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 http://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 http://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 http://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 ========
======== DATASOURCE: Pike Electric Corporation CONTACT: Investor
Relations, Pike Electric Corporation, +1-336-719-4622, Web Site:
http://www.pike.com/
Copyright