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Global Power ♦ 400 E Las Colinas Blvd., Suite 400 ♦ Irving, TX 75039
FOR IMMEDIATE RELEASE
Global Power Reports First Quarter 2018 Results
IRVING, Texas, May 21, 2018 – Global Power Equipment Group Inc. (OTC: GLPW) (“Global Power” or the “Company”) today reported its financial results for its first quarter ended March 31, 2018. First quarter 2017 results include Hetsco Inc., which was divested on January 13, 2017.
As previously reported, the Mechanical Solutions and Electrical Solutions segments have been classified as discontinued operations and, accordingly, the results for those segments are presented as such. Results of continuing operations are presented as a single segment comprised of the former Services segment (or “Williams”) and corporate operations, unless otherwise noted.
Tracy Pagliara, President and CEO of Global Power, noted, “The momentum in our business that began late last year has continued into 2018. During the first quarter of 2018, our backlog and pipeline of opportunities continued to grow and, as previously reported, we resolved several important contingencies. In addition, our operating performance is improving. We achieved 15% gross margin in the quarter, which underscores our earnings power potential. We also continue to aggressively implement our plan to achieve an annualized general and administrative expenses run rate of approximately $14 million to $18 million by the end of 2018. We expect to achieve this plan by incurring restructuring costs of approximately $8 million to $12 million in 2018.
“Importantly, we are also making progress on the sale of the Koontz-Wagner business and have received multiple bids. In addition, our Houston facility operations have been stabilized. Our goal remains to have the Koontz-Wagner divestiture completed by the end of June. Of note, the potential sale of Global Power and/or Williams has been eliminated from consideration as a strategic alternative at this time. In the meantime, we are diligently moving forward on our initiatives to recapitalize our balance sheet with new asset-based and restructured term loans. We believe that a strengthened balance sheet, coupled with the improving operational performance of our business and substantially reduced general and administrative costs, will position our Company for future growth and profitability.”
The following information was filed by Global Power Equipment Group Inc. (GLPW) on Monday, May 21, 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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