Pike Reports Strong Earnings Growth in Fiscal Second Quarter 2012

MOUNT AIRY, N.C., Feb. 7, 2012 /PRNewswire/ -- Pike Electric Corporation (NYSE: PIKE), one of the nation's leading energy solutions providers, today reported fiscal second quarter 2012 results for the period ended December 31, 2011. Revenue totaled $172.0 million, an increase of 16% compared to $148.6 million in the year-ago period. Net income totaled $4.9 million, or $0.14 per diluted share versus net income of $1.0 million, or $0.03 per diluted share for the same period last year.

Core services revenue totaled $150.1 million and storm restoration revenue totaled $21.9 million in the fiscal second quarter 2012. In the year-ago period, core services revenue totaled $145.9 million and storm restoration revenue totaled $2.7 million.

"I am very pleased with this quarter's earnings growth, which reflects our increased revenue and stronger gross margin performance. In addition, we strengthened our financial position by retiring $17.5 million in debt this quarter," said J. Eric Pike, Chairman and CEO of Pike. "We continue to execute well and our business is benefiting from our service line diversification and the steadily improving industry trends."

Gross profit increased to $25.4 million in the fiscal second quarter 2012, as compared to $16.6 million in the year-ago period. As a percent of revenue, gross margin totaled 14.8% this quarter, an increase of 360 basis points compared to 11.2% in the year-ago period. The gross profit increase resulted from sustained volume growth in the Company's distribution business and a higher level of storm restoration activity as compared to the same quarter last year.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern today. The call can be accessed by dialing (888) 437-9445, or (719) 325-2356 for international callers. The confirmation code for the live call is 6597485. 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 6597485. The replay will remain available until midnight Eastern on February 14. 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 our 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 our 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, and we undertake 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