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Acquisitions contributed revenue of $12.8 million which more than offset declines in organic Products business
Generated cash from operations of $19.8 million in the second quarter; $28.3 million generated in first half
Announces realignment plans for year end: Establishes customer-centric, solution-based platforms and creates capacity to support growth
IRVING, Texas, Aug. 8, 2013 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the second quarter ended June 30, 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 which are included in the Products Division's results, and Hetsco, Inc. ("Hetsco"), acquired on April 30, 2013 which is included in the Services Division's results.
Luis Manuel Ramírez, President and CEO of Global Power, said "Despite expected market conditions in the OEM power segment, our strategy to expand margin through simplification and acquisitions is beginning to generate positive results. Through our recent acquisitions, we have reduced our dependency on the utility power markets, expanded our reach into natural gas and acquired businesses with higher margin profiles. In addition, our recent acquisition of IBI, LLC ("IBI") adds immediate synergies with our Electrical House Solutions operation improving our growth potential in these adjacent markets."
He added, "Our teams have also made progress in our operations, and we are executing on our plan to reduce costs and improve productivity."
Total revenue in the second quarter of 2013 was $116.0 million, up 22.5% from total revenue of $94.7 million in the prior-year's second quarter. Acquisitions contributed $12.8 million of revenue in the quarter. The Company reported income from continuing operations of $0.7 million, or $0.04 per diluted share, in the second quarter, compared with income from continuing operations of $1.0 million, or $0.06 per diluted share, for the prior-year's second quarter.