Revenue during the quarter went up marginally by 2.60 percent to $27.26 million from $26.57 million in the previous year period. Gross margin for the quarter expanded 38 basis points over the previous year period to 22.43 percent. Total expenses were 95.76 percent of quarterly revenues, down from 95.88 percent for the same period last year. This has led to an improvement of 12 basis points in operating margin to 4.24 percent.

Operating income for the quarter was $1.16 million, compared with $1.09 million in the previous year period.

Nathan Mazurek, Pioneer's chairman and chief executive officer, said, “I am encouraged by the progress we made in the first quarter, particularly in our switchgear business which generated a modest profit after losing money last year. We delivered $2.1 million in Adjusted EBITDA, while facing the typical seasonality which impacts our first quarter, and based on our backlog and scheduled deliveries, I am increasingly confident in our ability to achieve our full-year guidance.”

Pioneer Power Solutions projects revenue to be in the range of $120 million to $127 million for financial year 2017. For fiscal year 2017, Pioneer Power Solutions expects net income to be in the range of $3.50 million to $4.10 million. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.40 to $0.47. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.83 to $0.93 on adjusted basis.