UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 30, 2011
AMERICAN ELECTRIC TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Florida | 000-24575 | 59-3410234 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 6410 Long Drive, Houston, TX | 77087 | |||
| (Address of principal executive offices) | (Zip Code) | |||
Registrant’s telephone number, including area code 713-644-8182
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement
Effective March 28, 2011, the Company amended its revolving credit agreement with JPMorgan Chase Bank, NA, to lower the minimum Tangible Net Worth to $10,000,000 (from $11,350,000) and increased the Line Limit to $6,000,000 (from $4,000,000). The revised agreement includes the company’s real estate in Houston and Beaumont, Texas as additional collateral for the borrowings under the line. All other terms of the agreement remained unchanged.
Item 2.02 Results of Operations and Financial Condition.
On March 30, 2011, American Electric Technologies, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2010. A copy of the Company’s press release is attached as Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
| Exhibit 99.1 | Press Release dated March 30, 2011 announcing financial results for the three months and year ended December 31, 2010. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AMERICAN ELECTRIC TECHNOLOGIES, INC. | ||||||
| Date: April 1, 2011 | By: | /s/ Charles M. Dauber | ||||
| Charles M. Dauber President and CEO | ||||||
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated March 30, 2011 announcing financial results for the three months and year ended December 31, 2010. | |