Pike Corporation Reports Fiscal Third Quarter 2014 Results

MOUNT AIRY, N.C., May 5, 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 third quarter 2014 results for the period ended March 31, 2014. Total revenue in the third quarter 2014 was $207.6 million, up 4% compared to $200.2 million in the year-ago period. Net income in the third quarter 2014 totaled $2.8 million, compared to net income of $2.7 million in the year-ago period. Diluted earnings per share totaled $0.09 in the third quarter 2014, compared to $0.08 per diluted share in the year-ago period.

Core construction revenue in the third quarter 2014 totaled $136.6 million, down 4% from $142.7 million in the year-ago period. Core engineering revenue increased 16% to $37.2 million in the third quarter 2014, compared to $32.1 million in the year-ago period. Total storm-related revenue in the third quarter 2014 totaled $33.8 million, compared to $25.5 million in the year-ago period.

"While we did experience a higher volume of storm activity in the quarter, these storms were at lower margin than the second quarter storms. Additionally, wet and snowy weather negatively impacted core productivity in our distribution and transmission businesses during the quarter," stated J. Eric Pike, Chairman and CEO of Pike Corporation. "Our engineering business, which includes energy delivery and communications, had a strong revenue quarter and we anticipate engineering will be one of the catalysts of future revenue and earnings growth."

Conference Call

The Company will host a conference call at 9:00 a.m. Eastern on Tuesday, May 6. The call can be accessed by dialing (888) 504-7963, or (719) 325-2393 for international callers. The confirmation code for the live call is 5537029. 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 5537029. The dial-in replay will remain available until midnight Eastern on May 13. An on-demand replay of the webcast will remain online for a limited time following the conclusion of the call.

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