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.
Luis Manuel Ramírez, President and CEO of Global Power, said "2013 was a year of successful transition for Global Power. We entered the year with the knowledge that our traditional markets, nuclear power facilities and utility-scale gas turbines, would have moderate performance. We also knew we had to create our own opportunities for growth."
He continued, "We have made excellent progress expanding into new markets, developing product and service solutions, implementing shared services and LEAN process improvements. By repositioning our portfolio, we have become a more customer-focused and solutions-oriented organization. We expect that our increased commercial approach to integrate our products and services will create opportunities to deliver higher value-added solutions to our customers."FOURTH QUARTER 2013 HIGHLIGHTS
- 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.