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.
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
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.