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Generac Reports Second Quarter 2013 Results

Generac Holdings Inc. (NYSE: GNRC), a leading designer and manufacturer of generators and other engine powered products, today reported financial results for its second quarter ended June 30, 2013.

Second Quarter 2013 Highlights
  • Net sales increased year-over-year by 45.0% to $346.7 million as compared to $239.1 million in the second quarter of 2012.
    • Residential product sales increased 59.3% compared to the second quarter of 2012.
    • Commercial & Industrial (C&I) product sales increased 32.0% compared to the prior year second quarter.
  • Gross profit margin during the second quarter improved 120 basis points over the prior year.
  • Net income during the second quarter of 2013 was $28.3 million, or $0.40 per share, as compared to $9.3 million or $0.14 per share for the same period of 2012.
  • Adjusted net income, as defined in the accompanying reconciliation schedules, increased to $66.6 million from $39.9 million in the second quarter of 2012. Adjusted diluted net income per share was $0.95 as compared to $0.58 per share in the second quarter of 2012.
  • Adjusted EBITDA increased 65.0% to $90.1 million as compared to $54.6 million in the second quarter last year.
  • Cash flow from operations in the second quarter of 2013 was $36.1 million as compared to $21.1 million in the prior year quarter. Free cash flow was $30.3 million as compared to $17.8 million in the second quarter of 2012.
  • For the trailing four quarters, including the second quarter of 2013, net sales were $1.389 billion; net income was $132.8 million; adjusted EBITDA was $358.3 million; cash flow from operations was $250.2 million; and free cash flow was $223.3 million.
  • For the second consecutive year, the Company returned significant capital to shareholders during the quarter through a special cash dividend of $5.00 per share paid on June 21, 2013.
  • As previously announced, the Company last week entered into a purchase agreement to acquire Tower Light srl, a leading European developer and supplier of mobile light towers with headquarters outside Milan, Italy. Targeted to close in early August using cash on hand, the acquisition positions the Company as a global leader in mobile light towers and accelerates its global expansion efforts.

“Our second quarter results continue to demonstrate the success we are experiencing in executing our Powering Ahead strategic plan,” said Aaron Jagdfeld, President and Chief Executive Officer. “We executed on very strong organic revenue growth again this quarter which was broad based across our major product categories and all significant regions of the United States. Our growth was driven by continuing adoption of home standby generators, the further expansion of our distribution, and increasing demand within certain of our commercial and industrial end markets. When you combine our organic growth initiatives with our recent acquisitions, we are driving a new and higher baseline of demand for our products, while also becoming a more balanced company with global scale."

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