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PowerSecure International, Inc. (Nasdaq: POWR) today reported its first quarter 2012 results, including strong first quarter revenues of $33.2 million which increased 40% compared to $23.7 million of revenues in the first quarter of 2011. The Company’s first quarter 2012 diluted earnings per share (“E.P.S.”) from continuing operations was ($0.03), comparing favorably to first quarter 2011 diluted E.P.S. from continuing operations of ($0.04) and first quarter 2011 Non-GAAP E.P.S. from continuing operations of ($0.09). First quarter 2011 Non-GAAP E.P.S. from continuing operations excludes the income from the Company’s WaterSecure investment which was sold in June, 2011 (see Non-GAAP measures discussion and reconciliation, below).
Sidney Hinton, CEO of PowerSecure, said, “We are very pleased with our first quarter 2012 revenue growth, demonstrating the continued success we are having across our product and service areas. Of particular note is the resurgence of growth we are seeing in our Energy Efficiency area as our portfolio of LED lights is gaining very nice traction in the marketplace. This is driven by a general and broader increase in market demand for LED technology, lower LED input prices which enable us to bring improved solutions to the marketplace, and our unique portfolio of products designed to deliver a strong combination of light quality, energy savings, and financial paybacks to customers.” Mr. Hinton continued, “We did realize a negative impact to our gross margins due to the mild winter this quarter, resulting from efficiency losses in our Utility Infrastructure area because reduced workloads in certain utilities we were serving caused us to redeploy crews to other utilities. We anticipate this impact on our gross margins will begin to normalize in our second quarter, with the potential to return to historical levels if the mild weather progresses into a hot summer, which would likely increase the demand for Utility Infrastructure services and our gross margins. In addition, we are encouraged by the way the PowerSecure team has embraced our newly implemented company-wide cost rationalization initiative, and look forward to reporting progress on the productivity of our General and Administrative expenses as the year progresses.”