PowerSecure Adds $25 Million to Revenue Backlog
WAKE FOREST, N.C. -- September 19, 2013
PowerSecure International, Inc. (NYSE:POWR) today announced it has been
awarded approximately $25 million of new business.
The new business awards include approximately $15 million of additional
utility infrastructure (UI) business, approximately $7 million of new turnkey
distributed generation (DG) business and approximately $3 million in new
energy efficiency (EE) sales.
The $15 million in new UI awards include substation, transmission and
distribution work for ongoing utility system maintenance and construction
projects, primarily for large utilities and large industrial sites. This work
includes substantial new distribution and transmission projects for utilities
in the Midwest, Southeast and South Central United States that are investing
to upgrade their existing grid assets and expand their networks.
The $7 million in new DG business includes projects for hospitals, major
industrial sites and retailers. Approximately $2 million of this total
reflects DG systems for several national grocery chains.
The $3 million in new EE awards include approximately $1 million in new ESCO
business to implement energy efficiency improvements at a major facility in
the Midwest on behalf of a large ESCO customer, and an approximately $2
million order for PowerSecure’s new area light from one of the largest
electric cooperatives in the country.
“We continue to see strong growth across our business areas, with a variety of
new DG projects, further momentum in our utility infrastructure business and
the largest single area light order since we launched the product,” said
Sidney Hinton, chief executive officer of PowerSecure.
PowerSecure International, Inc. is a leading provider of utility and energy
technologies to electric utilities, and their industrial, institutional and
commercial customers. PowerSecure provides products and services in the areas
of energy efficiency, distributed generation, and utility infrastructure. The
company is a pioneer in developing Interactive Distributed Generation^®
(IDG^®) power systems with sophisticated smart grid capabilities, including
the ability to 1) forecast electricity demand and electronically deploy the
systems to deliver more efficient and environmentally friendly power at peak
times, 2) provide utilities with firm capacity to utilize for demand response
and 3) provide customers with the most dependable standby power in the
industry. Its proprietary distributed generation system designs utilize a
range of technologies to deliver power, including renewables.
The company’s energy efficiency business develops efficient LED lighting
technologies that improve the quality of light, including its proprietary
EfficientLights^® LED lighting products for grocery, drug and convenience
stores, and its SecureLite and PowerLite street lights for utilities and
municipalities. PowerSecure’s utility infrastructure team provides electric
utilities with transmission and distribution infrastructure maintenance and
construction services, and engineering and regulatory consulting services.
Additional information is available at www.powersecure.com.
All forward-looking statements contained in this release are made within the
meaning of and pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements are all
statements other than statements of historical facts, including but not
limited to statements concerning the amount and timing of the revenues
associated with the new business discussed in this press release; the
Company’s outlook, prospects and expectations for revenues, net income and
E.P.S. results and growth generally; the anticipated results of the Company’s
products, services, and technologies; and all other statements concerning the
plans, intentions, expectations, projections, hopes, beliefs, objectives,
goals and strategies of management, including statements about other future
financial and non-financial items, performance or events and about present and
future products, services, technologies and businesses; and statements of
assumptions underlying the foregoing. Forward-looking statements are not
guarantees of future performance or events and are subject to a number of
known and unknown risks, uncertainties and other factors that could cause
actual results to differ materially from those expressed, projected or implied
by such forward-looking statements. Important risks, uncertainties and other
factors include, but are not limited to, those risks, uncertainties and other
factors identified from time to time in the Company's most recent Annual
Report on Form 10-K, as well as in subsequent filings with the Securities and
Exchange Commission, including reports on Forms 10-Q and 8-K. Accordingly,
there can be no assurance that the results expressed, projected or implied by
any forward-looking statements will be achieved, and readers are cautioned not
to place undue reliance on any forward-looking statements. The forward-looking
statements in this press release speak only as of the date hereof and are
based on the current plans, goals, objectives, strategies, intentions,
expectations and assumptions of, and the information currently available to,
management. The Company assumes no duty or obligation to update or revise any
forward-looking statements for any reason, whether as the result of changes in
expectations, new information, future events, conditions or circumstances or
PowerSecure International, Inc.
John Bluth, 919-453-2103
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