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Global Power Equipment Group Reports 12% Increase In Revenue For First Quarter 2013

Stocks in this article: GLPW

  • First quarter 2013 revenue was $116.7 million, up from $104.5 million in prior-year period
  • Products revenue up 21% to $38.9 million; Services revenue increased 8% to $77.8 million
  • Operating loss in quarter reflected timing of investments in the quarter for transformation initiatives including Hetsco acquisition and weak Products gross margin

IRVING, Texas, May 9, 2013 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the first quarter ended March 31, 2013. Results include the operations of Koontz-Wagner Custom Controls Holdings, LLC ("Koontz-Wagner"), acquired on July 30, 2012, and TOG Holdings, Inc. ("TOG"), acquired on September 5, 2012. Both acquisitions are included in the Products Division's results as of their respective acquisition dates.

Luis Manuel Ramírez, President and CEO of Global Power, said, "We had solid first quarter revenue performance for both divisions and renewed momentum from our global teams. Our 2012 acquisitions more than offset the impact of project timing for our Products Division, while also expanding our customer relationships into the oil and gas mid-stream segment."

Total revenue in the first quarter of 2013 was $116.7 million, up 11.7% from total revenue of $104.5 million in the prior-year's first quarter. Products Division and Services Division revenue both improved in the first quarter of 2013 compared with the prior-year period. The Company reported a loss from continuing operations of $1.2 million, or $0.07 per diluted share, in the first quarter, compared with income from continuing operations of $0.9 million, or $0.05 per diluted share, for the prior-year's first quarter.

PRODUCTS DIVISION

Products Division revenue for the first quarter of 2013 increased $6.8 million, or 21.2%, to $38.9 million, compared with the prior-year period. First quarter revenue improvement was due to the impact of the Koontz-Wagner and TOG acquisitions completed in the third quarter of 2012, which contributed $10.1 million of revenue in the first quarter. Excluding the acquisitions, first quarter 2013 revenue was $28.8 million, down $3.3 million, or 10.3%, from the prior-year period.

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