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Pike Electric Reports Fourth Quarter and Full Fiscal Year 2009 Results
PR Newswire
Sep 01, 2009
MT. AIRY, N.C., Sept. 1 /PRNewswire-FirstCall/ -- Pike Electric Corporation (NYSE: PIKE), a leading energy solutions provider, today announced results for its fourth quarter and fiscal year ended June 30, 2009.
Revenues for the fourth quarter of fiscal 2009 were $128.5 million, compared to $137.8 million in the fourth quarter of fiscal 2008. Net income for the fourth quarter of fiscal 2009 totaled $2.5 million, or $0.07 per diluted share, compared to net income of $5.6 million, or $0.17 per diluted share, for the fourth quarter of fiscal 2008.
Revenues for the fiscal year ended June 30, 2009 increased 11.1% to $613.5 million, from $552.0 million for the 2008 fiscal year. Net income for fiscal 2009 totaled $31.6 million, or $0.94 per diluted share, compared to net income of $20.2 million, or $0.60 per diluted share, for fiscal 2008.
The Company generated $77.3 million in cash from operations in fiscal 2009. This cash was primarily used to complete two acquisitions totaling $25.1 million and to increase the Company's cash balance by $32.5 million from June 30, 2008.
"In an economy that is mired in recession, Pike was able to deliver double digit revenue and earnings growth for fiscal 2009, driven by the second strongest year in the Company's history for storm restoration services. Results such as this are a testament to Pike's experienced workforce, quality service and flexible business model," said J. Eric Pike, chairman and CEO.
"We also made further progress in our service diversification strategy with the completion of two acquisitions," said Pike. "Our sequential growth in engineering, transmission, and substation revenue continues to demonstrate the value Pike Energy Solutions platform is bringing to our customers. Our full service energy solutions platform, strong financial position, and long-standing customer relationships position us well to capture opportunities as utilities renew capital expenditures and maintenance spending."
Outlook
Based on current economic conditions, storm volatility, and other factors, the Company expects its total revenues and diluted earnings per share for its fiscal year ending June 30, 2010 to range from $575 million to $625 million and from $0.60 to $0.75, respectively.
Conference Call
Pike Electric will host a conference call today at 5:00 p.m. EDT to discuss financial results for its fiscal fourth quarter and full year ended June 30, 2009. This call will be web cast and can be accessed by visiting the Investor Center section of the Company's website at www.pike.com. The call can be accessed live over the phone by dialing (800) 289-0546, or (913) 312-1417 for international callers. A replay will be available shortly after the call and can be accessed by dialing (888) 203-1112, or for international callers, (719) 457-0820. The pass code for the replay is 1074580. The call will be available until September 8, 2009.
About Pike Electric
Pike is a leading provider of energy solutions for investor-owned, municipal and cooperatives utilities in the United States. Our comprehensive services include siting, permitting, engineering design, installation, maintenance and repair of power delivery systems, including renewable energy projects. Our common stock is traded on the New York Stock Exchange under the symbol PIKE. Our website is located at www.pike.com.
Safe Harbor
This press release and other statements we make from time to time in the future may contain forward-looking statements that relate to Pike Electric's plans, objectives and estimate. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. The terms "should," "believe," "plan," "expect," "anticipate," "estimate," "intend" and "project" and similar words or expressions are intended to identify forward-looking statements. Various risks, uncertainties and other factors could cause actual results to differ materially from those expressed in any forward-looking statements. For a more detailed list of such risks, uncertainties and factors, please refer to the Risk Factor section of Pike Electric's Annual Reports on Form 10-K and in its other filings with the Securities and Exchange Commission. Pike Electric makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement, except as may be required by applicable law.
PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Three months Twelve months
ended June 30, ended June 30,
2009 2008 2009 2008
---- ---- ---- ----
Revenues $128,462 $137,816 $613,476 $552,029
Cost of operations 109,715 114,608 503,203 460,325
------- ------- ------- -------
Gross profit 18,747 23,208 110,273 91,704
General and administrative
expenses 13,641 10,471 50,248 41,724
Loss on sale and impairment of
property and equipment 167 967 2,116 3,043
--- --- ----- -----
Income from operations 4,939 11,770 57,909 46,937
Other expense (income):
Interest expense 2,030 2,446 9,258 13,919
Other, net (806) (46) (1,552) (214)
---- --- ------ ----
Total other expense 1,224 2,400 7,706 13,705
Income before income taxes 3,715 9,370 50,203 33,232
Income tax expense 1,257 3,767 18,634 12,983
----- ----- ------ ------
Net income $2,458 $5,603 $31,569 $20,249
====== ====== ======= =======
Earnings per share:
Basic $0.07 $0.17 $0.96 $0.62
===== ===== ===== =====
Diluted $0.07 $0.17 $0.94 $0.60
===== ===== ===== =====
Shares used in computing earnings
per share:
Basic 33,058 32,869 33,023 32,810
====== ====== ====== ======
Diluted 33,773 33,695 33,741 33,666
====== ====== ====== ======
PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
June 30, June 30,
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $43,820 $11,357
Accounts receivable from customers, net 57,766 62,224
Costs and estimated earnings in excess of billings
on uncompleted contracts 46,674 40,410
Inventories 7,718 8,343
Prepaid expenses and other 6,306 5,123
Deferred income taxes 13,649 15,376
------ ------
Total current assets 175,933 142,833
Property and equipment, net 222,539 229,119
Goodwill 106,865 94,402
Other intangibles, net 40,139 40,065
Deferred loan costs, net 2,028 2,778
Other assets 1,465 1,463
----- -----
Total assets $548,969 $510,660
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $13,231 $10,867
Accrued compensation 23,002 22,157
Billings in excess of costs and estimated earnings
on uncompleted contracts 5,176 397
Accrued expenses and other 8,301 5,460
Current portion deferred compensation 1,402 3,666
Current portion of insurance claim accruals 26,442 28,873
------ ------
Total current liabilities 77,554 71,420
Long-term debt, net of current portion 140,500 140,500
Insurance and claim accruals, net of current portion 7,335 7,989
Deferred compensation, net of current portion 5,563 6,283
Deferred income taxes 57,251 62,416
Other liabilities 3,801 1,100
Commitments and contingencies
Stockholders' equity:
Preferred stock, par value $0.001 per share; 100,000
shares authorized; no shares issued and outstanding - -
Common stock, par value $0.001 per share; 100,000
shares authorized; 33,462 and 33,183 shares issued
and outstanding at June 30, 2009 and June 30, 2008,
respectively 6,427 6,427
Additional paid-in capital 153,035 148,288
Accumulated other comprehensive loss, net of
income taxes (1,109) (806)
Retained earnings 98,612 67,043
------ ------
Total stockholders' equity 256,965 220,952
------- -------
Total liabilities and stockholders' equity $548,969 $510,660
======== ========
SOURCE Pike Electric Corporation
Copyright (2009) PR Newswire. All Rights Reserved.
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