IRVING, Texas, May 2, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the first quarter 2014.
- Gross margin expanded to 17.6% compared with 13.7% on 10% lower revenue.
- Revenue was $104.9 million, coming off strong deliveries in the fourth quarter.
- Product Solutions delivered $38.9 million of revenue driven by investments in natural gas infrastructure, power generation, distributed power supply and the oil and gas space creating demand. Electrical Solutions offset reduced Auxiliary Products revenue which represented $23.6 million in sales.
- Energy Services' revenue of $8.9 million included the addition of Hetsco Inc. ("Hetsco"), which diversified the Company's offerings to the industrial gas processing, chemical/petrochemical and oil and gas industries. Hetsco, which was acquired in April 2013, added $3.6 million of revenue in the quarter.
- Nuclear Services had revenue of $57.1 million and included the completion of one outage contract and one in process that was completed in April 2014.
- Earnings Before Interest, Taxes, Depreciation and Amortization ("adjusted EBITDA") was $3.7 million (refer to adjusted EBITDA Reconciliation table on page 7 for important disclosures regarding the use of non-GAAP measures). Operating income was $0.6 million.
- Income after tax was essentially breakeven.
- Product Solutions' orders were $49.8 million and backlog was a record $187.6 million.