Exhibit 99.1

Picture 3

NEWS
RELEASE

 

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

 

 

FOR IMMEDIATE RELEASE

Global Power Reports First and Second Quarter 2017 Financial Results and Announces New Strategic Initiative

IRVING, Texas, December 19, 2017 – Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) today reported its financial results for the quarter ended March 31, 2017, and the quarter and six months ended June 30, 2017. The delay in reporting the Company’s financial results for the first half of 2017 was due to the time it took to prepare and audit the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Report”), which included the restatement of certain prior period financial results and was filed on March 15, 2017, as well as the subsequent time required to file the Annual Report on Form 10-K for the year ended December 31, 2016, which was filed on September 12, 2017.

The Company also reported on its operational progress in 2017 and its current strategic initiatives.

Craig Holmes and Tracy Pagliara, Co-Presidents and Co-CEOs of Global Power, commented, “As we had previously disclosed,  financial results of the first half of 2017 reflect many of the on-going operational challenges that we have been diligently addressing. We believe we have made substantial progress in better positioning the Company for long-term success, but we recognize that these operational challenges, combined with liquidity constraints, restrict our ability to invest in our businesses.”

They added, “After having successfully divested substantially all of the operating assets and liabilities of the Mechanical Solutions segment in October of this year, we are now currently evaluating strategic alternatives for our Electrical Solutions segment. This business has great employees, customers, manufacturing capabilities, suppliers and end markets. Consequently, we believe Electrical Solutions could benefit from a new strategic partner that can provide increased liquidity and capital for the business to improve operations and pursue greater growth in its diversified end markets. This will also allow us to further reduce debt and focus efforts on enhancing our Services segment, which has recently entered into a significant joint venture and is continuing to pursue a pipeline of solid and diverse opportunities. It will also help accelerate our ongoing efforts to reduce costs in our administrative and corporate functions.”

Consolidated Results for the Six Months ended June 30, 2017 (compared with the corresponding period in 2016 unless noted otherwise)

·

Revenue was $157.9 million compared with $229.5 million, a $71.6 million decline. Items impacting revenue included:

o

The sale of various businesses and a plant closure had a combined negative impact to revenue of $21.8 million.

o

The timing of projects, as well as the decreased number and magnitude of projects, were the primary reasons for reduced revenue in both the Services and Mechanical Solutions segments.  Delays in completing projects was the primary reason for a $6.0 million decline in volume in Electrical Solutions.  

·

Cost reductions and expense management helped to drive a $3.4 million, or 13.2%, decline in general and administrative expenses. These measures also reduced selling and marketing expenses by $1.5 million, or 29.2%. Restatement expenses were down $2.0 million, as the restatement of 2014 and certain prior-period financial results was completed in March 2017.

·

The $0.8 million reduction in interest expense was the result of a lower average debt balance.

·

The income tax benefit was mainly related to a $2.2 million decrease in indefinite-lived intangible deferred tax liabilities resulting from the disposition of Hetsco, Inc., a wholly owned subsidiary (“Hetsco”).


The following information was filed by Global Power Equipment Group Inc. (GLPW) on Tuesday, December 19, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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