Please wait while we load the requested 10-K report or click the link below:
Global Power ♦ 400 E Las Colinas Blvd., Suite 400 ♦ Irving, TX 75039
FOR IMMEDIATE RELEASE
Global Power Reports Fourth Quarter and Full Year 2017 Results
Also announces changes in Board of Directors and Management
IRVING, Texas, April 16, 2018 – Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) today reported its financial results for the fourth quarter and year ended December 31, 2017.
During the fourth quarter of 2017, the Company made the decision to exit and sell its Electrical Solutions segment. Additionally, in October 2017, the Company sold substantially all of its Mechanical Solutions segment, as well as its manufacturing facility and remaining production equipment in Mexico. Accordingly, these segments have been presented as discontinued operations for all periods presented, and the Company’s results are presented as a single segment comprised of the former Services segment (or “Williams”) and corporate headquarter operations.
Fourth quarter 2017 revenue from continuing operations was $44.3 million compared with $59.1 million in the prior-year period, a $14.8 million decline. Gross profit from continuing operations for the 2017 fourth quarter decreased $1.5 million to $8.0 million. Loss from continuing operations for the 2017 quarter was $3.2 million, or $(0.18) per share, compared with $3.5 million, or $(0.20) per share, for the corresponding 2016 period. Total net loss was $12.3 million, or $(0.69) per share, compared with $7.0 million, or $(0.40) per share, for the prior-year period.
For the full year 2017, revenue from continuing operations was $187.0 million compared with $231.0 million in 2016. Loss from continuing operations was $30.0 million, or $(1.70) per share. Total net loss was $56.5 million, or $(3.20) per share.
Tracy Pagliara, President and CEO of Global Power, noted, “The outcome of 2017 was disappointing. Our operating performance was below expectations and the process to evaluate strategic alternatives for our Electrical Solutions (Koontz-Wagner) business has not progressed as quickly as we planned. Additionally, our liquidity position, while somewhat improved recently, continues to constrain our business and, to further complicate matters, closing on a new revolving loan facility in a timely manner has proven to be a challenge.
“Importantly, we are making good progress thus far in 2018. Several contingencies have been positively resolved. We have a well-respected team in our markets and our backlog for Williams is strengthening. We also believe several growth initiatives being pursued to enhance Williams’ performance appear promising. Given this momentum and other relevant considerations, our Board has concluded it is an opportune time to evaluate strategic alternatives for Global Power, with the goal of advancing the best interests of our shareholders and providing improved long-term opportunities for our customers and employees. We also continue to work diligently to conclude the sale of Electrical Solutions by the end of the second quarter.”
The following information was filed by Global Power Equipment Group Inc. (GLPW) on Monday, April 16, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Global Power Equipment Group Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Global Power Equipment Group Inc..