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Advances to and Investments in Foreign Joint Ventures' Operations (Tables) | 12 Months Ended
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Dec. 31, 2013
Schedule of Financial Information of Foreign Joint Ventures | Sales to foreign joint ventures’ operations are made on an arm’s length basis and intercompany profits, if any, are eliminated in consolidation. Summary financial information of BOMAY, MIEFE and AAG in U.S. dollars was as follows at December 31, 2013 and 2012:
| BOMAY |  |  | MIEFE |  |  | AAG |
| 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
| (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total current assets | $ | 94,220 |  |  | $ | 91,926 |  |  | $ | 3,855 |  |  | $ | 3,894 |  |  | $ | 2,572 |  |  | $ | 2,241 |
Total non-current assets |  | 5,122 |  |  |  | 5,116 |  |  |  | 114 |  |  |  | 116 |  |  |  | 1,550 |  |  |  | 776 |
Total assets | $ | 99,342 |  |  | $ | 97,042 |  |  | $ | 3,969 |  |  | $ | 4,010 |  |  | $ | 4,122 |  |  | $ | 3,017 |
Liabilities and equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total liabilities | $ | 72,644 |  |  | $ | 73,293 |  |  | $ | 1,197 |  |  | $ | 1,422 |  |  | $ | 1,291 |  |  | $ | 1,511 |
Total joint ventures equity |  | 26,698 |  |  |  | 23,749 |  |  |  | 2,772 |  |  |  | 2,588 |  |  |  | 2,831 |  |  |  | 1,505 |
Total liabilities and equity | $ | 99,342 |  |  | $ | 97,042 |  |  | $ | 3,969 |  |  | $ | 4,010 |  |  | $ | 4,122 |  |  | $ | 3,016 |
Gross sales | $ | 86,332 |  |  | $ | 84,639 |  |  | $ | 7,997 |  |  | $ | 6,996 |  |  | $ | 10,658 |  |  | $ | 7,625 |
Gross profit |  | 12,130 |  |  |  | 14,348 |  |  |  | 2,066 |  |  |  | 1,547 |  |  |  | 4,282 |  |  |  | 2,965 |
Net income |  | 5,165 |  |  |  | 6,422 |  |  |  | 279 |  |  |  | 39 |  |  |  | 1,721 |  |  |  | 1,104 |
Schedule of Activity in Investment in Foreign Joint Ventures | The Company’s investments in and advances to its foreign joint ventures’ operations were as follows as of December 31, 2013 and 2012:
| 2013 |  |  | 2012 |
| BOMAY* |  |  | MEIFE |  |  | AAG |  |  | **TOTAL |  |  | BOMAY* |  |  | MIEFE |  |  | AAG |  |  | TOTAL |
| (in thousands) |  |  | (in thousands) |
Investment in joint ventures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 2,033 |  |  | $ | 14 |  |  | $ | 234 |  |  | $ | 2,281 |  |  | $ | 2,033 |  |  | $ | 14 |  |  | $ | 284 |  |  | $ | 2,331 |
Additional amounts invested and advanced |  | — |  |  |  | — |  |  |  | (180 | ) |  |  | (180 | ) |  |  | — |  |  |  | — |  |  |  | (50 | ) |  |  | (50 | )
Balance, end of year |  | 2,033 |  |  |  | 14 |  |  |  | 54 |  |  |  | 2,101 |  |  |  | 2,033 |  |  |  | 14 |  |  |  | 234 |  |  |  | 2,281 |
Undistributed earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 6,400 |  |  | $ | 755 |  |  | $ | 661 |  |  | $ | 7,816 |  |  | $ | 4,839 |  |  | $ | 739 |  |  | $ | 158 |  |  | $ | 5,736 |
Equity in earnings (loss) |  | 2,066 |  |  |  | 115 |  |  |  | 843 |  |  |  | 3,024 |  |  |  | 2,569 |  |  |  | 16 |  |  |  | 503 |  |  |  | 3,088 |
Dividend distributions |  | (1,321 | ) |  |  | — |  |  |  | (23 | ) |  |  | (1,344 | ) |  |  | (1,008 | ) |  |  | — |  |  |  | — |  |  |  | (1,008 | )
Balance, end of year |  | 7,145 |  |  |  | 870 |  |  |  | 1,481 |  |  |  | 9,496 |  |  |  | 6,400 |  |  |  | 755 |  |  |  | 661 |  |  |  | 7,816 |
Foreign currency translation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 1,098 |  |  | $ | 294 |  |  | $ | (81 | ) |  | $ | 1,311 |  |  | $ | 1,040 |  |  | $ | 233 |  |  | $ | (32 | ) |  | $ | 1,240 |
Change during the year |  | 333 |  |  |  | (40 | ) |  |  | (168 | ) |  |  | 125 |  |  |  | 58 |  |  |  | 61 |  |  |  | (49 | ) |  |  | 70 |
Balance, end of year |  | 1,431 |  |  |  | 254 |  |  |  | (249 | ) |  |  | 1,436 |  |  |  | 1,098 |  |  |  | 294 |  |  |  | (81 | ) |  |  | 1,311 |
Investments, end of year | $ | 10,609 |  |  | $ | 1,138 |  |  | $ | 1,286 |  |  | $ | 13,033 |  |  | $ | 9,531 |  |  | $ | 1,063 |  |  | $ | 814 |  |  | $ | 11,408 |
· | Accumulated statutory reserves in equity method investments of $1,857,000 and $1,620,000 at December 31, 2013 and 2012, 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.

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- Definition Schedule of financial information of foreign joint ventures. + References No definition available. + Details
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