Investments in Foreign Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2016

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, 2016 and December 31, 2015 and for the three and six months ended June 30, 2016 and 2015 (in thousands):

	BOMAY				MIEFE
	2016		2015		2016			2015
Assets:
Total current assets	$	68,493	$	68,151	$	1,033		$	2,365
Total non-current assets		3,898		4,131		55			70
Total assets	$	72,391	$	72,282	$	1,088		$	2,435
Liabilities and equity:
Total liabilities	$	45,464	$	44,415	$	1,193		$	1,930
Total joint ventures’ equity		26,927		27,867		(105	)		505
Total liabilities and equity	$	72,391	$	72,282	$	1,088		$	2,435

	Three Months Ended June 30,
	BOMAY				MIEFE
	2016		2015		2016			2015

Revenue	$	17,000	$	13,426	$	178		$	1,701
Gross Profit	$	2,118	$	2,120	$	147		$	504
Earnings	$	1,032	$	660	$	50		$	47


	Six Months Ended June 30,
	BOMAY				MIEFE
	2016		2015		2016			2015

Revenue	$	23,987	$	22,228	$	840		$	3,435
Gross Profit	$	3,262	$	3,834	$	318		$	687
Earnings	$	1,065	$	1,139	$	(619	)	$	(137	)

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, 2016 (unaudited):

	June 30, 2016
	BOMAY**			MIEFE			TOTAL
	(in thousands)
Investments in foreign joint ventures:
Balance at December 31, 2015	$	10,896		$	208		$	11,104
Equity in earnings (loss) in 2016		426			(3	)	$	423
Dividend distributions in 2016		(589	)		-		$	(589	)
Foreign currency translation adjustment		(293	)		5		$	(288	)
Investments, end of period	$	10,440		$	210		$	10,650

Components of investments in foreign joint ventures:
Investment in joint ventures	$	2,033		$	15		$	2,048
Undistributed earnings		7,935			(15	)	$	7,920
Foreign currency translation		472			210		$	682
Investments, end of period	$	10,440		$	210		$	10,650

Accumulated statutory reserves of $2.72 million in equity method investments at June 30, 2016 and December 31, 2015, 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.