- On track to deliver 2014 as planned
- Achieved highest quarterly order level in Company history
IRVING, Texas, July 31, 2014 (GLOBE NEWSWIRE) -- Global Power Equipment Group Inc. (NYSE: GLPW ) ("Global Power" or "Company") today reported its financial results for the second quarter 2014.
Luis Manuel Ramírez, President and CEO of Global Power, commented, "We have strong order levels, our backlog is building and the team is executing to plan. Our proactive commercial programs and collaboration among our businesses are presenting us with new opportunities which we believe will drive growth beyond the energy expansion cycle. Further, we believe that the internal infrastructure investments we're making are positioning us to capitalize on those opportunities and provide us with operating leverage and improved profitability."
He added, "As previously announced, the transfer of our common stock listing to the New York Stock Exchange in July represents an important milestone for our Company. We believe that this will raise our Company's profile and strengthen the Global Power brand."
Second Quarter 2014 Highlights
Growth
- Consolidated orders for the quarter represent a Company record at $166.1 million, up 170% over the trailing first quarter, driven by natural gas focus.
- Consolidated backlog increased 13% to $434.6 million over trailing first quarter, representing the second highest level in Company history, driven by services segments; approximately $255.0 million of backlog is convertible in second half of 2014.
Productivity and Efficiency
- Adjusted EBITDA was up 14% to $5.2 million (see adjusted EBITDA Reconciliation table on page 9 for important disclosures regarding the use of non-GAAP measures) .
- Income from continuing operations improved 16% to $0.9 million, or $0.06 per diluted share, on $114.7 million of revenue, which was about flat compared with the prior year.
Delivery
- Segments delivered improved performance.
- Product Solutions' revenue grew 65% to $59.2 million with gross margin of 19.6%.
- Energy Services' gross margin expanded 7 percentage points to 20.8% on a 4% increase in revenue to $14.1 million.
- Nuclear Services' revenue mix and solid project execution helped deliver 13.9% gross margin on revenue of $41.4 million.
Results for the 2014 second quarter include those of IBI, LLC, acquired on July 9, 2013 and consolidated into Koontz-Wagner Custom Controls Holdings, LLC on January 1, 2014 and Hetsco, Inc. ("Hetsco") acquired on April 30, 2013.
Second Quarter 2014 Consolidated Results
Gross profit was $20.3 million, or 17.7% of sales. Compared with the prior year, higher gross profit was the result of a greater revenue contribution from the Product Solutions segment which traditionally carries higher margins than the historic services business, which was primarily Nuclear. Additionally, improved gross profit margin in the Energy Services segment, which benefitted from a full quarter including the results of Hetsco, and in the Nuclear Services segment, which benefitted from strong performance on fixed price contract work, had a positive impact on consolidated gross margin. Total operating expenses in the quarter were $18.8 million, up 11.6% when compared with the prior-year period. The acquired businesses, including the associated depreciation and amortization, added approximately $2.2 million of incremental operating expenses in the quarter. Operating income was $1.5 million, or 1.3% of sales.
Adjusted EBITDA from continuing operations was $5.2 million in the second quarter compared with $4.5 million in the prior-year quarter. Adjusted EBITDA margin as a percent of sales improved by 60 basis points to 4.5%.
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 from continuing operations.
First Half 2014 Consolidated Results
Gross profit was $38.7 million, or 17.6% of sales. Higher gross profit resulted from improved margins in all operating segments. Total operating expenses were $36.7 million, up 5.8% when compared with the prior-year period. The acquired businesses, including the associated depreciation and amortization, added approximately $5.1 million of incremental operating expenses. Operating income was $2.1 million, or 0.9% of sales.
Adjusted EBITDA from continuing operations was $8.9 million in the first half compared with $5.9 million in the prior-year period. Adjusted EBITDA margin as a percent of sales improved by 150 basis points to 4.0%.
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 from continuing operations.
Flexible Balance Sheet
Cash and equivalents at quarter end was $15.6 million. During the second quarter, cash used in operations was $2.7 million and $18.0 million was borrowed on the revolving credit line, of which $12.0 million was repaid within the period. At the end of the quarter, there was $107.2 million undrawn against the Company's $150.0 million revolving credit line.
Capital expenditures during the second quarter were $0.4 million. 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.
Second Quarter Orders and Backlog
Orders for Product Solutions were $35.6 million, or $23.6 million lower than sales for the quarter. Backlog for Product Solutions at quarter end was $165.0 million, up 13.5% from the prior-year period, and down from the trailing quarter due to the strong shipments in the quarter. Approximately 75% of Product Solutions' backlog is expected to ship in 2014.
Orders for Energy Services were $45.7 million in the quarter, exceeding sales by $31.6 million, and its backlog was $51.8 million at quarter end. Approximately 57% of backlog is expected to convert to revenue in 2014.
Orders for Nuclear Services were $84.8 million, exceeding sales by $43.4 million. Backlog was $217.9 million at quarter end, with approximately 48% 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 defined projects.
2014 Outlook Remains Unchanged
- Consolidated revenue is expected to be in the range of $525.0 million to $550.0 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.
- Gross margin is expected to improve moderately as a percent of revenue (20 to 30 basis points from 17.6% in 2013).
- Operating expenses are expected to moderately decline as a percent of revenue (30 to 40 basis points from 15.1% in 2013).
Mr. Ramírez concluded, "Our experienced leadership team has been in place for nearly a year now and is driving the execution of our commercial-focused and solutions-oriented strategy. Our wins in the marketplace coupled with our operational progress demonstrate the establishment of our platform supporting our strategic goals. We believe we are on track to deliver our long-term goals."
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, August 15, 2014. To listen to the archived call, dial (858) 384-5517, and enter conference ID number 13585613. Alternatively, an archive of the webcast will be available on the Company's website at http://ir.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 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 (the "SEC"), 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 | ||||
| June 30 (1) , | Variance | |||
| 2014 | 2013 | $ | % | |
| Product Solutions revenue | $59,171 | $35,930 | $23,241 | 64.7% |
| Nuclear Services revenue | 41,430 | 66,435 | (25,005) | -37.6% |
| Energy Services revenue | 14,138 | 13,600 | 538 | 4.0% |
| Total revenue | 114,739 | 115,965 | (1,226) | -1.1% |
| Cost of revenue | 94,477 | 97,162 | (2,685) | -2.8% |
| Gross profit | 20,262 | 18,803 | 1,459 | 7.8% |
| Gross margin | 17.7% | 16.2% | ||
| Operating expenses | ||||
| Selling and marketing expenses | 2,474 | 2,462 | 12 | 0.5% |
| General and administrative expenses | 14,179 | 12,812 | 1,367 | 10.7% |
| Depreciation and amortization expense (2) | 2,141 | 1,559 | 582 | 37.3% |
| Total operating expenses | 18,794 | 16,833 | 1,961 | 11.6% |
| Operating income | 1,468 | 1,970 | (502) | -25.5% |
| Operating margin | 1.3% | 1.7% | ||
| Interest expense, net | 340 | 190 | 150 | 78.9% |
| Other (income) expense, net | (94) | 154 | (248) | -161.0% |
| Income from continuing operations before income tax | 1,222 | 1,626 | (404) | -24.8% |
| Income tax expense | 358 | 884 | (526) | -59.5% |
| Income from continuing operations | 864 | 742 | 122 | 16.4% |
| Discontinued operations: | ||||
| Loss from discontinued operations, net of tax | (90) | (1) | (89) | NM |
| Net income | $774 | $741 | $33 | 4.5% |
| Basic income (loss) per weighted average common share: | ||||
| Income from continuing operations | $0.06 | $0.04 | $0.02 | 50.0% |
| Loss from discontinued operations | (0.01) | — | (0.01) | NM |
| Income per common share - basic | $0.05 | $0.04 | $0.01 | 25.0% |
| Weighted average number of shares of common stock outstanding - basic | 17,070,615 | 16,956,925 | 113,690 | 0.7% |
| Diluted income per weighted average common share: | ||||
| Income from continuing operations | $0.06 | $0.04 | $0.02 | 50.0% |
| Loss from discontinued operations | (0.01) | — | (0.01) | NM |
| Income per common share - diluted | $0.05 | $0.04 | $0.01 | 25.0% |
| Weighted average number of shares of common stock outstanding - diluted | 17,075,189 | 16,967,356 | 107,833 | 0.6% |
| (1) The Company uses a 4-4-5 close methodology, which changes the accounting periods to month-end dates that could be different from the traditional last day of the month, but labels quarterly information using a calendar convention, that is, second quarter will be labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. | ||||
| (2) Excludes depreciation and amortization expense for the three months ended June 30, 2014 and 2013 of $373 and $291, respectively, included in cost of revenue. | ||||
| GLOBAL POWER EQUIPMENT GROUP INC. | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||
| (in thousands, except share and per share amounts) | ||||
| (unaudited) | ||||
| Six Months Ended | ||||
| June 30 (1) , | Variance | |||
| 2014 | 2013 | $ | % | |
| Product Solutions revenue | $98,102 | $74,824 | $23,278 | 31.1% |
| Nuclear Services revenue | 98,492 | 131,448 | (32,956) | -25.1% |
| Energy Services revenue | 23,027 | 26,403 | (3,376) | -12.8% |
| Total revenue | 219,621 | 232,675 | (13,054) | -5.6% |
| Cost of revenue | 180,881 | 197,906 | (17,025) | -8.6% |
| Gross profit | 38,740 | 34,769 | 3,971 | 11.4% |
| Gross margin | 17.6% | 14.9% | ||
| Operating expenses | ||||
| Selling and marketing expenses | 4,297 | 4,685 | (388) | -8.3% |
| General and administrative expenses | 27,933 | 27,366 | 567 | 2.1% |
| Depreciation and amortization expense (2) | 4,455 | 2,632 | 1,823 | 69.3% |
| Total operating expenses | 36,685 | 34,683 | 2,002 | 5.8% |
| Operating income | 2,055 | 86 | 1,969 | 2,289.5% |
| Operating margin | 0.9% | 0.0% | ||
| Interest expense, net | 753 | 276 | 477 | 172.8% |
| Other expense, net | 176 | 4 | 172 | 4,300.0% |
| Income (loss) from continuing operations before income tax | 1,126 | (194) | 1,320 | NM |
| Income tax expense | 334 | 265 | 69 | 26.0% |
| Income (loss) from continuing operations | 792 | (459) | 1,251 | NM |
| Discontinued operations: | ||||
| Loss from discontinued operations, net of tax | (97) | (41) | (56) | NM |
| Net income (loss) | $ 695 | $ (500) | $ 1,195 | NM |
| Basic income (loss) per weighted average common share: | ||||
| Income (loss) from continuing operations | $ 0.05 | $ (0.03) | $ 0.08 | NM |
| Loss from discontinued operations | (0.01) | — | (0.01) | NM |
| Income (loss) per common share - basic | $ 0.04 | $ (0.03) | $ 0.07 | NM |
| Weighted average number of shares of common stock outstanding - basic | 17,033,816 | 16,865,070 | 168,746 | 1.0% |
| Diluted income (loss) per weighted average common share: | ||||
| Income (loss) from continuing operations | $ 0.05 | $ (0.03) | $ 0.08 | NM |
| Loss from discontinued operations | (0.01) | — | (0.01) | NM |
| Income (loss) per common share - diluted | $ 0.04 | $ (0.03) | $ 0.07 | NM |
| Weighted average number of shares of common stock outstanding - diluted | 17,040,130 | 16,865,070 | 175,060 | 1.00% |
| (1) The Company uses a 4-4-5 close methodology, which changes the accounting periods to month-end dates that could be different from the traditional last day of the month, but labels quarterly information using a calendar convention, that is, second quarter will be labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30. | ||||
| (2) Excludes depreciation and amortization expense for the six months ended June 30, 2014 and 2013 of $801 and $649, respectively, included in cost of revenue. | ||||
| GLOBAL POWER EQUIPMENT GROUP INC. | ||
| CONSOLIDATED BALANCE SHEETS | ||
| (in thousands, except share and per share amounts) | ||
| June 30, | December 31, | |
| 2014 | 2013 | |
| ASSETS | (Unaudited) | |
| Current assets: | ||
| Cash and cash equivalents | $15,559 | $13,942 |
| Restricted cash | 71 | 120 |
| Accounts receivable, net of allowance of $573 and $557, respectively | 73,761 | 93,484 |
| Inventories | 8,456 | 6,476 |
| Costs and estimated earnings in excess of billings | 61,495 | 41,804 |
| Deferred tax assets | 3,301 | 3,301 |
| Other current assets | 8,475 | 8,215 |
| Total current assets | 171,118 | 167,342 |
| Property, plant and equipment, net | 19,896 | 20,644 |
| Goodwill | 106,884 | 109,930 |
| Intangible assets, net | 61,833 | 60,594 |
| Deferred tax assets | 7,471 | 7,630 |
| Other long-term assets | 980 | 1,258 |
| Total assets | $368,182 | $367,398 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $17,233 | $19,664 |
| Accrued compensation and benefits | 16,198 | 14,798 |
| Billings in excess of costs and estimated earnings | 11,323 | 12,757 |
| Accrued warranties | 1,683 | 3,261 |
| Other current liabilities | 6,852 | 8,483 |
| Total current liabilities | 53,289 | 58,963 |
| Long-term debt | 31,000 | 23,000 |
| Other long-term liabilities | 5,950 | 5,844 |
| Total liabilities | 90,239 | 87,807 |
| Commitments and contingencies | ||
| Stockholders' equity: | ||
| Common stock, $0.01 par value, 170,000,000 shares authorized and 18,386,443 and 18,294,998 shares issued, respectively, and 17,071,780 and 17,059,943 shares outstanding, respectively | 184 | 183 |
| Paid-in capital | 70,228 | 69,049 |
| Accumulated other comprehensive income | 3,039 | 3,473 |
| Retained earnings | 204,504 | 206,898 |
| Treasury stock, at par (1,263,708 and 1,235,055 common shares, respectively) | (12) | (12) |
| Total stockholders' equity | 277,943 | 279,591 |
| Total liabilities and stockholders' equity | $368,182 | $367,398 |
| GLOBAL POWER EQUIPMENT GROUP INC. | ||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (in thousands) | ||
| (unaudited) | ||
| Six Months Ended | ||
| June 30, | ||
| 2014 | 2013 | |
| Operating activities: | ||
| Net income (loss) | $ 695 | $ (500) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
| Deferred income tax benefit provision | (970) | (974) |
| Depreciation and amortization on plant, property and equipment and intangible assets | 5,044 | 3,281 |
| Amortization on deferred financing costs | 113 | 91 |
| Stock-based compensation | 1,744 | 2,504 |
| Changes in operating assets and liabilities, net of businesses acquired and sold | (7,743) | 23,870 |
| Net cash used in operating activities | (1,117) | 28,272 |
| Investing activities: | ||
| Acquisitions, net of cash acquired | — | (32,970) |
| Net transfers of restricted cash | 49 | — |
| Proceeds from sale of equipment | — | 66 |
| Purchase of property, plant and equipment | (1,236) | (2,489) |
| Net cash used in investing activities | (1,187) | (35,393) |
| Financing activities: | ||
| Repurchase of stock-based awards for payment of statutory taxes due on stock-based compensation | (566) | (1,531) |
| Debt issuance costs | 9 | — |
| Dividends paid | (3,088) | (3,141) |
| Proceeds from long-term debt | 30,000 | 30,000 |
| Payments of long-term debt | (22,000) | (10,000) |
| Net cash provided by financing activities | 4,355 | 15,328 |
| Effect of exchange rate changes on cash | (434) | (31) |
| Net change in cash and cash equivalents | 1,617 | 8,176 |
| Cash and cash equivalents, beginning of period | 13,942 | 31,951 |
| Cash and cash equivalents, end of period | $ 15,559 | $ 40,127 |
| GLOBAL POWER EQUIPMENT GROUP INC. | ||||
| ADJUSTED EBITDA RECONCILIATION | ||||
| (in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | Six Months Ended | |||
| June 30, | June 30, | |||
| 2014 | 2013 | 2014 | 2013 | |
| GAAP income (loss) from continuing operations | $ 864 | $ 742 | $ 792 | $ (459) |
| Add back: | ||||
| Income tax expense | 358 | 884 | 334 | 265 |
| Interest expense, net | 340 | 190 | 753 | 276 |
| Depreciation and amortization | 2,515 | 1,850 | 5,257 | 3,281 |
| Stock based compensation | 1,093 | 875 | 1,744 | 2,504 |
| Non-GAAP adjusted EBITDA from continuing operations (1) | $ 5,170 | $ 4,541 | $ 8,880 | $ 5,867 |
| (1) Adjusted EBITDA from continuing operations represents income from continuing operations adjusted for income taxes, interest, depreciation and amortization, and stock based compensation. 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 | Six Months Ended | |||
| 6/30/2014 | 6/30/2013 | 6/30/2014 | 6/30/2013 | |
| Product Solutions | (unaudited) | (unaudited) | ||
| Revenue | $59,171 | $35,930 | $98,102 | $74,824 |
| Gross Profit | 11,583 | 8,562 | 21,454 | 14,519 |
| Gross Margin | 19.6% | 23.8% | 21.9% | 19.4% |
| Energy Services | ||||
| Revenue | 14,138 | 13,600 | 23,027 | 26,403 |
| Gross Profit | 2,935 | 1,876 | 4,521 | 3,399 |
| Gross Margin | 20.8% | 13.8% | 19.6% | 12.9% |
| Nuclear Services | ||||
| Revenue | 41,430 | 66,435 | 98,492 | 131,448 |
| Gross Profit | 5,744 | 8,365 | 12,765 | 16,851 |
| Gross Margin | 13.9% | 12.6% | 13.0% | 12.8% |
| Consolidated | ||||
| Revenue | 114,739 | 115,965 | 219,621 | 232,675 |
| Gross Profit | 20,262 | 18,803 | 38,740 | 34,769 |
| Gross Margin | 17.7% | 16.2% | 17.6% | 14.9% |
| Shipping/Service Days by Quarter | |||||
| Q1 | Q2 | Q3 | Q4 | Total | |
| 2014 | 62 | 64 | 63 | 66 | 255 |
| 2013 | 58 | 64 | 63 | 65 | 250 |
| GLOBAL POWER EQUIPMENT GROUP INC. | |||||
| BACKLOG BY SEGMENT | |||||
| (in thousands) (unaudited) | |||||
| June 30, | September 30, | December 31, | March 31, | June 30, | |
| 2013 | 2013 | 2013 | 2014 | 2014 | |
| Product Solutions | $145,307 | $174,907 | $176,621 | $187,560 | $164,963 |
| Energy Services | 20,226 | 18,105 | 17,028 | 20,890 | 51,768 |
| Nuclear Services | 243,331 | 215,389 | 196,674 | 174,503 | 217,911 |
| Total | $408,864 | $408,401 | $390,323 | $382,953 | $434,642 |
| PRODUCT SOLUTIONS ORDERS | |||||
| (in thousands) (unaudited) | |||||
| Q1 | Q2 | Q3 | Q4 | Total | |
| 2014 | $49,776 | $35,588 | $85,364 | ||
| 2013 | $55,899 | $51,039 | $64,277 | $80,506 | $251,721 |
| PRODUCT SOLUTIONS SHIPMENTS BY GEOGRAPHY | ||||||
| ($ in thousands) (unaudited) | ||||||
| 2014 | ||||||
| Products Shipped to | Q1 | Q2 | Q3 | Q4 | Total | % of total |
| Middle East | $366 | $14,021 | $14,387 | 15% | ||
| North America | 24,849 | 30,500 | 55,349 | 57% | ||
| Asia | 4,193 | 3,062 | 7,255 | 7% | ||
| South America | 2,720 | 1,319 | 4,039 | 4% | ||
| Europe & Other | 6,803 | 10,269 | 17,072 | 17% | ||
| Total | $38,931 | $59,171 | $98,102 | 100% | ||
| 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% |
Investor Relations Contact: Shawn Severson The Blueshirt Group (415) 489-2198
