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PowerSecure International ( POWR) reported on March 12, 2009 that its Q4 FY08 earnings plunged 87.4% year-over-year. Net income decreased to $928,000 or $0.06 per share from $7.36 million or $0.43 per share. The latest quarterly earnings beat the most recent consensus estimate of $0.03 per share.

Total revenue fell 28.5% to $26.36 million from $36.88 million in the prior year's quarter. This decline was due to a planned reduction in revenue from Publix super markets. Publix revenue plummeted 81.7% to $3.10 million. Total non-Publix revenue increased 17.2% to $23.20 million from $19.80 million in Q4 FY07. Publix interactive distributed generation revenue soared 45.0%, while non-Publix interactive distributed generation revenue fell 40.0%. Utility infrastructure revenue declined 21.0% due to year-over-year decreases in large utility infrastructure projects. Energy efficiency posted revenue of $1.00 million during the quarter, and energy services revenue rose 24.0%, helped by the Southern flow business unit. Total backlog fell to $87.00 million from $97.00 million in Q4 FY07.

PowerSecure International recently secured approximately $10.00 million of new business from utilities and businesses for its industry-leading smart grid solutions and state-of-the-art EfficientLights LED technology. The company donated five generating systems to the Central African Republic and Haiti to support water production and agriculture development, educational infrastructure, and media outlets.

FY08 revenue surged 21.9% to $135.44 million from $111.11 million in FY07. The company swung to a profit of $10.66 million or $0.63 per share from a loss of $1.61 million or $0.10 per share in FY07.

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