This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

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

Stocks in this article: PIKE

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
   
Three months ended September 30,
 
2012 2011
 
Revenues $ 244,613 $ 171,791
Cost of operations   207,691     147,937  
 
Gross profit 36,922 23,854
General and administrative expenses 19,468 16,017
(Gain) loss on sale of property and equipment   (130 )   158  
 
Income from operations 17,584 7,679
Other expense (income):
Interest expense 2,123 3,493
Other, net   (21 )   (3 )
 
Total other expense   2,102     3,490  
 
Income before income taxes 15,482 4,189
Income tax expense   6,200     1,585  
 
Net income $ 9,282   $ 2,604  
 
Earnings per share:
Basic $ 0.26   $ 0.08  
Diluted $ 0.26   $ 0.07  
 
Shares used in computing earnings per share:
Basic   35,048     34,178  
Diluted   35,355     34,807  

PIKE ELECTRIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
       
September 30, June 30,
2012 2012
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 1,309 $ 1,601
Accounts receivable, net 129,078 91,059
Costs and estimated earnings in excess of billings
on uncompleted contracts 80,270 66,414
Inventories 13,554 15,348
Prepaid expenses and other 7,006 9,001
Deferred income taxes   7,868     9,722
Total current assets 239,085 193,145
Property and equipment, net 175,475 174,655
Goodwill 153,657 122,932
Other intangibles, net 81,366 43,617
Deferred loan costs, net 2,123 2,175
Other assets   2,195     1,624
Total assets $ 653,901   $ 538,148
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 31,224 $ 26,206
Accrued compensation 27,401 28,703
Billings in excess of costs and estimated earnings
on uncompleted contracts 4,364 5,318
Accrued expenses and other 14,861 7,551
Current portion of insurance and claim accruals   10,611     11,525
Total current liabilities 88,461 79,303
Revolving credit facility 207,500 123,000
Insurance and claim accruals, net of current portion 4,233 3,956
Deferred compensation 5,946 5,578
Deferred income taxes 58,085 46,749
Other liabilities 2,846 2,637
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 100,000 authorized
shares; no shares issued and outstanding - -
Common stock, par value $0.001 per share; 100,000 authorized
shares; 35,114 and 35,052 shares issued and outstanding
at September 30, 2012 and June 30, 2012, respectively 6,428 6,428
Additional paid-in capital 173,762 173,060
Accumulated other comprehensive loss, net of taxes (79 ) -
Retained earnings   106,719     97,437
Total stockholders’ equity   286,830     276,925
Total liabilities and stockholders’ equity $ 653,901   $ 538,148

PIKE ELECTRIC CORPORATION
SEGMENT RESULTS
(Unaudited)
(In thousands)
   
Three months ended September 30,
 
2012 2011
Construction
Core services $ 156,478 $ 121,217
Less: Intercompany eliminations   (27 )   -  
 
Core services, net 156,451 121,217
Storm restoration services   46,973     34,792  
 
Revenues, net 203,424 156,009
Income from operations 16,580 8,589
Depreciation and amortization 9,071 9,278
Purchases of property and equipment 7,759 7,611
         
 
All Other Operations
Core services $ 49,003 $ 15,782
Less: Intercompany eliminations   (11,037 )   -  
 
Core services, net 37,966 15,782
Storm assessment and inspection services   3,223     -  
 
Revenues, net 41,189 15,782
Income (loss) from operations 2,074 (600 )
Depreciation and amortization 1,314 424
Purchases of property and equipment 348 -
         
 
Eliminations and Other Adjustments
Revenues $ - $ -
Loss from operations (1,070 ) (310 )
Depreciation and amortization - -
Purchases of property and equipment - -
         
 
Total
Core services $ 205,481 $ 136,999
Less: Intercompany eliminations   (11,064 )   -  
 
Core services, net 194,417 136,999
Storm-related services   50,196     34,792  
 
Revenues, net 244,613 171,791
Income from operations 17,584 7,679
Depreciation and amortization 10,385 9,702
Purchases of property and equipment 8,107 7,611




3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,828.24 +0.49 0.00%
S&P 500 2,067.56 -5.27 -0.25%
NASDAQ 4,791.63 +4.3130 0.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs