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|Press Release||Exhibit 99.1|
Global Power Equipment Group Inc.
Announces Fourth Quarter and Fiscal 2010 Financial Results
Tulsa, Oklahoma, March 21, 2011- Global Power Equipment Group Inc. (NASDAQ: GLPW) (Global Power or the Company) today announced its audited financial results for the fourth quarter and year ended December 31, 2010. These results are available for review on the Companys website at www.globalpower.com.
For the three months ended December 31, 2010, the Company reported revenues of $121.9 million and net income of $4.2 million, or $0.26 per diluted share. Revenues for the year ended December 31, 2010 were $520.1 million and net income was $40.6 million, or $2.49 per diluted share.
Our fourth quarter 2010 financial results were once again well above normal operating profit margins and helped us to post full year results that exceeded our expectations. However, it should be noted that our full year results were materially impacted by favorable non-recurring items and we have updated our directional guidance for 2011 to reflect our current view of market conditions and outlook, said David Keller, President and CEO of Global Power. We are extremely pleased to have paid off our term loan balance in full during the fourth quarter and continue to see signals that support accelerating growth projections in 2012 and beyond.
The Company generated EBITDA (earnings before interest, taxes, depreciation, and amortization) from continuing operations of $13.0 million and $55.2 million for the three months and year ended December 31, 2010, respectively. EBITDA is a non-GAAP financial measure. A reconciliation of our income to EBITDA is included in the schedules attached to this press release.
In addition, the Companys backlog increased $3.8 million from September 30, 2010 to $349.3 million as of December 31, 2010. Backlog is not a measure defined by generally accepted accounting principles, and our methodology for determining backlog may vary from the methodology used by other companies in determining their backlog amounts. Backlog may not be indicative of future operating results and projects in our backlog may be cancelled, modified or otherwise altered by our customers.
Interest expense for the three months and year ended December 31, 2010 was $2.8 million and $7.1 million, respectively. As of December 31, 2010, the Company had unrestricted cash of $55.5 million and $25 million of unused capacity on its revolving credit facility.
The following information was filed by Global Power Equipment Group Inc. (GLPW) on Monday, March 21, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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