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PowerSecure Reports Record Fourth Quarter And Full Year 2012 Results

PowerSecure International, Inc. (Nasdaq: POWR) today reported its fourth quarter and full year 2012 results. Highlights include:
  • Fourth quarter 2012 revenues increase 18 percent y-o-y to record $46.8 million
  • Fourth quarter 2012 gross margin increases to 33.0 percent
  • Fourth quarter 2012 GAAP EPS 1 increases 60 percent y-o-y to $0.08, non-GAAP EPS 1 increases 160 percent y-o-y to $0.13
  • Full year 2012 revenues increase 25 percent y-o-y to record $162.0 million

“Our record results in 2012, punctuated by our terrific fourth quarter, as well as our strong backlog and the robust early demand we are seeing from our distributed generation and utility infrastructure customers in 2013, plus the recent addition of our ESCO business, have PowerSecure in excellent position to achieve our 2015 objectives of $300 million in revenues with mid-double digit operating margins,” said Sidney Hinton, chief executive officer of PowerSecure.

“2012 unfolded as we expected and I am especially pleased that we continue to see growing bottom line leverage resulting from our previous investments in diverse growth and our focus on cost management. As we capitalize on these prior investments and our revenues scale further, we expect this bottom line growth to continue building,” Hinton added.

Fourth Quarter 2012:

PowerSecure’s fourth quarter 2012 (4Q 2012) all-time record revenues of $46.8 million, an increase of $7.1 million, or 18 percent, from the fourth quarter of 2011 (4Q 2011), were driven primarily by a 27 percent year-over-year (y-o-y) increase in revenues from distributed generation products and services and a 40 percent y-o-y increase in revenues from utility infrastructure products and services, as shown below. While showing growth for the full year, 4Q 2012 revenues from energy efficiency products declined 51 percent y-o-y as grocery retailers curtailed investments in LED lighting solutions due to concerns about the macroeconomic environment and uncertainty surrounding the potential impact of the fiscal cliff in late 2012, which followed stronger spending patterns earlier in the year.
($ in 000's) 4Q12     4Q11     $     %
Revenue by Product/Service    
Distributed Generation 22,647 17,848 4,799 27%
Utility Infrastructure 20,658 14,744 5,914 40%
Energy Efficiency 3,446     7,097     (3,651)     -51%
Total Revenue 46,751 39,689 7,062 18%

Gross margin as a percentage of revenue increased to 33.0 percent in 4Q 2012 from 31.4 percent in 4Q 2011. The increase in gross margin was driven by improved operational efficiencies across the business, a more favorable mix of projects in the company’s distributed generation and utility infrastructure lines and higher revenues and profits from its company-owned distributed generation recurring revenue projects. Operating margin as a percentage of revenue increased to 4.3 percent in 4Q 2012 from 2.7 percent in 4Q 2011 on a GAAP basis, and was 6.7 percent for 4Q 2012 on a non-GAAP basis. The increase in GAAP operating margin was driven by the expansion in gross margin, and the increase in non-GAAP operating margin was driven by the expansion in gross margin and a reduction in operating expenses as a percentage of revenue.

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