Pioneer Power (NASDAQ: PPSI) reported Q2 EPS of ($0.05), $0.10 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $26.5 million versus the consensus estimate of $28.8 million.

Pioneer Power sees FY2015 EPS of $0.15-$0.20. Pioneer Power sees FY2015 revenue of $110-120 million.

Pioneer Power sees FY2016 EPS of $0.55-$0.65. Pioneer Power sees FY2016 revenue of $130-140 million.

Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "We have and are taking decisive actions to return the Company to an acceptable level of profitability and in line with our potential. Revenues are not at issue for us, having grown 31.9% on a year-to-date basis, with organic growth of 8% before the unfavorable effect of foreign currency translation. This growth validates the consistency of demand for our solutions and our strategy to derive incremental sales by broadening the range of engineered products and technical services we offer."

"While segments of our business continue to exceed our expectations, it has not been enough to overcome the impact on our earnings due to recessionary conditions in Canada and its currency at near 10-year lows. In particular, these conditions have affected our largest and historically most profitable liquid-filled transformer business, whose performance has still been resilient due to its stable base of utility customers. As a result of our recent overall performance, we have set in motion improvement plans intended to reorganize, simplify and remove cost from our operations, with the objective of returning the Company to more profitable growth. Through July, these initiatives have already resulted in approximately $0.8 million in annualized fixed cost savings, which we expect will surpass $2.5 million by the time our plans are complete in mid-2016. We also expect to realize meaningful operating cost savings and efficiencies as a result of streamlining our operations through closer business integration, principally to reverse losses at our Canadian dry-type transformer business, and by outsourcing some of our lower value-added activities."

"Earlier this month, through the acquisition of Pacific Power Systems Integration, we augmented our product scope to include low and medium voltage switchgear. We believe the acquisition enhances our competitive position, enabling us to pursue larger and more highly-engineered project opportunities with our full range of solutions," continued Mr. Mazurek. "The forecast for our business remains promising as we continue our efforts to expand our sales pipeline and capitalize on cost synergies across our operating units to drive improved results in 2016 and beyond."

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