Pioneer Power Solutions, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Tax Rate Guidance for the Year 2017
March 14, 2017 at 08:32 pm
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Pioneer Power Solutions, Inc. reported unaudited earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported revenue of $28,513,000 against $26,251,000 a year ago. Operating loss was $1,586,000 compared to $1,198,000 a year ago. Loss before taxes was $1,412,000 compared to $2,442,000 a year ago. Net loss was $1,654,000 or $0.19 per basic and diluted share compared to $1,288,000 or $0.18 per basic and diluted share a year ago. Adjusted EBITDA was $2,559,000 compared to $1,854,000 a year ago. Non-GAAP net earnings were $1,842,000 or $0.21 per diluted share compared to $1,335,000 or $0.15 per diluted share a year ago.
For the year, the company reported revenue of $114,402,000 against $106,522,000 a year ago. Operating income was $2,103,000 compared to operating loss of $5,300,000 a year ago. Income before taxes was $572,000 compared to loss of $8,583,000 a year ago. Net loss was $569,000 or $0.07 per basic and diluted share compared to $5,881,000 or $0.76 per basic and diluted share a year ago. Adjusted EBITDA was $8,800,000 compared to $3,839,000 a year ago. Non-GAAP net earnings were $6,336,000 or $0.73 per diluted share compared to $2,764,000 or $0.36 per diluted share a year ago.
The company expects an effective tax rate at 28% for the fiscal year 2017.
Pioneer Power Solutions, Inc. designs, manufactures, integrates, refurbishes, services, distributes electric power systems, distributed energy resources, used and new power generation equipment and mobile electric vehicle (EV) charging solutions. Its products and services are sold to a broad range of customers in the utility, industrial and commercial markets. It operates through two segments: Transmission & Distribution Solutions (T&D Solutions) and Critical Power Solutions (Critical Power). Its T&D Solutions business provides equipment solutions, including e-Bloc, that help customers protect, control, transfer, monitor and manage their electric energy requirements. Its solutions are marketed principally through its Pioneer Custom Electrical Products Corp. (PCEP) brand name. Its Critical Power business provides customers with suite of mobile E-BOOST EV charging solutions, and all forms of maintenance on power generation equipment. Its products are marketed under Titan brand.
Pioneer Power Solutions, Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Provides Tax Rate Guidance for the Year 2017