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

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

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