Exhibit 99.1

Global Power Equipment Group

Reports Second Quarter 2012 Financial Results

IRVING, Texas, August 9, 2012 – Global Power Equipment Group Inc. (NASDAQ: GLPW) (“Global Power” or “Company”) today reported its financial results for the second quarter ended June 30, 2012.

Total revenue in the second quarter of 2012 was $94.7 million, down 31.5% from total revenue of $138.3 million in the prior year’s second quarter. Lower revenue was the result of $16.9 million in delayed customer shipments by the Products Division, while the Services Division had fewer refueling outages combined with customers deferring maintenance and constricting capital spending in response to lower demand and a mild 2011 winter.

Net income was $0.9 million, or $0.05 per diluted share, in the second quarter of 2012 compared with $49.6 million, or $2.92 per diluted share, in the same prior-year period. Second quarter 2011 net income included a $40.1 million, or $2.36 per diluted share, tax benefit. The decline in net income was primarily driven by lower volume and higher selling and administrative expenses (S&A) including one-time items which were partially offset by gross margin expansion from both operating divisions.

“Our financial results this quarter were weaker than expected due to customer-related delays for receipt of gas turbine auxiliary equipment and reduced spending on elective maintenance projects. We see these as short-term issues and are focused on delivering solid second half 2012 results. Despite the uncertainty surrounding the global economy and slowing electrical power demand in the U.S., we believe fundamentally the markets we serve create measurable opportunity for us in the long-term. We achieved record backlog in the quarter, and believe this is a testament to our competitive advantages and growth potential,” said Luis Manuel Ramírez, President and Chief Executive Officer of Global Power.

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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Earnings before interest, taxes, depreciation and amortization (“EBITDA”), was $2.4 million, or 2.6% of sales in the second quarter of 2012 compared with $9.9 million, or 7.2% of sales in last year’s second quarter. The attached table provides important disclosures regarding Global Power’s use of EBITDA and a reconciliation of income from continuing operations to EBITDA.

PRODUCTS DIVISION: DELAYED SHIPMENTS IMPACT REVENUE

Products Division revenue for the second quarter of 2012 decreased $20.9 million, or 38.3%, to $33.6 million compared with the prior-year period, primarily due to $16.9 million in customer-delayed shipments which were partially offset by approximately $12 million of project shipments in the quarter that had originally been scheduled to ship in the trailing first quarter of this year. Of the $16.9 million of delayed shipments, approximately 40% has been shipped to date, 20% to 30% is expected to ship in the third quarter and the remainder is expected to ship by year end. Project shipment dates often change after a project is added to backlog due to project site logistics or customer driven change orders, among other reasons, including transportation logistics which can cause shipments to move from one period to the next.

Second quarter 2012 gross margin expanded 296 basis points to 23.8% compared with the 2011 second quarter reflecting improved pricing from projects destined for international markets.

Backlog for the Products Division as of June 30, 2012 increased $0.7 million from the trailing quarter to $136.1 million, but was up $15.5 million from year ago levels. The book-to-bill ratio in the quarter was 1.0x. The Company remains optimistic regarding future prospects for new natural gas-fired power generation projects, although quote and booking activity slowed in the quarter indicating a delayed recovery in the industry. Approximately 70%—75% of backlog is expected to ship by the end of 2012.

SERVICES DIVISION REPORTS RECORD BACKLOG

The decrease in Services Division revenue of $22.8 million, or 27.1%, during the second quarter of 2012 compared with the same period in 2011 was primarily the result of approximately $16.8 million lower revenue associated with reduced refueling outages at nuclear power facilities and delayed maintenance activity due to the abnormally mild winter season in 2011 to 2012. Additionally, the Company recognized $15.4 million of revenue in 2011 on a contract that has since expired. Partially offsetting this decline was $9.4 million in revenue from capturing nuclear services and construction support work at new build nuclear reactor sites in the U.S.

For the 2012 quarter, gross margin expanded 217 basis points to 14.7% on efficient project execution on certain projects.

Services Division backlog as of June 30, 2012 was a record $266.5 million. Backlog grew $67.0 million, or 33.6% from March 31, 2012, from new contract wins for nuclear power facilities under construction in the U.S. and the renewal and scope expansion of a maintenance and modification contract with a major customer. The project award-to-revenue ratio in the quarter was 2.1x. Approximately 35%-40% of backlog is expected to be realized in 2012.

CONSOLIDATED OPERATING INCOME DOWN ON VOLUME AND ONE TIME S&A EXPENSES

Operating income during the second quarter of 2012 was $2.0 million, down by $7.4 million from the prior year’s second quarter. Operating margin was 2.1% in the current quarter compared with 6.8% in the second quarter of last year. S&A expenses in the second quarter of 2012 were $15.0 million, up $2.4 million over the prior year period. The increase included $0.9 million in management transition expenses of which $0.5 million was non-cash stock compensation expense for accelerated vesting of the Company’s recently retired CEO. In addition to costs associated with the new Enterprise Resource Planning (“ERP”) system within the Products division, there was an increase of $0.5 million in acquisition transaction costs in the quarter. As a percent of sales, S&A was 15.9% in the second quarter compared with 9.1% in the last year’s second quarter.

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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FINANCIAL FLEXIBILITY: $90.5 MILLION IN CASH AND EQUIVALENTS

Cash and cash equivalents at June 30, 2012 decreased to $90.5 million compared with $99.5 million at December 31, 2011 and $95.4 million at March 31, 2012.

Capital expenditures were $2.2 million in the six months ended June 30, 2012, compared with $1.7 million during the same period in 2011. The increase was due to the new ERP system for the Products Division which was placed in service in the second quarter of 2012.

Given the Company’s solid balance sheet and positive long-term outlook, in June 2012, the Board of Directors approved a new quarterly dividend policy. The initial cash dividend of $0.09 per share or $1.5 million was paid on June 29, 2012. The Board of Directors has authorized the next quarterly dividend of $0.09 per share to shareholders of record at the close of business on September 10, 2012 which will be payable on or about September 28, 2012.

Additionally, the Board of Directors authorized a program to repurchase up to two million shares of common stock. To date, there have been no repurchases made under the program.

OUTLOOK

Although the outlook for the industries served by Global Power remains strong, developments in the second quarter of 2012 indicated a slowing of gas turbine installations due to the continuation of global headwinds to economic growth and have caused a reduction in proposal activity for the Products Division. The Company remains optimistic as the mid- and long-range outlook is positive in the Middle East, South America, Asia and the U.S. as natural gas power generation is a less expensive and lower emission alternative to coal-fired power generation.

For the Services Division, although in the early stages of acquiring new business related to the four new build nuclear project sites in the U.S., the Company believes it can compete well in this space and is well positioned to secure additional scope in the future at these sites. It also expects that more requirements for maintenance on existing nuclear facilities in reaction to the disaster at Fukushima can drive more potential business for this segment.

Record consolidated backlog at June 30, 2012 was $402.5 million compared with $334.8 million at March 31, 2012. Approximately 50% of backlog is expected to convert to revenue in 2012.

Mr. Ramírez concluded, “We believe we are strategically well positioned in the energy markets for growth as we capture greater market share and expand our product and service offerings. We will continue to pursue acquisitions as part of our growth strategy, but will remain laser focused on competing to win in our current operations.”

The Company projects its 2012 consolidated revenue will increase 8% to 12% over 2011. This includes an estimated $12 million to $14 million in revenue from the acquisition of Koontz-Wagner Custom Controls, which closed on July 30, 2012. Gross margin expectations are unchanged at approximately 50 basis points down from the 17.0% gross margin achieved in 2011. Recurring operating expenses, excluding transaction and integration costs for the acquisition, estimated at $2.5 million, and one-time expenses associated with changes in executive management estimated at $1.2 million, are expected to be approximately 5% to 10% higher than the prior year.

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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Webcast and Conference Call

Global Power Equipment Group will host a conference call and live webcast tomorrow at 9:30 am Central Time (10:30 am ET). During the conference call and webcast, Luis Manuel Ramírez, President and Chief Executive Officer, and David L. Willis, Senior Vice President and Chief Financial Officer, will review the Company’s financial condition and operating results for the second quarter of 2012, as well as the strategy and outlook. Their review will be accompanied by a slide presentation which will be available on the Company’s website at www.globalpower.com. A question-and-answer session will follow the formal presentation.

Global Power’s conference call can be accessed by dialing 201-493-6780. Alternatively, the webcast can be monitored at www.globalpower.com.

A telephonic replay will be available from 1:30 p.m. ET the day of the teleconference until Friday, August 24, 2012. To listen to the archived call, dial (858) 384-5517, and enter conference ID number 397923. Alternatively, an archive of the webcast will be available on the Company’s website at www.globalpower.com. A transcript will also be posted to the website, once available.

About Global Power

Texas-based Global Power Equipment Group Inc. is a design, engineering and manufacturing firm providing a broad array of equipment and services to the global power infrastructure, energy and process industries. Through its Services Division, the Company provides on-site specialty support and outage management services for commercial nuclear reactors in the United States and maintenance services to fossil and hydroelectric power plants and other industrial operations. Through its Products Division, the Company designs, engineers and manufactures a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 40 years of power generation industry experience. With a strong competitive position in its product lines, the Company benefits from a large installed base of equipment in domestic and international markets. Additional information about Global Power Equipment Group Inc. may be found at www.globalpower.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of that term set forth in the Private Securities Litigation Reform Act of 1995. These statements reflect our current views of future events and financial performance and are subject to a number of risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that could cause or contribute to such material differences include, but are not limited to, decreased demand for new gas turbine power plants, reduced demand for, or increased regulation of, nuclear power, loss of any of our major customers, cost increases and project cost overruns, unforeseen schedule delays, poor performance by our subcontractors, cancellation of projects, competition for the sale of our products and services, shortages in, or increases in prices for, energy and materials such as steel that we use to manufacture our products, damage to our reputation, warranty or product liability claims, increased exposure to environmental or other liabilities, failure to comply with various laws and regulations, failure to attract and retain highly-qualified personnel, volatility of our stock price, deterioration or uncertainty of credit markets, and changes in the economic, social and political conditions in the United States and other countries in which we operate, including fluctuations in foreign currency exchange rates, the banking environment or monetary policy. Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in our filings with the Securities and Exchange Commission, including the section of our Annual Report on Form 10-K filed with the SEC on March 14, 2012 titled “Risk Factors.” Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and we caution you not to rely upon them unduly.

Investor Relations Contact:

Deborah Pawlowski

Kei Advisors LLC

(716) 843-3908

investorrelations@globalpower.com

FINANCIAL TABLES FOLLOW.

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC. AND SUBSIDIARIES

RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO EBITDA

(in thousands)

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC.

SEGMENT DATA

(in thousands)

Global Power Equipment Group Reports Second Quarter 2012 Financial Results

August 9, 2012

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GLOBAL POWER EQUIPMENT GROUP INC.

BACKLOG BY SEGMENT

(in thousands)

(Unaudited)

GLOBAL POWER EQUIPMENT GROUP INC.

PRODUCT SHIPMENTS BY GEOGRAPHY

(in thousands)

(Unaudited)