Exhibit 99.1

Global Power Equipment Group Inc.

Reports Third Quarter FY2004 Results

Strong International Bookings Boosts Backlog to $218 Million

TULSA, Oklahoma, October 25, 2004 – Global Power Equipment Group Inc. (NYSE: GEG), a leading design, engineering and fabrication firm providing a broad array of equipment and services to diversified global companies engaged in the power and process industries, today reported financial results for the third quarter ended September 25, 2004.

Global Power Equipment Group reported earnings for the third quarter of fiscal 2004 of $90,000 or $0.00 per diluted share, on revenues of $59.7 million. This compares to net earnings of $3.0 million, or $0.07 per diluted share, on revenues of $57.3 million for the third quarter of fiscal 2003. For the nine months ended September 25, 2004, the Company reported net earnings of $1.2 million, or $0.03 per diluted share, on revenues of $171.9 million. This compares to net earnings for the same period last year of $14.7 million, or $0.32 per diluted share, on revenues of $198.3 million. Earnings for the third quarter of fiscal 2004 and the first nine months of 2004 include the effect of restructuring charges totaling $1.1 million and $3.4 million, respectively or $0.01 and $0.04 per share, respectively.

The Company’s gross profit for the third quarter of 2004 totaled $9.1 million representing a 15.2 percent gross margin compared to a gross profit of $13.8 million and a gross margin of 24.2 percent in the third quarter last year. As previously announced, the Company’s gross profit has been impacted by sharply higher steel costs during fiscal year 2004 and again in the most recent quarter. For the first nine months of 2004, the Company’s gross profit totaled $30.0 million representing a 17.5 percent gross margin compared to 26.2 percent in the same period of 2003.

The Company generated EBITDA (earnings plus income taxes, interest, depreciation and amortization) of $1.4 million for the third quarter of 2004, down from the $6.1 million recorded during the same period in 2003. The decrease in EBITDA was principally due to the lower gross margin during the third quarter of 2004. The Company had cash and cash equivalents of $32.6 million on hand at the end of the third quarter of 2004, up slightly from the $31.2 million from the end of June 2004.

“International market conditions for new power generation continued to gain strength during the third quarter as evidenced by our bookings to firm backlog” stated Larry Edwards, Global Power Equipment Group’s chairman, president and chief executive officer. “Our recent acquisition in China, which we closed during the third quarter, is supporting our business in China and has been instrumental in helping us secure new orders for markets outside of China.”

Mr. Edwards further stated, “Our third quarter margins were impacted by significantly higher steel costs, as well as rising transportation costs, which were largely the result of higher global energy prices. During the third quarter, international steel prices were nearly 90 percent higher than a year before and were 14 percent higher than the second quarter of this year. While we continue to work with our suppliers, international manufacturing partners and our customers to deal with the impact of higher steel costs, our lower gross profit margin clearly reflects the effect of this key input.”

Global Power Equipment Group Inc.

Third Quarter 2004 Earnings – Page 2

At the end of the third quarter, the Company’s firm backlog totaled $218 million compared to $171 million at the end of June 2004 and $185 million at the end of September 2003. Approximately 71 percent of the Company’s new bookings during the first nine months of 2004 originated from projects outside of the United States compared to 54 percent during the first nine months of 2003.

Earnings Estimate

Based upon information management currently has evaluated, in conjunction with this release, management expects fiscal year 2004 revenue and earnings guidance as follows: revenue of between $220 million and $240 million and diluted earnings per share of between $0.07 and $0.08, before the effect of previously announced estimated management restructuring charges which total approximately $5.2 million or $0.07 per diluted share. The company establishes fiscal year 2005 earnings guidance of between $0.16 and $0.24 per diluted share on revenues of between $325 and $375 million and a gross margin of between 14.0 percent to 16.0 percent.

Special notice: The Company’s Board of Directors has approved a change in the fiscal year-end for the Company from the last Saturday in December to December 31, and will be effective for the fourth quarter of 2004 and periods beyond.

Non-GAAP Financial Measures

This release contains disclosure of EBITDA and estimated earnings per diluted share for fiscal 2004 and the third quarter of 2004 that exclude the effect of estimated restructuring charges, which are non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. A reconciliation of EBITDA to net income available to common stockholders and of estimated earnings per diluted share excluding restructuring charges to estimated earnings per diluted share are included in the exhibits to this release.

About Global Power Equipment Group

Oklahoma based Global Power Equipment Group Inc. is a leading designer, engineer and fabricator of a comprehensive portfolio of equipment for gas turbine power plants and power-related equipment for industrial operations, with over 30 years of power generation industry experience. The Company’s equipment is installed in power plants and in industrial operations in more than 40 countries on six continents and believes, in its product lines, it has one of the largest installed bases of equipment for power generation in the world. In addition, the Company provides its customers with value-added services including engineering, retrofit, maintenance and repair. Additional information about Global Power Equipment Group may be found at www.globalpower.com.

Statements contained in this release regarding the Company’s or management’s intentions, beliefs, expectations, or predictions for the future, including, but not limited to, those regarding anticipated operating results, are forward looking statements within the meaning of U.S. federal securities laws and are subject to a number of risks, assumptions and uncertainties that could cause the Company’s actual results to differ materially from those projected, including decreased demand for new gas turbine power plants, the loss of any of our major customers, the cancellation of projects, project cost overruns, including increases in prices for materials such as steel, and unforeseen schedule delays, competition for the sale of our products or services, poor performance by our subcontractors, warranty and product liability claims, and changes in the economic, social and political conditions in the countries in which we operate, including fluctuations in foreign currency exchange rates. Information concerning some of the other factors that could cause actual results to differ materially from those in, or implied by, the forward looking statements are set forth under “Risk Factors” in the Company’s Form 10-K for the period ended December 27, 2003, and other reports on file with the U.S. Securities and Exchange Commission. The Company assumes no obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise.

Company Contact:

Bob Zwerneman

Director of Investor Relations

(918) 274-2398

Global Power Equipment Group Inc., 6120 S. Yale, Suite 1480, Tulsa, OK 74136 U.S.A.

Phone: 1-918 488-0828 FAX: 1-918 488-8389

Global Power Equipment Group Inc.

Third Quarter 2004 Earnings – Page 3

GLOBAL POWER EQUIPMENT GROUP INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

	Three Months Ended				Nine Months Ended
	September 25, 2004		September 27, 2003		September 25, 2004		September 27, 2003
Revenues	$	59,720	$	57,301	$	171,867	$	198,329
Cost of sales		50,621		43,454		141,826		146,314
Gross profit		9,099		13,847		30,041		52,015
Selling and administrative expenses		8,769		8,578		27,571		26,697
Operating income		330		5,269		2,470		25,318
Interest expense		185		326		496		1,218
Income before income taxes		145		4,943		1,974		24,100
Income tax provision		55		1,928		750		9,399
Net income available to common stockholders	$	90	$	3,015	$	1,224	$	14,701
Basic income per common share
Weighted average shares outstanding- basic		46,330		44,785		46,104		44,327
Net income available to common stockholders	$	0.00	$	0.07	$	0.03	$	0.33
Diluted income per common share
Weighted average shares outstanding- diluted		46,921		45,996		46,869		45,788
Net income available to common stockholders	$	0.00	$	0.07	$	0.03	$	0.32

Global Power Equipment Group Inc., 6120 S. Yale, Suite 1480, Tulsa, OK 74136 U.S.A.

Phone: 1-918 488-0828 FAX: 1-918 488-8389

Global Power Equipment Group Inc.

Third Quarter 2004 Earnings – Page 4

GLOBAL POWER EQUIPMENT GROUP INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	September 25, 2004			December 27, 2003
ASSETS
Current assets:
Cash and cash equivalents	$	32,554		$	51,315
Accounts receivable, net of allowance of $2,307 and $ 1,325		36,533			42,582
Inventories		8,360			3,013
Costs and estimated earnings in excess of billings		64,997			40,706
Deferred tax assets		12,410			17,315
Other current assets		14,782			3,983
Total current assets		169,636			158,914
Property, plant and equipment, net		24,521			20,740
Deferred tax assets		50,660			55,094
Goodwill, net		45,000			45,000
Other assets		7,225			1,248
Total assets	$	297,042		$	280,996
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	21,011		$	14
Accounts payable		20,143			18,974
Accrued compensation and employee benefits		3,803			7,285
Accrued warranty		13,093			15,004
Billings in excess of costs and estimated earnings		65,663			53,293
Other current liabilities		4,831			5,203
Total current liabilities		128,544			99,773
Other long-term liabilities		6,511			1,888
Long-term debt, net of current maturities		—			24,949
Commitments and contingencies
Minority interest		1,708			—
Stockholders’ equity
Common stock		463			452
Paid-in capital deficit		(19,480	)		(25,492	)
Accumulated comprehensive income		1,262			2,616
Retained earnings		178,034			176,810
Total stockholders’ equity		160,279			154,386
Total liabilities and equity	$	297,042		$	280,996

Global Power Equipment Group Inc., 6120 S. Yale, Suite 1480, Tulsa, OK 74136 U.S.A.

Phone: 1-918 488-0828 FAX: 1-918 488-8389

Global Power Equipment Group Inc.

Third Quarter 2004 Earnings – Page 5

GLOBAL POWER EQUIPMENT GROUP INC.

SUPPLEMENTAL STATISTICAL INFORMATION

(in thousands)

	Three Months Ended				Nine Months Ended
	September 25, 2004		September 27, 2003		September 25, 2004		September 27, 2003
Net income	$	90	$	3,015	$	1,224	$	14,701
Add back:
Income tax provision		55		1,928		750		9,399
Interest expense		185		326		496		1,218
Depreciation and amortization		1,110		874		2,773		2,680
EBITDA (a)	$	1,440	$	6,143	$	5,243	$	27,998

(a) EBITDA represents net income plus income taxes, interest, depreciation and amortization. While considered the most common definition used by investors and financial analysts, the EBITDA presented above may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA, while providing useful information, should not be considered in isolation or as an alternative to other financial measures determined under GAAP.

GLOBAL POWER EQUIPMENT GROUP INC.

RECONCILIATION OF NON-GAAP ESTIMATED EARNINGS TO A GAAP BASIS

	Three Months Ended December 31, 2004						Twelve Months Ended December 31, 2004
	(Low estimate)			(High estimate)			(Low estimate)			(High estimate)
Estimated earnings per share on a non-GAAP basis	$	—		$	0.01		$	0.07		$	0.08
Impact of estimated restructuring charges		(0.03	)		(0.02	)		(0.08	)		(0.07	)
Estimated earnings per share on a GAAP basis	$	(0.03	)	$	(0.01	)	$	(0.01	)	$	0.01