Global Power Equipment Group Inc (OTCMKTS:GLPW) Making Progress Towards Restatement Completion


Global Power Equipment Group Inc (OTCMKTS:GLPW) shares were up 2.05% to $3.49 on Monday. The company has a market cap of $59.92 million at 17.17 million shares outstanding. Shares have been trading in a 52-week range of $1.50 to $7.98.

Global Power Equipment is a  provider of customer-engineered equipment, and modification and maintenance services for customers in the energy, infrastructure and process and industrial segments. It  designs, engineers and manufactures a range of gas and steam turbine auxiliary products, houses and generator enclosures primarily used to facilitate the operation of gas turbine power plants, sub-base and stand-alone tanks for other industrial, energy and power-related applications.

On top of that, the company provides on-site specialty modification and maintenance services, outage management, facility upgrade services, specialty repair, brazed aluminum heat exchanger repair and maintenance, and other industrial and safety services to nuclear, fossil-fuel, industrial gas, and liquefied natural gas, petrochemical and other industrial operations in the United States.

Global Power Equipment made headlines last year when it put together an internal task force to restate its financial figures. Through that time, however, the company has lost nearly 75% of its value and was delisted from the NYSE.

Earlier this month, the company shared that it has been making progress in its restatement completion. From there, it can reapply for listing back on NYSE and management can return its attention to operational efforts, allowing share prices to regain a lot of lost ground.

Of course there’s also the chance that the company underperformed throughout the entire period, possibly weighing on investor confidence and its growth prospects. The review was prompted by a discrepancy in FY 2014 numbers so the revisions could also have an impact on 2015 figures, and it will take some time before the company is able to complete the rest of the numbers for the first and second quarters of this year.

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