Investments in Foreign Joint Ventures (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2015 and December 31, 2014 and for the three months and six months ended June 30, 2015 and 2014 (in thousands):

	BOMAY				MIEFE				AAG*
	2015		2014		2015		2014		2015		2014
Assets:
Total current assets	$	72,227	$	77,812	$	3,345	$	3,488	$	-	$	-
Total non-current assets		4,546		4,710		87		108		-		-
Total assets	$	76,773	$	82,522	$	3,432	$	3,596	$	-	$	-
Liabilities and equity:
Total liabilities	$	48,671	$	53,277	$	2,464	$	2,128	$	-	$	-
Total joint ventures’ equity		28,102		29,245		968		1,468		-		-
Total liabilities and equity	$	76,773	$	82,522	$	3,432	$	3,596	$	-	$	-

	Three Months Ended June 30,
	BOMAY				MIEFE					AAG*
	2015		2014		2015			2014		2015		2014

Revenue	$	13,426	$	37,611	$	1,701		$	2,388	$	-	$	297
Gross Profit	$	2,120	$	4,524	$	504		$	760	$	-	$	44
Earnings	$	660	$	2,400	$	47		$	275	$	-	$	77


	Six Months Ended June 30,
	BOMAY				MIEFE					AAG*
	2015		2014		2015			2014		2015		2014

Revenue	$	22,228	$	57,214	$	3,435		$	3,212	$	-	$	1,078
Gross Profit	$	3,834	$	7,459	$	687		$	1,119	$	-	$	154
Earnings	$	1,139	$	3,771	$	(137	)	$	181	$	-	$	4

*As of April 30, 2014, the Company withdrew from the AAG joint venture. Tables above include the operations of AAG for the period January 1, 2014 through April 29, 2014

Schedule of Activity in Investment in Foreign Joint Ventures

The following is a summary of activity in investments in foreign joint ventures for the six months ended June 30, 2015 (unaudited):

	June 30, 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		456			(56	)	$	400
Dividend distributions in 2015		(1,033	)		(137	)	$	(1,170	)
Foreign currency translation adjustment		66			86		$	152
Investments, end of period	$	11,037		$	399		$	11,436

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033		$	14		$	2,047
Undistributed earnings		7,580			165		$	7,745
Foreign currency translation		1,424			220		$	1,644
Investments, end of period	$	11,037		$	399		$	11,436

Accumulated statutory reserves of $2.24 million and $2.10 million in equity method investments at June 30, 2015 and December 31, 2014, respectively, 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.