Pike Reports 33% Revenue Growth in Fiscal First Quarter 2012

MOUNT AIRY, N.C., Nov. 9, 2011 /PRNewswire/ -- Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, today reported fiscal first quarter 2012 results for the period ended September 30, 2011. Revenue totaled $171.8 million, an increase of 33% compared to $128.8 million in the year-ago period and net income totaled $2.6 million, or $0.07 per diluted share. In the year-ago period, the Company reported a net loss of $2.3 million, or $(0.07) per diluted share.

Core services revenue totaled $137.0 million and storm restoration revenue totaled $34.8 million in the fiscal first quarter 2012. In the year-ago period, core services revenue totaled $123.8 million and storm restoration revenue totaled $5.0 million.

"Our financial performance this quarter provides a strong start to the year and continues the turnaround we started with our restructuring actions in fiscal 2010," said J. Eric Pike, Chairman and CEO of Pike. "Our results reflect slowly improving industry fundamentals, growth from the recent Klondyke and Pine Valley Power acquisitions, plus a heightened level of storm restoration activity due to the damage caused by Hurricane Irene."

Gross profit more than doubled to $23.9 million in the fiscal first quarter 2012, compared to $11.7 million in the year-ago period. As a percent of revenue, gross margin totaled 13.9% this quarter, an increase of 480 basis points compared to 9.1% in the year-ago period. The gross profit increase resulted from higher distribution construction and maintenance volume and a significant increase in storm restoration revenues.

The Company entered into a new four year $200.0 million revolving credit facility on August 24, 2011. As a result, the deferred loan costs associated with the former credit facility of $1.7 million, or $(0.03) per diluted share, were immediately amortized to interest expense.  

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern today. The call can be accessed by dialing (888) 510-1762, or (719) 457-2606 for international callers. The confirmation code for the live call is 2658944. 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 2658944. The replay will remain available until midnight Eastern on November 16. An on-demand replay of the conference call will remain available online for a limited time following the conclusion of the call.

About Pike Electric Corporation

Pike Electric Corporation is a leading provider of energy solutions to over 200 investor-owned, municipal and cooperative utilities in the United States. Our comprehensive services include facilities planning and 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.

Forward-Looking Statements

This press release and other statements we make from time to time in the future may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may relate to Pike's plans, objectives and future estimates. 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's Annual Reports on Form 10-K and in its other periodic filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made; Pike undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events that arise after the date the forward-looking statement was made.

SOURCE Pike Electric Corporation