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Global Power 400 E Las Colinas Blvd., Suite 400, Irving, TX 75039
GLOBAL POWER EQUIPMENT GROUP REPORTS 59% INCREASE
IN OPERATING INCOME ON 32% REVENUE GROWTH
FOR FOURTH QUARTER 2012
|||Fourth quarter 2012 revenue was $152.2 million, up 32%|
|||Achieved record Products revenue of $80.0 million; Services revenue increased 5% to $72.2 million|
|||Consolidated operating margin expanded to 8.7% of sales; Operating income was $13.2 million, up $4.9 million over prior-year period|
|||Full year 2012 Products revenue improved 23% to $193.7 million over the prior-year period; 2012 consolidated revenue of $462.8 million was up 1.3%|
|||2013 revenue expected to be in range of $485 million to $515 million|
IRVING, Texas, March 7, 2013 Global Power Equipment Group Inc. (NASDAQ: GLPW) (Global Power or Company) today reported its financial results for the fourth quarter and full year ended December 31, 2012. Results include Koontz-Wagner Custom Controls Holdings, LLC (Koontz-Wagner), acquired on July 30, 2012, and TOG Holdings, Inc., acquired on September 5, 2012. Both acquisitions results are included in the Products Divisions financial results as of their respective acquisition dates.
Luis Manuel Ramírez, President and CEO of Global Power, said We delivered on the quarter with our Products Division achieving record shipment levels. Once again, the capabilities of our flexible manufacturing model and our team to manage large volume were demonstrated. We believe this is vital for addressing the expected global expansion of natural gas power generation over the next several years. And, despite the challenging past year in the U.S. nuclear power market, our Services Division also delivered growth in the quarter.
Total revenue in the fourth quarter of 2012 was $152.2 million, up 32.3% from total revenue of $115.0 million in the prior-years fourth quarter reflecting increases in both the Products and Services Divisions. Income from continuing operations was $14.4 million, or $0.85 per diluted share, in the fourth quarter, compared with $7.4 million, or $0.43 per diluted share, for the prior-years fourth quarter. Income from continuing operations in the fourth quarter of 2012 and 2011 had $5.7 million and $4.4 million, respectively, in tax benefits from adjustments to tax reserves and tax credits. Excluding these effects, income from continuing operations per diluted share would have been $0.51 and $0.17 for the fourth quarters of 2012 and 2011, respectively.
For the full year of 2012 total revenue was $462.8 million, up $6.0 million compared with 2011. Income from continuing operations in 2012 was $17.6 million, or $1.02 per diluted share, compared with $63.1 million, or $3.70 per diluted share, in 2011. Adjustments of tax reserves and tax credits were $5.7 million, or $0.34 per diluted share, and $48.6 million, or $2.84 per diluted share, in 2012 and 2011, respectively.
The following information was filed by Global Power Equipment Group Inc. (GLPW) on Thursday, March 7, 2013 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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