Exhibit 99.1

 

 

 

NEWS

RELEASE

 

Global Power · 400 E Las Colinas Blvd., Suite 400 · Irving, TX 75039

 

FOR IMMEDIATE RELEASE

 

Global Power Provides Financial Results for 2015
and Restated Prior Periods

 

IRVING, Texas, March 15, 2017 — Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) today reported its financial results for 2015, restated financial results for prior periods and preliminary 2016 financial result expectations.  The Company also announced the completion of its restatement and the filing of its Annual Report on Form 10-K for 2015 (the “2015 10-K”) with the U.S. Securities and Exchange Commission (“SEC”).  The 2015 10-K includes audited restated consolidated financial statements and related information for 2014 and 2013, and unaudited restated selected financial data for 2012 and 2011.  Reporting of the Company’s 2015 financial results was delayed because of the time it took to complete the restatement and to properly compile and report its 2015 financial results.

 

Terence J. Cryan, President and CEO of Global Power, commented, “The duration of the restatement was longer than what we had anticipated.  It has been an arduous process and we appreciate the patience of our many stakeholders.  During this time, we have made considerable changes to our organization and added new leadership in key management roles.  We restructured operations, reduced costs and liquidated non-core assets.  Unfortunately, a difficult business climate added to our challenges through this period, particularly due to reduced investments in our energy and industrial end markets.”

 

2015 Results Compared with Restated 2014 Results

 

Results in 2015 included the February 2015 acquisition of a portion of the Energy Packaged Power Solutions business acquired from Siemens Industry, Inc. (the “eHouse acquisition”) to provide additional capacity in the strategically-important Houston market for the Electrical Solutions segment.

 

Revenue

 

 

 

 

 

 

 

Variance

 

($ in thousands)

 

2015

 

2014

 

$

 

%

 

 

 

 

 

(as restated)

 

 

 

 

 

Mechanical Solutions

 

$

122,593

 

$

145,910

 

(23,317

)

(16.0

)

Electrical Solutions

 

93,057

 

77,280

 

15,777

 

20.4

 

Services

 

373,353

 

315,863

 

57,490

 

18.2

 

Consolidated Revenue

 

$

589,003

 

$

539,053

 

49,950

 

9.3

 

 

·                  The 2015 decline in revenue from Mechanical Solutions was the result of low order volume for inlet systems for utility-scale natural gas turbines in both 2014 and 2015 from two of its major OEM customers.  Sales in this segment were also impacted by $5.4 million of unfavorable foreign currency exchange.  In addition, the segment had $3.9 million of contractual liquidated damages in 2015 due to late deliveries, compared with $1.2 million in 2014.

 

·                  Electrical Solutions sales growth was the result of greater throughput capacity, which was augmented by $13.4 million of acquired revenue added by the eHouse acquisition.

 

-MORE-

 


The following information was filed by Global Power Equipment Group Inc. (GLPW) on Thursday, March 16, 2017 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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