Pike Reports Strong Revenue and Earnings Growth in Fiscal First Quarter 2013 Revenue Increases 42% to Record $244.6 Million; EPS Increases 271% to $0.26 per Diluted Share Business Wire MOUNT AIRY, N.C. -- November 05, 2012 Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal first quarter 2013 results for the period ended September 30, 2012. Total revenue in the first quarter was a record high $244.6 million, up 42% compared to $171.8 million in the year-ago period. Net income in the first quarter totaled $9.3 million, or $0.26 per diluted share. By comparison, net income totaled $2.6 million, or $0.07 per diluted share, in the year-ago period. Total revenue included storm-related services of $50.2 million in the first quarter, compared to $34.8 million in the same quarter last year. Gross profit in the fiscal first quarter 2013 totaled $36.9 million, or 15.1% of revenue. By comparison, gross profit totaled $23.9 million, or 13.9% of revenue, in the year-ago period. General and administrative expenses totaled $19.5 million, or 8.0% of revenue. By comparison, general and administrative expenses totaled $16.0 million, or 9.3% of revenue, in the year-ago period. As a result of the acquisition of UC Synergetic (“UCS”), the Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. Construction performs installation, maintenance and repair of power delivery systems, including storm restoration services. All Other Operations performs siting, permitting, engineering and design of power and telecommunications delivery systems, including storm assessment and inspection services. Construction revenue totaled $203.4 million, up 30% compared to $156.0 million in the year-ago period. Income from operations in the Construction segment totaled $16.6 million, compared to $8.6 million in the year-ago period. All Other Operations revenue totaled a record high $41.2 million, up 161% compared to $15.8 million in the year-ago period. Income from operations in the All Other Operations segment totaled $2.1 million, compared to $(0.6) million in the year-ago period. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results. “We had a tremendous start to our fiscal year 2013,” said J. Eric Pike, Chairman and CEO of Pike. “Our strong first quarter performance reflects the sustained growth trends in all areas of our construction business, the addition of UCS, plus a relatively high volume of storm restoration activity.” Conference Call The Company will host a conference call at 11:00 a.m. Eastern on Tuesday, November 6. The call can be accessed by dialing (888) 359-3627, or (719) 325-2495 for international callers. The confirmation code for the live call is 3855455. Interested parties may also listen to a simultaneous webcast via the "Investor Center" on the Company's website at www.pike.com. A replay will be made available shortly after the live call is completed and can be accessed by dialing (858) 384-5517. The confirmation code for the replay is 3855455. The replay will remain available until midnight Eastern on November 13. An on-demand replay of the conference call will remain available online for a limited time following the conclusion of the call. About Pike Electric Corporation Pike Electric Corporation is a leading provider of energy solutions to over 300 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include facilities planning and siting, permitting, engineering, design, installation, maintenance and repair of electric and communication infrastructure. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. For more information, visit us online at www.pike.com. Forward-Looking Statements This press release and other statements we make from time to time in the future may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to our plans, objectives and future estimates. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and other factors, please refer to the Risk Factor section of our Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made. PIKE ELECTRIC CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three months ended September 30, 2012 2011 Revenues $ 244,613 $ 171,791 Cost of operations 207,691 147,937 Gross profit 36,922 23,854 General and administrative expenses 19,468 16,017 (Gain) loss on sale of property and (130 ) 158 equipment Income from operations 17,584 7,679 Other expense (income): Interest expense 2,123 3,493 Other, net (21 ) (3 ) Total other expense 2,102 3,490 Income before income taxes 15,482 4,189 Income tax expense 6,200 1,585 Net income $ 9,282 $ 2,604 Earnings per share: Basic $ 0.26 $ 0.08 Diluted $ 0.26 $ 0.07 Shares used in computing earnings per share: Basic 35,048 34,178 Diluted 35,355 34,807 PIKE ELECTRIC CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share amounts) September 30, June 30, 2012 2012 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 1,309 $ 1,601 Accounts receivable, net 129,078 91,059 Costs and estimated earnings in excess of billings on uncompleted contracts 80,270 66,414 Inventories 13,554 15,348 Prepaid expenses and other 7,006 9,001 Deferred income taxes 7,868 9,722 Total current assets 239,085 193,145 Property and equipment, net 175,475 174,655 Goodwill 153,657 122,932 Other intangibles, net 81,366 43,617 Deferred loan costs, net 2,123 2,175 Other assets 2,195 1,624 Total assets $ 653,901 $ 538,148 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 31,224 $ 26,206 Accrued compensation 27,401 28,703 Billings in excess of costs and estimated earnings on uncompleted contracts 4,364 5,318 Accrued expenses and other 14,861 7,551 Current portion of insurance and claim accruals 10,611 11,525 Total current liabilities 88,461 79,303 Revolving credit facility 207,500 123,000 Insurance and claim accruals, net of current portion 4,233 3,956 Deferred compensation 5,946 5,578 Deferred income taxes 58,085 46,749 Other liabilities 2,846 2,637 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $0.001 per share; 100,000 authorized shares; no shares issued and outstanding - - Common stock, par value $0.001 per share; 100,000 authorized shares; 35,114 and 35,052 shares issued and outstanding at September 30, 2012 and June 30, 2012, 6,428 6,428 respectively Additional paid-in capital 173,762 173,060 Accumulated other comprehensive loss, net of taxes (79 ) - Retained earnings 106,719 97,437 Total stockholders’ equity 286,830 276,925 Total liabilities and stockholders’ equity $ 653,901 $ 538,148 PIKE ELECTRIC CORPORATION SEGMENT RESULTS (Unaudited) (In thousands) Three months ended September 30, 2012 2011 Construction Core services $ 156,478 $ 121,217 Less: Intercompany eliminations (27 ) - Core services, net 156,451 121,217 Storm restoration services 46,973 34,792 Revenues, net 203,424 156,009 Income from operations 16,580 8,589 Depreciation and amortization 9,071 9,278 Purchases of property and equipment 7,759 7,611 All Other Operations Core services $ 49,003 $ 15,782 Less: Intercompany eliminations (11,037 ) - Core services, net 37,966 15,782 Storm assessment and inspection services 3,223 - Revenues, net 41,189 15,782 Income (loss) from operations 2,074 (600 ) Depreciation and amortization 1,314 424 Purchases of property and equipment 348 - Eliminations and Other Adjustments Revenues $ - $ - Loss from operations (1,070 ) (310 ) Depreciation and amortization - - Purchases of property and equipment - - Total Core services $ 205,481 $ 136,999 Less: Intercompany eliminations (11,064 ) - Core services, net 194,417 136,999 Storm-related services 50,196 34,792 Revenues, net 244,613 171,791 Income from operations 17,584 7,679 Depreciation and amortization 10,385 9,702 Purchases of property and equipment 8,107 7,611 Contact: Pike Electric Corporation Investor Relations Contact, 336-719-4622 IR@pike.com
Pike Reports Strong Revenue and Earnings Growth in Fiscal First Quarter 2013
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