This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Global Power Equipment Group Inc. Announces Third Quarter 2010 Financial Results

TULSA, Okla., Nov. 15, 2010 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or the "Company") today announced its unaudited financial results for the three and nine months ended September 30, 2010.

For the third quarter of 2010, revenue was $116.5 million and net income was $14.7 million, or $0.89 per diluted share, compared to revenue of $95.8 million and net income of $1.8 million, or $0.12 per diluted share, for the third quarter of 2009. For the first nine months of 2010, revenue was $398.3 million and net income was $36.4 million, or $2.24 per diluted share, compared to revenue of $377.6 million and net income of $31.9 million, or $2.07 per diluted share, for the first nine months of 2009. Services Division revenue as a percentage of consolidated revenue was 72% for the first three quarters of 2010, up from 59% for the same period in 2009.

"While we are very pleased with the quarterly results, we note that favorable non-recurring claim settlements and reserve adjustments contributed approximately $4 million in EBITDA in the quarter," said David Keller, President and CEO of Global Power. "Increased backlog in both Products and Services is also encouraging but the low growth rate in the U.S. economy and uncertain outlook for power generation capacity additions causes us to be somewhat cautious about sustained demand improvement for our Products Division. Our margins in both divisions were higher than expected and both operating management teams executed extremely well.

At the Corporate level, our successful re-listing on the NASDAQ exchange was followed by meetings with over 50 investor organizations in six cities over a two week period," continued Mr. Keller. "A detailed five year strategic plan was presented to our Board in August that is squarely focused on growing our already favorable position in two key power generation segments with favorable fundamentals -- natural gas new build and nuclear service.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs