global power equipment group (GLPW) Key Developments
Global Power Equipment Group Inc. Announces Management Changes
Mar 23 15
On March 20, 2015, Luis Manuel Ramirez entered into a separation agreement with Global Power Equipment Group Inc., under which he resigned from all positions at the company effective March 20, 2015. Mr. Ramirez has served as President and Chief Executive Officer of the company since July 2012. On March 23, 2015, the Board of Directors of the company announced that, effective as of March 20, 2015, a current Board member, Terence Cryan has been appointed as President and Chief Executive Officer of the company. Mr. Cryan has been a director of the company since January 2008. He serves as managing director of Concert Energy Partners that he co-founded in 2001. Pursuant to the letter agreement, Mr. Cryan will hold the title of President and Chief Executive Officer, in addition to his current duties as a Board member, until the date a permanent Chief Executive Officer commences employment or the earlier termination of his employment by the Board or by himself. Effective on the date of his appointment, Mr. Cryan resigned from his membership on both of the Board committees of which he had previously been a member, these being the Nominating and Governing Committee and the Compensation Committee, as to both of which he was the Chair.
Global Power Equipment Group Inc.'s Williams Operating Division Wins over $50 Million of Orders for Two Projects Within its Nuclear Services Business
Mar 9 15
Global Power Equipment Group Inc. announced that its Williams operating division has been awarded over $50 million of orders for two projects within its Nuclear Services business. Under the agreement, Williams will provide design/engineering, procurement and construction services, which include necessary labor, equipment and materials to design, procure, fabricate, install, construct and test modifications associated with Fire Protection.
Global Power Equipment Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Consolidated Earnings Guidance for the Year 2015
Mar 9 15
Global Power Equipment Group Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net income of $5,930,000 or $0.35 per diluted share compared with $10,983,000 or $0.84 per diluted share a year ago. Total revenue was $173,796,000 against $141,545,000 a year ago. Operating income was $8,375,000 against $10,247,000 a year ago. Income from continuing operations before income tax was $7,103,000 against $9,922,000 a year ago. Income from continuing operations was $5,930,000 or $0.35 per diluted share compared to $10,936,000 or $0.64 per diluted share a year ago. Adjusted EBITDA from continuing operations was $10.4 million compared with $13.5 million in the prior-year quarter.
For the year, the company reported net income of $11,149,000 or $0.65 per diluted share compared with $11,785,000 or $0.69 per diluted share a year ago. Total revenue was $538,545,000 against $484,218,000 a year ago. Operating income was $16,589,000 against $12,045,000 a year ago. Income from continuing operations before income tax was $15,167,000 against $11,069,000 a year ago. Income from continuing operations was $11,150,000 or $0.65 per diluted share compared to $11,506,000 or $0.68 per diluted share a year ago. Net cash used in operating activities was $9,818,000 against net cash provided by operating activities of $19,738,000 a year ago. Purchase of property, plant and equipment was $7,632,000 against $5,196,000 a year ago. Adjusted EBITDA from continuing operations was $30.2 million compared with $24.1 million in the prior-year period.
The company provided consolidated earnings guidance for the year 2015. For the year, revenue projection is in the range of $550 million to $600 million. The company anticipates capital expenditures for the year 2015 to be in the range of about $10 million as it invests in ongoing growth margin expansion in IT systems infrastructure. Gross margin improvement as a percentage of revenue will be 20 to 30 basis points from 16.9% in 2014.
Global Power Equipment Group Inc. Declares Quarterly Cash Dividend, Payable on or About March 27, 2015
Mar 6 15
Global Power Equipment Group Inc. announced that its Board of Directors has declared a quarterly cash dividend of $0.09 per common share. The dividend will be payable on or about March 27, 2015 to stockholders of record at the close of business on March 17, 2015.
Global Power Equipment Group Inc. Presents at GHS 1x1 Series Infrastructure & Construction Conference, Mar-18-2015
Feb 23 15
Global Power Equipment Group Inc. Presents at GHS 1x1 Series Infrastructure & Construction Conference, Mar-18-2015 . Venue: Chicago, Illinois, United States. Speakers: Luis Manuel Ramírez, Chief Executive Officer, President, Acting President of the Services Division and Director, Raymond K. Guba, Chief Financial Officer and Senior Vice President.