IRVING, Texas, March 17, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the fourth quarter and full year ended December 31, 2013.
- Revenue of $141.5 million reflects solid contribution by acquisitions and growth in Electrical Solutions sales which were offset by weak gas turbine and nuclear markets. -- Product Solutions delivered $78.8 million of revenue from solid execution and with strong demand for Electrical Solutions products. Electrical Solutions had $22.1 million in sales. -- Energy Services revenue of $9.2 million grew with the addition of Hetsco Inc. ("Hetsco"), which expanded the Company's offerings to the industrial, chemical/petrochemical process and oil and gas industries. Hetsco added $3.7 million in revenue in the quarter. -- Nuclear Services, which had revenue of $53.6 million, was challenged by continued weakness in U.S. nuclear markets.
- Operating income was $10.2 million.
- Net income was $11.0 million, $0.64 per diluted share; Non-GAAP net income, which excludes discontinued operations, $1.0 million of strategic investments, realignment expenses and acquisition costs as well as a $0.8 million benefit from a prior-period adjustment and a $4.6 million income tax benefit, was $6.6 million or $0.38 per diluted share (see following table regarding the use of Non-GAAP measures).
- The Company completed its realignment and presented new segment reporting.
- Product Solutions achieved record quarterly orders of $80.5 million.