March 17, 2014

Global Power Equipment Group Reports Revenue of $141.5 Million in Fourth Quarter 2013

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.

Results for the 2013 fourth quarter include IBI LLC ("IBI"), acquired on July 9, 2013 and Hetsco, acquired on April 30, 2013.

Global Power believes that when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), non-GAAP measures help in the understanding of its operating performance. A reconciliation of GAAP net income to non-GAAP net income and earnings per diluted share for the comparative quarters and annual periods is summarized in the following tables:

  Three Months Ended
  December 31, 2013 December 31, 2012
  ($ in thousands) (per diluted share) ($ in thousands) (per diluted share)
GAAP net income $10,983 $0.64 $14,320 $0.84
Income from discontinued operations (48) -- 87 0.01
Strategic investments, realignment expenses and acquisition costs 1,011 0.06 1,024 0.06
Prior-year period adjustment (793) (0.05) -- --
Tax benefit from adjustments to tax reserves and tax credits (4,594) (0.27) (5,713) (0.34)
Non-GAAP net income $6,559 $0.38 $9,718 $0.57

CORPORATE REALIGNMENT COMPLETE

The Company has elected to move from two reportable segments to three reportable segments. Global Power believes that the three segments better position the Company with its served markets. 

Mr. Ramirez commented, "With the completion of the realignment, appointment of new leadership and integration of our acquisitions, we have repositioned our portfolio to better serve our markets. We have moved from a holding company structure to an organization that can provide multi-faceted product and service solutions. We believe our new structure also provides greater transparency for investors to understand our business."

The Product Solutions segment includes the businesses that comprised the legacy Products Division, and is represented by two primary product categories: Auxiliary Products and Electrical Solutions. The Energy Services segment includes all non-nuclear services that had been reported in the legacy Services Division plus the addition of Hetsco. The Nuclear Services segment includes the nuclear services business which was the majority of the legacy Services Division. See attached tables for segment comparative operating results. 

FOURTH QUARTER 2013 CONSOLIDATED RESULTS

Gross profit was $29.5 million, or 20.8% of sales. Lower gross profit was the result of both lower revenue and changes in the mix of products and services sold in the quarter. This was somewhat offset by a $1.3 million benefit from a prior-period adjustment. Total operating expenses in the quarter were $19.3 million, up $1.0 million from the prior-year period. Acquisitions and the associated depreciation and amortization added approximately $0.9 million of incremental operating expenses in the quarter. Total strategic investments, realignment expenses and acquisition costs were $1.7 million.  Core operating expense reductions were the result of cost containment and productivity improvements. Operating income of $10.2 million, or 7.2% of sales, was lower mostly as a result of lower volume. 

Adjusted EBITDA was $13.1 million in the fourth quarter compared with $16.7 million in the prior-year quarter. Adjusted EBITDA margin as a percent of sales was 9.3% compared with 10.9% in the 2012 fourth quarter. 

Global Power believes that when used in conjunction with measures prepared in accordance with GAAP, adjusted 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 adjusted EBITDA as well as a reconciliation of GAAP income from continuing operations to adjusted EBITDA.  

FULL YEAR 2013 REVIEW

For comparative purposes, results include the full-year operations of Koontz-Wagner Custom Controls Holdings, LLC ("Koontz-Wagner"), acquired on July 30, 2012, and TOG Holdings, Inc. ("TOG"), acquired on September 5, 2012, as well as the partial-year contributions of the 2013 IBI and Hetsco acquisitions. 

Consolidated revenue in 2013 was $484.2 million, up 4.6%, and included $77.8 million of revenue from acquired businesses. Gross profit of $85.0 million, or 17.6% of sales included a $1.3 million benefit from a prior-period adjustment. Excluding the adjustment, 2013 gross profit was comparable with 2012.  Gross profit was impacted by lower project-based revenue in Nuclear Services. In addition, Energy Services had the benefit in 2012 of a large fossil fuel plant project which contributed $2.9 million in gross profit.   

Operating income was $12.0 million, or 2.5% of sales, down from $20.4 million, or 4.4% of sales.  Operating income benefitted from a $1.3 million prior-period adjustment. Operating expenses for the year were up $10.4 million and included $10.6 million of incremental expenses associated with acquisitions. Depreciation and amortization expense was up $3.8 million, of which $1.9 million was associated with the 2013 acquisitions. Results included $9.3 million of strategic investments, realignment expenses and acquisition costs. Cost discipline and productivity enhancements reduced core operating expenses by approximately $4.0 million

Adjusted EBITDA, which excludes acquisition transaction costs, strategic investments and realignment expenses and the benefit from a prior-period adjustment, was $28.0 million, or 5.8% of sales, compared with $28.9 million, or 6.2% of sales, in 2012. See the attached tables for additional important disclosures regarding Global Power's use of adjusted EBITDA as well as a reconciliation of GAAP income from continuing operations to adjusted EBITDA.

Net income was $11.8 million, or $0.69 per diluted share for the year. Non-GAAP earnings per share, which excludes the unique items previously identified was $0.69 compared with $0.89 in 2012.

Management believes that the use of non-GAAP measures helps in the understanding of its operating performance. A reconciliation of GAAP net income to non-GAAP net income and earnings per diluted share for the comparative quarters and annual periods is summarized in the following tables:

  Year Ended
  December 31, 2013 December 31, 2012
  ($ in thousands) (per diluted share) ($ in thousands) (per diluted share)
GAAP net income $11,785 $0.69 $17,594 $1.02
Income from discontinued operations (279) (0.02) (24) --
Strategic investments, realignment expenses and acquisition costs  5,680 0.33 3,489 0.20
Prior-period adjustment (793) (0.05) -- --
Tax benefit from adjustments to tax reserves and tax credits (4,594) (0.27) (5,713) (0.33)
Non-GAAP net income $11,799 $0.69 $15,346 $0.89

STRONG CASH GENERATION AND SOLID BALANCE SHEET

Cash from operations in 2013 was $19.7 million, compared with cash used in operations of $8.7 million in the prior year. To provide further capital flexibility, Global Power exercised the accordion feature to expand its revolving credit line during the fourth quarter by $50.0 million to $150.0 million of borrowing capacity. As of December 31, 2013, there was $118.1 million available under the revolving credit line.

Capital expenditures were $5.2 million in 2013. For 2014, capital expenditures are expected to be approximately $10.0 million, half of which is for general maintenance purposes and the remainder for organic growth initiatives.

FOURTH QUARTER ORDERS AND YEAR END BACKLOG

Orders for Product Solutions were a record $80.5 million for the fourth quarter, with a book-to-bill ratio of 1.0x. Backlog for Product Solutions at year end was $176.6 million, of which approximately 5% is expected to ship beyond 2014.

The book-to-bill ratio for Nuclear Services was 0.7x in the fourth quarter. Nuclear Services' backlog was $196.7 million. Approximately 80% of Nuclear Services' backlog is expected to convert to revenue in 2014. 

The book-to-bill ratio for Energy Services was 0.9x in the quarter, and its backlog was $17.0 million at year end, all of which is expected to convert to revenue in 2014.

Backlog for Nuclear Services and Energy Services is comprised of expected maintenance work to be performed over the next twelve months as well as capital projects.

2014 OUTLOOK

  • Consolidated revenue of $525 million to $550 million.
    -- Product Solutions expected to improve on stronger power generation and oil and gas markets, and full year of acquisition revenue.
    -- Energy Services expected to improve primarily due to a full-year of acquisition revenue.
    -- Nuclear Services expected to be down modestly, primarily due to fewer outages.
  • Moderate improvement in gross profit as a percentage of revenue.
  • Operating expenses expected to moderately decline as a percent of revenue.

Mr. Ramírez concluded, "With the appointment of the leadership team and the establishment of a clear operating structure, we are well-positioned to deliver earnings growth in 2014. This year we will focus on developing commercial strategies, productivity through simplification and LEAN processes, cost control and cash management.  We have an energized leadership team that is committed to achieving our goal of doubling revenue and operating margins over the next three to five years."

Webcast and Conference Call

Global Power Equipment Group will host a conference call and live webcast tomorrow at 7:30 a.m. Central Time (8:30 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 10:30 a.m. CT (11:30 a.m. ET) the day of the teleconference until Tuesday, April 1, 2014. To listen to the archived call, dial (858) 384-5517, and enter conference ID number 13574534.  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. It is comprised of three segments. Product Solutions which includes two primary product categories: Auxiliary Products designs, engineers and manufactures a comprehensive portfolio of equipment for utility-scale natural gas turbines while Electrical Solutions provides custom configured electrical houses and generator enclosures for the midstream oil & gas industry, the power generation market to include distributed and backup power as well as other industrial and commercial operations. Energy Services provides lifecycle maintenance, repair, construction and fabrication services for the industrial, chemical/petrochemical process, oil and gas and power generation industries. Nuclear Services provides on-site specialty support, outage management and maintenance services to domestic utilities' nuclear power facilities. 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 17, 2014 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    
  December 31, Variance
  2013 2012 $ %
Product Solutions revenue $78,792 $79,997  $ (1,205) -1.5%
Energy Services revenue 9,194 7,579 1,615 21.3%
Nuclear Services revenue 53,559 64,616 (11,057) -17.1%
Total revenue  $141,545 $152,192  $(10,647) -7.0%
Cost of revenue  112,036 120,751 (8,715) -7.2%
Gross profit  29,509 31,441 (1,932) -6.1%
Gross margin 20.8% 20.7%    
Operating expenses         
Selling and marketing expenses 2,362 2,006 356 17.7%
General and administrative expenses 14,869 14,767 102 0.7%
Depreciation and amortization expense(1) 2,031 1,495 536 35.9%
Operating income  10,247 13,173 (2,926) -22.2%
Operating margin 7.2% 8.7%    
Interest expense, net 410 198 212 107.1%
Other (income) expense, net (85) 120 (205) -170.8%
Income from continuing operations before income tax 9,922 12,855 (2,933) -22.8%
Income tax benefit (1,014) (1,552) (538) -34.7%
Income from continuing operations  10,936 14,407 (3,471) -24.1%
Discontinued operations:        
Income from discontinued operations, net of tax  47 173 (126) -72.8%
Loss on disposal, net of tax   —  (260) 260 NM
Income (loss) from discontinued operations  47 (87) 134 -154.0%
Net income  $10,983 $14,320  $ (3,337) -23.3%
         
Basic earnings per weighted average common share:        
Income from continuing operations  $0.64 $0.85  $ (0.21) -24.7%
Loss from discontinued operations 0.01  —  0.01 NM
Income per common share - basic $0.65 $0.85  $ (0.20) -23.5%
Weighted average number of shares of common stock outstanding - basic 16,989,847 16,885,415 104,432 0.6%
Diluted earnings per weighted average common share:        
Income from continuing operations  $0.64 $0.85  $ (0.21) -24.7%
Loss from discontinued operations  —  (0.01) 0.01 NM
Income per common share - diluted $0.64 $0.84  $ (0.20) -23.8%
Weighted average number of shares of common stock outstanding - diluted 17,049,592 17,030,183 19,409 0.1%
         
(1) Excludes depreciation and amortization expense for the three months ended December 31, 2013 and 2012 of $387 and $610 included in cost of revenue, respectively
 
 
GLOBAL POWER EQUIPMENT GROUP INC.
         
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
         
  Year Ended    
  December 31, Variance
  2013 2012 $ %
Product Solutions revenue $208,194 $193,676 $14,518 7.5%
Energy Services revenue 41,172 32,874 8,298 25.2%
Nuclear Services revenue 234,852 236,278 (1,426) -0.6%
Total revenue  484,218 462,828 21,390 4.6%
Cost of revenue  399,214 379,774 19,440 5.1%
Gross profit  85,004 83,054 1,950 2.3%
Gross profit percentage 17.6% 17.9%    
Operating expenses         
Selling and marketing expenses 9,319 6,583 2,736 41.6%
General and administrative expenses 57,040 53,269 3,771 7.1%
Depreciation and amortization expense(1) 6,599 2,756 3,843 139.4%
Operating income  12,045 20,446 (8,401) -41.1%
Operating margin 2.5% 4.4%    
Interest expense, net 893 1,563 (670) -42.9%
Other expense, net 83 282 (199) -70.6%
Income from continuing operations before income tax 11,069 18,601 (7,532) -40.5%
Income tax (benefit) expense (437) 1,031 (1,468) -142.4%
Income from continuing operations  11,506 17,570 (6,064) -34.5%
Discontinued operations:        
Income from discontinued operations, net of tax  279 284 (5) -1.8%
Loss on disposal, net of tax   —  (260) 260 NM
Income from discontinued operations  279 24 255 1,062.5%
Net income  $11,785 $17,594  $ (5,809) -33.0%
         
Basic earnings per weighted average common share:        
Income from continuing operations  $0.68 $1.04  $ (0.36) -34.6%
Income from discontinued operations 0.02  —  0.02 NM
Income per common share - basic $0.70 $1.04  $ (0.34) -32.7%
Weighted average number of shares of common stock outstanding - basic 16,919,981 16,885,259 34,722 0.2%
Diluted earnings per weighted average common share:        
Income from continuing operations  $0.68 $1.02  $ (0.34) -33.3%
Income from discontinued operations 0.01  —  0.01 NM
Income per common share - diluted $0.69 $1.02  $ (0.33) -32.4%
Weighted average number of shares of common stock outstanding - diluted 17,045,095 17,247,723 (202,628) -1.2%
         
(1)  Excludes depreciation and amortization for the year ended December 31, 2013 and 2012 of $1,435 and $941 included in cost of revenue, respectively.
 
 
GLOBAL POWER EQUIPMENT GROUP INC.
     
CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share amounts)
     
  December 31,
  2013 2012
ASSETS    
Current assets:    
Cash and cash equivalents  $13,942 $31,951
Restricted cash  120 317
Accounts receivable, net of allowance of $557 and $990, respectively  93,484 90,573
Inventories  6,476 6,808
Costs and estimated earnings in excess of billings  41,804 50,059
Deferred tax assets 3,301 4,859
Other current assets  8,215 5,535
Total current assets  167,342 190,102
Property, plant and equipment, net  20,644 15,598
Goodwill  109,930 89,346
Intangible assets, net  60,594 36,985
Deferred tax assets 7,630 11,282
Other long-term assets  1,258 1,505
Total assets  $367,398 $344,818
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current liabilities:    
Accounts payable  $19,664 $24,749
Accrued compensation and benefits  14,798 16,724
Billings in excess of costs and estimated earnings  12,757 16,205
Accrued warranties  3,261 4,073
Other current liabilities  8,483 8,389
Total current liabilities  58,963 70,140
 Long-term debt 23,000
Other long-term liabilities  5,844 4,680
Total liabilities  87,807 74,820
Commitments and contingencies    
Stockholders' equity:    
Common stock, $0.01 par value, 170,000,000 shares authorized and 18,294,998 and 17,941,529 shares issued, respectively, and 17,059,943 and 16,804,826 shares outstanding, respectively  183 179
Paid-in capital  69,049 66,660
Accumulated other comprehensive income  3,473 1,812
Retained earnings  206,898 201,358
Treasury stock, at par (1,235,055 and 1,136,703 common shares, respectively)  (12) (11)
Total stockholders' equity  279,591 269,998
Total liabilities and stockholders' equity  $367,398 $344,818
     
     
GLOBAL POWER EQUIPMENT GROUP INC.
     
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
     
  Year Ended December 31,
  2013 2012
Operating activities:    
Net income  $11,785 $17,594
Adjustments to reconcile net income to net cash provided by operating activities:     
Deferred income tax benefit (2,051) (851)
Depreciation and amortization on plant, property and equipment and intangible assets 8,034 3,697
Amortization on deferred financing costs 184 1,244
Pre-tax loss on disposals of discontinued operations  —  400
Stock-based compensation  4,145 7,035
Changes in operating assets and liabilities, net of businesses acquired and sold (2,359) (37,769)
Net cash provided (used in) by operating activities  19,738 (8,650)
     
Investing activities:    
Acquisitions, net of cash acquired (49,451) (44,492)
Proceeds from sale of business, net of restricted cash and transaction costs 306 6,124
Proceeds from sale of equipment  71 15
Purchase of property, plant and equipment  (5,196) (5,848)
Net cash used in investing activities  (54,270) (44,201)
     
Financing activities:    
Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation (1,752) (3,034)
Stock repurchases  —  (6,832)
Dividends paid (6,215) (4,602)
Debt issuance costs (171) (924)
Proceeds from long-term debt 67,000 15,000
Payments of long-term debt  (44,000) (15,000)
Net cash provided by (used in) financing activities  14,862 (15,392)
Effect of exchange rate changes on cash  1,661 703
Net change in cash and cash equivalents  (18,009) (67,540)
Cash and cash equivalents, beginning of period 31,951 99,491
Cash and cash equivalents, end of period $13,942 $31,951
     
     
GLOBAL POWER EQUIPMENT GROUP INC.
         
Adjusted EBITDA RECONCILIATION
(in thousands)
(unaudited)
         
  Three Months Ended Year Ended
  December 31,  December 31,
  2013 2012 2013 2012
         
GAAP Income from continuing operations $10,936 $14,407 $11,506 $17,570
 Add back:        
Income tax (benefit) provision (1,014) (1,552) (437) 1,031
Interest expense, net 410 198 893 1,563
Depreciation and amortization 2,418 2,105 8,034 3,697
         
Non-GAAP EBITDA from continuing operations  $12,750 $15,158 $19,996 $23,861
 Add back:        
 Strategic investments, realignment expenses and acquisition costs 1,658 1,495 9,311 5,061
 Prior-period adjustment (1,300) -- (1,300) --
Non-GAAP Adjusted EBITDA from continuing operations(1) $13,108 $16,653 $28,007 $28,922
         
(1) Adjusted EBITDA from continuing operations represents income from continuing operations adjusted for income taxes, interest, depreciation and amortization, and unusual expenses. The Company believes Adjusted EBITDA from continuing operations is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, Adjusted EBITDA from continuing operations is not a GAAP financial measure. The Company's calculation of Adjusted EBITDA from continuing operations 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 Adjusted EBITDA from continuing operations 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 Year Ended
   12/31/2013  12/31/2012 12/31/2013  12/31/2012
Product Solutions  (unaudited) (unaudited)
Revenue $78,792 $79,997 $208,194 $193,676
Gross Profit 19,502 19,995 47,211 43,034
Gross Margin 24.8% 25.0% 22.7% 22.2%
 
Energy Services        
 Revenue 9,194 7,579 41,172 32,874
 Gross Profit 1,859 1,305 6,281 6,043
 Gross Margin 20.2% 17.2% 15.3% 18.4%
 
Nuclear Services        
 Revenue 53,559 64,616 234,852 236,278
 Gross Profit 8,148 10,141 31,512 33,977
 Gross Margin 15.2% 15.7% 13.4% 14.4%
 
Consolidated        
 Revenue 141,545 152,192 484,218 462,828
 Gross Profit 29,509 31,441 85,004 83,054
 Gross Margin 20.8% 20.7% 17.6% 17.9%
         
         
Shipping/Service Days by Quarter
           
  Q1 Q2 Q3 Q4 Total
           
FY14 62 64 63 66 255
           
FY13 58 64 63 65 250
           
           
GLOBAL POWER EQUIPMENT GROUP INC.
     
BACKLOG BY SEGMENT
(in thousands) (unaudited)
 
  December 31,
Backlog 2013 2012
Products $176,621 $113,193
Energy Services 17,028 27,846
Nuclear Services  196,674 252,715
Total $390,323 $393,754
     
PRODUCT ORDERS 
(in thousands) (unaudited)
 
 
  Q1 Q2 Q3 Q4 Total
2013 $55,899 $51,039 $64,277 $80,506 $251,721
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 6,198 $40,573 20%
North America 20,919 14,676 27,375 45,740 108,710 52%
Asia 4,129 1,315 7,399 10,781 23,624 11%
South America 3,668 1,325 8,544 8,244 21,781 10%
Europe & Other 1,113 3,999 564 7,829 13,505 7%
Total  $38,894 $35,930 $54,577 $78,792 208,193 100%
             
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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