Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal second quarter 2013 results for the period ended December 31, 2012. Total revenue in the second quarter was a record high $273.7 million, up 59% compared to $172.0 million in the year-ago period. Net income in the second quarter totaled $23.6 million, or $0.67 per diluted share. By comparison, net income totaled $4.9 million, or $0.14 per diluted share, in the year-ago period.
Total revenue in the fiscal second quarter 2013 included storm-related services of $83.0 million, compared to $21.9 million in the same quarter last year. Gross profit totaled $59.2 million, or 21.6% of revenue. By comparison, gross profit totaled $25.4 million, or 14.8% of revenue, in the year-ago period. General and administrative expenses totaled $19.9 million, or 7.3% of revenue. By comparison, general and administrative expenses totaled $15.9 million, or 9.2% of revenue, in the year-ago period.
“All areas of our core business improved on a year-over-year basis, contributing to this quarter’s record revenue. Our fiscal second quarter financial performance also reflects a significant increase in the level of storm restoration activity,” said J. Eric Pike, Chairman and CEO of Pike. “Our year-to-date revenue of $518.3 million suggests fiscal 2013 will be a record year for Pike. In addition, earnings for the six months ended December 31, 2012 are already three times higher than the $0.31 per diluted share we reported for the fiscal year ended June 30, 2012.”
The Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.
Construction revenue totaled $228.4 million, up 46% compared to $156.3 million in the year-ago period. Income from operations in the Construction segment totaled $38.3 million, compared to $9.1 million in the year-ago period. All Other Operations revenue totaled a record high $45.3 million, up 189% compared to $15.7 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.9 million, compared to $0.7 million in the year-ago period.