Pike Reports 23% Revenue Growth and 33% EPS Growth in Fiscal Third Quarter

Pike Reports 23% Revenue Growth and 33% EPS Growth in Fiscal Third Quarter

MOUNT AIRY, N.C.--(BUSINESS WIRE)-- Pike Electric Corporation (NYS: PIKE) , one of the nation's leading energy solutions providers, today reported fiscal third quarter 2013 results for the period ended March 31, 2013. Total revenue in the third quarter 2013 was $200.2 million, up 23% compared to $162.8 million in the year-ago period. Net income in the third quarter 2013 totaled $2.7 million, or $0.08 per diluted share. In the year-ago period, net income totaled $2.0 million, or $0.06 per diluted share.

Total revenue in the fiscal third quarter 2013 included storm-related services of $25.4 million, compared to $6.3 million in the same quarter last year. Gross profit totaled $25.0 million, compared to $20.5 million in the year-ago period. General and administrative expenses totaled $18.7 million, compared to $16.2 million in the year-ago period.

"We continue to be pleased with the success of our diversification strategy and growth. Transmission and substation continue their positive trends and engineering services now generate over 18 percent of our core revenue," said J. Eric Pike, Chairman and CEO of Pike. "Although our third quarter results were significantly affected by reduced construction productivity in our mid-Atlantic and southeastern territory due to snow and extremely wet weather conditions, investments in training, and expansion costs for Pine Valley Power and UCS, we remain on track for a record year and our actions this quarter will aid in our future growth."

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 $166.7 million, up 16% compared to $144.4 million in the year-ago period. Income from operations in the Construction segment totaled $5.2 million, compared to $3.8 million in the year-ago period. All Other Operations revenue totaled $33.5 million, up 82% compared to $18.4 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.3 million, compared to $1.5 million in the year-ago period.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern on Tuesday, May 7. The call can be accessed by dialing (888) 572-7025, or (719) 325-2463 for international callers. The confirmation code for the live call is 6315376. 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 6315376. The replay will remain available until midnight Eastern on May 14. 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.

(In thousands, except per share amounts)
Three months ended March 31,Nine months ended March 31,
Cost of operations 175,177  142,228  597,302  436,782 
Gross profit25,04520,538121,20169,806
General and administrative expenses18,70416,22058,06348,096
Gain on sale of property and equipment (147) (406) (345) (288)
Income from operations6,4884,72463,48321,998
Other expense (income):
Interest expense1,6791,1795,6866,017
Other, net (5) (15) (30) (28)
Total other expense, net 1,674  1,164  5,656  5,989 
Income before income taxes4,8143,56057,82716,009
Income tax expense 2,121  1,536  22,250  6,490 
Net income$2,693 $2,024 $35,577 $9,519 
Earnings per share:
Basic$0.08 $0.06 $1.01 $0.28 
Diluted$0.08 $0.06 $1.01 $0.27 
Shares used in computing earnings per share:
Basic 35,219  34,869  35,132  34,569 
Diluted 35,663  35,241  35,363  35,066 
Dividends per share:$- $- $1.00 $- 

(In thousands, except per share amounts)
March 31,June 30,
Current assets:
Cash and cash equivalents$5,970$1,601
Accounts receivable, net118,48891,059
Costs and estimated earnings in excess of billings
on uncompleted contracts67,59266,414
Prepaid expenses and other8,0629,001
Deferred income taxes 9,327  9,722
Total current assets224,592193,145
Property and equipment, net176,326174,655
Other intangibles, net77,00243,617
Deferred loan costs, net1,7472,175
Other assets 2,122  1,624
Total assets$635,446 $538,148
Current liabilities:
Accounts payable$27,399$26,206
Accrued compensation28,91228,703
Billings in excess of costs and estimated earnings
on uncompleted contracts11,0745,318
Accrued expenses and other12,0127,551
Current portion of insurance and claim accruals 13,640  11,525
Total current liabilities93,03779,303
Revolving credit facility191,000123,000
Insurance and claim accruals, net of current portion5,2523,956
Deferred compensation6,1575,578
Deferred income taxes57,19346,749
Other liabilities2,8952,637
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; 35,291 and 35,052 shares issued and outstanding
at March 31, 2013 and June 30, 2012, respectively6,4286,428
Additional paid-in capital175,758173,060
Accumulated other comprehensive loss, net of taxes(124)-
Retained earnings 97,850  97,437
Total stockholders' equity 279,912  276,925
Total liabilities and stockholders' equity$635,446 $538,148

(In thousands)
Three months ended March 31,Nine months ended March 31,


Core services$143,215$138,180$449,634$400,201
Less: Intersegment revenues (531) (45) (769) (6,396)
Core services, net142,684138,135448,865393,805
Storm restoration services 24,034  6,269  149,629  62,953 
Revenues, net166,718144,404598,494456,758
Income from operations5,2463,84960,15321,547
Depreciation and amortization8,5589,32327,30728,079
Purchases of property and equipment9,7476,51426,90421,841

All Other Operations

Core services$40,530$19,616$140,843$53,091
Less: Intersegment revenues (8,458) (1,254) (29,872) (3,261)
Core services, net32,07218,362110,97149,830
Storm assessment and inspection services  Read Full Story

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