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Pike Electric Reports Fiscal First Quarter Results

Posted : Mon, 09 Nov 2009 21:03:53 GMT
Author : Pike Electric Corporation
Category : Press Release
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MT. AIRY, N.C., Nov. 9 /PRNewswire-FirstCall/ -- Pike Electric Corporation (NYSE: PIKE), a leading energy solutions provider, today announced results for its fiscal first quarter ended September 30, 2009. Total revenues in the first quarter of fiscal 2010 were $127.2 million, compared to $185.5 million in the first quarter of fiscal 2009. Core revenue increased to $124.7 million compared to $107.8 million for the same quarter last year. Storm restoration revenues declined significantly to $2.5 million compared to $77.7 million in the first quarter of fiscal 2009. The Company reported a net loss this quarter of $2.7 million, or $0.08 per diluted share, compared to net income of $18.3 million, or $0.54 per diluted share, in the first quarter last year.

"While the Company has demonstrated strong results in our engineering, transmission, and substation lines as a result of our energy solutions diversification, the core distribution work continues to underperform. The general economic weakness and a longer than anticipated deferral of maintenance spending by our customers is the longest and most significant we have experienced. These facts, coupled with the lack of storm restoration work, negatively impacted our earnings for the quarter. Our expectation for a return in maintenance spending and a general economic recovery influenced the decision to hold excess fleet assets and overhead infrastructure resources. Based on the duration of the maintenance deferral and the lack of visibility as to the timing of a return to historical maintenance spending levels, management will be restructuring our distribution model to reduce cost and realign the fleet and overhead infrastructure to better match market conditions. These actions will return the core distribution work to more historical profit margins without impacting our other diversified service lines. During this restructuring process, the company will not be updating revenue and earnings guidance," stated J. Eric Pike, Chairman and CEO.

Conference Call
The Company will host a conference call at 5:00 p.m. Eastern Time today. The call can be accessed by dialing (888) 747-4666, or (913) 312-1472 for international callers. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto the Company's website at www.pike.com. Click on the "Investor Center" home page and scroll down to "Upcoming Events" to access the event.

A replay will be available shortly after the call and can be accessed by dialing (888) 203-1112, or (719) 457-0820 for international callers. The passcode for the replay is 7197477. The replay will be available until midnight Eastern Time on November 16, 2009. An on-demand replay of the conference call will also remain available in the "Investor Center" of the Company's website at www.pike.com for a limited time following the conclusion of the call.

About Pike Electric
Pike Electric is a leading provider of energy solutions to over 200 investor-owned, municipal and cooperative 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. For more information, visit us online 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 future estimates. 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 other factors, please refer to the Risk Factor section of Pike Electric's Annual Reports on Form 10-K and in its other periodic 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 OPERATIONS
                                         (Unaudited)
                           (In thousands, except per share amounts)

                                                        Three months ended
                                                           September 30,
                                                        2009           2008
                                                        ----           ----
    Revenues                                          $127,220       $185,506
    Cost of operations                                 115,525        140,545
                                                       -------        -------

    Gross profit                                        11,695         44,961
    General and administrative expenses                 13,123         13,301
    Loss on sale and impairment of
      property and equipment                               661            242
                                                           ---            ---

    (Loss) income from operations                       (2,089)        31,418
    Other expense (income):
     Interest expense                                    2,371          2,335
     Other, net                                           (101)          (207)
                                                          ----           ----
    Total other expense                                  2,270          2,128
                                                         -----          -----

    (Loss) income before income taxes                   (4,359)        29,290
    Income tax (benefit) expense                        (1,654)        11,021
                                                        ------         ------

    Net (loss) income                                  $(2,705)       $18,269
                                                       =======        =======

    (Loss) earnings per share:
      Basic                                             $(0.08)         $0.55
                                                        ======          =====
      Diluted                                           $(0.08)         $0.54
                                                        ======          =====

    Shares used in computing (loss)
     earnings per share:
      Basic                                             33,077         32,987
                                                        ======         ======
      Diluted                                           33,077         33,842
                                                        ======         ======


                                  PIKE ELECTRIC CORPORATION
                            CONDENSED CONSOLIDATED BALANCE SHEETS
                          (In thousands, except per share amounts)

                                                    September 30,    June 30,
                                                        2009           2009
                                                        ----           ----
                       ASSETS                       (Unaudited)
      Current assets:
        Cash and cash equivalents                      $42,443        $43,820
        Accounts receivable from customers, net         53,846         57,766
        Costs and estimated earnings in excess of
         billings on uncompleted contracts              51,575         46,674
        Inventories                                      7,959          7,718
        Prepaid expenses and other                       6,991          6,306
        Deferred income taxes                           12,170         13,649
                                                        ------         ------
          Total current assets                         174,984        175,933
      Property and equipment, net                      216,545        222,539
      Goodwill                                         106,865        106,865
      Other intangibles, net                            39,168         40,139
      Deferred loan costs, net                           4,380          2,028
      Other assets                                       1,464          1,465
                                                         -----          -----
          Total assets                                $543,406       $548,969
                                                      ========       ========
            LIABILITIES AND STOCKHOLDERS' EQUITY
      Current liabilities:
        Accounts payable                               $17,607        $13,231
        Accrued compensation                            23,909         23,002
        Billings in excess of costs and estimated
         earnings on uncompleted contracts               1,829          5,176
        Accrued expenses and other                       7,228          8,301
        Current portion deferred compensation               --          1,402
        Current portion of insurance claim accruals     24,412         26,442
                                                        ------         ------
          Total current liabilities                     74,985         77,554
      Long-term debt                                   140,500        140,500
      Insurance and claim accruals, net of current
       portion                                           7,825          7,335
      Deferred compensation, net of current portion      5,632          5,563
      Deferred income taxes                             55,126         57,251
      Other liabilities                                  3,364          3,801
      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; 33,474 and 33,462
         shares issued and outstanding at September 30,
         2009 and June 30, 2009, respectively            6,427          6,427
        Additional paid-in capital                     154,216        153,035
        Accumulated other comprehensive loss,
         net of taxes                                     (576)        (1,109)
        Retained earnings                               95,907         98,612
                                                        ------         ------
          Total stockholders' equity                   255,974        256,965
                                                       -------        -------
          Total liabilities and stockholders' equity  $543,406       $548,969
                                                      ========       ========

SOURCE Pike Electric Corporation


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