Investments in Foreign Joint Ventures (Tables)

3 Months Ended

Mar. 31, 2015

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Financial Information of Foreign Joint Ventures

Summary (unaudited) financial information of our foreign joint ventures in U.S. dollars was as follows at March 31, 2015 and December 31, 2014 and the three months ended March 31, 2015 and 2014 (in thousands):

	BOMAY				MIEFE				AAG
	2015		2014		2015		2014		2015*		2014
Assets:
Total current assets	$	76,282	$	96,995	$	4,005	$	4,273	$	-	$	1,558
Total non-current assets		4,648		5,006		98		115		-		518
Total assets	$	80,930	$	102,001	$	4,103	$	4,388	$	-	$	2,076
Liabilities and equity:
Total liabilities	$	53,603	$	74,196	$	2,871	$	1,690	$	-	$	989
Total joint ventures’ equity		27,327		27,805		1,232		2,698		-		1,087
Total liabilities and equity	$	80,930	$	102,001	$	4,103	$	4,388	$	-	$	2,076

*As of April 30, 2014, the Company withdrew from the AAG Joint Venture.

	Three Months Ended March 31,
	BOMAY				MIEFE				AAG
	2015		2014		2015		2014		2015*		2014

Revenue	$	8,802	$	19,604	$	1,734	$	824	$	-	$	782
Gross Profit	$	1,714	$	2,935	$	183	$	354	$	-	$	109
Earnings	$	479	$	1,371	$	(184)	$	94	$	-	$	(73)

*As of April 30, 2014, the Company withdrew from the AAG Joint Venture and no operations results are reported.

Schedule of Activity in 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, 2015 (unaudited):

	March 31, 2015
	BOMAY**		MIEFE		TOTAL
	(in thousands)
Investments in foreign joint ventures:
Balance at December 31, 2014	$	11,548	$	506		$	12,054
Equity in earnings (loss) in 2015		192		(76)			116
Foreign currency translation adjustment		(37)		(28)			(65)
Investments, end of period	$	11,703	$	402		$	12,105

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033	$	14		$	2,047
Undistributed earnings		8,349		282			8,631
Foreign currency translation		1,321		106			1,427
Investments, end of period	$	11,703	$	402		$	12,105

Accumulated statutory reserves of $2,100 in equity method investments at March 31, 2015 and December 31, 2014 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.