- Strong Quarter Leads Company to Raise Outlook for Fiscal 2009 -
MT. AIRY, N.C., Nov. 10 /PRNewswire-FirstCall/ -- Pike Electric
Corporation (NYSE: PEC), one of the nation's largest providers of energy
solutions, including powerline construction, engineering, substation, EPC, and
renewable energy, today announced the results for its fiscal first quarter
ended September 30, 2008.
Fiscal 2009 First Quarter Results
Total revenues for the first quarter of 2009 increased $45.8 million to
$185.5 million, compared to $139.7 million in the first quarter of fiscal
2008. Core revenues for the first quarter of fiscal 2009 were $107.8 million,
compared to $134.9 million for the first quarter of fiscal 2008 as storm
restoration activity diverted significant core work. Storm restoration
revenues totaled $77.7 million for the first quarter of fiscal 2009 primarily
due to damages caused by Hurricanes Gustav and Ike, compared to $4.8 million
for the first quarter of fiscal 2008.
Gross profit for the first quarter of fiscal 2009 was $45.0 million, or
24.2% of revenue, compared to $23.3 million or 16.7% of revenue, for the first
quarter of fiscal 2008. The gross profit increase is due to higher margin
storm restoration services during the quarter.
General and administrative expenses for the first quarter of fiscal 2009
were $13.3 million, or 7.2% of revenue, compared to $10.3 million, or 7.4% of
revenue, for the first quarter of fiscal 2008. Interest expense decreased
46.6% to $2.3 million compared to the first quarter of fiscal 2008 primarily
due to lower debt balances.
Net income for the first quarter of fiscal 2009 totaled $18.3 million, or
$0.54 per diluted share, compared to net income of $5.3 million, or $0.16 per
diluted share, for the first quarter of fiscal 2008.
'We had an excellent first quarter. Our crews' efficient response with
clean-up efforts following hurricanes Gustav and Ike is a testament to our
flexible business model which allows us to quickly mobilize crews across our
system, get the job done and return to our core business. Even more
importantly, the quarter marks our completion of the acquisition and
integration of EDS, transforming Pike into an energy solutions company,'
stated J. Eric Pike, Chairman and Chief Executive Officer of Pike Electric.
'We are confident that we are well-positioned to serve a much broader
spectrum of our nation's energy needs, including engineering, substation and
EPC work. These energy solutions, along with our operating discipline, solid
cash flows and strong balance sheet, position us to continue to drive long
term growth,' continued Mr. Pike. 'Given credit market concerns and
uncertainty in the U.S. economy, we are faced with limited visibility into our
customers' near-term spend on maintenance and capital projects.'
On September 1, 2008 the Company completed the acquisition of Energy
Delivery Services, Inc. ('EDS') for $24.5 million, subject to a working
capital adjustment, and the assumption of certain operating liabilities.
