AMERICAN ELECTRIC TECHNOLOGIES, INC. (NASDAQ:AETI) Files An 8-K Results of Operations and Financial ConditionItem 2.02.
On January31, 2018, American Electric Technologies, Inc. (the “Company”) issued a press release disclosing the estimated impact of the of the Tax Cuts and Jobs Act (the “Tax Act”) on the Company’s financial results for the quarter and year ended December31, 2017. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company estimates, based on currently available information, that the Tax Legislation will benefit the Company by increasing net income for the quarter and year ended December31, 2017 by approximately $2.8million or $.29 per diluted share due to re-valuation of deferred tax liabilities, net of the repatriation tax on undistributed earnings, of the Company’s non-US subsidiary and joint venture.
The impact of the Tax Act may differ from the estimate above, possibly materially, due to, among other things, changes in interpretations and assumptions the Company has made, guidance that may be issued and actions the Company may take as a result of the Tax Act. The Company will continue to analyze the Tax Act to determine the full effects of the new law, including the new lower corporate tax rate, on the Corporation’s financial statements and operations.
The Company will announce financial results for the quarter and year ended December31, 2017 on or before April2, 2018.
In accordance with general instructions to Form 8-K, the information in this Form 8-K and Exhibit 99.1 attached hereto is being furnished under Item 2.02 and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
| Item 2.02. | Financial Statements and Exhibits. |
The following exhibit shall be deemed to be furnished, and not filed.
| Exhibit No. |
Description |
| 99.1 | Press release dated January31, 2018 |
American Electric Technologies Inc ExhibitEX-99.1 2 d456296dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 AETI Announces Impact of Tax Act on 2017 Financial Results Houston,…To view the full exhibit click here
About AMERICAN ELECTRIC TECHNOLOGIES, INC. (NASDAQ:AETI)
American Electric Technologies, Inc. is a provider of power delivery solutions to the global energy industry. The Company serves a range of markets, such as power generation and distribution, oil and gas, and marine and industrial. It provides power delivery solutions for the power generation and distribution market sectors. It works with turbine manufacturers, engine-generator manufacturers and dealers, engineering, procurement and construction (EPC) firms, and high voltage service companies to provide electric power delivery products and solutions. It designs, manufactures, commissions and maintains its equipment for implementation in base-load, peaking power, cogeneration and substation transmission facilities across the world. It provides power delivery solutions for the upstream, midstream and downstream oil and natural gas sectors. Its industrial markets include non-oil and gas industrial markets, such as steel, paper, heavy commercial, and other non-oil and gas applications.