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 Third Quarter 2017 Financial Results

IRVING, Texas, January 31, 2018 – Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) today reported its financial results for the three and nine months ended September 30, 2017. The delay in reporting the Company’s financial results for the first nine months 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, which included the restatement of certain prior period financial results and was filed on March 15, 2017 and the Annual Report on Form 10-K for the year ended December 31, 2016, which was filed on September 12, 2017, and to prepare and review the Quarterly Reports on Form 10-Q for the first and second quarters of 2017 which were filed on December 19, 2017.

As previously reported, during the third quarter of 2017, the Company sold substantially all of the operating assets and liabilities of its Mechanical Solutions segment, as well as its manufacturing facility and remaining production equipment in Mexico. These sales were completed in October 2017. Accordingly, this segment has been presented as a discontinued operation for all periods presented. 

Craig Holmes and Tracy Pagliara, Co-Presidents and Co-CEOs of Global Power, commented, “Our Services segment continues to be our best performing business unit. The future is starting to look more promising as we are active on the Plant Vogtle Units 3 & 4 nuclear expansion project, and are pursuing additional opportunities that capitalize on our service capabilities while diversifying our revenue.”

They added, “In addition, our strategic initiatives continue with a sense of urgency, including the review of strategic alternatives for the Electrical Solutions segment. While the Koontz-Wagner Houston operation experienced a challenging 2017, we believe 2018 is positioned to be a better year overall.”

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

·

Revenue from continuing operations was $50.6 million compared with $66.0 million, a $15.4 million decline.  As discussed below, Services’ revenue declined $8.3 million and Electrical Solutions’ declined $7.1 million.

·

Cost reductions and expense management helped to drive a $0.8 million net decline in operating expenses. These cost reductions resulted in $2.1 million of improvements, or 14.9%, which were partially offset by $1.3 million of incremental severance expense. 

·

Interest expense increased $1.9 million, resulting from a weighted average interest rate of 20.3% compared with 9.2% for the 2016 quarter.

·

Loss from continuing operations was $18.4 million, or $(1.04) per share. Net loss was $17.0 million, or $(0.96) per share.

·

At the end of the period, backlog was $173.2 million, of which $118.3 million, or 68.3%, was related to the Services segment.

Business Segment Review for the Three Months Ended September 30, 2017 (compared with the corresponding period in 2016 unless noted otherwise)

Services segment:

·

Services revenue of $39.0 million was down $8.3 million due primarily to the divestiture of Hetsco, Inc., a wholly owned subsidiary (“Hetsco”), in January 2017, which accounted for $6.3 million of the decline. Also, timing of the completion of several fixed-price nuclear projects resulted in a $2.7 million decrease in revenue.


The following information was filed by Global Power Equipment Group Inc. (GLPW) on Wednesday, January 31, 2018 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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