Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 05, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'AETI | ' |
Entity Registrant Name | 'American Electric Technologies Inc | ' |
Entity Central Index Key | '0001043186 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 8,004,932 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $4,176 | $4,477 |
Accounts receivable-trade, net of allowance of $354 and $225 at September 30, 2013 and December 31, 2012 | 10,647 | 9,731 |
Inventories, net | 7,454 | 5,616 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 4,757 | 2,205 |
Prepaid expenses and other current assets | 216 | 318 |
Total current assets | 27,250 | 22,347 |
Property, plant and equipment, net | 5,172 | 4,922 |
Investments in foreign joint ventures | 13,088 | 11,408 |
Other assets | 200 | 297 |
Total assets | 45,710 | 38,974 |
Current liabilities: | ' | ' |
Accounts payable | 6,166 | 4,438 |
Accrued payroll and benefits | 1,474 | 1,519 |
Other accrued expenses | 504 | 513 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 4,010 | 3,576 |
Short-term notes payable | 500 | 54 |
Other current liabilities | 14 | 9 |
Total current liabilities | 12,668 | 10,109 |
Notes payable | ' | 500 |
Deferred income taxes | 3,672 | 3,058 |
Deferred compensation | 193 | 122 |
Total liabilities | 16,533 | 13,789 |
Convertible preferred stock: | ' | ' |
Redeemable convertible preferred stock, Series A, net of discount of $775 at September 30, 2013 and $806 at December 31, 2012; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at September 30, 2013 and December 31, 2012 | 4,225 | 4,194 |
Stockholders' equity: | ' | ' |
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,004,173 and 7,919,032 shares issued and outstanding at September 30, 2013 and December 31, 2012 | 8 | 8 |
Treasury stock, at cost (49,863 shares at September 30, 2013 and 20,222 shares at December 31, 2012) | -238 | -92 |
Additional paid-in capital | 10,043 | 9,597 |
Accumulated other comprehensive income | 942 | 900 |
Retained earnings; including accumulated statutory reserves in equity method investments of $1,857 and $1,620 at September 30, 2013 and December 31, 2012 | 14,197 | 10,578 |
Total stockholders' equity | 24,952 | 20,991 |
Total liabilities and stockholders' equity | $45,710 | $38,974 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable-trade, net of allowance | $354 | $225 |
Redeemable convertible preferred stock, Series A, net of discount | 775 | 806 |
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares issued | 1,000,000 | 1,000,000 |
Redeemable convertible preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,004,173 | 7,919,032 |
Common stock, shares outstanding | 8,004,173 | 7,919,032 |
Treasury stock, shares | 49,863 | 20,222 |
Retained earnings; accumulated statutory reserves in equity method investments | $1,857 | $1,620 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $17,585 | $11,725 | $47,184 | $39,029 |
Cost of sales | 14,718 | 10,036 | 38,941 | 33,395 |
Gross profit | 2,867 | 1,689 | 8,243 | 5,634 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 112 | ' | 356 | 36 |
Selling and marketing | 626 | 471 | 1,997 | 1,831 |
General and administrative | 1,373 | 1,095 | 4,136 | 3,675 |
Total operating expenses | 2,111 | 1,566 | 6,489 | 5,542 |
Income (loss) from domestic operations | 756 | 123 | 1,754 | 92 |
Net equity income from foreign joint ventures' operations: | ' | ' | ' | ' |
Equity income from foreign joint ventures' operations | 434 | 746 | 3,140 | 2,571 |
Foreign joint ventures' operations related expenses | -66 | -23 | -204 | -246 |
Net equity income from foreign joint ventures' operations | 368 | 723 | 2,936 | 2,325 |
Income from domestic operations and net equity income from foreign joint ventures' operations | 1,124 | 846 | 4,690 | 2,417 |
Interest expense and other, net | -27 | -29 | -72 | -116 |
Income before income taxes | 1,097 | 817 | 4,618 | 2,301 |
Provision for income taxes | 110 | 232 | 745 | 566 |
Net income before dividends on redeemable convertible preferred stock | 987 | 585 | 3,873 | 1,735 |
Dividends on redeemable convertible preferred stock | -86 | -85 | -256 | -140 |
Net income attributable to common stockholders | $901 | $500 | $3,617 | $1,595 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.11 | $0.06 | $0.45 | $0.20 |
Diluted | $0.10 | $0.06 | $0.41 | $0.19 |
Weighted-average number of common shares outstanding: | ' | ' | ' | ' |
Basic | 8,004,026 | 7,915,039 | 7,985,438 | 7,895,318 |
Diluted | 9,497,056 | 8,223,410 | 9,450,719 | 8,252,835 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $3,873 | $1,735 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Deferred income tax provision | 745 | 566 |
Equity income from foreign joint ventures' operations | -3,140 | -2,571 |
Depreciation and amortization | 620 | 676 |
Stock based compensation | 425 | 326 |
Provision for bad debt | 66 | 90 |
Allowance for obsolete inventory | 64 | 25 |
Loss (gain) on sale of property, plant and equipment | 5 | -17 |
Deferred compensation costs | 71 | 5 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -913 | 2,969 |
Income taxes payable | 5 | ' |
Inventories | -1,902 | -657 |
Costs and estimated earnings in excess of billings on uncompleted contracts | -2,552 | 540 |
Accounts payable and accrued liabilities | 1,674 | -2,088 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 434 | -774 |
Prepaid expenses and other current assets | 14 | 328 |
Net cash provided by (used in) operating activities | -511 | 1,153 |
Cash flows from investing activities: | ' | ' |
Purchases of property, plant and equipment and other assets | -779 | -813 |
Proceeds from disposal of property, plant and equipment | 1 | 17 |
Repayments of advances and dividends from foreign joint ventures' operations | 1,391 | 907 |
Purchase of intangible assets | ' | -104 |
Net cash (used in) provided by investing activities | 613 | 7 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of common stock | 22 | 39 |
Proceeds from sale of preferred stock and warrants | ' | 4,961 |
Treasury stock purchase, in accordance with the employee stock incentive plan | -146 | -92 |
Preferred stock cash dividend | -225 | -116 |
Capital lease obligation payment | -54 | -117 |
Principal payments on short-term notes payable | ' | ' |
Principal payments on revolving credit facility | ' | -3,500 |
Net cash (used in) provided by financing activities | -403 | 1,175 |
Net decrease in cash and cash equivalents | -301 | 2,335 |
Cash and cash equivalents, beginning of period | 4,477 | 3,749 |
Cash and cash equivalents, end of quarter | 4,176 | 6,084 |
Supplemental disclosures of cash flow information: | ' | ' |
Interest paid | 21 | 97 |
Income taxes paid | 139 | 116 |
Non-cash investing and financing activities: | ' | ' |
Common stock issuance to acquire intangible assets | ' | $219 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying condensed unaudited consolidated financial statements of American Electric Technologies, Inc. and its wholly-owned subsidiaries (“AETI”, “the Company”, “our”, “we”, “us”) as of September 30, 2013 and for the three months and nine months then ended have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and include all adjustments which, in the opinion of management, are necessary for a fair presentation of financial position as of September 30, 2013 and results of operations for the three months and nine months ending September 30, 2013 and 2012. All adjustments are of a normal recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The statements should be read in conjunction with the Company’s consolidated financial statements included in on our Annual Report on Form 10-K for the year ended December 31, 2012, which was filed on March 28, 2013. | |
Earnings_Per_Common_Share
Earnings Per Common Share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share | ' | ||||||||||||||||
2. Earnings Per Common Share | |||||||||||||||||
Basic earnings per common share is based on the weighted average number of common shares outstanding for the three months and nine months ended September 30, 2013 and 2012. Diluted earnings per share is based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed conversion of convertible instruments, exercise of all potentially dilutive stock options and other stock units subject to anti-dilution limitations. | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per common share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to common stockholders | $ | 901 | $ | 500 | $ | 3,617 | $ | 1,595 | |||||||||
Weighted-average basic shares | 8,004,026 | 7,915,039 | 7,985,438 | 7,895,318 | |||||||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.06 | $ | 0.45 | $ | 0.2 | |||||||||
Add back preferred dividends | $ | 86 | $ | ** | $ | 256 | $ | ** | |||||||||
Net income after assumed conversions | 987 | 500 | 3,873 | 1,595 | |||||||||||||
Dilutive effect of : | |||||||||||||||||
Convertible preferred stock | 1,000,000 | ** | 1,000,000 | ** | |||||||||||||
Stock options and restricted stock units | 459,358 | 308,371 | 453,997 | 357,517 | |||||||||||||
Warrants | 33,672 | ** | 11,224 | ** | |||||||||||||
Total weighted-average diluted shares | 9,497,056 | 8,223,410 | 9,450,719 | 8,252,835 | |||||||||||||
Diluted earnings per common share | $ | 0.1 | $ | 0.06 | $ | 0.41 | $ | 0.19 | |||||||||
** | These items were excluded because they were determined to be non-dilutive during these periods. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Changes And Error Corrections [Abstract] | ' |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities. ASU No. 2011-11 was issued to provide enhanced disclosures that will enable users of the financial statements to evaluate the effect or potential effect of netting arrangements on an entity’s financial position. The amendments under ASU No. 2011-11 require enhanced disclosures by requiring entities to disclose both gross information and net information about both instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements, reverse sale and repurchase agreements, and securities borrowing and lending arrangements. ASU No. 2011-11 is effective retrospectively for annual periods beginning on or after January 1, 2013, and interim periods within those periods. The adoption of ASU No. 2011-11 did not have an impact on the Company’s condensed consolidated financial position or results of operations. | |
In July 2012, the FASB issued ASU No. 2012-02, Intangible—Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment. ASU No. 2012-02 permits an entity to first assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles – Goodwill and Other – General Intangibles Other than Goodwill. | |
The more likely than not threshold is defined as having a likelihood of more than 50 percent. Under ASU No. 2012-02, an entity is not required to calculate the fair value of an indefinite-lived intangible asset unless the entity determines it is more likely than not that its fair value is less than its carrying value. ASU No. 2012-02 is effective for annual periods beginning after September 15, 2012. The adoption of ASU No. 2012-02 did not have an impact on the Company’s condensed consolidated financial position or results of operations. | |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||||||
4. Segment Information | |||||||||||||||||||||||||||||||||
The Company follows the guidance prescribed by ASC Topic 280, Segment Reporting, which governs the way the Company reports information about its operating segments. | |||||||||||||||||||||||||||||||||
Management has organized the Company around its products and services and has three reportable segments: Technical Products and Services (“TP&S”), Electrical and Instrumentation Construction (“E&I”) and American Access Technologies (“AAT”). TP&S develops, manufactures, provides and markets switchgear and variable speed drives. The service component of this segment includes retrofitting, equipment upgrades, startups, testing and troubleshooting electrical substations, switchgear, drives and control systems. The E&I segment installs electrical equipment for the energy, water, industrial, marine and commercial markets. The AAT segment manufactures and markets zone cabling and formed metal products of varying designs. | |||||||||||||||||||||||||||||||||
The following are selected financial details regarding the Company’s reportable segments: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 13,970 | $ | 8,903 | $ | 35,607 | $ | 27,373 | |||||||||||||||||||||||||
Electrical and Instrumentation Construction | 2,266 | 1,495 | 7,136 | 7,102 | |||||||||||||||||||||||||||||
American Access Technologies | 1,349 | 1,327 | 4,441 | 4,554 | |||||||||||||||||||||||||||||
$ | 17,585 | $ | 11,725 | $ | 47,184 | $ | 39,029 | ||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,428 | 17 | % | $ | 1,507 | 17 | % | $ | 6,117 | 17 | % | $ | 4,464 | 16 | % | |||||||||||||||||
Electrical and Instrumentation Construction | 331 | 15 | % | 61 | 4 | % | 1,496 | 21 | % | 593 | 8 | % | |||||||||||||||||||||
American Access Technologies | 108 | 8 | % | 121 | 9 | % | 630 | 14 | % | 577 | 13 | % | |||||||||||||||||||||
$ | 2,867 | 16 | % | $ | 1,689 | 14 | % | $ | 8,243 | 17 | % | $ | 5,634 | 14 | % | ||||||||||||||||||
Percentages are based on respective revenues. | |||||||||||||||||||||||||||||||||
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,188 | 16 | % | $ | 1,389 | 16 | % | $ | 5,372 | 15 | % | $ | 3,941 | 14 | % | |||||||||||||||||
Electrical and Instrumentation Construction | 331 | 15 | % | 61 | 4 | % | 1,496 | 21 | % | 593 | 8 | % | |||||||||||||||||||||
American Access Technologies | (215 | ) | -16 | % | (227 | ) | -17 | % | (350 | ) | -8 | % | (530 | ) | -12 | % | |||||||||||||||||
Corporate and other unallocated expenses | (1,548 | ) | -9 | % | (1,100 | ) | -9 | % | (4,764 | ) | -10 | % | (3,912 | ) | -10 | % | |||||||||||||||||
Income (loss) from domestic operations | 756 | 4 | % | 123 | 1 | % | 1,754 | 4 | % | 92 | 0 | % | |||||||||||||||||||||
Equity income from BOMAY | 475 | 624 | 2,123 | 2,385 | |||||||||||||||||||||||||||||
Equity income (loss) from MIEFE | (12 | ) | (1 | ) | 146 | 19 | |||||||||||||||||||||||||||
Equity income (loss) from AAG | (29 | ) | 123 | 871 | 167 | ||||||||||||||||||||||||||||
Foreign operations expenses | (66 | ) | (23 | ) | (204 | ) | (246 | ) | |||||||||||||||||||||||||
Net equity income from foreign joint ventures’ operations | 368 | 723 | 2,936 | 2,325 | |||||||||||||||||||||||||||||
Income from domestic operations and net equity income from foreign joint ventures’ operations | $ | 1,124 | $ | 846 | $ | 4,690 | $ | 2,417 | |||||||||||||||||||||||||
The Company’s management does not separately review and analyze its assets on a segment basis for TP&S, E&I, and AAT and all assets for the segments are recorded within the corporate segment’s records. Corporate and other unallocated expenses include compensation costs and other expenses that cannot be meaningfully associated with the individual segments. All other costs, expenses and other income have been allocated to their respective segments. | |||||||||||||||||||||||||||||||||
Investments_in_Foreign_Joint_V
Investments in Foreign Joint Ventures | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||
Investments in Foreign Joint Ventures | ' | ||||||||||||||||||||||||
5. Investments in Foreign Joint Ventures | |||||||||||||||||||||||||
We have interests in three joint ventures outside of the United States which are accounted for on the equity method: | |||||||||||||||||||||||||
• | BOMAY Electric Industries Company, Ltd. (“BOMAY”), in which the Company holds a 40% interest, Baoji Oilfield Machinery Co., Ltd. (a subsidiary of China National Petroleum Corporation) holds a 51% interest and AA Energies, Inc., holds a 9% interest. | ||||||||||||||||||||||||
• | M&I Electric Far East, Ltd. (“MIEFE”), in which the Company holds a 41% interest, MIEFE’s general manager holds an 8% interest and Sonepar Asia Pacific Limited, holds a 51% interest. | ||||||||||||||||||||||||
• | AETI Alliance Group do Brazil Sistemas E Servicos Em Energia LTDA. (“AAG”), in which the Company holds a 49% interest and Beppe Hans Eddy Askerbo, of Brazil, holds a 51% interest. | ||||||||||||||||||||||||
Sales to joint ventures are made on an arms-length basis. | |||||||||||||||||||||||||
Summary unaudited financial information of our foreign joint ventures (100%) in U.S. dollars was as follows at September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Total current assets | $ | 100,829 | $ | 87,127 | $ | 4,200 | $ | 3,726 | $ | 3,109 | $ | 1,983 | |||||||||||||
Total non-current assets | 5,122 | 5,025 | 135 | 120 | 1,595 | 347 | |||||||||||||||||||
Total assets | $ | 105,951 | $ | 92,152 | $ | 4,335 | $ | 3,846 | $ | 4,704 | $ | 2,330 | |||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Total liabilities | $ | 79,312 | $ | 69,154 | $ | 1,460 | $ | 1,257 | $ | 1,728 | $ | 1,474 | |||||||||||||
Total equity | 26,639 | 22,998 | 2,875 | 2,589 | 2,976 | 856 | |||||||||||||||||||
Total liabilities and equity | $ | 105,951 | $ | 95,152 | $ | 4,335 | $ | 3,846 | $ | 4,704 | $ | 2,330 | |||||||||||||
Three Months Ended, September 30, 2013 and 2012 | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Revenue | $ | 17,995 | $ | 20,069 | $ | 1,530 | $ | 743 | $ | 1,434 | $ | 2,275 | |||||||||||||
Gross profit | $ | 2,853 | $ | 3,452 | $ | 372 | $ | 441 | $ | 259 | $ | 842 | |||||||||||||
Earnings | $ | 1,187 | $ | 1,561 | $ | (29 | ) | $ | — | $ | (59 | ) | $ | 329 | |||||||||||
Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Revenue | $ | 82,986 | $ | 77,078 | $ | 7,021 | $ | 5,823 | $ | 9,433 | $ | 4,940 | |||||||||||||
Gross profit | $ | 10,451 | $ | 11,948 | $ | 1,659 | $ | 1,185 | $ | 3,691 | $ | 1,715 | |||||||||||||
Earnings | $ | 5,308 | $ | 5,962 | $ | 356 | $ | 46 | $ | 1,777 | $ | 419 | |||||||||||||
The following is a summary of activity in AETI’s investment in foreign joint ventures for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
BOMAY** | MIEFE | AAG | TOTAL | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investments in foreign joint ventures: | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 9,531 | $ | 1,063 | $ | 814 | $ | 11,408 | |||||||||||||||||
Equity in earnings (loss) in 2013 | 2,123 | 146 | 871 | 3,140 | |||||||||||||||||||||
Repayment of advances | — | — | (179 | ) | (179 | ) | |||||||||||||||||||
Dividend distributions in 2013 | (1,320 | ) | — | (23 | ) | (1,343 | ) | ||||||||||||||||||
Foreign currency translation adjustment | 212 | (29 | ) | (121 | ) | 62 | |||||||||||||||||||
Investments, end of period | $ | 10,546 | $ | 1,180 | $ | 1,362 | $ | 13,088 | |||||||||||||||||
Components of investments in foreign joint ventures: | |||||||||||||||||||||||||
Investment in foreign joint ventures | $ | 2,033 | $ | 15 | $ | 53 | $ | 2,101 | |||||||||||||||||
Undistributed earnings | 7,203 | 901 | 1,509 | 9,613 | |||||||||||||||||||||
Foreign currency translation | 1,310 | 264 | (200 | ) | 1,374 | ||||||||||||||||||||
Investments, end of period | $ | 10,546 | $ | 1,180 | $ | 1,362 | $ | 13,088 | |||||||||||||||||
** | Accumulated statutory reserves in equity method investments of $1,857 at September 30, 2013 and $1,620 at December 31, 2012 are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China’s (“PRC”), regulations on enterprises with foreign ownership an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely: (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. | ||||||||||||||||||||||||
Under the equity method, the Company’s share of the foreign joint ventures’ operations’ earnings or loss is recognized in the condensed consolidated statement of operations as equity income (loss) from foreign joint ventures’ operations. Joint venture income increases the carrying value of the joint venture investment and joint venture losses, as well as dividends received from the joint ventures, reduce the carrying value of the investment. Each reporting period, the Company evaluates the carrying value of these equity method investments as to whether an impairment adjustment may be necessary. In making this evaluation, a variety of quantitative and qualitative factors are considered including national and local economic, political and market conditions, industry trends and prospects, liquidity and capital resources and other pertinent factors. Based on this evaluation for this reporting period, the Company does not believe an impairment adjustment is necessary. | |||||||||||||||||||||||||
Notes_Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2013 | |
Text Block [Abstract] | ' |
Notes Payable | ' |
6. Notes Payable | |
Revolving Credit Agreement | |
The Company entered into a $10.0 million credit agreement with JP Morgan Chase Bank, N.A. (“Chase”) in October 2007. At September 30, 2013 and December 31, 2012 there was $0.5 million of borrowings outstanding. There was additional borrowing capacity of $5.2 million at September 30, 2013. | |
Under the current terms of the agreement, outstanding borrowings are due at maturity, July 1, 2014. Accordingly, amounts owed at September 30, 2013 are included in current liabilities in the condensed consolidated balance sheet. Management is negotiating a new facility with Chase which will be effective in the fourth quarter on similar terms. The Company is currently in compliance with all covenants under the current agreement. The current ratio test remains unchanged at a minimum of 2.0 to 1.0. The agreement is collateralized by the Company’s real estate in Beaumont, Texas, trade accounts receivable, equipment, inventories, and work-in-progress, and the Company’s U.S. subsidiaries are guarantors of the borrowings. | |
Under the agreement, the credit facility’s interest rate is LIBOR (0.18% at September 30, 2013) plus 3.25% per annum and the Company is charged a commitment fee of 0.3% per annum of the unused portion of the credit limit each quarter. Additionally, the terms of the agreement contains covenants which provide for customary restrictions and limitations and restriction from paying dividends without prior written consent of the bank. | |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
7 | Inventories | ||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(unaudited) | |||||||||
Raw materials | $ | 1,606 | $ | 1,596 | |||||
Work-in-progress | 4,561 | 3,173 | |||||||
Finished goods | 1,556 | 1,052 | |||||||
7,723 | 5,821 | ||||||||
Less: Allowance for obsolescence | (269 | ) | (205 | ) | |||||
Total inventories | $ | 7,454 | $ | 5,616 | |||||
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
8. Income Taxes | |
It was determined in the fourth quarter of 2011 that due to the Internal Revenue Code’s Section 382 limitations on our ability to utilize the net operating loss carry forwards of approximately $9.8 million generated by American Access Technologies, Inc., prior to the Company’s merger in 2007 and subsequent net operating losses and foreign tax credit carry forwards, a full valuation allowance was warranted to offset the deferred tax assets generated by these items. As such, the tax provision on U.S. income generated in 2013 and 2012 is offset by a reduction of the valuation allowance. The tax provision for 2013 and 2012 reflects a 34% U.S. tax rate related to the equity in foreign joint ventures’ operations, net of dividends received for an effective rate of 16% and 25% because of the mix of domestic income or loss and foreign equity income and dividends. | |
In determining the realizability of its deferred tax assets, the Company has considered the scheduled reversal of deferred tax liabilities, projected future earnings, and tax planning strategies and concluded the need for a valuation allowance. As of December 31, 2012 a valuation allowance has been recorded against deferred tax assets including tax loss carry forwards and foreign tax credits of approximately $9.9 million and $1.0 million, respectively. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments and Fair Value Measurements | 9 Months Ended | |
Sep. 30, 2013 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value of Financial Instruments and Fair Value Measurements | ' | |
9 | Fair Value of Financial Instruments and Fair Value Measurements | |
ASC Subtopic 820-10, Fair Value Measurements and Disclosures, requires us to use valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows: | ||
Level 1: Observable inputs such as quoted prices for identical assets or liabilities in active markets. | ||
Level 2: Other inputs that are observable directly or indirectly, such as quoted prices for similar assets or liabilities or market-corroborated inputs. | ||
Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants would price the assets or liabilities. | ||
The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximate fair value as of September 30, 2013 and December 31, 2012 because of the relatively short maturity of these instruments. | ||
The redeemable convertible preferred stock and warrants were sold in an arms-length transaction on May 2, 2012. Accordingly, we believe the recorded values approximate fair values for these instruments at September 30, 2013. | ||
As discussed in Note 5. Investment in Foreign Joint Ventures, the carrying values of these investments are reviewed quarterly to ascertain that they are not impaired. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 9 Months Ended | |
Sep. 30, 2013 | ||
Equity [Abstract] | ' | |
Redeemable Convertible Preferred Stock | ' | |
10 | Redeemable Convertible Preferred Stock | |
On May 2, 2012, the Company completed the issuance of the Series A Convertible Preferred Stock and warrants. The Series A Convertible Preferred Stock ranks senior to all other equity instruments of the Company, including the Company’s common stock. The Series A Convertible Preferred Stock accrues cumulative dividends at a rate of 6% per annum, whether or not dividends have been declared by the Board of Directors and whether or not there are profits, surplus or other funds available for the payment of such dividends. | ||
For the three months ended September 30, 2013 and 2012 the amortization of the discount amounted to $11 and $10. For the nine months ended September 30, 2013 and 2012 the amortization of the discount amounted to $31 and $24. |
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Earnings (Loss) Per Common Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings (loss) per common share: | |||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net income attributable to common stockholders | $ | 901 | $ | 500 | $ | 3,617 | $ | 1,595 | |||||||||
Weighted-average basic shares | 8,004,026 | 7,915,039 | 7,985,438 | 7,895,318 | |||||||||||||
Basic earnings per common share | $ | 0.11 | $ | 0.06 | $ | 0.45 | $ | 0.2 | |||||||||
Add back preferred dividends | $ | 86 | $ | ** | $ | 256 | $ | ** | |||||||||
Net income after assumed conversions | 987 | 500 | 3,873 | 1,595 | |||||||||||||
Dilutive effect of : | |||||||||||||||||
Convertible preferred stock | 1,000,000 | ** | 1,000,000 | ** | |||||||||||||
Stock options and restricted stock units | 459,358 | 308,371 | 453,997 | 357,517 | |||||||||||||
Warrants | 33,672 | ** | 11,224 | ** | |||||||||||||
Total weighted-average diluted shares | 9,497,056 | 8,223,410 | 9,450,719 | 8,252,835 | |||||||||||||
Diluted earnings per common share | $ | 0.1 | $ | 0.06 | $ | 0.41 | $ | 0.19 | |||||||||
** | These items were excluded because they were determined to be non-dilutive during these periods. |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||||||
Selected Financial Details Regarding the Company's Reportable Segments | ' | ||||||||||||||||||||||||||||||||
The following are selected financial details regarding the Company’s reportable segments: | |||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 13,970 | $ | 8,903 | $ | 35,607 | $ | 27,373 | |||||||||||||||||||||||||
Electrical and Instrumentation Construction | 2,266 | 1,495 | 7,136 | 7,102 | |||||||||||||||||||||||||||||
American Access Technologies | 1,349 | 1,327 | 4,441 | 4,554 | |||||||||||||||||||||||||||||
$ | 17,585 | $ | 11,725 | $ | 47,184 | $ | 39,029 | ||||||||||||||||||||||||||
Gross profit: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,428 | 17 | % | $ | 1,507 | 17 | % | $ | 6,117 | 17 | % | $ | 4,464 | 16 | % | |||||||||||||||||
Electrical and Instrumentation Construction | 331 | 15 | % | 61 | 4 | % | 1,496 | 21 | % | 593 | 8 | % | |||||||||||||||||||||
American Access Technologies | 108 | 8 | % | 121 | 9 | % | 630 | 14 | % | 577 | 13 | % | |||||||||||||||||||||
$ | 2,867 | 16 | % | $ | 1,689 | 14 | % | $ | 8,243 | 17 | % | $ | 5,634 | 14 | % | ||||||||||||||||||
Percentages are based on respective revenues. | |||||||||||||||||||||||||||||||||
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations: | |||||||||||||||||||||||||||||||||
Technical Products and Services | $ | 2,188 | 16 | % | $ | 1,389 | 16 | % | $ | 5,372 | 15 | % | $ | 3,941 | 14 | % | |||||||||||||||||
Electrical and Instrumentation Construction | 331 | 15 | % | 61 | 4 | % | 1,496 | 21 | % | 593 | 8 | % | |||||||||||||||||||||
American Access Technologies | (215 | ) | -16 | % | (227 | ) | -17 | % | (350 | ) | -8 | % | (530 | ) | -12 | % | |||||||||||||||||
Corporate and other unallocated expenses | (1,548 | ) | -9 | % | (1,100 | ) | -9 | % | (4,764 | ) | -10 | % | (3,912 | ) | -10 | % | |||||||||||||||||
Income (loss) from domestic operations | 756 | 4 | % | 123 | 1 | % | 1,754 | 4 | % | 92 | 0 | % | |||||||||||||||||||||
Equity income from BOMAY | 475 | 624 | 2,123 | 2,385 | |||||||||||||||||||||||||||||
Equity income (loss) from MIEFE | (12 | ) | (1 | ) | 146 | 19 | |||||||||||||||||||||||||||
Equity income (loss) from AAG | (29 | ) | 123 | 871 | 167 | ||||||||||||||||||||||||||||
Foreign operations expenses | (66 | ) | (23 | ) | (204 | ) | (246 | ) | |||||||||||||||||||||||||
Net equity income from foreign joint ventures’ operations | 368 | 723 | 2,936 | 2,325 | |||||||||||||||||||||||||||||
Income from domestic operations and net equity income from foreign joint ventures’ operations | $ | 1,124 | $ | 846 | $ | 4,690 | $ | 2,417 | |||||||||||||||||||||||||
Investments_in_Foreign_Joint_V1
Investments in Foreign Joint Ventures (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||
Summary of Financial Information of Foreign Joint Ventures | ' | ||||||||||||||||||||||||
Summary unaudited financial information of our foreign joint ventures (100%) in U.S. dollars was as follows at September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Total current assets | $ | 100,829 | $ | 87,127 | $ | 4,200 | $ | 3,726 | $ | 3,109 | $ | 1,983 | |||||||||||||
Total non-current assets | 5,122 | 5,025 | 135 | 120 | 1,595 | 347 | |||||||||||||||||||
Total assets | $ | 105,951 | $ | 92,152 | $ | 4,335 | $ | 3,846 | $ | 4,704 | $ | 2,330 | |||||||||||||
Liabilities and equity: | |||||||||||||||||||||||||
Total liabilities | $ | 79,312 | $ | 69,154 | $ | 1,460 | $ | 1,257 | $ | 1,728 | $ | 1,474 | |||||||||||||
Total equity | 26,639 | 22,998 | 2,875 | 2,589 | 2,976 | 856 | |||||||||||||||||||
Total liabilities and equity | $ | 105,951 | $ | 95,152 | $ | 4,335 | $ | 3,846 | $ | 4,704 | $ | 2,330 | |||||||||||||
Three Months Ended, September 30, 2013 and 2012 | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Revenue | $ | 17,995 | $ | 20,069 | $ | 1,530 | $ | 743 | $ | 1,434 | $ | 2,275 | |||||||||||||
Gross profit | $ | 2,853 | $ | 3,452 | $ | 372 | $ | 441 | $ | 259 | $ | 842 | |||||||||||||
Earnings | $ | 1,187 | $ | 1,561 | $ | (29 | ) | $ | — | $ | (59 | ) | $ | 329 | |||||||||||
Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||
BOMAY | MIEFE | AAG | |||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||
Revenue | $ | 82,986 | $ | 77,078 | $ | 7,021 | $ | 5,823 | $ | 9,433 | $ | 4,940 | |||||||||||||
Gross profit | $ | 10,451 | $ | 11,948 | $ | 1,659 | $ | 1,185 | $ | 3,691 | $ | 1,715 | |||||||||||||
Earnings | $ | 5,308 | $ | 5,962 | $ | 356 | $ | 46 | $ | 1,777 | $ | 419 | |||||||||||||
Summary of Activity in AEIT's Investment in Foreign Joint Ventures | ' | ||||||||||||||||||||||||
The following is a summary of activity in AETI’s investment in foreign joint ventures for the nine months ended September 30, 2013: | |||||||||||||||||||||||||
BOMAY** | MIEFE | AAG | TOTAL | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Investments in foreign joint ventures: | |||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 9,531 | $ | 1,063 | $ | 814 | $ | 11,408 | |||||||||||||||||
Equity in earnings (loss) in 2013 | 2,123 | 146 | 871 | 3,140 | |||||||||||||||||||||
Repayment of advances | — | — | (179 | ) | (179 | ) | |||||||||||||||||||
Dividend distributions in 2013 | (1,320 | ) | — | (23 | ) | (1,343 | ) | ||||||||||||||||||
Foreign currency translation adjustment | 212 | (29 | ) | (121 | ) | 62 | |||||||||||||||||||
Investments, end of period | $ | 10,546 | $ | 1,180 | $ | 1,362 | $ | 13,088 | |||||||||||||||||
Components of investments in foreign joint ventures: | |||||||||||||||||||||||||
Investment in foreign joint ventures | $ | 2,033 | $ | 15 | $ | 53 | $ | 2,101 | |||||||||||||||||
Undistributed earnings | 7,203 | 901 | 1,509 | 9,613 | |||||||||||||||||||||
Foreign currency translation | 1,310 | 264 | (200 | ) | 1,374 | ||||||||||||||||||||
Investments, end of period | $ | 10,546 | $ | 1,180 | $ | 1,362 | $ | 13,088 | |||||||||||||||||
** | Accumulated statutory reserves in equity method investments of $1,857 at September 30, 2013 and $1,620 at December 31, 2012 are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China’s (“PRC”), regulations on enterprises with foreign ownership an enterprise established in the PRC with foreign ownership is required to provide for certain statutory reserves, namely: (i) General Reserve Fund, (ii) Enterprise Expansion Fund and (iii) Staff Welfare and Bonus Fund, which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A non-wholly owned foreign invested enterprise is permitted to provide for the above allocation at the discretion of its board of directors. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories consisted of the following at September 30, 2013 and December 31, 2012: | |||||||||
September 30, 2013 | December 31, 2012 | ||||||||
(unaudited) | |||||||||
Raw materials | $ | 1,606 | $ | 1,596 | |||||
Work-in-progress | 4,561 | 3,173 | |||||||
Finished goods | 1,556 | 1,052 | |||||||
7,723 | 5,821 | ||||||||
Less: Allowance for obsolescence | (269 | ) | (205 | ) | |||||
Total inventories | $ | 7,454 | $ | 5,616 | |||||
Earnings_Per_Common_Share_Comp
Earnings Per Common Share - Computation of Basic and Diluted Earnings (Loss) Per Common Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income attributable to common stockholders | $901 | $500 | $3,617 | $1,595 |
Weighted-average basic shares | 8,004,026 | 7,915,039 | 7,985,438 | 7,895,318 |
Basic earnings per common share | $0.11 | $0.06 | $0.45 | $0.20 |
Add back preferred dividends | 86 | ' | 256 | ' |
Net income after assumed conversions | $987 | $500 | $3,873 | $1,595 |
Dilutive effect of : | ' | ' | ' | ' |
Convertible preferred stock | 1,000,000 | ' | 1,000,000 | ' |
Stock options and restricted stock units | 459,358 | 308,371 | 453,997 | 357,517 |
Warrants | 33,672 | ' | 11,224 | ' |
Total weighted-average diluted shares | 9,497,056 | 8,223,410 | 9,450,719 | 8,252,835 |
Diluted earnings per common share | $0.10 | $0.06 | $0.41 | $0.19 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 3 |
Segment_Information_Selected_F
Segment Information - Selected Financial Details Regarding the Company's Reportable Segments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $17,585 | $11,725 | $47,184 | $39,029 |
Gross profit | 2,867 | 1,689 | 8,243 | 5,634 |
Income (loss) from domestic operations | 756 | 123 | 1,754 | 92 |
Foreign operations expenses | -66 | -23 | -204 | -246 |
Net equity income from foreign joint ventures' operations | 368 | 723 | 2,936 | 2,325 |
Income from domestic operations and net equity income from foreign joint ventures' operations | 1,124 | 846 | 4,690 | 2,417 |
Gross profit, percentage | 16.00% | 14.00% | 17.00% | 14.00% |
Income (loss) from domestic operations, Percentage | 4.00% | 1.00% | 4.00% | 0.00% |
Technical Products and Services [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 13,970 | 8,903 | 35,607 | 27,373 |
Gross profit | 2,428 | 1,507 | 6,117 | 4,464 |
Income (loss) from domestic operations | 2,188 | 1,389 | 5,372 | 3,941 |
Gross profit, percentage | 17.00% | 17.00% | 17.00% | 16.00% |
Income (loss) from domestic operations, Percentage | 16.00% | 16.00% | 15.00% | 14.00% |
Electrical and Instrumentation Construction [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 2,266 | 1,495 | 7,136 | 7,102 |
Gross profit | 331 | 61 | 1,496 | 593 |
Income (loss) from domestic operations | 331 | 61 | 1,496 | 593 |
Gross profit, percentage | 15.00% | 4.00% | 21.00% | 8.00% |
Income (loss) from domestic operations, Percentage | 15.00% | 4.00% | 21.00% | 8.00% |
American Access Technologies [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 1,349 | 1,327 | 4,441 | 4,554 |
Gross profit | 108 | 121 | 630 | 577 |
Income (loss) from domestic operations | -215 | -227 | -350 | -530 |
Gross profit, percentage | 8.00% | 9.00% | 14.00% | 13.00% |
Income (loss) from domestic operations, Percentage | -16.00% | -17.00% | -8.00% | -12.00% |
Corporate and other unallocated expenses [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Income (loss) from domestic operations | -1,548 | -1,100 | -4,764 | -3,912 |
Income (loss) from domestic operations, Percentage | -9.00% | -9.00% | -10.00% | -10.00% |
BOMAY [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | 475 | 624 | 2,123 | 2,385 |
MIEFE [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | -12 | -1 | 146 | 19 |
AAG [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net equity income from foreign joint ventures' operations | -29 | 123 | 871 | 167 |
Foreign Operations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Foreign operations expenses | ($66) | ($23) | ($204) | ($246) |
Investments_in_Foreign_Joint_V2
Investments in Foreign Joint Ventures - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Joint_Ventures | |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in joint venture foreign | 3 |
BOMAY [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 40.00% |
Baoji Oilfield Machinery [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 51.00% |
AA Energies [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 9.00% |
MIEFE [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 41.00% |
MIEFE's general manager [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 8.00% |
Sonepar Asia Pacific Limited [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 51.00% |
AAG [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 49.00% |
LTDA [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Interest in Joint Venture | 51.00% |
Investments_in_Foreign_Joint_V3
Investments in Foreign Joint Ventures - Summary of Financial Information of Foreign Joint Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
BOMAY [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | $100,829 | ' | $100,829 | ' | $87,127 |
Total non-current assets | 5,122 | ' | 5,122 | ' | 5,025 |
Total assets | 105,951 | ' | 105,951 | ' | 92,152 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | 79,312 | ' | 79,312 | ' | 69,154 |
Total equity | 26,639 | ' | 26,639 | ' | 22,998 |
Total liabilities and equity | 105,951 | ' | 105,951 | ' | 95,152 |
Revenue | 17,995 | 20,069 | 82,986 | 77,078 | ' |
Gross profit | 2,853 | 3,452 | 10,451 | 11,948 | ' |
Earnings | 1,187 | 1,561 | 5,308 | 5,962 | ' |
MIEFE [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | 4,200 | ' | 4,200 | ' | 3,726 |
Total non-current assets | 135 | ' | 135 | ' | 120 |
Total assets | 4,335 | ' | 4,335 | ' | 3,846 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | 1,460 | ' | 1,460 | ' | 1,257 |
Total equity | 2,875 | ' | 2,875 | ' | 2,589 |
Total liabilities and equity | 4,335 | ' | 4,335 | ' | 3,846 |
Revenue | 1,530 | 743 | 7,021 | 5,823 | ' |
Gross profit | 372 | 441 | 1,659 | 1,185 | ' |
Earnings | -29 | ' | 356 | 46 | ' |
AAG [Member] | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' |
Total current assets | 3,109 | ' | 3,109 | ' | 1,983 |
Total non-current assets | 1,595 | ' | 1,595 | ' | 347 |
Total assets | 4,704 | ' | 4,704 | ' | 2,330 |
Liabilities and equity: | ' | ' | ' | ' | ' |
Total liabilities | 1,728 | ' | 1,728 | ' | 1,474 |
Total equity | 2,976 | ' | 2,976 | ' | 856 |
Total liabilities and equity | 4,704 | ' | 4,704 | ' | 2,330 |
Revenue | 1,434 | 2,275 | 9,433 | 4,940 | ' |
Gross profit | 259 | 842 | 3,691 | 1,715 | ' |
Earnings | ($59) | $329 | $1,777 | $419 | ' |
Investments_in_Foreign_Joint_V4
Investments in Foreign Joint Ventures - Summary of Activity in AEIT's Investment in Foreign Joint Ventures (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | $11,408 | ' |
Equity in earnings (loss) in 2013 | 434 | 746 | 3,140 | 2,571 |
Repayment of advances | ' | ' | -179 | ' |
Dividend distributions in 2013 | ' | ' | -1,343 | ' |
Foreign currency translation adjustment | ' | ' | 62 | ' |
Investments, end of period | 13,088 | ' | 13,088 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in foreign joint ventures | 2,101 | ' | 2,101 | ' |
Undistributed earnings | 9,613 | ' | 9,613 | ' |
Foreign currency translation | 1,374 | ' | 1,374 | ' |
Investments, end of period | 13,088 | ' | 13,088 | ' |
BOMAY [Member] | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 9,531 | ' |
Equity in earnings (loss) in 2013 | ' | ' | 2,123 | ' |
Repayment of advances | ' | ' | ' | ' |
Dividend distributions in 2013 | ' | ' | -1,320 | ' |
Foreign currency translation adjustment | ' | ' | 212 | ' |
Investments, end of period | 10,546 | ' | 10,546 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in foreign joint ventures | 2,033 | ' | 2,033 | ' |
Undistributed earnings | 7,203 | ' | 7,203 | ' |
Foreign currency translation | 1,310 | ' | 1,310 | ' |
Investments, end of period | 10,546 | ' | 10,546 | ' |
MIEFE [Member] | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 1,063 | ' |
Equity in earnings (loss) in 2013 | ' | ' | 146 | ' |
Repayment of advances | ' | ' | ' | ' |
Dividend distributions in 2013 | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | -29 | ' |
Investments, end of period | 1,180 | ' | 1,180 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in foreign joint ventures | 15 | ' | 15 | ' |
Undistributed earnings | 901 | ' | 901 | ' |
Foreign currency translation | 264 | ' | 264 | ' |
Investments, end of period | 1,180 | ' | 1,180 | ' |
AAG [Member] | ' | ' | ' | ' |
Investments in foreign joint ventures: | ' | ' | ' | ' |
Balance at December 31, 2012 | ' | ' | 814 | ' |
Equity in earnings (loss) in 2013 | ' | ' | 871 | ' |
Repayment of advances | ' | ' | -179 | ' |
Dividend distributions in 2013 | ' | ' | -23 | ' |
Foreign currency translation adjustment | ' | ' | -121 | ' |
Investments, end of period | 1,362 | ' | 1,362 | ' |
Components of investments in foreign joint ventures: | ' | ' | ' | ' |
Investment in foreign joint ventures | 53 | ' | 53 | ' |
Undistributed earnings | 1,509 | ' | 1,509 | ' |
Foreign currency translation | -200 | ' | -200 | ' |
Investments, end of period | $1,362 | ' | $1,362 | ' |
Investments_in_Foreign_Joint_V5
Investments in Foreign Joint Ventures - Summary of Activity in AEIT's Investment in Foreign Joint Ventures (Parenthetical) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Equity Method Investments And Joint Ventures [Abstract] | ' | ' |
Accumulated statutory reserves in equity method investments | $1,857 | $1,620 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ' | ' |
Current ratio for the revolving credit facilities | 2 | ' |
Revolving Credit Facility One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Revolving credit line | $10 | ' |
Borrowed under the agreement | 0.5 | 0.5 |
Additional borrowings available based on Company's borrowing | $5.20 | ' |
Revolving credit agreement maturity date | 1-Jul-14 | ' |
Credit facility's interest rate, Description | 'Credit facility's interest rate is LIBOR (0.18% at September 30, 2013) plus 3.25% per annum | ' |
Commitment fee of the unused portion of the credit | 0.30% | ' |
Revolving Credit Facility One [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Credit facility's interest rate | 3.25% | ' |
Credit facility LIBOR | 0.18% | ' |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $1,606 | $1,596 |
Work-in-progress | 4,561 | 3,173 |
Finished goods | 1,556 | 1,052 |
Inventory, Gross | 7,723 | 5,821 |
Less: Allowance for obsolescence | -269 | -205 |
Total inventories | $7,454 | $5,616 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Net operating loss carry forwards | $9.80 | ' | $9.90 |
Effective tax rate | 34.00% | 34.00% | ' |
Effective dividend tax rate | 16.00% | 25.00% | ' |
Deferred tax assets valuation allowance, foreign tax credits | ' | ' | $1 |
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Completion date of issuance of series A convertible preferred stock | 2-May-12 | ' | 2-May-12 | ' |
Amortization of discount on preferred stock | $11 | $10 | $31 | $24 |
Series A Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Cumulative dividends at a rate | ' | ' | 6.00% | ' |