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Pike Reports Strong Revenue And Earnings Growth In Fiscal First Quarter 2013

Stocks in this article: PIKE

Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal first quarter 2013 results for the period ended September 30, 2012. Total revenue in the first quarter was a record high $244.6 million, up 42% compared to $171.8 million in the year-ago period. Net income in the first quarter totaled $9.3 million, or $0.26 per diluted share. By comparison, net income totaled $2.6 million, or $0.07 per diluted share, in the year-ago period.

Total revenue included storm-related services of $50.2 million in the first quarter, compared to $34.8 million in the same quarter last year. Gross profit in the fiscal first quarter 2013 totaled $36.9 million, or 15.1% of revenue. By comparison, gross profit totaled $23.9 million, or 13.9% of revenue, in the year-ago period. General and administrative expenses totaled $19.5 million, or 8.0% of revenue. By comparison, general and administrative expenses totaled $16.0 million, or 9.3% of revenue, in the year-ago period.

As a result of the acquisition of UC Synergetic (“UCS”), the Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. Construction performs installation, maintenance and repair of power delivery systems, including storm restoration services. All Other Operations performs siting, permitting, engineering and design of power and telecommunications delivery systems, including storm assessment and inspection services.

Construction revenue totaled $203.4 million, up 30% compared to $156.0 million in the year-ago period. Income from operations in the Construction segment totaled $16.6 million, compared to $8.6 million in the year-ago period. All Other Operations revenue totaled a record high $41.2 million, up 161% compared to $15.8 million in the year-ago period. Income from operations in the All Other Operations segment totaled $2.1 million, compared to $(0.6) million in the year-ago period. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.

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