-Fiscal year 2009 total revenue increase over fiscal 2008-
-Sequential quarter revenue growth for engineering, transmission
and substation- MT. AIRY, N.C., Sept. 1 /PRNewswire-FirstCall/ --
Pike Electric Corporation (NYSE:PIKE), a leading energy solutions
provider, today announced results for its fourth quarter and fiscal
year ended June 30, 2009. Revenues for the fourth quarter of fiscal
2009 were $128.5 million, compared to $137.8 million in the fourth
quarter of fiscal 2008. Net income for the fourth quarter of fiscal
2009 totaled $2.5 million, or $0.07 per diluted share, compared to
net income of $5.6 million, or $0.17 per diluted share, for the
fourth quarter of fiscal 2008. Revenues for the fiscal year ended
June 30, 2009 increased 11.1% to $613.5 million, from $552.0
million for the 2008 fiscal year. Net income for fiscal 2009
totaled $31.6 million, or $0.94 per diluted share, compared to net
income of $20.2 million, or $0.60 per diluted share, for fiscal
2008. The Company generated $77.3 million in cash from operations
in fiscal 2009. This cash was primarily used to complete two
acquisitions totaling $25.1 million and to increase the Company's
cash balance by $32.5 million from June 30, 2008. "In an economy
that is mired in recession, Pike was able to deliver double digit
revenue and earnings growth for fiscal 2009, driven by the second
strongest year in the Company's history for storm restoration
services. Results such as this are a testament to Pike's
experienced workforce, quality service and flexible business
model," said J. Eric Pike, chairman and CEO. "We also made further
progress in our service diversification strategy with the
completion of two acquisitions," said Pike. "Our sequential growth
in engineering, transmission, and substation revenue continues to
demonstrate the value Pike Energy Solutions platform is bringing to
our customers. Our full service energy solutions platform, strong
financial position, and long-standing customer relationships
position us well to capture opportunities as utilities renew
capital expenditures and maintenance spending." Outlook Based on
current economic conditions, storm volatility, and other factors,
the Company expects its total revenues and diluted earnings per
share for its fiscal year ending June 30, 2010 to range from $575
million to $625 million and from $0.60 to $0.75, respectively.
Conference Call Pike Electric will host a conference call today at
5:00 p.m. EDT to discuss financial results for its fiscal fourth
quarter and full year ended June 30, 2009. This call will be web
cast and can be accessed by visiting the Investor Center section of
the Company's website at http://www.pike.com/. The call can be
accessed live over the phone by dialing (800) 289-0546, or (913)
312-1417 for international callers. A replay will be available
shortly after the call and can be accessed by dialing (888)
203-1112, or for international callers, (719) 457-0820. The pass
code for the replay is 1074580. The call will be available until
September 8, 2009. About Pike Electric Pike is a leading provider
of energy solutions for investor-owned, municipal and cooperatives
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. Our website is located 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 estimate. 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 factors, please refer to the Risk Factor section of Pike
Electric's Annual Reports on Form 10-K and in its other 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 INCOME (In
thousands, except per share amounts) Three months Twelve months
ended June 30, ended June 30, 2009 2008 2009 2008 ---- ---- ----
---- Revenues $128,462 $137,816 $613,476 $552,029 Cost of
operations 109,715 114,608 503,203 460,325 ------- ------- -------
------- Gross profit 18,747 23,208 110,273 91,704 General and
administrative expenses 13,641 10,471 50,248 41,724 Loss on sale
and impairment of property and equipment 167 967 2,116 3,043 ---
--- ----- ----- Income from operations 4,939 11,770 57,909 46,937
Other expense (income): Interest expense 2,030 2,446 9,258 13,919
Other, net (806) (46) (1,552) (214) ---- --- ------ ---- Total
other expense 1,224 2,400 7,706 13,705 Income before income taxes
3,715 9,370 50,203 33,232 Income tax expense 1,257 3,767 18,634
12,983 ----- ----- ------ ------ Net income $2,458 $5,603 $31,569
$20,249 ====== ====== ======= ======= Earnings per share: Basic
$0.07 $0.17 $0.96 $0.62 ===== ===== ===== ===== Diluted $0.07 $0.17
$0.94 $0.60 ===== ===== ===== ===== Shares used in computing
earnings per share: Basic 33,058 32,869 33,023 32,810 ====== ======
====== ====== Diluted 33,773 33,695 33,741 33,666 ====== ======
====== ====== PIKE ELECTRIC CORPORATION CONDENSED CONSOLIDATED
BALANCE SHEETS (In thousands, except per share amounts) June 30,
June 30, 2009 2008 ---- ---- ASSETS Current assets: Cash and cash
equivalents $43,820 $11,357 Accounts receivable from customers, net
57,766 62,224 Costs and estimated earnings in excess of billings on
uncompleted contracts 46,674 40,410 Inventories 7,718 8,343 Prepaid
expenses and other 6,306 5,123 Deferred income taxes 13,649 15,376
------ ------ Total current assets 175,933 142,833 Property and
equipment, net 222,539 229,119 Goodwill 106,865 94,402 Other
intangibles, net 40,139 40,065 Deferred loan costs, net 2,028 2,778
Other assets 1,465 1,463 ----- ----- Total assets $548,969 $510,660
======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $13,231 $10,867 Accrued compensation
23,002 22,157 Billings in excess of costs and estimated earnings on
uncompleted contracts 5,176 397 Accrued expenses and other 8,301
5,460 Current portion deferred compensation 1,402 3,666 Current
portion of insurance claim accruals 26,442 28,873 ------ ------
Total current liabilities 77,554 71,420 Long-term debt, net of
current portion 140,500 140,500 Insurance and claim accruals, net
of current portion 7,335 7,989 Deferred compensation, net of
current portion 5,563 6,283 Deferred income taxes 57,251 62,416
Other liabilities 3,801 1,100 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; 33,462 and 33,183 shares issued and outstanding at June
30, 2009 and June 30, 2008, respectively 6,427 6,427 Additional
paid-in capital 153,035 148,288 Accumulated other comprehensive
loss, net of income taxes (1,109) (806) Retained earnings 98,612
67,043 ------ ------ Total stockholders' equity 256,965 220,952
------- ------- Total liabilities and stockholders' equity $548,969
$510,660 ======== ======== DATASOURCE: Pike Electric Corporation
CONTACT: Investor Relations, Pike Electric Corporation,
+1-336-719-4622 Web Site: http://www.pike.com/
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