POWERSECURE INTERNATIONAL, INC. - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - 8-K - POWERSECURE INTERNATIONAL, INC.	d312059d8k.htm
EX-99.1 - EX-99.1 - POWERSECURE INTERNATIONAL, INC.	d312059dex991.htm

Exhibit 99.2

SUPPLEMENTAL FINANCIAL INFORMATION

Supplemental Quarterly and Full Year GAAP and non-GAAP Pro Forma Financial Information of PowerSecure International, Inc., for the fiscal years ended December 31, 2011 and 2010

PowerSecure International, Inc.

Consolidated Statements of Operations (unaudited)

Supplemental Financial Information Issued for 2010-2011 Quarterly and Full Year Periods with PowerPackages and Southern Flow as Discontinued Operation

GAAP Results

($000’s except per share data, some rounding throughout)

		September 30,			September 30,			September 30,			September 30,			September 30,
	Three Months Ended												GAAP
	GAAP			GAAP			GAAP			GAAP			Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2011			2011			2011			2011			2011
Revenue		23,655			30,086			36,585			39,689			130,015
Cost of sales		15,926			20,780			25,372			27,243			89,321

Gross Profit		7,729			9,306			11,213			12,446			40,694


Operating expenses
General and administrative		7,681			7,952			8,714			9,305			33,652
Selling, marketing, and service		1,154			1,214			1,197			1,086			4,651
Depreciation and amortization		773			802			857			991			3,423

Total operating expenses		9,608			9,968			10,768			11,382			41,726


Operating income (loss)		(1,879	)		(662	)		445			1,064			(1,032	)

Other income (expense)
Gain on sale of unconsolidated affiliate		0			21,786			44			43			21,873
Equity income		1,011			548			0			0			1,559
Management fees		168			114			0			0			282
Interest income and other income		20			22			31			25			98
Interest expense		(142	)		(144	)		(168	)		(121	)		(575	)


Income (loss) before income taxes		(822	)		21,664			352			1,011			22,205
Income tax benefit (provision)		(47	)		(3,183	)		453			(357	)		(3,134	)

Net income (loss) from continuing operations		(869	)		18,481			805			654			19,071

Discontinued operations—income from operations (net of tax)		(215	)		(1,388	)		(63	)		165			(1,501	)
Discontinued operations—gain on sale (net of tax)		5,636			0			0			(2	)		5,634

Net income (loss)		4,552			17,093			742			817			23,204
Net loss (income) attributable to noncontrolling interest		184			159			230			273			846

Net income (loss) attributable to PowerSecure International, Inc.		4,736			17,252			972			1,090			24,050


Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		(685	)		18,640			1,035			927			19,917
Income from discontinued operations (net of tax)		5,421			(1,388	)		(63	)		163			4,133

Net income (loss) attributable to PowerSecure International, Inc.		4,736			17,252			972			1,090			24,050


EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		(0.04	)		0.99			0.05			0.05			1.05

Diluted		(0.04	)		0.97			0.05			0.05			1.04


Discontinued Operations
Basic		0.29			(0.07	)		(0.00	)		0.01			0.22

Diluted		0.29			(0.07	)		(0.00	)		0.01			0.22


Net Income
Basic		0.25			0.91			0.05			0.06			1.27

Diluted		0.25			0.90			0.05			0.06			1.26


WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		18,719			18,857			18,966			18,963			18,877

Diluted		18,719			19,146			19,163			19,216			19,139

PowerSecure International, Inc.

Consolidated Statements of Operations (unaudited)

Supplemental Financial Information Issued for 2010-2011 Quarterly and Full Year Periods with Southern Flow and PowerPackages as Discontinued Operation

Non-GAAP Pro-forma Measures Excluding WaterSecure, PowerPackages, and Southern Flow Results

($000’s except per share data, some rounding throughout)

		Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe			Septe
	Three Months Ended																																				GAAP						Non-GAAP
	GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			Year Ended			WaterSecure,			Year Ended
	March 31,			Southern Flow,			March 31,			June 30,			Southern Flow,			June 30,			Sept 30,			Southern Flow,			Sept 30,			Dec 31,			Southern Flow,			Dec 31,			Dec 31,			Southern Flow,			Dec 31,
	2011			PowerPackages			2011			2011			PowerPackages			2011			2011			PowerPackages			2011			2011			PowerPackages			2011			2011			PowerPackages			2011
Revenue		23,655						23,655			30,086						30,086			36,585						36,585			39,689						39,689			130,015						130,015
Cost of sales		15,926						15,926			20,780						20,780			25,372						25,372			27,243						27,243			89,321						89,321

Gross Profit		7,729			0			7,729			9,306			0			9,306			11,213			0			11,213			12,446			0			12,446			40,694			0			40,694

Operating expenses
General and administrative		7,681						7,681			7,952						7,952			8,714						8,714			9,305						9,305			33,652						33,652
Selling, marketing, and service		1,154						1,154			1,214						1,214			1,197						1,197			1,086						1,086			4,651						4,651
Depreciation and amortization		773						773			802						802			857						857			991						991			3,423						3,423

Total operating expenses		9,608			0			9,608			9,968			0			9,968			10,768			0			10,768			11,382			0			11,382			41,726			0			41,726

Operating income (loss)		(1,879	)		0			(1,879	)		(662	)		0			(662	)		445			0			445			1,064			0			1,064			(1,032	)		0			(1,032	)
Other income (expense)
Gain on sale of unconsolidated affiliate		0						0			21,786			(21,786	)		0			44			(44	)		0			43			(43	)		0			21,873			(21,873	)		0
Equity income		1,011			(1,011	)		0			548			(548	)		0			0			0			0			0			0			0			1,559			(1,559	)		0
Management fees		168			(168	)		0			114			(114	)		0			0			0			0			0			0			0			282			(282	)		0
Interest income and other income		20						20			22						22			31						31			25						25			98						98
Interest expense		(142	)					(142	)		(144	)					(144	)		(168	)					(168	)		(121	)					(121	)		(575	)					(575	)

Income (loss) before income taxes		(822	)		(1,179	)		(2,001	)		21,664			(22,448	)		(784	)		352			(44	)		308			1,011			(43	)		968			22,205			(23,714	)		(1,509	)
Income tax benefit (provision)		(47	)		166			119			(3,183	)		3,168			(15	)		453			6			459			(357	)		6			(351	)		(3,134	)		3,347			213


Net income (loss) from continuing operations		(869	)		(1,013	)		(1,882	)		18,481			(19,280	)		(799	)		805			(38	)		767			654			(37	)		617			19,071			(20,367	)		(1,296	)

Discontinued operations—income from operations (net of tax)		(215	)		215			0			(1,388	)		1,388			0			(63	)		63			0			165			(165	)		0			(1,501	)		1,501			0
Discontinued operations—gain on sale (net of tax)		5,636			(5,636	)		0			0			0			0			0			0			0			(2	)		2			0			5,634			(5,634	)		0

Net income (loss)		4,552			(6,434	)		(1,882	)		17,093			(17,892	)		(799	)		742			25			767			817			(200	)		617			23,204			(24,500	)		(1,296	)
Net loss (income) attributable to noncontrolling interest		184						184			159						159			230						230			273						273			846						846

Net income (loss) attributable to PowerSecure International, Inc.		4,736			(6,434	)		(1,698	)		17,252			(17,892	)		(640	)		972			25			997			1,090			(200	)		890			24,050			(24,500	)		(450	)

Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		(685	)		(1,013	)		(1,698	)		18,640			(19,280	)		(640	)		1,035			(38	)		997			927			(37	)		890			19,917			(20,367	)		(450	)
Income from discontinued operations (net of tax)		5,421			(5,421	)		0			(1,388	)		1,388			0			(63	)		63			0			163			(163	)		0			4,133			(4,133	)		0

Net income (loss) attributable to PowerSecure International, Inc.		4,736			(6,434	)		(1,698	)		17,252			(17,892	)		(640	)		972			25			997			1,090			(200	)		890			24,050			(24,500	)		(450	)

EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		(0.04	)		(0.05	)		(0.09	)		0.99			(1.02	)		(0.03	)		0.05			(0.00	)		0.05			0.05			(0.00	)		0.05			1.05			(1.07	)		(0.02	)

Diluted		(0.04	)		(0.05	)		(0.09	)		0.97			(1.01	)		(0.03	)		0.05			(0.00	)		0.05			0.05			(0.00	)		0.05			1.04			(1.06	)		(0.02	)

Discontinued Operations
Basic		0.29			(0.29	)		0.00			(0.07	)		0.07			0.00			(0.00	)		0.00			0.00			0.01			(0.01	)		0.00			0.22			(0.22	)		0.00

Diluted		0.29			(0.29	)		0.00			(0.07	)		0.07			0.00			(0.00	)		0.00			0.00			0.01			(0.01	)		0.00			0.22			(0.22	)		0.00

Net Income
Basic		0.25			(0.34	)		(0.09	)		0.91			(0.95	)		(0.03	)		0.05			0.00			0.05			0.06			(0.01	)		0.05			1.27			(1.29	)		(0.02	)

Diluted		0.25			(0.34	)		(0.09	)		0.90			(0.93	)		(0.03	)		0.05			0.00			0.05			0.06			(0.01	)		0.05			1.26			(1.28	)		(0.02	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		18,719			18,719			18,719			18,857			18,857			18,857			18,966			18,966			18,966			18,963			18,963			18,963			18,877			18,877			18,877

Diluted		18,719			18,719			18,719			19,146			19,146			19,146			19,163			19,163			19,163			19,216			19,216			19,216			19,139			19,139			19,139

PowerSecure International, Inc.

Consolidated Statements of Operations (unaudited)

Supplemental Financial Information Issued for 2010-2011 Quarterly and Full Year Periods with Southern Flow and PowerPackages as Discontinued Operation

GAAP Results

($000’s except per share data, some rounding throughout)

		September 30,			September 30,			September 30,			September 30,			September 30,
	Three Months Ended												GAAP
	GAAP			GAAP			GAAP			GAAP			Year Ended
	March 31,			June 30,			September 30,			December 31,			December 31,
	2010			2010			2010			2010			2010
Revenue		20,456			28,690			26,079			20,984			96,209
Cost of sales		12,177			19,142			17,386			11,900			60,605

Gross Profit		8,279			9,548			8,693			9,084			35,604


Operating expenses
General and administrative		6,199			7,069			7,132			7,862			28,262
Selling, marketing, and service		1,045			1,336			1,364			1,359			5,104
Depreciation and amortization		559			642			727			713			2,641

Total operating expenses		7,803			9,047			9,223			9,934			36,007


Operating income (loss)		476			501			(530	)		(850	)		(403	)

Other income (expense)

Equity income		1,030			807			598			747			3,182
Management fees		154			142			136			151			583
Interest income and other income		30			23			24			22			99
Interest expense		(141	)		(139	)		(177	)		(162	)		(619	)


Income (loss) before income taxes		1,549			1,334			51			(92	)		2,842
Income tax benefit (provision)		(384	)		(272	)		(208	)		(266	)		(1,130	)

Net income (loss) from continuing operations		1,165			1,062			(157	)		(358	)		1,712

Discontinued operations—income from operations (net of tax)		239			222			515			621			1,597
Discontinued operations—gain on sale (net of tax)		0			0			0			0			0

Net income (loss)		1,404			1,284			358			263			3,309
Net loss (income) attributable to noncontrolling interest		(187	)		40			132			168			153

Net income (loss) attributable to PowerSecure International, Inc.		1,217			1,324			490			431			3,462


Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		978			1,102			(25	)		(190	)		1,865
Income from discontinued operations (net of tax)		239			222			515			621			1,597

Net income (loss) attributable to PowerSecure International, Inc.		1,217			1,324			490			431			3,462


EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		0.06			0.06			(0.00	)		(0.01	)		0.10

Diluted		0.06			0.06			(0.00	)		(0.01	)		0.10

Discontinued Operations
Basic		0.01			0.01			0.03			0.03			0.09

Diluted		0.01			0.01			0.03			0.03			0.09

Net Income
Basic		0.07			0.07			0.03			0.02			0.19

Diluted		0.07			0.07			0.03			0.02			0.19

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		17,237			17,933			18,640			18,701			18,133

Diluted		17,692			18,566			19,028			18,701			18,603

PowerSecure International, Inc.

Consolidated Statements of Operations (unaudited)

Supplemental Financial Information Issued for 2010-2011 Quarterly and Full Year Periods with Southern Flow and PowerPackages as Discontinued Operation

Non-GAAP Pro-forma Measures Excluding WaterSecure, PowerPackages, and Southern Flow Results

($000’s except per share data, some rounding throughout)


	Three Months Ended																																				GAAP						Non-GAAP
	GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			GAAP			WaterSecure,			Non-GAAP			Year Ended			WaterSecure,			Year Ended
	March 31,			Southern Flow,			March 31,			June 30,			Southern Flow,			June 30,			Sept 30,			Southern Flow,			Sept 30,			Dec 31,			Southern Flow,			Dec 31,			Dec 31,			Southern Flow,			Dec 31,
	2010			PowerPackages			2010			2010			PowerPackages			2010			2010			PowerPackages			2010			2010			PowerPackages			2010			2010			PowerPackages			2010
Revenue		20,456						20,456			28,690						28,690			26,079						26,079			20,984						20,984			96,209						96,209
Cost of sales		12,177						12,177			19,142						19,142			17,386						17,386			11,900						11,900			60,605						60,605

Gross Profit		8,279			0			8,279			9,548			0			9,548			8,693			0			8,693			9,084			0			9,084			35,604			0			35,604

Operating expenses
General and administrative		6,199						6,199			7,069						7,069			7,132						7,132			7,862						7,862			28,262						28,262
Selling, marketing, and service		1,045						1,045			1,336						1,336			1,364						1,364			1,359						1,359			5,104						5,104
Depreciation and amortization		559						559			642						642			727						727			713						713			2,641						2,641

Total operating expenses		7,803			0			7,803			9,047			0			9,047			9,223			0			9,223			9,934			0			9,934			36,007			0			36,007

Operating income (loss)		476			0			476			501			0			501			(530	)		0			(530	)		(850	)		0			(850	)		(403	)		0			(403	)

Other income (expense)
Gain on sale of unconsolidated affiliate		0						0			0			0			0			0			0			0			0			0			0			0			0			0
Equity income		1,030			(1,030	)		0			807			(807	)		0			598			(598	)		0			747			(747	)		0			3,182			(3,182	)		0
Management fees		154			(154	)		0			142			(142	)		0			136			(136	)		0			151			(151	)		0			583			(583	)		0
Interest income and other income		30						30			23						23			24						24			22						22			99						99
Interest expense		(141	)					(141	)		(139	)					(139	)		(177	)					(177	)		(162	)					(162	)		(619	)					(619	)

Income (loss) before income taxes		1,549			(1,184	)		365			1,334			(949	)		385			51			(734	)		(683	)		(92	)		(898	)		(990	)		2,842			(3,765	)		(923	)
Income tax benefit (provision)		(384	)		471			87			(272	)		377			105			(208	)		292			84			(266	)		357			91			(1,130	)		1,497			367

Net income (loss) from continuing operations		1,165			(713	)		452			1,062			(572	)		490			(157	)		(442	)		(599	)		(358	)		(541	)		(899	)		1,712			(2,268	)		(556	)

Discontinued operations—income from operations (net of tax)		239			(239	)		0			222			(222	)		0			515			(515	)		0			621			(621	)		0			1,597			(1,597	)		0
Discontinued operations—gain on sale (net of tax)		0			0			0			0			0			0			0			0			0			0			0			0			0			0			0

Net income (loss)		1,404			(952	)		452			1,284			(794	)		490			358			(957	)		(599	)		263			(1,162	)		(899	)		3,309			(3,865	)		(556	)
Net loss (income) attributable to noncontrolling interest		(187	)					(187	)		40						40			132						132			168						168			153						153

Net income (loss) attributable to PowerSecure International, Inc.		1,217			(952	)		265			1,324			(794	)		530			490			(957	)		(467	)		431			(1,162	)		(731	)		3,462			(3,865	)		(403	)


Summary of Amounts Attributable to PowerSecure International, Inc. shareholders
Income from continuing operations (net of tax)		978			(713	)		265			1,102			(572	)		530			(25	)		(442	)		(467	)		(190	)		(541	)		(731	)		1,865			(2,268	)		(403	)
Income from discontinued operations (net of tax)		239			(239	)		0			222			(222	)		0			515			(515	)		0			621			(621	)		0			1,597			(1,597	)		0

Net income (loss) attributable to PowerSecure International, Inc.		1,217			(952	)		265			1,324			(794	)		530			490			(957	)		(467	)		431			(1,162	)		(731	)		3,462			(3,865	)		(403	)

EARNINGS PER SHARE AMOUNTS (“E.P.S”) ATTRIBUTABLE TO POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
Continuing Operations
Basic		0.06			(0.04	)		0.02			0.06			(0.03	)		0.03			(0.00	)		(0.02	)		(0.03	)		(0.01	)		(0.03	)		(0.04	)		0.10			(0.12	)		(0.02	)

Diluted		0.06			(0.04	)		0.01			0.06			(0.03	)		0.03			(0.00	)		(0.02	)		(0.02	)		(0.01	)		(0.03	)		(0.04	)		0.10			(0.12	)		(0.02	)

Discontinued Operations
Basic		0.01			(0.01	)		0.00			0.01			(0.01	)		0.00			0.03			(0.03	)		0.00			0.03			(0.03	)		0.00			0.09			(0.09	)		0.00

Diluted		0.01			(0.01	)		0.00			0.01			(0.01	)		0.00			0.03			(0.03	)		0.00			0.03			(0.03	)		0.00			0.09			(0.09	)		0.00

Net Income
Basic		0.07			(0.06	)		0.02			0.07			(0.04	)		0.03			0.03			(0.05	)		(0.03	)		0.02			(0.06	)		(0.04	)		0.19			(0.21	)		(0.02	)

Diluted		0.07			(0.05	)		0.01			0.07			(0.04	)		0.03			0.03			(0.05	)		(0.02	)		0.02			(0.06	)		(0.04	)		0.19			(0.21	)		(0.02	)

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic		17,237			17,237			17,237			17,933			17,933			17,933			18,640			18,640			18,640			18,701			18,701			18,701			18,133			18,133			18,133

Diluted		17,692			17,692			17,692			18,566			18,566			18,566			19,028			19,028			19,028			18,701			18,701			18,701			18,603			18,603			18,603

POWERSECURE INTERNATIONAL, INC. - FORM 8-K - EX-99.2 - March 8, 2012

Attached files

POWERSECURE INTERNATIONAL, INC. Reports