TULSA, Okla., March 21, 2011 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or the "Company") today announced its audited financial results for the fourth quarter and year ended December 31, 2010. These results are available for review on the Company's website at .
For the three months ended December 31, 2010, the Company reported revenues of $121.9 million and net income of $4.2 million, or $0.26 per diluted share. Revenues for the year ended December 31, 2010 were $520.1 million and net income was $40.6 million, or $2.49 per diluted share.
"Our fourth quarter 2010 financial results were once again well above normal operating profit margins and helped us to post full year results that exceeded our expectations. However, it should be noted that our full year results were materially impacted by favorable non-recurring items and we have updated our directional guidance for 2011 to reflect our current view of market conditions and outlook," said David Keller, President and CEO of Global Power. "We are extremely pleased to have paid off our term loan balance in full during the fourth quarter and continue to see signals that support accelerating growth projections in 2012 and beyond."
The Company generated EBITDA (earnings before interest, taxes, depreciation, and amortization) from continuing operations of $13.0 million and $55.2 million for the three months and year ended December 31, 2010, respectively. EBITDA is a non-GAAP financial measure. A reconciliation of our income to EBITDA is included in the schedules attached to this press release.
In addition, the Company's backlog increased $3.8 million from September 30, 2010 to $349.3 million as of December 31, 2010. Backlog is not a measure defined by generally accepted accounting principles, and our methodology for determining backlog may vary from the methodology used by other companies in determining their backlog amounts. Backlog may not be indicative of future operating results and projects in our backlog may be cancelled, modified or otherwise altered by our customers.
Interest expense for the three months and year ended December 31, 2010 was $2.8 million and $7.1 million, respectively. As of December 31, 2010, the Company had unrestricted cash of $55.5 million and $25 million of unused capacity on its revolving credit facility.
The Company has posted updates to its investor presentation including 2010 financial results and directional guidance for 2011. The presentation is accessible in the Investor Relations section of our website at www.globalpower.com.
The Company will host a conference call on Tuesday, March 22, 2011 at 10:30 a.m. Central Time (11:30 a.m. Eastern Time) to discuss these results. The call can be accessed live over the telephone by dialing (877) 407-9039, or for international callers, (201) 689-8470. A replay will be available shortly after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517. The passcode for the replay is 368176. The replay will be available until April 5, 2011.
About Global Power
Oklahoma-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States, and maintenance services to fossil and hydroelectric power plants and other industrial operations. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power may be found at .
The table below represents the operating results of the Company for the periods indicated:
CONTACT: Jennifer Gordon ICR (918) 274-2280 investorrelations@globalpower.com