American Electric Tech facilities damaged by storm

American Electric Technologies Inc., which makes power distribution systems, on Wednesday said damage to its facilities in Houston and Beaumont, Texas, and other fallout from Hurricane Ike could affect its financial results.

Shares of the company fell 67 cents, or 18 percent, to $3.05 in Wednesday trading. The price was a 52-week low.

Both facilities are running on backup power with a partial work force, the company said. There was little damage to its inventory and machinery.

Still, the reduced work force, repair efforts and damage to local infrastructure could cause production delays and reduce sales and net income for the current quarter, the Houston-based company said. It didn't provide any figures.

American Electric also has facilities in Keystone Heights, Fla., and Bay St. Louis, Miss.

Shares of American Electric fell 67 cents, or 18 percent, to a new year low of $3.05 in afternoon trading. The stock has ranged from $3.41 to $8 over the past year.