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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.