PowerSecure International, Inc. (Nasdaq: POWR) today reported its second quarter 2012 results, including strong second quarter revenues of $37.9 million, gross margin of 32.2 percent, diluted earnings per share (“E.P.S.”) from continuing operations of $0.09, and Non-GAAP E.P.S. from continuing operations of $0.03. This compares to second quarter 2011 revenues of $30.1 million, gross margin of 30.9%, diluted E.P.S. from continuing operations of $0.97, and Non-GAAP loss from continuing operations of ($0.03) per share. Non-GAAP per share amounts for both periods exclude income and gains related to the sale of the Company’s WaterSecure investment (see Non-GAAP discussion and reconciliation, below).
Sidney Hinton, CEO of PowerSecure, said, “We are having a terrific 2012. Each of our product and service areas is showing strong growth, driving our profit increases, and our backlog is a record $166 million. Additionally, our gross margins increased 3.4 percentage points sequentially, and 1.3 percentage points over last year. We are in great position for the second half of 2012 and 2013.” Mr. Hinton continued, “We continue to be very focused on translating our top-line success to bottom-line E.P.S. results, and leveraging the incremental operating expenses we have invested in to drive our business forward. I am pleased to report that in our second quarter our operating expenses decreased 2.5 percentage points as a percentage of revenue.”
Each of the Company’s product and service lines have grown significantly in size and scale over the last several quarters, driven by an expansion of its utility partners, a growing customer base, and a growing portfolio of product offerings and service capabilities. Exhibit A illustrates the increased scale achieved in each of the Company’s product and service lines, comparing trailing twelve month revenue for the period ended June 30, 2012, which totaled $147.3 million, to the period ended June 30, 2011, which totaled $100.8 million, a 46% increase.
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