in a statement on Tuesday that the Houston company made progress this year by transitioning from lower-margin water and wastewater construction-related business to oil and gas related product sales.

The company, which offers power distribution and control products, electrical services and other services, reported net income of $489,000, or 6 cents per share, for the three months ended Dec. 31. That compares with a loss of $5.2 million, or 66 cents per share, a year earlier.

The prior year period included a $5.8 million tax charge mostly related to its deferred tax assets.

Revenue climbed 2 percent to $15 million from $14.7 million, bolstered by increased revenue from its technical products and services division.

American Electric earned $2.1 million, or 25 cents per share, for the year. In the previous year it lost $5.9 million, or 75 cents per share. Annual revenue increased 4 percent to $54.1 million from $51.9 million.

Its shares finished at $5.04 on trading on Monday. Its shares have traded in a 52-week range of $3.58 to $5.21.

Print
Email
|