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PowerSecure International, Inc. (Nasdaq: POWR) today announced it has received $10 million of new awards for its Interactive Distributed Generation
®) smart grid power systems, utility infrastructure projects, and LED Area Lights. The new IDG System awards total $4 million, and include installations for manufacturing, pharmaceutical, hospital, and retail operations. The utility infrastructure awards are just over $5 million, and include transmission and distribution projects for oil and gas companies and military bases. The new LED Area Light awards are just under $1 million and include an order from a new utility who has adopted the light to roll out across its utility system. These new awards, and the expected timing of revenue recognition, will be included in the Company’s revenue backlog report to be issued in conjunction with its upcoming second quarter earnings release on August 6, 2012.
The awards announced today include approximately $8 million of turnkey projects which will be recognized as the work is performed and the products are shipped, and approximately $2 million of projects which will be recognized under the Company’s distributed generation company-owned recurring revenue model. These recurring revenue contracts are for IDG systems for large retail facilities and will be recognized over a five year period starting in 2013.
Sidney Hinton, CEO of PowerSecure, said, "As we anticipated in our last earnings call, we have seen nice pickup in our order flow the last few months. We are pleased with the way our sales pipeline is converting into new business. We are especially pleased to share that a new utility has adopted our LED Area Light, and made a significant initial purchase of lights. We also had opportunities to assist our utility partners and customers this quarter in the face of the significant storm damage and power outages – both with our IDG and Utility Infrastructure teams. The new orders we announced today fortify our position as we look forward to the second half of 2012 and into 2013.”