Pioneer Power Solutions announces Q1 2014 results
USA, New Jersey: Pioneer Power Solutions, Inc. a manufacturer of specialty power transmission and distribution equipment, announced its first quarter 2014 results.
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USA, New Jersey: Pioneer Power Solutions, Inc. a manufacturer of specialty power transmission and distribution equipment, announced its first quarter 2014 results.
The financial highlights for the company include revenue of $ 20.9 million, which increased from $ 22.6 million in Q1 2013; gross margin percentage increase to 23.5 % from 22.5 % in Q1 2013; adjusted EBITDA of $ 1.4 million compared to $ 1.9 million in Q1 2013; and non-GAAP diluted EPS of $ 0.10 vs. $ 0.18 in Q1 2013.
Nathan Mazurek, Pioneer’s Chairman and Chief Executive Officer, said: “The first quarter of 2014 highlights the inherent quarter-to-quarter variability in our project-oriented revenue model. In addition, the first quarter of 2014 was heavily impacted by foreign currency translation, which had the effect of reducing our reported revenue by approximately $ 1.2 million. Nonetheless, we extended our 5+ year track record of consistent quarterly profitability, and managed to do so despite investments in additional sales and engineering talent to drive our long-term growth.”
“We remain optimistic about achieving our full-year 2014 guidance. Both our first quarter bookings and ending backlog for March are higher than they were at this same point last year, and our April bookings were our strongest on record – exceeding eight figures for the first time in our history and resulting in a greater than 20% increase in our backlog.“ Mr Mazurek added.
Source: PR Newswire
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