YTD 2011 Financial Results
Revenues for the nine-month period ended September 30, 2011 increased 14.2% to $222.6 million from $195.0 million for the nine months ended September 30, 2010. For the HSP segment, revenues for the nine months ended September 30, 2011 were $203.5 million as compared to $178.2 million for the same period in 2010, an increase of 14.2%. This increase was primarily due to an increase in work order volume of approximately 7%, an increase in earned incentive revenue of approximately $8.1 million and amounts received under a fuel subsidy program implemented in 2011 of $1.9 million. For the MDU segment, revenues for the nine month period ended September 30, 2011 increased 13.7% to $19.1 million from $16.8 million for the same period in 2010. The increase was primarily due to increased revenue from commercial and MDU construction and installation revenue of $2.3 million.
Gross margins for the nine month period were 28.0% compared to 29.6% for the year-ago period.
Selling, general and administrative expenses were $45.1 million in 2011 compared to $41.7 million for the comparable period in 2010, an increase of 8.2%. As a percentage of revenue, selling, general and administrative expenses were 20.3% for the nine months ended September 30, 2011, compared to 21.4% for the same period in 2010. The decrease in the percentage of these expenses to revenue proves that economies of scale are being realized as revenues increase without a corresponding increase in expenses.Operating income was $12.3 million for the nine months ended September 30, 2010 compared to operating income of $9.5 million in the same period last year, an improvement of 29.5%. The Company generated net income attributable to common stockholders of $4.9 million, or $0.32 earnings per basic and $0.26 per diluted share compared to net income attributable to common stockholders of $1.5 million or $0.15 per basic and $0.14 per diluted share in the same period of 2010.
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