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Pike Reports Strong Revenue and Earnings Growth in Fiscal First Quarter 2013



  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
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