Stabilis Solutions (SLNG) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 24, 2014
Document And Entity Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
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	'	8,176,083

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$1,725	$4,148
Accounts receivable-trade, net of allowance of $342 and $288 at March 31, 2014 and December 31, 2013	12,932	11,480
Inventories, net of allowance of $199 and $237 at March 31, 2014 and December 31, 2013	6,093	5,216
Cost and estimated earnings in excess of billings on uncompleted contracts	5,204	5,312
Prepaid expenses and other current assets	532	439
Total current assets	26,486	26,595
Property, plant and equipment, net	7,501	6,040
Advances to and investments in foreign joint ventures	12,825	13,033
Other assets	136	168
Total assets	46,948	45,836
Current liabilities:	'	'
Accounts payable	7,960	5,850
Accrued payroll and benefits	1,179	1,911
Other accrued expenses	229	411
Billings in excess of costs and estimated earnings on uncompleted contracts	1,508	3,021
Short-term notes payable	0	'
Other current liabilities	70	120
Total current liabilities	10,946	11,313
Notes payable	1,500	500
Deferred income taxes	3,592	3,541
Deferred compensation	230	211
Total liabilities	16,268	15,565
Convertible preferred stock:	'	'
Redeemable convertible preferred stock, Series A, net of discount of $753 at March 31, 2014 and $764 at December 31, 2013; $0.001 par value, 1,000,000 shares authorized, issued and outstanding at March 31, 2014 and December 31, 2013	4,247	4,236
Stockholders’ equity:	'	'
Common stock; $0.001 par value, 50,000,000 shares authorized, 8,176,083 and 8,008,759 shares issued and outstanding at March 31, 2014 and December 31, 2013	8	8
Treasury stock, at cost (108,976 shares at March 31, 2014 and 49,863 shares at December 31, 2013)	-704	-238
Additional paid-in capital	10,767	10,494
Accumulated other comprehensive income	1,080	983
Retained earnings; including accumulated statutory reserves in equity method investments of $1,857 at March 31, 2014 and December 31, 2013	15,282	14,788
Total stockholders’ equity	26,433	26,035
Total liabilities and stockholders’ equity	$46,948	$45,836

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Accounts receivable-trade, allowance	$342	$288
Inventories, allowance	199	237
Redeemable convertible preferred stock, Series A, discount	753	764
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	8,176,083	8,176,083
Common stock, shares outstanding	8,008,759	8,008,759
Treasury stock, shares	108,976	49,863
Retained earnings; accumulated statutory reserves in equity method investments	$1,857	$1,857

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net sales	$17,400	$14,430
Cost of sales	14,828	11,450
Gross profit	2,572	2,980
Operating expenses:	'	'
Research and development	66	169
Selling and marketing	819	665
General and administrative	1,457	1,544
Total operating expenses	2,342	2,378
Income (loss) from domestic operations	230	602
Net equity income from foreign joint ventures’ operations:	'	'
Equity income from foreign joint ventures’ operations	474	1,458
Foreign joint ventures’ operations related expenses	-112	-51
Net equity income from foreign joint ventures’ operations:	362	1,407
Income (loss) from domestic operations and net equity income from foreign joint ventures’ operations	592	2,009
Other income (expense):	'	'
Interest expense and other, net	-12	-16
Income before income taxes	580	1,993
Provision for income taxes	'	255
Net income (loss) before dividends on redeemable convertible preferred stock	580	1,738
Dividends on redeemable convertible preferred stock	86	85
Net income (loss) attributable to common stockholders	$494	$1,653
Earnings (loss) per common share:	'	'
Basic	$0.06	$0.21
Diluted	$0.06	$0.18
Weighted - average number of common shares outstanding:	'	'
Basic	8,053,497	7,949,571
Diluted	8,625,258	9,383,378

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	$580	$1,738
Other comprehensive income:	'	'
Foreign currency translation gain, net deferred income taxes of $50 and $16 for the three months ended March 31, 2014 and 2013	98	32
Total comprehensive income (loss)	$678	$1,770

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Foreign currency translation gain, deferred income taxes	$50	$16

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$580	$1,738
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Deferred income tax provision (benefit)	'	255
Equity income from foreign joint ventures’ operations	-474	-1,458
Depreciation and amortization	232	186
Stock based compensation	190	197
Provision for bad debt	'	110
Allowance for obsolete inventory	-38	8
Gain on sale of property and equipment	'	'
Deferred compensation costs	19	33
Change in operating assets and liabilities:	'	'
Accounts receivable	-1,455	-1,793
Dividend declared receivables	'	'
Income taxes payable	-49	8
Inventories	-839	422
Costs and estimated earnings in excess of billings on uncompleted contracts	108	-371
Prepaid expenses and other current assets	-90	276
Accounts payable and accrued liabilities	1,195	1,761
Billings in excess of costs and estimated earnings on uncompleted contracts	-1,513	-113
Net cash provided by (used in) operating activities	-2,134	1,259
Cash flows from investing activities:	'	'
Purchases of property, plant and equipment and other assets	-1,661	-277
Proceeds from disposal of property, plant and equipment	'	'
Investment (in) foreign joint ventures’ operations	'	'
Proceeds from foreign joint ventures’ operations dividends	830	'
Net cash provided by (used in) from investing activities	-831	-277
Cash flows from financing activities:	'	'
Proceeds from sale of common stock, preferred stock, and warrants	83	6
Treasury stocks purchase	-466	-147
Preferred stock cash dividend	-75	-75
Advances from (repayment of) credit facility	1,000	'
Capital lease obligation payment	'	-40
Principal payments on short-term notes payable	'	'
Net cash provided by (used in) financing activities	542	-256
Net increase (decrease) in cash and cash equivalents	-2,423	726
Cash and cash equivalents, beginning of year	4,148	4,477
Cash and cash equivalents, end of year	1,725	5,203
Supplemental disclosures of cash flow information:	'	'
Interest paid	27	7
Income taxes paid	$179	$1

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and for the three 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 March 31, 2014 and results of operations for the three months ending March 31, 2014 and 2013. 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, 2013, which was filed on March 28, 2014.

Earnings_Per_Common_Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2014
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 ended March 31, 2014 and 2013. Diluted earnings per common 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 per common share (in thousands, except shares and per share data):
		Three Months Ended
		March 31,
		2014		2013
	Net income attributable to common stockholders	$	494	$	1,653
	Weighted average basic shares		8,053,497		7,949,571
	Dilutive effect of preferred stocks*, stock options and		571,761		1,433,807
	restricted stock units
	Total weighted average diluted shares		8,625,258		9,383,378
	Earnings per common share:
	Basic	$	0.06	$	0.21
	Dilutive	$	0.06	$	0.18
	*Preferred stock was anti-dilutive in 2014 and excluded.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2014
Recent Accounting Pronouncements	'
	3. Recent Accounting Pronouncements
	In January 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-01, Balance Sheet (Topic 210) – Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities. ASU No. 2013-01 was issued to clarify that ordinary trade receivables and receivables are not within the scope of ASU No. 2011-11. ASU No. 2011-11 applies only to derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the Codification or subject to a master netter arrangement or similar agreement. ASU No. 2013-01 is effective for annual periods beginning on or after January 1, 2013 and interim periods within those periods. The adoption of ASU No. 2013-01 did not have a significant impact on the Company’s consolidated financial position or results of operations.
	In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830) – Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. ASU No. 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. In addition, ASU No. 2013-05 provides guidance on the release of cumulative translation adjustments in partial sales of equity method investments and in step acquisition. ASU No. 2013-05 is effective on a prospective basis for annual periods beginning after December 15, 2013 and interim periods within those periods. The adoption of ASU No. 2013-05 did not have a significant impact on the Company’s consolidated financial position or results of operations.
	In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU No. 2014-08 changes the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under ASU No. 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. In addition, ASU No. 2014-08 requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The guidance also requires disclosure of pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. ASU No. 2014-08 is effective in the first quarter of 2015 with early adoption permitted. Management is currently evaluating the impact of ASU No. 2014-08 on the Company’s consolidated financial position, results of operations and disclosures.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Information	'
	4. Segment Information
	The Company follows the guidance prescribed by the Accounting Standard Codification (“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 (in thousands):
		Three Months Ended March 31,
		2014			2013
	Net sales:
	Technical Products and Services	$	14,086		$	10,480
	Electrical and Instrumentation Construction		1,762			2,528
	American Access Technologies		1,552			1,422
		$	17,400		$	14,430
	Gross profit:
	Technical Products and Services	$	2,130		$	1,857
	Electrical and Instrumentation Construction		305			908
	American Access Technologies		137			215
		$	2,572		$	2,980
	Income from domestic operations and net equity income
	from foreign joint ventures’ operations:
	Technical Products and Services	$	2,027		$	1,554
	Electrical and Instrumentation Construction		305			908
	American Access Technologies		(268	)		(75	)
	Corporate and other unallocated expenses		(1,834	)		(1,785	)
	Income from domestic operations		230			602
	Equity income from BOMAY		548			1,001
	Equity income (loss) from MIEFE		(36	)		20
	Equity income (loss) from AAG		(38	)		437
	Foreign operations (expenses)		(112	)		(51	)
	Net equity income from foreign joint ventures’ operations		362			1,407
	Income from domestic operations and net equity income	$	592		$	2,009
	from foreign joint ventures’ operations
	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 general and administrative expenses include compensation costs and other expenses that cannot be meaningfully associated with the individual segments. With the exception of equity income from foreign joint ventures’ operations and joint venture management related expenses, all other costs, expenses and other income have been allocated to their respective segments.

Investments_in_Foreign_Joint_V

Investments in Foreign Joint Ventures	3 Months Ended
	Mar. 31, 2014
Investments in Foreign Joint Ventures	'
	5. Investments in Foreign Joint Ventures
	We have interests in three joint ventures outside of the United States of America (“U.S.”) 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 a 8% interest and, Sonepar, (private company) of France holds a 51% interest, and;
	—	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 arm’s length basis.
	Summary financial information of our foreign joint ventures in U.S. dollars was as follows at March 31, 2014 (unaudited) and December 31, 2013 and the three months ended March 31, 2014 and 2013 (in thousands):
		BOMAY						MIEFE						AAG
		2014			2013			2014			2013			2014			2013
	Assets:
	Total current assets	$	96,995		$	107,257		$	4,273		$	4,287		$	1,558		$	3,695
	Total non-current assets		5,006			5,059			115			115			518			823
	Total assets	$	102,001		$	112,316		$	4,388		$	4,402		$	2,076		$	4,518
	Liabilities and equity:
	Total liabilities	$	74,196		$	85,858		$	1,690		$	1,800		$	989		$	2,163
	Total joint ventures’ equity		27,805			26,458			2,698			2,602			1,087			2,355
	Total liabilities and equity	$	102,001		$	112,316		$	4,388		$	4,402		$	2,076		$	4,518
		Three Months Ended March 31,
		BOMAY						MIEFE						AAG
		2014			2013			2014			2013			2014			2013
	Revenue	$	19,604		$	33,509		$	824		$	2,667		$	782		$	3,485
	Gross Profit	$	2,935		$	4,288		$	359		$	482		$	109		$	1,556
	Earnings	$	1,371		$	2,502		$	94		$	48		$	(73	)	$	891
	The following is a summary of activity in investments in foreign joint ventures for the three months ended March 31, 2014, (unaudited):
		31-Mar-14
		BOMAY			MIEFE			AAG			TOTAL
		(in thousands)
	Investments in foreign joint ventures:
	Balance at December 31, 2013	$	10,609		$	1,138		$	1,286		$	13,033
	Equity in earnings (loss) in 2014		548			(38	)		(36	)		474
	Dividend distributions in 2014	—			—				(830	)		(830	)
	Foreign currency translation adjustment		(31	)		8			171			148
	Investments, end of period	$	11,126		$	1,108		$	591		$	12,825
	Components of investments in foreign joint ventures:
	Investment in joint ventures	$	2,033		$	15		$	54		$	2,102
	Undistributed earnings		7,693			831			615			9,139
	Foreign currency translation		1,400			262			(78	)		1,584
	Investments, end of period	$	11,126		$	1,108		$	591		$	12,825
	*	Accumulated statutory reserves in equity method investments of $1.9 million at March 31, 2014 and December 31, 2013 are included in AETI’s consolidated retained earnings. In accordance with the People’s Republic of China, (“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 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	3 Months Ended
	Mar. 31, 2014
Notes Payable	'
	6. Notes Payable
	Revolving Credit Agreement
	On November 30, 2013, the Company entered into a $10 million Amended and Restated Credit Agreement with JP Morgan Chase Bank, N.A. The agreement replaced in its entirety the Company’s prior credit agreement, as amended, originally entered into with JP Morgan Chase Bank, N.A. in October of 2007.
	The 2013 agreement has a maturity date of October 1, 2015. Under the agreement, the credit facility’s interest rate is London Interbank Offered Rate (“LIBOR”) (0.15% at March 31, 2014) plus 3.25% per annum and a commitment fee of 0.3% per annum on the unused portion of the credit limit each quarter. The 2013 agreement provides for usual and customary covenants and restrictions including that the borrower must maintain a fixed charge coverage ratio of no less than 1.25 to 1.00, and will not permit the ratio of consolidated total liabilities to consolidated net worth to exceed 1.00. Additionally, the borrower will not permit, at the end of each calendar quarter, for its net income for the most recently ended six month period to be less than $1.00.
	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 borrowing.
	The Company has $1.5 million of borrowings outstanding under the JP Morgan Chase N.A. credit agreement at March 31, 2014 and $0.5 million at December 31, 2013. The company had additional borrowing capacity of $8.4 million and $7.9 million at March 31, 2014 and December 31, 2013 respectively.
	In conjunction with the facility expansion at Beaumont, interest is being capitalized at the 30 day LIBOR rate. Interest capitalized for three months ending March 31, 2014 and 2013 was $5,000 and $0 respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2014
Inventories	'
	7. Inventories
	Inventories consisted of the following at March 31, 2014 (unaudited) and December 31, 2013 (in thousands):
		March 31, 2014			December 31, 2013
		(in thousands)
	Raw materials	$	1,141		$	1,493
	Work-in-process		4,048			2,834
	Finished goods		1,103			1,126
			6,292			5,453
	Less: allowance		(199	)		(237	)
	Total inventories	$	6,093		$	5,216

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
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 losses 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 in the fourth quarter of 2011. As such, the tax provision on U.S. income generated in 2014 and 2013 is offset by a reduction of the valuation allowance provided in 2011. The tax provision for 2014 and 2013 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 0% and 13% because of the mix of US income or loss and foreign equity income.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value of Financial Instruments and Fair Value Measurements	'
	9. Fair Value of Financial Instruments and Fair Value Measurements
	The carrying amounts of cash and cash equivalents, trade accounts receivable and accounts payable approximate fair value as of March 31, 2014 and December 31, 2013 because of the relatively short maturity of these instruments.
	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.

Redeemable_Convertible_Preferr

Redeemable Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2014
Redeemable Convertible Preferred Stock	'
	10. Redeemable Convertible Preferred Stock
	The initial value allocated to the warrants was recognized as a discount on the Series A Convertible Preferred Stock, with a corresponding charge to additional paid-in capital. The discount related to the warrants is accreted to retained earnings through the schedule redemption date of the redeemable Series A Convertible Preferred Stock. Discount accretion for the three months 2014 and 2013 totaled $11 and $10.

Leases

Leases	3 Months Ended
	Mar. 31, 2014
Leases	'
	11. Leases
	New Corporate Office Lease
	In late December 2013, the Company executed a new lease for office space at 1250 Wood Branch Park Drive, Houston, Texas. The lease covers approximately 13,000 square feet.
	The term of the lease is 64 months and commences upon completion of tenant improvements, which were completed in March 2014.
	The Company leases equipment (principally trucks and forklifts) under operating lease agreements that expire at various dates to 2016. Rental expense relating to operating leases and other short-term leases for the three months ended March 31, 2014 and 2013 amounted to approximately $64,000 and $72,000, respectively.

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Computation of Basic and Diluted Earnings (Loss) Per Common Share	'
	The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except shares and per share data):
		Three Months Ended
		March 31,
		2014		2013
	Net income attributable to common stockholders	$	494	$	1,653
	Weighted average basic shares		8,053,497		7,949,571
	Dilutive effect of preferred stocks*, stock options and		571,761		1,433,807
	restricted stock units
	Total weighted average diluted shares		8,625,258		9,383,378
	Earnings per common share:
	Basic	$	0.06	$	0.21
	Dilutive	$	0.06	$	0.18

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Selected Financial Details Regarding the Company's Reportable Segments	'
	The following are selected financial details regarding the Company’s reportable segments (in thousands):
		Three Months Ended March 31,
		2014			2013
	Net sales:
	Technical Products and Services	$	14,086		$	10,480
	Electrical and Instrumentation Construction		1,762			2,528
	American Access Technologies		1,552			1,422
		$	17,400		$	14,430
	Gross profit:
	Technical Products and Services	$	2,130		$	1,857
	Electrical and Instrumentation Construction		305			908
	American Access Technologies		137			215
		$	2,572		$	2,980
	Income from domestic operations and net equity income
	from foreign joint ventures’ operations:
	Technical Products and Services	$	2,027		$	1,554
	Electrical and Instrumentation Construction		305			908
	American Access Technologies		(268	)		(75	)
	Corporate and other unallocated expenses		(1,834	)		(1,785	)
	Income from domestic operations		230			602
	Equity income from BOMAY		548			1,001
	Equity income (loss) from MIEFE		(36	)		20
	Equity income (loss) from AAG		(38	)		437
	Foreign operations (expenses)		(112	)		(51	)
	Net equity income from foreign joint ventures’ operations		362			1,407
	Income from domestic operations and net equity income	$	592		$	2,009
	from foreign joint ventures’ operations

Investments_in_Foreign_Joint_V1

Investments in Foreign Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Financial Information of Foreign Joint Ventures	'
	Summary financial information of our foreign joint ventures in U.S. dollars was as follows at March 31, 2014 (unaudited) and December 31, 2013 and the three months ended March 31, 2014 and 2013 (in thousands):
		BOMAY						MIEFE						AAG
		2014			2013			2014			2013			2014			2013
	Assets:
	Total current assets	$	96,995		$	107,257		$	4,273		$	4,287		$	1,558		$	3,695
	Total non-current assets		5,006			5,059			115			115			518			823
	Total assets	$	102,001		$	112,316		$	4,388		$	4,402		$	2,076		$	4,518
	Liabilities and equity:
	Total liabilities	$	74,196		$	85,858		$	1,690		$	1,800		$	989		$	2,163
	Total joint ventures’ equity		27,805			26,458			2,698			2,602			1,087			2,355
	Total liabilities and equity	$	102,001		$	112,316		$	4,388		$	4,402		$	2,076		$	4,518
		Three Months Ended March 31,
		BOMAY						MIEFE						AAG
		2014			2013			2014			2013			2014			2013
	Revenue	$	19,604		$	33,509		$	824		$	2,667		$	782		$	3,485
	Gross Profit	$	2,935		$	4,288		$	359		$	482		$	109		$	1,556
	Earnings	$	1,371		$	2,502		$	94		$	48		$	(73	)	$	891
Summary of Activity in AEIT's Investment in Foreign Joint Ventures	'
	The following is a summary of activity in investments in foreign joint ventures for the three months ended March 31, 2014, (unaudited):
		31-Mar-14
		BOMAY			MIEFE			AAG			TOTAL
		(in thousands)
	Investments in foreign joint ventures:
	Balance at December 31, 2013	$	10,609		$	1,138		$	1,286		$	13,033
	Equity in earnings (loss) in 2014		548			(38	)		(36	)		474
	Dividend distributions in 2014	—			—				(830	)		(830	)
	Foreign currency translation adjustment		(31	)		8			171			148
	Investments, end of period	$	11,126		$	1,108		$	591		$	12,825
	Components of investments in foreign joint ventures:
	Investment in joint ventures	$	2,033		$	15		$	54		$	2,102
	Undistributed earnings		7,693			831			615			9,139
	Foreign currency translation		1,400			262			(78	)		1,584
	Investments, end of period	$	11,126		$	1,108		$	591		$	12,825

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2014
Inventories	'
	Inventories consisted of the following at March 31, 2014 (unaudited) and December 31, 2013 (in thousands):
		March 31, 2014			December 31, 2013
		(in thousands)
	Raw materials	$	1,141		$	1,493
	Work-in-process		4,048			2,834
	Finished goods		1,103			1,126
			6,292			5,453
	Less: allowance		(199	)		(237	)
	Total inventories	$	6,093		$	5,216

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings (loss) per common share:	'	'
Net income attributable to common stockholders	$494	$1,653
Weighted average basic shares	8,053,497	7,949,571
Dilutive effect of preferred stocks, stock options and restricted stock units	571,761	1,433,807
Total weighted average diluted shares	8,625,258	9,383,378
Earnings per common share:	'	'
Basic	$0.06	$0.21
Dilutive	$0.06	$0.18

Segment_Information_Additional

Segment Information - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
	Segment
Segment Information (Textual) [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
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Segment Reporting Information [Line Items]	'	'
Net sales	$17,400	$14,430
Gross profit	2,572	2,980
Income from domestic operations	230	602
Net equity income from foreign joint ventures' operations	362	1,407
Foreign joint ventures’ operations related expenses	-112	-51
Income from domestic operations and net equity income from foreign joint ventures’ operations	592	2,009
Technical Products and Services	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	14,086	10,480
Gross profit	2,130	1,857
Income from domestic operations	2,027	1,554
Electrical and Instrumentation Construction	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	1,762	2,528
Gross profit	305	908
Income from domestic operations	305	908
American Access Technologies	'	'
Segment Reporting Information [Line Items]	'	'
Net sales	1,552	1,422
Gross profit	137	215
Income from domestic operations	-268	-75
Corporate and other unallocated expenses	'	'
Segment Reporting Information [Line Items]	'	'
Income from domestic operations	-1,834	-1,785
BOMAY	'	'
Segment Reporting Information [Line Items]	'	'
Net equity income from foreign joint ventures' operations	548	1,001
MIEFE	'	'
Segment Reporting Information [Line Items]	'	'
Net equity income from foreign joint ventures' operations	-36	20
AAG	'	'
Segment Reporting Information [Line Items]	'	'
Net equity income from foreign joint ventures' operations	-38	437
Foreign Operations	'	'
Segment Reporting Information [Line Items]	'	'
Foreign joint ventures’ operations related expenses	($112)	($51)

Investments_in_Foreign_Joint_V2

Investments in Foreign Joint Ventures - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
	Joint_Ventures
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in joint venture foreign	3	'
Accumulated statutory reserves in equity method investments	$1.90	$1.90
BOMAY	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	40.00%	'
Baoji Oilfield Machinery Co. Ltd.	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	51.00%	'
AA Energies, Inc.	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	9.00%	'
MIEFE	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	41.00%	'
MIEFE's general manager	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	8.00%	'
Sonepar of France	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	51.00%	'
AAG	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	49.00%	'
LTDA	'	'
Schedule Of Equity Method Investments [Line Items]	'	'
Interest in Joint Venture	51.00%	'

Investments_in_Foreign_Joint_V3

Investments in Foreign Joint Ventures - Schedule of Financial Information of Foreign Joint Ventures (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Liabilities and equity:	'	'	'
Gross profit	$2,572	$2,980	'
Earnings	494	1,653	'
BOMAY	'	'	'
Assets:	'	'	'
Total current assets	96,995	'	107,257
Total non-current assets	5,006	'	5,059
Total assets	102,001	'	112,316
Liabilities and equity:	'	'	'
Total liabilities	74,196	'	85,858
Total joint ventures’ equity	27,805	'	26,458
Total liabilities and equity	102,001	'	112,316
Revenue	19,604	33,509	'
Gross profit	2,935	4,288	'
Earnings	1,371	2,502	'
MIEFE	'	'	'
Assets:	'	'	'
Total current assets	4,273	'	4,287
Total non-current assets	115	'	115
Total assets	4,388	'	4,402
Liabilities and equity:	'	'	'
Total liabilities	1,690	'	1,800
Total joint ventures’ equity	2,698	'	2,602
Total liabilities and equity	4,388	'	4,402
Revenue	824	2,667	'
Gross profit	359	482	'
Earnings	94	48	'
AAG	'	'	'
Assets:	'	'	'
Total current assets	1,558	'	3,695
Total non-current assets	518	'	823
Total assets	2,076	'	4,518
Liabilities and equity:	'	'	'
Total liabilities	989	'	2,163
Total joint ventures’ equity	1,087	'	2,355
Total liabilities and equity	2,076	'	4,518
Revenue	782	3,485	'
Gross profit	109	1,556	'
Earnings	($73)	$891	'

Investments_in_Foreign_Joint_V4

Investments in Foreign Joint Ventures - Schedule of Activity in Investment in Foreign Joint Ventures (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Investments in foreign joint ventures:	'	'
Balance at December 31, 2013	$13,033	'
Equity in earnings (loss) in 2014	474	1,458
Dividend distributions in 2014	-830	'
Foreign currency translation adjustment	148	'
Investments, end of period	12,825	'
Components of investments in foreign joint ventures:	'	'
Investment in joint ventures	2,102	'
Undistributed earnings	9,139	'
Foreign currency translation	1,584	'
Investments, end of period	12,825	'
BOMAY	'	'
Investments in foreign joint ventures:	'	'
Balance at December 31, 2013	10,609	'
Equity in earnings (loss) in 2014	548	'
Dividend distributions in 2014	0	'
Foreign currency translation adjustment	-31	'
Investments, end of period	11,126	'
Components of investments in foreign joint ventures:	'	'
Investment in joint ventures	2,033	'
Undistributed earnings	7,693	'
Foreign currency translation	1,400	'
Investments, end of period	11,126	'
MIEFE	'	'
Investments in foreign joint ventures:	'	'
Balance at December 31, 2013	1,138	'
Equity in earnings (loss) in 2014	-38	'
Foreign currency translation adjustment	8	'
Investments, end of period	1,108	'
Components of investments in foreign joint ventures:	'	'
Investment in joint ventures	15	'
Undistributed earnings	831	'
Foreign currency translation	262	'
Investments, end of period	1,108	'
AAG	'	'
Investments in foreign joint ventures:	'	'
Balance at December 31, 2013	1,286	'
Equity in earnings (loss) in 2014	-36	'
Dividend distributions in 2014	-830	'
Foreign currency translation adjustment	171	'
Investments, end of period	591	'
Components of investments in foreign joint ventures:	'	'
Investment in joint ventures	54	'
Undistributed earnings	615	'
Foreign currency translation	-78	'
Investments, end of period	$591	'

Notes_Payable_Additional_Infor

Notes Payable - Additional Information (Detail) (Revolving Credit Facility One, USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Nov. 30, 2013
Line Of Credit Facility [Line Items]	'	'	'	'
Revolving credit line	'	'	'	$10,000,000
Revolving credit agreement maturity date	1-Oct-15	'	'	'
Credit facility's interest rate, Description	'interest is being capitalized at the 30 day LIBOR rate	'	'	'
Leverage test of total liabilities to total net worth	1.25	'	'	'
Fixed Charge Coverage Ratio	1	'	'	'
Borrowed under the agreement	1,500,000	'	500,000	'
Additional borrowings available based on the Company's borrowing	8,400,000	'	7,900,000	'
Interest capitalized	$5,000	$0	'	'
London Interbank Offered Rate (LIBOR)	'	'	'	'
Line Of Credit Facility [Line Items]	'	'	'	'
Credit facility's interest rate, Description	'credit facility’s interest rate is London Interbank Offered Rate (“LIBOR”) (0.15% at March 31, 2014) plus 3.25% per annum	'	'	'
Credit facility's interest rate	3.25%	'	'	'
Commitment fee of the unused portion of the credit	0.30%	'	'	'

Inventories_Inventories_Detail

Inventories - Inventories (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory [Line Items]	'	'
Raw materials	$1,141	$1,493
Work-in-process	4,048	2,834
Finished goods	1,103	1,126
Inventory, Gross	6,292	5,453
Less: allowance	-199	-237
Total inventories	$6,093	$5,216

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2011
Income Taxes (Textual) [Abstract]	'	'	'
Net operating loss carry forwards	'	'	$9.80
Effective tax rate	34.00%	34.00%	'
Effective dividend tax rate	0.00%	13.00%	'

Redeemable_Convertible_Preferr1

Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Class Of Stock [Line Items]	'	'
Accretion amount	$11	$10

Leases_Additional_Information_

Leases - Additional Information (Detail) (New Corporate Office Lease, USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
			sqft
New Corporate Office Lease	'	'	'
Lease (Textual) [Abstract]	'	'	'
Lease covered area	'	'	13,000
Term of lease	'64 months	'	'
Rental expense	$64,000	$72,000	'