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| Pike Electric Reports Third Quarter Fiscal 2009 Results |
MT. AIRY, N.C., Fiscal 2009 Third Quarter Results Total revenues for the third quarter of fiscal 2009 increased 17.9% to
Gross profit for the third quarter of fiscal 2009 was General and administrative expenses for the third quarter of fiscal 2009
were Interest expense decreased 35.0% to Net income for the third quarter of fiscal 2009 totaled "Pike's flexible business model and strength in providing storm
restoration work continues to put us in a leading position with our customers
in the aftermath of severe winter ice storms," said "Our core business continues to broaden in scope and services as we position Pike as one of the nation's largest energy solutions providers. Pike has taken proactive steps to weather the challenging business environment and position ourselves for an improved economy. I am confident in Pike's strategic direction and our ability to capitalize on upcoming opportunities," Pike concluded. Nine Months Ended Total revenues for the nine months ended Cash Flow The Company has generated significant cash over the last 24 months,
including Outlook The Company continues to expect total revenues for its fiscal year ending
Conference Call About Pike is one of the largest providers of energy solutions in the Safe Harbor This press release contains forward-looking statements that relate to
PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
Three months Nine months ended
ended March 31, March 31,
2009 2008 2009 2008
---- ---- ---- ----
Revenues $154,921 $131,362 $485,014 $414,213
Cost of operations 126,792 110,607 393,488 345,717
------- ------- ------- -------
Gross profit 28,129 20,755 91,526 68,496
General and administrative
expenses 12,137 10,377 36,607 31,253
Loss on sale and impairment of
property and equipment 1,096 93 1,949 2,076
----- -- ----- -----
Income from operations 14,896 10,285 52,970 35,167
Other expense (income):
Interest expense 2,162 3,327 7,228 11,473
Other, net (238) (43) (746) (168)
---- --- ---- ----
Total other expense 1,924 3,284 6,482 11,305
Income before income taxes 12,972 7,001 46,488 23,862
Income tax expense 4,702 2,718 17,378 9,217
----- ----- ------ -----
Net income $8,270 $4,283 $29,110 $14,645
====== ====== ======= =======
Earnings per share:
Basic $0.25 $0.13 $0.88 $0.45
===== ===== ===== =====
Diluted $0.25 $0.13 $0.86 $0.44
===== ===== ===== =====
Shares used in computing earnings
per share:
Basic 33,036 32,844 33,011 32,791
====== ====== ====== ======
Diluted 33,703 33,605 33,733 33,655
====== ====== ====== ======
PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
March 31, June 30,
2009 2008
---- ----
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $25,572 $11,357
Accounts receivable from customers, net 70,531 62,224
Costs and estimated earnings in excess of billings
on uncompleted contracts 47,854 40,410
Inventories 9,014 8,343
Prepaid expenses and other 6,083 5,123
Deferred income taxes 14,521 15,376
------ ------
Total current assets 173,575 142,833
Property and equipment, net 225,004 229,119
Goodwill 105,019 94,402
Other intangibles, net 41,426 40,065
Deferred loan costs, net 2,175 2,778
Other assets 1,464 1,463
----- -----
Total assets $548,663 $510,660
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $10,778 $10,867
Accrued compensation 21,716 22,157
SOURCE Lara Travars +1-336-719-4492 Web Site: http://www.pike.com |
