American Electric Technologies, Inc. (AETI) saw its loss narrow to $2.50 million, or $0.31 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.88 million, or $0.36 a share. Revenue during the quarter dropped 3.23 percent to $8.03 million from $8.30 million in the previous year period. Gross margin for the quarter stood at negative 6.92 percent as compared to a positive 1.10 percent for the previous year period. Operating margin for the quarter stood at negative 29.45 percent as compared to a negative 31.98 percent for the previous year period.
Operating loss for the quarter was $2.36 million, compared with an operating loss of $2.65 million in the previous year period.
"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."
Working capital drops significantlyAmerican Electric Technologies, Inc. has witnessed a decline in the working capital over the last year. It stood at $3.49 million as at Mar. 31, 2017, down 56.90 percent or $4.61 million from $8.10 million on Mar. 31, 2016. Current ratio was at 1.31 as on Mar. 31, 2017, down from 1.86 on Mar. 31, 2016. Days sales outstanding went up to 29 days for the quarter compared with 25 days for the same period last year.
Days inventory outstanding was almost stable at 5 days for the quarter, when compared with the last year period.
Debt moves up marginally
American Electric Technologies, Inc. has witnessed an increase in total debt over the last one year. It stood at $6.67 million as on Mar. 31, 2017, up 2.55 percent or $0.17 million from $6.50 million on Mar. 31, 2016. Total debt was 19.68 percent of total assets as on Mar. 31, 2017, compared with 17.62 percent on Mar. 31, 2016. Debt to equity ratio was at 0.74 as on Mar. 31, 2017, up from 0.42 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
