Global Power Equipment posts $65 million term loan balance at Dec. 31

By Jennifer Lanning Drey

Portland, Ore., March 30 - Global Power Equipment Group Inc. had a term loan balance of $65 million at Dec. 31 and will repay $41 million of that amount in April, David Willis, chief financial officer of Global Power, said Tuesday during the company's fourth-quarter earnings conference call.

The year-end term loan balance was down $20 million from the outstanding balance at the end of 2008.

"Global Power strengthened its balance sheet throughout 2009. Strong cash flow from operations enabled us to build cash balances and pay down debt," Willis said.

Global Power had unrestricted cash of $103.2 million at Dec. 31, up from $57.6 million at the end of 2008.

"A strong balance sheet in this industry is a catalyst for creating sustainable shareholder value," Willis said.

Global Power reported fourth-quarter revenues of $163.0 million and a net loss of $4.0 million for the period. The figures compared to revenues of $158.2 million and net income of $10.2 million in the fourth quarter of 2008.

Global Power is a Tulsa, Okla.-based provider of equipment and services to the power infrastructure, energy and process industries.

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