Pike Reports Revenue Increase of 59% and EPS of $0.67 per Diluted Share in Fiscal Second Quarter 201

Before you go, we thought you'd like these...
Before you go close icon

Pike Reports Revenue Increase of 59% and EPS of $0.67 per Diluted Share in Fiscal Second Quarter 2013

Results Represent Record Revenue and Significant Earnings Growth


MOUNT AIRY, N.C.--(BUSINESS WIRE)-- Pike Electric Corporation (NYS: PIKE) , one of the nation's leading energy solutions providers, today reported fiscal second quarter 2013 results for the period ended December 31, 2012. Total revenue in the second quarter was a record high $273.7 million, up 59% compared to $172.0 million in the year-ago period. Net income in the second quarter totaled $23.6 million, or $0.67 per diluted share. By comparison, net income totaled $4.9 million, or $0.14 per diluted share, in the year-ago period.

Total revenue in the fiscal second quarter 2013 included storm-related services of $83.0 million, compared to $21.9 million in the same quarter last year. Gross profit totaled $59.2 million, or 21.6% of revenue. By comparison, gross profit totaled $25.4 million, or 14.8% of revenue, in the year-ago period. General and administrative expenses totaled $19.9 million, or 7.3% of revenue. By comparison, general and administrative expenses totaled $15.9 million, or 9.2% of revenue, in the year-ago period.

"All areas of our core business improved on a year-over-year basis, contributing to this quarter's record revenue. Our fiscal second quarter financial performance also reflects a significant increase in the level of storm restoration activity," said J. Eric Pike, Chairman and CEO of Pike. "Our year-to-date revenue of $518.3 million suggests fiscal 2013 will be a record year for Pike. In addition, earnings for the six months ended December 31, 2012 are already three times higher than the $0.31 per diluted share we reported for the fiscal year ended June 30, 2012."

The Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. The accompanying 'segment results' table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.

Construction revenue totaled $228.4 million, up 46% compared to $156.3 million in the year-ago period. Income from operations in the Construction segment totaled $38.3 million, compared to $9.1 million in the year-ago period. All Other Operations revenue totaled a record high $45.3 million, up 189% compared to $15.7 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.9 million, compared to $0.7 million in the year-ago period.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern on Wednesday, February 6. The call can be accessed by dialing (888) 359-3627, or (719) 457-1512 for international callers. The confirmation code for the live call is 4239091. 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 4239091. The replay will remain available until midnight Eastern on February 13. An on-demand replay of the conference call will remain 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 December 31,Six months ended December 31,
 
2012201120122011
 
Revenues$273,668$172,031$518,281$343,822
Cost of operations 214,434  146,616  422,125  294,554 
 
Gross profit59,23425,41596,15649,268
General and administrative expenses19,89115,85939,35931,876
(Gain) loss on sale of property and equipment (68) (40) (198) 118 
 
Income from operations39,4119,59656,99517,274
Other expense (income):
Interest expense1,8841,3454,0074,838
Other, net (4) (9) (25) (13)
 

Total other expense, net

 1,880  1,336  3,982  4,825 
 
Income before income taxes37,5318,26053,01312,449
Income tax expense 13,929  3,369  20,129  4,954 
 
Net income$23,602 $4,891 $32,884 $7,495 
 
Earnings per share:
Basic$0.67 $0.14 $0.94 $0.22 
Diluted$0.67 $0.14 $0.93 $0.21 
 
Shares used in computing earnings per share:
Basic 35,129  34,663  35,089  34,421 
Diluted 35,423  35,132  35,360  34,976 
 
Dividends per share:$1.00 $- $1.00 $- 
 

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
    
December 31,June 30,
20122012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$2,517$1,601
Accounts receivable, net137,74891,059
Costs and estimated earnings in excess of billings
on uncompleted contracts77,10066,414
Inventories10,31415,348
Prepaid expenses and other7,9079,001
Deferred income taxes 9,207  9,722
Total current assets244,793193,145
Property and equipment, net175,116174,655
Goodwill153,657122,932
Other intangibles, net79,16243,617
Deferred loan costs, net1,9332,175
Other assets 1,862  1,624
Total assets$656,523 $538,148
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$27,527$26,206
Accrued compensation30,11528,703
Billings in excess of costs and estimated earnings
on uncompleted contracts10,6855,318
Accrued expenses and other19,2357,551
Current portion of insurance and claim accruals 15,228  11,525
Total current liabilities102,79079,303
Revolving credit facility207,500123,000
Insurance and claim accruals, net of current portion3,9573,956
Deferred compensation6,0585,578
Deferred income taxes57,27246,749
Other liabilities2,9292,637
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; 35,182 and 35,052 shares issued and outstanding
at December 31, 2012 and June 30, 2012, respectively6,4286,428
Additional paid-in capital174,553173,060
Accumulated other comprehensive loss, net of taxes(121)-
Retained earnings 95,157  97,437
Total stockholders' equity 276,017  276,925
Total liabilities and stockholders' equity$656,523 $538,148
 

PIKE ELECTRIC CORPORATION
SEGMENT RESULTS
(Unaudited)
(In thousands)
    
Three months ended December 31,Six months ended December 31,
 
2012201120122011

Construction

Core services$149,941$140,805$306,419$262,021

Less: Intersegment revenues

 (211) (6,351) (238) (6,351)
 
Core services, net149,730134,454306,181255,670
Storm restoration services 78,622  21,891  125,595  56,684 
 
Revenues, net228,352156,345431,776312,354
Income from operations38,3279,11054,90717,698
Depreciation and amortization9,6789,47818,74918,756
Purchases of property and equipment9,3987,71617,15715,327
         
 

All Other Operations

Core services$51,310$17,693$100,313$33,475

Less: Intersegment revenues

 (10,377) (2,007) (21,414) (2,007)
 
Core services, net40,93315,68678,89931,468
Storm assessment and inspection services 4,383  -  7,606  - 
 
Revenues, net45,31615,68686,50531,468
Income from operations1,8887153,962115
Depreciation and amortization1,389250 Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Gift Finder Promo
More to Explore
Tue, Dec 06
Set Your Location
City, State, or Zip