Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal fourth quarter and full year results for the period ended June 30, 2012. In the fourth quarter of fiscal year 2012, revenue totaled $178.6 million, an increase of 10% compared to $162.7 million in the year-ago period. Net income totaled $1.4 million, or $0.04 per diluted share, compared to $2.1 million, or $0.06 per diluted share, in the year-ago period.
Core services revenue increased for the fourth consecutive quarter to $171.0 million, up 40% compared to $122.0 million in the year-ago period. Strong year-over-year revenue growth rates were achieved in each of the Company’s core services, with distribution and other revenue up 46%, transmission revenue up 25%, and engineering and substation revenue up 35%. Storm restoration revenue totaled $7.6 million, compared to $40.7 million in the year-ago period. Last year’s heightened level of storm revenue was primarily associated with the massive tornadoes that tore through Alabama and Tennessee.
“The sustained growth in all areas of our engineering and construction business reflects improving demand trends across the U.S.,” said J. Eric Pike, Chairman and CEO of Pike. “The recent acquisition of UC Synergetic is expected to build upon this momentum in core energy solutions, will add to our storm response capabilities, and provides us with an engineering platform to serve the communications industry.”
Gross profit totaled $21.9 million in the fiscal fourth quarter 2012, or 12.3% of revenue. Gross profit totaled $23.2 million in the fiscal fourth quarter last year, or 14.2% of revenue. The higher gross margin in the year-ago period was attributable to the significant volume of storm restoration activity.Fiscal year 2012 revenue totaled $685.2 million, an increase of 15% compared to $593.9 million in fiscal year 2011. Net income totaled $10.9 million, or $0.31 per diluted share, compared to $1.4 million, or $0.04 per diluted share in fiscal year 2011.