November 7, 2013

Global Power Equipment Group Reports Revenue of $110.0 Million in Third Quarter 2013

  • Products revenue up 13.7% in third quarter and on-track to deliver for year; Third quarter Services revenue was $55.4 million on weak nuclear power market
  • 2013 consolidated revenue expectation reduced to range of $470 million to $490 million
  • Gross margin improved to 18.8%; operating margin, excluding strategic investments, was 4.7%
  • Company expects growth in 2014 from Products and Energy Services; Nuclear Services expected to be comparable with 2013
  • Global Power declares quarterly cash dividend

IRVING, Texas, Nov. 7, 2013 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (Nasdaq:GLPW) ("Global Power" or "Company") today reported its financial results for the third quarter ended September 30, 2013. Results include the operations of Koontz-Wagner Custom Controls Holdings, LLC ("Koontz-Wagner"), acquired on July 30, 2012, TOG Holdings, Inc. ("TOG"), acquired on September 5, 2012 and IBI Holdings, acquired on July 9, 2013 which are included in the Products Division's results, and Hetsco, Inc. ("Hetsco"), acquired on April 30, 2013 which is included in the Services Division's results.

Luis Manuel Ramírez, President and CEO of Global Power, said, "While the sustained weak nuclear power industry has softened our expectations for nuclear services, we remain encouraged by the opportunities for growth in our other businesses. Our Products Division remains on track to deliver for the year, driven by growth in our electrical solutions product line. We began 2013 knowing this would be a transitional year and leveraged the strength of our balance sheet to invest in growth opportunities. During the year, we reorganized our operations to be more cost efficient and implemented lean processes in order to expand margins. Looking beyond 2013, we expect growth to be driven by our realigned customer-facing organization, a strong commercial strategy and an energized leadership team."

Total revenue in the third quarter of 2013 was $110.0million, down by $1.5 million, or 1.3%, from the prior year's third quarter. Revenue from acquisitions was $27.1 million in the quarter, up from
$5.0 million in the prior-year period. The Company reported income from continuing operations of
$1.0 million, or $0.06 per diluted share, in the quarter, compared with income from continuing operations of $1.3 million, or $0.08 per diluted share, for the prior year's quarter.

Non-GAAP earnings per share, which excludes acquisition transaction costs, strategic investments and realignment expenses, was $0.20, up from non-GAAP earnings per share of $0.19 in the prior-year period. See reconciliation of GAAP to non-GAAP earnings per diluted share in following table.

Management believes that segregating these costs, and applying an effective tax rate that would be more relevant to the ongoing operations without such charges is informative in understanding the Company's ongoing operations. Reconciliation of GAAP to non-GAAP net income and earnings per share is summarized in the following table:

  Three Months Ended
  September 30, 2013 September 30, 2012
  ($ in thousands) (per diluted share) ($ in thousands) (per diluted share)
GAAP net income $1,302 $0.08 $1,546 $0.09
Income from discontinued operations (273) (0.02) (238) (0.01)
Strategic investments and realignment expenses, net of 36% tax 907 0.05 54 0
Acquisition costs, net of 22%/32% tax(1) 1,382 0.08 1,872 0.11
Non-GAAP net income $3,318 $0.20 $3,234 $0.19
(1) Certain acquisition costs are non-deductible which impact the normalized tax rate.        
         
  Nine Months Ended
  September 30, 2013 September 30, 2012
  ($ in thousands) (per diluted share) ($ in thousands) (per diluted share)
GAAP net income $802 $0.05 $3,274 $0.19
Income from discontinued operations (232) (0.01) (111) (0.01)
Strategic investments and realignment expenses, net of 36% tax 2,156 0.13 613 0.04
Acquisition costs, net of 22%/29% tax(1) 3,033 0.18 2,022 0.12
Non-GAAP net income $5,758 $0.35 $5,798 $0.34
(1) Certain acquisition costs are non-deductible which impact the normalized tax rate.        

PRODUCTS DIVISION

Products Division revenue for the third quarter of 2013 increased $6.6 million, or 13.7%, to $54.6 million, compared with the prior-year period as acquisition revenue helped to offset delayed shipment timing in the organic business. Acquisitions contributed $23.4 million of revenue in the third quarter of 2013.

Gross profit was $13.3 million in the quarter, an increase of $4.5 million, or 50.7%, when compared with the prior-year period. As a percentage of sales, gross margin improved to 24.3% compared with 18.3% in last year's quarter. Improved gross margin was driven by product mix and favorable job close outs.     

Products Division reported operating income of $1.7 million, improved over a $1.0 million operating loss in the prior-year period.  Strategic investments, realignment expenses and acquisition costs totaled approximately $2.9 million and $2.4 million in the third quarters of 2013 and 2012, respectively. 

SERVICES DIVISION

Third quarter 2013 Services Division revenue was $55.4 million, down $8.1 million, or 12.7%, compared with the prior-year period due to challenging market conditions in the nuclear services end market. Approximately $13.9million of revenue was for nuclear capital project work and $12.3 million was for new build and restart nuclear power facilities. The acquisition contributed $3.7 million of revenue in the 2013 third quarter.   

Services Division gross profit decreased $1.9 million to $7.5 million compared with the prior-year period. As a percent of sales, gross profit was 13.5% compared with 14.7% in the 2012 third quarter. The 2013 third quarter gross margin reflects a more normalized level as the prior-year period's gross margin benefitted from an insurance retention reserve adjustment. 

Services Division operating income was breakeven for the quarter compared with operating income of $3.5 million in the same period of 2012. Included in the third quarter 2013 operating income was approximately $0.5 million of strategic investments.

FOCUSED ON OPERATING EFFICIENCIES AND CASH GENERATION; EBITDA GROWS

Total operating expenses in the quarter were $19.0 million, up from $15.6 million in the prior-year period. Cost containment in the organic business was offset by $3.7 million in incremental operating expenses from the acquired businesses and incremental strategic investments. Total strategic investments, realignment expenses and acquisition costs were $3.5 million and $2.5 million in the third quarters of 2013 and 2012, respectively. 

Income from operations was $1.7 million compared with operating income of $2.5 million in the third quarter of fiscal 2012.  Operating margin of 1.6% compares with 2.3% in the prior-year period. The aforementioned unique costs had a 310 and 220 basis point impact on margins in the third quarter of 2013 and 2012, respectively.   

EBITDA was $3.9 million compared with EBITDA of $3.3 million in the prior-year quarter. EBITDA margin as a percent of sales was 3.5% compared with 3.0% in the prior year. 

Global Power believes that when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance. See the attached tables for additional important disclosures regarding Global Power's use of EBITDA as well as a reconciliation of GAAP net income to EBITDA.   

STRONG CASH GENERATION AND SOLID BALANCE SHEET

Cash from operations in the first nine months of 2013 was $19.8 million, compared with cash used in operations of $10.6 million in the prior-year period. Unrestricted cash and cash equivalents at September 30, 2013 was $32.3 million compared with $32.0 million at December 31, 2012.

During the third quarter, the Company used $10.0 million of debt and $9.5 million of cash to fund the acquisition of IBI. At September 30, 2013, total long-term debt was $40 million, or 13% of total capitalization.

BACKLOG AND ORDERS

Total backlog at September 30, 2013 was $408.4 million, comparable with $408.9 million on June 30, 2013, and down from $454.3 million at September 30, 2012. 

Backlog for the Products Division was $174.9 million, including $15.4 million of backlog associated with the IBI acquisition, which was an improvement from $145.3 million at the end of the trailing second quarter. Excluding the IBI operation, Products Division backlog increased $14.2 million over the trailing second quarter. Approximately 56% of backlog is expected to ship beyond 2013. Orders for the Products Division were $64.3 million during the third quarter of 2013.  The Products Division book-to-bill ratio was 1.2x for the third quarter and 1.3x for the first nine months of 2013, excluding the IBI acquisition that closed in the third quarter.

At September 30, 2013, Services Division backlog was $233.5 million. Included in Services Division backlog was $2.2 million associated with the Hetsco operation. Backlog was down from $263.6 million at June 30, 2013, and down from $301.9 million at September 30, 2012. Approximately 79% of backlog is expected to convert to revenue beyond 2013. Services backlog is comprised of expected maintenance work to be performed over the next twelve months as well as capital projects. The project award-to-revenue ratio was 0.4x in the third quarter and 0.8x for the first nine months of 2013, excluding the Hetsco acquisition that closed in the second quarter.

2013 GUIDANCE UPDATE AND 2014 OUTLOOK

As was previously announced, Global Power has been strategically realigning its operations to transition from a product-based business to a solutions-oriented organization. This process includes cost reductions complemented by acquisitions and is expected to drive margin expansion and improved profitability. 

Full year 2013 Guidance    
Products $210 million to $220 million including acquisitions Tightened range from previous $204 million to $229 million
     
Services $260 million to $270 million including acquisitions Reduced from previous guidance of $315 million to $330 million 
     
Total revenue $470 million to $490 million Adjusted from ~$520 million to ~$560 million
     
Gross margin Consolidated 16% to 17% Unchanged
        Products: 20% to 22% 
        Services: 12% to 14%
Operating expenses Core operating expenses of $59 million to $61 million, excluding acquisitions  Reduced from $61 million to $62 million and original guidance of $63 million
     
  Acquisitions add $10 million to $12 million, of which $4 million is nonrecurring Reduced from $11 million to $13 million, of which $4 million is nonrecurring
     
Effective tax rate Approximately 35% to 40%, excluding 4th quarter tax benefit Q4 tax benefit -- $4 million to $5 million
     
CapEx $6 million to $8 million Unchanged

Mr. Ramírez noted, "As expected, our Products Division is benefitting greatly from the investments we have made during the last twelve months. However, the nuclear services business continues to face challenging market conditions. Our utility-based customers are experiencing higher costs against continued weakness in electricity demand. Our work to lean processes and take costs out of the business is expected to provide a more flexible platform to navigate through this evolving business climate."

For 2014, the Company's preliminary revenue outlook is a range of approximately $535 million to $575 million. Gross margin for the year is expected to improve slightly as a result of mix. As a percentage of sales, operating expenses are expected to decline.

Mr. Ramírez added, "We have a new leadership structure with a seasoned, energized management team that we expect will drive new opportunities for growth and streamline our operations. The speed with which we are progressing on our realignment puts us in a stronger position for 2014 and beyond. We are committed to the opportunities that the natural gas growth trends present us, and we believe they will fuel our growth."

Additional details regarding the Company's guidance can be found in the slide presentation that accompanies the third quarter conference call which is posted on the Company's website, http://ir.globalpower.com/.

Global Power Declares Quarterly Cash Dividend

The Board of Directors has declared a quarterly cash dividend of $0.09 per common share. The dividend will be payable on or about December 27, 2013 to stockholders of record at the close of business on December 13, 2013. Global Power has approximately 17.0 million shares of its common stock outstanding.

Webcast and Conference Call

Global Power Equipment Group will host a conference call and live webcast tomorrow at 9:00 a.m. Central Time (10:00 a.m. ET). A slide presentation that accompanies the discussion on the call will also be available on the Company's website at www.globalpower.com. Global Power's conference call can be accessed by dialing (201) 493-6780. Alternatively, the webcast can be monitored at http://ir.globalpower.com/.

A telephonic replay will be available from 12:00 p.m. CT (1:00 p.m. ET) the day of the teleconference until Friday, November 22, 2013. To listen to the archived call, dial (858) 384-5517, and enter conference ID number 420950.  Alternatively, an archive of the webcast will be available on the Company's website at www.globalpower.com. A transcript will also be posted to the website, once available.

About Global Power

Texas-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, Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities; and Energy Services provides lifecycle maintenance and repair support services for the industrial, oil & gas and utilities markets. With over 40 years of power generation industry experience the Products Division designs, engineers and manufactures a comprehensive portfolio of equipment for utility scale natural gas turbines and electrical solutions for the oil & gas industry and other industrial operations. The Company routinely provides information at its website: www.globalpower.com.

Forward-looking Statement Disclaimer

This press release contains "forward-looking statements" within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties.  Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, loss of customer relationships with critical personnel, effective integration of acquisitions, modification of preliminary 2014 outlook, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 7, 2013 titled "Risk Factors." Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.

Financial Tables Follow.

GLOBAL POWER EQUIPMENT GROUP INC.
         
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
         
  Three Months Ended
September 30,
Variance
  2013 2012 $ %
Products revenue  $ 54,577 $ 47,995 $ 6,582 13.7%
Services revenue  55,421 63,501 (8,080) -12.7%
Total revenue  109,998 111,496 (1,498) -1.3%
Cost of products revenue  41,318 39,196 2,122 5.4%
Cost of services revenue  47,954 54,171 (6,217) -11.5%
Cost of revenue  89,272 93,367 (4,095) -4.4%
Gross profit  20,726 18,129 2,597 14.3%
Gross profit percentage 18.8% 16.3%    
Selling and marketing expenses  2,272 1,587 685 43.2%
General and administrative expenses  14,806 13,265 1,541 11.6%
Depreciation and amortization expense (1) 1,936 752 1,184 157.4%
Total operating expenses 19,014 15,604 3,410 21.9%
Operating income  1,712 2,525 (813) -32.2%
Operating margin 1.6% 2.3%    
Interest expense, net 207 94 113 120.2%
Other expense, net 164 169 (5) -3.0%
Income from continuing operations before income tax 1,341 2,262 (921) -40.7%
Income tax expense 312 954 (642) -67.3%
Income from continuing operations  1,029 1,308 (279) -21.3%
Discontinued operations:        
Income from discontinued operations  273 238 35 14.7%
Net income $ 1,302 $ 1,546 $ (244) -15.8%
         
Basic earnings per weighted average common share:        
Income from continuing operations  $ 0.06 $ 0.08 $ (0.02) -25.0%
Income from discontinued operations  0.02 0.01 0.01 100.0%
Income per common share - basic $ 0.08 $ 0.09 $ (0.01) -11.1%
Weighted average number of shares of common stock outstanding - basic 16,958,138 17,166,293 (208,155) -1.2%
Diluted earnings per weighted average common share:        
Income from continuing operations  $ 0.06 $ 0.08 $ (0.02) -25.0%
Income from discontinued operations  0.02 0.01 0.01 100.0%
Income per common share - diluted $ 0.08 $ 0.09 $ (0.01) -11.1%
Weighted average number of shares of common stock outstanding - diluted 16,995,373 17,258,659 (263,286) -1.5%
         
(1)  Excludes depreciation and amortization expense for the three months ended September 30, 2013 and 2012 of $399 and $214 included in cost of revenue, respectively.
 
GLOBAL POWER EQUIPMENT GROUP INC.
         
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
         
  Nine Months Ended
September 30,
Variance
  2013 2012 $ %
Products revenue  $ 129,401 $ 113,681 $ 15,720 13.8%
Services revenue  213,272 196,955 16,317 8.3%
Total revenue  342,673 310,636 32,037 10.3%
Cost of products revenue  101,623 90,642 10,981 12.1%
Cost of services revenue  185,555 168,381 17,174 10.2%
Cost of revenue  287,178 259,023 28,155 10.9%
Gross profit  55,495 51,613 3,882 7.5%
Gross profit percentage 16.2% 16.6%    
Selling and marketing expenses  6,957 4,577 2,380 52.0%
General and administrative expenses  42,172 38,502 3,670 9.5%
Depreciation and amortization expense (1) 4,568 1,261 3,307 262.3%
Total operating expenses 53,697 44,340 9,357 21.1%
Operating income  1,798 7,273 (5,475) -75.3%
Operating margin 0.5% 2.3%    
Interest expense, net 483 1,365 (882) -64.6%
Other expense, net 168 162 6 3.7%
Income from continuing operations before income tax 1,147 5,746 (4,599) -80.0%
Income tax expense 577 2,583 (2,006) -77.7%
Income from continuing operations  570 3,163 (2,593) -82.0%
Discontinued operations:        
Income from discontinued operations  232 111 121 109.0%
Net income $ 802 $ 3,274 $ (2,472) -75.5%
         
Basic earnings per weighted average common share:        
Income from continuing operations  $ 0.03 $ 0.19 $ (0.16) -84.2%
Income from discontinued operations  0.02  — 0.02 100.0%
Income per common share - basic $ 0.05 $ 0.19 $ (0.14) -73.7%
Weighted average number of shares of common stock outstanding - basic 16,896,434 16,885,205 11,229 0.1%
Diluted earnings per weighted average common share:        
Income from continuing operations  $ 0.03 $ 0.18 $ (0.15) -83.3%
Income from discontinued operations  0.02 0.01 0.01 100.0%
Income per common share - diluted $ 0.05 $ 0.19 $ (0.14) -73.7%
Weighted average number of shares of common stock outstanding - diluted 17,020,334 17,251,142 (317,473) -1.8%
         
(1)  Excludes depreciation and amortization expense for the nine months ended September 30, 2013 and 2012 of $1,048 and $610 included in cost of revenue, respectively.
 
GLOBAL POWER EQUIPMENT GROUP INC.
     
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
     
     
  September 30,
2013
December 31,
2012
ASSETS (Unaudited)  
Current assets:    
Cash and cash equivalents  $ 32,342 $ 31,951
Restricted cash  159 317
Accounts receivable, net of allowance of $746 and $990  79,037 90,573
Inventories  8,328 6,808
Costs and estimated earnings in excess of billings  52,745 50,059
Deferred tax assets 5,026 4,859
Other current assets  7,604 5,535
Total current assets  185,241 190,102
Property, plant and equipment, net  20,568 15,598
Goodwill  109,520 89,346
Intangible assets, net  61,433 36,985
Deferred tax assets 4,743 11,282
Other long-term assets  1,224 1,505
Total assets  $ 382,729 $ 344,818
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $ 22,561 $ 24,749
Accrued compensation and benefits  19,523 16,724
Billings in excess of costs and estimated earnings  11,506 16,205
Accrued warranties  3,328 4,073
Other current liabilities  11,122 8,389
Total current liabilities  68,040 70,140
Long-term debt 40,000 —  
Other long-term liabilities  5,845 4,680
Total liabilities  113,885 74,820
Commitments and contingencies    
Stockholders' equity:    
Common stock, $0.01 par value, 170,000,000 shares authorized and 18,240,925 and 17,941,529 shares issued, respectively, and 17,016,304 and 16,804,826 shares outstanding, respectively  182 179
Paid-in capital  68,544 66,660
Accumulated other comprehensive income  2,661 1,812
Retained earnings  197,469 201,358
Treasury stock, at par (1,224,621 and 1,136,703 common shares, respectively)  (12) (11)
Total stockholders' equity  268,844 269,998
Total liabilities and stockholders' equity  $ 382,729 $ 344,818
 
GLOBAL POWER EQUIPMENT GROUP INC.
     
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
     
  Nine Months Ended
September 30,
  2013 2012
Operating activities:    
Net income  $ 802 $ 3,274
Adjustments to reconcile net income to net cash provided by (used in) operating activities:     
Deferred income tax benefit (900) (712)
Depreciation and amortization on property, plant and equipment and intangible assets 5,616 1,871
Amortization on deferred financing costs 137 1,198
Loss on disposal of equipment  13 —  
Stock-based compensation  3,429 4,554
Changes in operating assets and liabilities 10,699 (20,829)
Net cash provided by (used in) operating activities  19,796 (10,644)
     
Investing activities:    
Acquisitions, net of cash acquired (50,328) (44,107)
Proceeds from sale of business, net of restricted cash and transaction costs 267
Proceeds from sale of equipment  62 15
Purchase of property, plant and equipment  (3,927) (3,269)
Net cash used in investing activities  (53,926) (47,361)
     
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on    
stock-based compensation (1,542) (3,024)
Dividends paid (4,668) (3,093)
Proceeds from long-term debt 50,000 —  
Payments of long-term debt (10,000) —  
Stock repurchases —   (684)
Debt issuance costs —   (924)
Net cash provided by (used in) financing activities  33,790 (7,725)
Effect of exchange rate changes on cash  731 (30)
Net change in cash and cash equivalents  391 (65,760)
Cash and cash equivalents, beginning of period 31,951 99,491
Cash and cash equivalents, end of period $ 32,342 $ 33,731
 
GLOBAL POWER EQUIPMENT GROUP INC.
         
EBITDA RECONCILIATION
(in thousands)
(unaudited)
         
  Three Months Ended
September 30,
Nine Months Ended
September 30,
  2013 2012 2013 2012
         
Income from continuing operations $ 1,029 $ 1,308 $ 570 $ 3,163
Add back:        
Income tax provision 312 954 577 2,583
Interest expense, net 207 94 483 1,365
Depreciation and amortization 2,335 966 5,616 1,871
         
EBITDA from continuing operations (1) $ 3,883 $ 3,322 $ 7,246 $ 8,982
         
(1) EBITDA from continuing operations represents income from continuing operations adjusted for income taxes, interest, depreciation and amortization. The Company believes EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, EBITDA is not a GAAP financial measure. The Company's calculation of EBITDA should not be used as a substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company's method of calculating EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.
 
GLOBAL POWER EQUIPMENT GROUP INC. 
SEGMENT DATA
 ($ in thousands)
         
     
   Three Months Ended Nine Months Ended
   9/30/2013  9/30/2012  9/30/2013  9/30/2012
Revenue  (unaudited) (unaudited)
Products $ 54,577 $ 47,995 $ 129,401 $ 113,681
Services 55,421 63,501 213,272 196,955
Total Revenue 109,998 111,496 342,673 310,636
         
Gross Profit and Margins        
Products 13,259 8,799 27,778 23,039
Gross Margin 24.3% 18.3% 21.5% 20.3%
Services 7,467 9,330 27,717 28,574
Gross Margin 13.5% 14.7% 13.0% 14.5%
Total Gross Profit 20,726 18,129 55,495 51,613
Gross Margin 18.8% 16.3% 16.2% 16.6%
         
Operating (Loss) Profit and Margins        
Products 1,671 (977) 300 (580)
Operating Margin 3.1% (2.0)% 0.2% (0.5)%
Services 41 3,502 1,498 7,853
Operating Margin 0.1% 5.5% 0.7% 4.0%
Total Operating Profit 1,712 2,525 1,798 7,273
Operating Margin 1.6% 2.3% 0.5% 2.3%
 
GLOBAL POWER EQUIPMENT GROUP INC.
               
BACKLOG BY SEGMENT          
(in thousands)             
(unaudited)              
               
     
  2012 2013
Backlog Q1 Q2 Q3 Q4 Q1 Q2 Q3
Products $135,355 $136,058 $152,385 $113,193 $130,198 $145,307 $174,907
Services 199,412 266,451 301,916 280,561 257,066 263,557 233,494
Total $334,767 $402,509 $454,301 $393,754 $387,264 $408,864 $408,401
               
PRODUCT ORDERS           
(in thousands)             
(unaudited)              
               
     
     
  Q1 Q2 Q3 Q4 Total    
2013 $55,899 $51,039 $64,277 -- $171,215    
2012 $36,845 $34,285 $41,214 $40,803 $153,147    
               
PRODUCT SHIPMENTS BY GEOGRAPHY       
($ in thousands)            
(unaudited)              
               
 
2013
Products
Shipped to
Q1  Q2 Q3 Q4 Total % of
total
 
 
Middle East $9,065 $14,615 $10,695 -- $34,375 27%  
North America 20,919 14,676 27,375 -- 62,970 49%  
Asia 4,129 1,315 7,399 -- 12,843 10%  
South America 3,668 1,325 8,544 -- 13,537 10%  
Europe & Other 1,113 3,999 564 -- 5,676 4%  
Total  $38,894 $35,930 $54,577   129,401 100%  
               
2012
Products
Shipped to
Q1  Q2 Q3 Q4 Total % of
total
 
 
Middle East $12,885 $18,755 $24,154 26,802 $82,596 43%  
North America 9,486 10,652 14,276 29,992 64,406 33%  
Asia 2,735 798 3,856 7,531 14,920 8%  
South America 4,478 1,075 830 10,799 17,182 9%  
Europe & Other 2,520 2,302 4,879 4,871 14,572 7%  
Total  $32,104 $33,582 $47,995 $79,995 $193,676 100%  
CONTACT: Investor Relations Contact:

         Deborah K. Pawlowski

         Kei Advisors LLC

         (716) 843-3908

         dpawlowski@keiadvisors.com

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