American Electric Technologies (AETI) saw its loss narrow to $1.70 million, or $0.21 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $3.62 million, or $0.45 a share. Revenue during the quarter grew 22.20 percent to $9.40 million from $7.69 million in the previous year period. Gross margin for the quarter period stood at positive 1.60 percent as compared to a negative 3.88 percent for the previous year period. Operating margin for the quarter stood at negative 18.07 percent as compared to a negative 39.49 percent for the previous year period.
Operating loss for the quarter was $1.70 million, compared with an operating loss of $3.04 million in the previous year period.
"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."
Debt moves up marginally
American Electric Technologies has witnessed an increase in total debt over the last one year. It stood at $5.70 million as on Dec. 31, 2016, up 2.83 percent or $0.16 million from $5.54 million on Dec. 31, 2015. 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
