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 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 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.
