Attached files
| file | filename |
|---|---|
| 8-K - PIKE ELECTRIC CORPORATION 8K - Pike Corp | a50267821.htm |
Exhibit 99.1
Pike Reports Record Core Services Revenue in Fiscal Third Quarter 2012
MOUNT AIRY, N.C.--(BUSINESS WIRE)--May 8, 2012--Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal third quarter 2012 results for the period ended March 31, 2012. Revenue totaled $162.8 million, an increase of 6% compared to $153.8 million in the year-ago period. Net income totaled $2.0 million, or $0.06 per diluted share versus net income of $0.6 million, or $0.02 per diluted share for the same period last year.
Core services revenue totaled a record high $156.5 million and storm restoration revenue totaled $6.3 million in the fiscal third quarter 2012. Core services revenue includes the Company’s distribution, transmission, and engineering and substation construction activities. Core services revenue totaled $137.7 million and storm restoration revenue totaled $16.1 million in the year-ago period.
“Our core business improved on both a sequential and year-over-year basis this quarter, led by continued double-digit growth in distribution. Even with the decline in storm restoration this quarter, we achieved total revenue growth of six percent compared to the fiscal third quarter last year,” said J. Eric Pike, Chairman and CEO of Pike. “In addition to our improved financial performance, we are experiencing a heightened level of bid activity as the overall industry demand for our full suite of services appears to be strengthening.”
Gross profit increased to $20.5 million, or 12.6% of revenue, in the fiscal third quarter 2012. Gross profit totaled $16.4 million, or 10.7% of revenue in the year-ago period. The improvement primarily reflects the sustained volume growth in distribution. Additionally, the gross profit percentage benefitted from a lower mix of procurement-related revenue.
Conference Call
The Company will host a conference call at 11:00 a.m. Eastern today. The call can be accessed by dialing (877) 856-1958, or (719) 325-4820 for international callers. The confirmation code for the live call is 5640261. 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 5640261. The replay will remain available until midnight Eastern on May 15. 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 200 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 power delivery systems, including renewable energy projects. 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 OPERATIONS | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
|
(In thousands, except per share amounts) |
||||||||||||||||
| Three months ended March 31, | Nine months ended March 31, | |||||||||||||||
|
2012 |
2011 | 2012 | 2011 | |||||||||||||
| Total revenues | $ | 162,766 | $ | 153,825 | $ | 506,588 | $ | 431,146 | ||||||||
| Cost of operations | 142,228 | 137,416 | 436,782 | 386,377 | ||||||||||||
| Gross profit | 20,538 | 16,409 | 69,806 | 44,769 | ||||||||||||
| General and administrative expenses | 16,220 | 13,810 | 48,096 | 40,114 | ||||||||||||
| (Gain) loss on sale property and equipment | (406 | ) | 39 | (288 | ) | 588 | ||||||||||
| Income from operations | 4,724 | 2,560 | 21,998 | 4,067 | ||||||||||||
| Other expense (income): | ||||||||||||||||
| Interest expense | 1,179 | 1,620 | 6,017 | 5,094 | ||||||||||||
| Other, net | (15 | ) | (22 | ) | (28 | ) | (38 | ) | ||||||||
|
Total other expense, net |
1,164 | 1,598 | 5,989 | 5,056 | ||||||||||||
| Income (loss) before income taxes | 3,560 | 962 | 16,009 | (989 | ) | |||||||||||
| Income tax expense (benefit) | 1,536 | 342 | 6,490 | (340 | ) | |||||||||||
| Net income (loss) | $ | 2,024 | $ | 620 | $ | 9,519 | $ | (649 | ) | |||||||
| Net earnings (loss) per share: | ||||||||||||||||
| Basic | $ | 0.06 | $ | 0.02 | $ | 0.28 | $ | (0.02 | ) | |||||||
| Diluted | $ | 0.06 | $ | 0.02 | $ | 0.27 | $ | (0.02 | ) | |||||||
| Shares used in computing earnings (loss) per share: | ||||||||||||||||
| Basic | 34,869 | 33,446 | 34,569 | 33,368 | ||||||||||||
| Diluted | 35,241 | 34,062 | 35,066 | 33,368 | ||||||||||||
| PIKE ELECTRIC CORPORATION | ||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||
| (In thousands, except per share amounts) | ||||||||||
| Mar. 31, | June 30, | |||||||||
| 2012 | 2011 | |||||||||
| (Unaudited) | ||||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 208 | $ | 311 | ||||||
| Accounts receivable from customers, net | 92,258 | 80,902 | ||||||||
| Costs and estimated earnings in excess of billings | ||||||||||
| on uncompleted contracts | 63,750 | 49,266 | ||||||||
| Inventories | 11,986 | 8,338 | ||||||||
| Prepaid expenses and other | 10,604 | 16,044 | ||||||||
| Deferred income taxes | 8,700 | 7,969 | ||||||||
| Total current assets | 187,506 | 162,830 | ||||||||
| Property and equipment, net | 171,569 | 177,682 | ||||||||
| Goodwill | 122,932 | 110,893 | ||||||||
| Other intangibles, net | 44,821 | 38,353 | ||||||||
| Deferred loan costs, net | 1,464 | 2,005 | ||||||||
| Other assets | 1,487 | 1,846 | ||||||||
| Total assets | $ | 529,779 | $ | 493,609 | ||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 26,516 | $ | 20,079 | ||||||
| Accrued compensation | 23,601 | 25,474 | ||||||||
| Billings in excess of costs and estimated earnings | ||||||||||
| on uncompleted contracts | 7,840 | 12,224 | ||||||||
| Accrued expenses and other | 6,564 | 8,185 | ||||||||
| Current portion of deferred compensation | 1,595 | - | ||||||||
|
Current portion of insurance and claim accruals |
11,617 | 12,526 | ||||||||
| Total current liabilities | 77,733 | 78,488 | ||||||||
| Revolving credit facility | 119,500 | - | ||||||||
| Long-term debt | - | 99,000 | ||||||||
| Insurance and claim accruals, net of current portion | 4,905 | 6,621 | ||||||||
| Deferred compensation, net of current portion | 5,383 | 6,140 | ||||||||
| Deferred income taxes | 44,801 | 46,179 | ||||||||
| Other liabilities | 2,915 | 2,792 | ||||||||
| 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; 35,040 and 33,666 shares issued and outstanding |
||||||||||
| at March 31, 2012 and June 30, 2011, respectively | 6,428 | 6,427 | ||||||||
| Additional paid-in capital | 172,076 | 161,586 | ||||||||
| Accumulated other comprehensive loss, net of taxes | (35 | ) | (178 | ) | ||||||
| Retained earnings | 96,073 | 86,554 | ||||||||
| Total stockholders’ equity | 274,542 | 254,389 | ||||||||
| Total liabilities and stockholders’ equity | $ | 529,779 | $ | 493,609 | ||||||
| PIKE ELECTRIC CORPORATION | ||||||||||||
| SUPPLEMENTAL REVENUE INFORMATION | ||||||||||||
| (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
| Three months ended March 31, | Nine months ended March 31, | |||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||
| Distribution and other | $ | 107,230 | $ | 82,684 | $ | 307,836 | $ | 257,131 | ||||
| Transmission | 18,511 | 17,505 | 50,819 | 60,839 | ||||||||
| Engineering and substation | 30,756 | 37,513 | 84,980 | 89,344 | ||||||||
| Core revenues | $ | 156,497 | $ | 137,702 | $ | 443,635 | $ | 407,314 | ||||
| Storm restoration revenues | 6,269 | 16,123 | 62,953 | 23,832 | ||||||||
| Total revenues | $ | 162,766 | $ | 153,825 | $ | 506,588 | $ | 431,146 | ||||
CONTACT:
Pike Electric Corporation
Investor Relations
336-719-4622
IR@pike.com