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Global Power Equipment Group Inc.
Announces Fourth Quarter and Fiscal 2011 Financial Results
IRVING, Texas, March 14, 2012- Global Power Equipment Group Inc. (NASDAQ: GLPW) (Global Power or the Company) today announced its financial results for the fourth quarter and year ended December 31, 2011. These results are available for review on the Companys website at www.globalpower.com.
For the three months ended December 31, 2011, the Company reported revenues of $115.0 million and net income of $7.9 million, or $0.46 per diluted common share. Revenues for the year ended December 31, 2011 were $456.8 million and net income was $76.9 million, or $4.51 per diluted share. Net income for the year included non-recurring, non-cash benefits from the release of income tax valuation allowances and current year valuation allowance activity resulting in a net benefit of $48.6 million, or $2.84 per diluted share.
Our fourth quarter 2011 financial results were strong and enabled us to report full-year results that exceeded our guidance range. Backlog continued to build due to increased bookings within our Products division and we are pleased to have been selected to provide construction services on the Watts Bar #2 nuclear reactor, said David Keller, President and CEO of Global Power. Full year cash generation of $44 million has further strengthened our balance sheet and liquidity, and we are also very pleased to have recently entered into an enhanced five-year credit facility that affords us the flexibility to support our strategic and organic growth initiatives in 2012 and beyond.
The Company generated EBITDA (earnings before interest, taxes, depreciation, and amortization) from continuing operations of approximately $8.6 million and $28.7 million for the three months and year ended December 31, 2011, respectively. EBITDA is a non-GAAP financial measure. A reconciliation of our income from continuing operations to EBITDA is included in the schedules attached to this press release.
In addition, the Companys backlog increased $4.2 million from September 30, 2011 to $344.0 million as of December 31, 2011. The increase in backlog from the third quarter was primarily the result of new Products orders. Products accounted for 38% of backlog at the end of 2011, compared to 30% at the end of 2010. Backlog is not a measure defined by GAAP, 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.
The following information was filed by Global Power Equipment Group Inc. (GLPW) on Wednesday, March 14, 2012 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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