American Electric Technologies, Inc. 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.