Pike Corporation Reports Fiscal Second Quarter 2014 Results

MOUNT AIRY, N.C., Feb. 4, 2014 (GLOBE NEWSWIRE) -- Pike Corporation (NYSE:PIKE), one of the nation's largest specialty construction and engineering firms serving the electric power industry, today reported fiscal second quarter 2014 results for the period ended December 31, 2013. Total revenue in the second quarter 2014 was $210.9 million, down 23% compared to the record high revenue of $273.7 million in the year-ago period. Net income in the second quarter 2014 totaled $5.7 million compared to net income of $23.6 million in the year-ago period. Diluted earnings per share totaled $0.18 in the second quarter 2014, compared to the record high $0.67 in the year-ago period.

Total core construction revenue in the second quarter 2014 increased 5% to $156.7 million from $149.8 million in the year ago period. Total core engineering revenue decreased to $31.6 million in the second quarter 2014 as compared to $40.9 million in the second quarter of 2013. Total storm-related revenue in the second quarter 2014 of $22.6 million resulted from scattered ice storms. By comparison, storm-related services totaled $83.0 million in the year-ago period, primarily due to the devastating impact of Hurricane Sandy.

"Fiscal second quarter financial comparisons against the year-ago period are challenging, largely due to the significant amount of storm revenue that resulted from Hurricane Sandy. We are continuing our solid momentum in our transmission business and remain focused on growth opportunities in distribution services," said J. Eric Pike, Chairman and CEO of Pike. "We are currently working to finalize the integration of our engineering business under the UC Synergetic brand and refocus our efforts to continue growing the engineering services business."

Conference Call

The Company will host a conference call at 9:00 a.m. Eastern on Wednesday, February 5. The call can be accessed by dialing (888) 438-5448, or (719) 325-2432 for international callers. The confirmation code for the live call is 3125672. Interested parties may also listen to a simultaneous webcast via the "Investor Center" on the Company's website at www.pike.com .

A replay will be made available shortly after the live call is completed and can be accessed by dialing (858) 384-5517. The confirmation code for the replay is 3125672. The dial-in replay will remain available until midnight Eastern on February 12. An on-demand replay of the webcast will remain online for a limited time following the conclusion of the call.

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