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I'd now like to turn the call over to your host for today, Mr. Chris Hutter, Chief Financial Officer. Please proceed, sir.Chris Hutter Thank you and welcome everyone to the PowerSecure International, Inc. third quarter 2010 earnings conference call. Thanks everybody for your time and interest in our company. With me here today I have Sidney Hinton, our Chief Executive Officer. And our agenda would be that Sidney will provide an overview of our third quarter performance and also the strategic business discussion about each of our businesses. I will then provide more detail on our third quarter financial results, our balance sheet, and our backlog. Overall, again this quarter we're going to try to have a more efficient call and really finish the call in about an hour and also one additional feature regarded a near live real life transcript on Thomson Street Events that hopefully will help those of you to subscribe to that service, digest the information a little more efficiently and so those of you have access to it can let me know how this new feature works. We'll open up the line for Q&A after Sidney and I make our comments, and then Sidney will wrap up with a few closing remarks. And with that, I will turn it to Sidney. Sidney Hinton Thanks, Chris. Good afternoon. Like to acknowledge our customers and utility partners that have logged in, we appreciate your interest and your support, and also acknowledge our investors who dialed in, we appreciate your support and interest. As always, when we start this call, we like to summarize our key messages and we have four major headlines that I'm going to summarize for you upfront and then I'll dive a little deeper. The four major headlines today are first that we are very pleased with the third quarter results. We finished higher than we anticipated. In the third quarter our revenue starting 31.4 million and our earnings per share were $0.03.
We are very happy with the results of each of our business units including the strong year-over-year gains in our Distributed Generation unit, which was up 29%; our Utility Infrastructure, which was up 38%; and our Southern Flow business, which was up 23%. The only business we which didn’t save the prior year was EfficientLights business, and they had a difficult comps with the third quarter of last year just due to a surge in orders we had at the same time last year. But as we'll talk about the minute the groundwork we've laid this year has resulted in several retailers budgeting significant dollars for EfficienLlight installations in 2011. And we are excited about those opportunities and we're anticipating 2011 being a strong year for EfficientLights.So the first message is Q3 was strong, we liked it. The second message is our backlog is at all-time high, $138 million which is a full $48 million higher than this time last year. We made terrific progress in our sales for 2011 and our backlog is well balanced with a combination of near term and long term revenues. Additionally, and significantly, I'll go a little deeper. Each of our businesses has a nice foundation of revenues in the backlog which combined with the opportunities in their pipeline are either proposals we have out and we're working that we've not signed yet, that put us in a really nice position looking out for 2011 and beyond. Third, our investments that we're making in each of our businesses are bearing fruit and they provide us with a terrific set of growth catalysts and specifically in our Distributed Generation, our Energy Efficiency and our Utility Infrastructure businesses. Each one of those businesses, and I am going to dive deeper on this bullet, probably the deepest of all in this one in just of couple of minutes. But we are very excited about the technology and product development investments that we've made over the last several quarters and we're excited about the position and the order of magnitude of the opportunities that we're in position to pursue and critically harvest.
The fourth message is we're particularly excited to report next that our cash position has continued to grow, as we anticipated. The investments we made in working capital to support our growth earlier in the year are now turning into positive cash flow. In fact we finished the quarter with 14.7 million in cash and 7.5 million on our revolver. Since then we’ve repaid another 2.5 million, down to a $5 million balance on the revolver.Read the rest of this transcript for free on seekingalpha.com