Pike 8-K Pike Reports 23% Revenue Growth and 33% EPS Growth in Fiscal Third Quarter

Exhibit 99.1

Pike Reports 23% Revenue Growth and 33% EPS Growth in Fiscal Third Quarter

MOUNT AIRY, N.C.--(BUSINESS WIRE)--May 6, 2013--Pike Electric Corporation (NYSE: PIKE), one of the nation’s leading energy solutions providers, today reported fiscal third quarter 2013 results for the period ended March 31, 2013. Total revenue in the third quarter 2013 was $200.2 million, up 23% compared to $162.8 million in the year-ago period. Net income in the third quarter 2013 totaled $2.7 million, or $0.08 per diluted share. In the year-ago period, net income totaled $2.0 million, or $0.06 per diluted share.

Total revenue in the fiscal third quarter 2013 included storm-related services of $25.4 million, compared to $6.3 million in the same quarter last year. Gross profit totaled $25.0 million, compared to $20.5 million in the year-ago period. General and administrative expenses totaled $18.7 million, compared to $16.2 million in the year-ago period.

“We continue to be pleased with the success of our diversification strategy and growth. Transmission and substation continue their positive trends and engineering services now generate over 18 percent of our core revenue,” said J. Eric Pike, Chairman and CEO of Pike. “Although our third quarter results were significantly affected by reduced construction productivity in our mid-Atlantic and southeastern territory due to snow and extremely wet weather conditions, investments in training, and expansion costs for Pine Valley Power and UCS, we remain on track for a record year and our actions this quarter will aid in our future growth.”

The Company has adopted two reportable segments for financial reporting purposes: Construction and All Other Operations. The accompanying ‘segment results’ table provides eliminations and other adjustments that reconcile the segment revenues and income from operations amounts to consolidated results.

Construction revenue totaled $166.7 million, up 16% compared to $144.4 million in the year-ago period. Income from operations in the Construction segment totaled $5.2 million, compared to $3.8 million in the year-ago period. All Other Operations revenue totaled $33.5 million, up 82% compared to $18.4 million in the year-ago period. Income from operations in the All Other Operations segment totaled $1.3 million, compared to $1.5 million in the year-ago period.

Conference Call

The Company will host a conference call at 11:00 a.m. Eastern on Tuesday, May 7. The call can be accessed by dialing (888) 572-7025, or (719) 325-2463 for international callers. The confirmation code for the live call is 6315376. 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 6315376. The replay will remain available until midnight Eastern on May 14. An on-demand replay of the conference call will remain 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 300 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 electric and communication infrastructure. 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.

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
	Three months ended March 31,						Nine months ended March 31,
	2013			2012			2013			2012
Revenues	$	200,222		$	162,766		$	718,503		$	506,588
Cost of operations		175,177			142,228			597,302			436,782
Gross profit		25,045			20,538			121,201			69,806
General and administrative expenses		18,704			16,220			58,063			48,096
Gain on sale of property and equipment		(147	)		(406	)		(345	)		(288	)
Income from operations		6,488			4,724			63,483			21,998
Other expense (income):
Interest expense		1,679			1,179			5,686			6,017
Other, net		(5	)		(15	)		(30	)		(28	)
Total other expense, net		1,674			1,164			5,656			5,989
Income before income taxes		4,814			3,560			57,827			16,009
Income tax expense		2,121			1,536			22,250			6,490
Net income	$	2,693		$	2,024		$	35,577		$	9,519
Earnings per share:
Basic	$	0.08		$	0.06		$	1.01		$	0.28
Diluted	$	0.08		$	0.06		$	1.01		$	0.27
Shares used in computing earnings per share:
Basic		35,219			34,869			35,132			34,569
Diluted		35,663			35,241			35,363			35,066
Dividends per share:	$	-		$	-		$	1.00		$	-

PIKE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
	March 31,			June 30,
	2013			2012
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,970		$	1,601
Accounts receivable, net		118,488			91,059
Costs and estimated earnings in excess of billings
on uncompleted contracts		67,592			66,414
Inventories		15,153			15,348
Prepaid expenses and other		8,062			9,001
Deferred income taxes		9,327			9,722
Total current assets		224,592			193,145
Property and equipment, net		176,326			174,655
Goodwill		153,657			122,932
Other intangibles, net		77,002			43,617
Deferred loan costs, net		1,747			2,175
Other assets		2,122			1,624
Total assets	$	635,446		$	538,148
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	27,399		$	26,206
Accrued compensation		28,912			28,703
Billings in excess of costs and estimated earnings
on uncompleted contracts		11,074			5,318
Accrued expenses and other		12,012			7,551
Current portion of insurance and claim accruals		13,640			11,525
Total current liabilities		93,037			79,303
Revolving credit facility		191,000			123,000
Insurance and claim accruals, net of current portion		5,252			3,956
Deferred compensation		6,157			5,578
Deferred income taxes		57,193			46,749
Other liabilities		2,895			2,637
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $0.001 per share; 100,000 authorized
shares; no shares issued and outstanding		-			-
Common stock, par value $0.001 per share; 100,000 authorized
shares; 35,291 and 35,052 shares issued and outstanding
at March 31, 2013 and June 30, 2012, respectively		6,428			6,428
Additional paid-in capital		175,758			173,060
Accumulated other comprehensive loss, net of taxes		(124	)		-
Retained earnings		97,850			97,437
Total stockholders’ equity		279,912			276,925
Total liabilities and stockholders’ equity	$	635,446		$	538,148

PIKE ELECTRIC CORPORATION
SEGMENT RESULTS
(Unaudited)
(In thousands)
	Three months ended March 31,						Nine months ended March 31,
	2013			2012			2013			2012
Construction
Core services	$	143,215		$	138,180		$	449,634		$	400,201
Less: Intersegment revenues		(531	)		(45	)		(769	)		(6,396	)
Core services, net		142,684			138,135			448,865			393,805
Storm restoration services		24,034			6,269			149,629			62,953
Revenues, net		166,718			144,404			598,494			456,758
Income from operations		5,246			3,849			60,153			21,547
Depreciation and amortization		8,558			9,323			27,307			28,079
Purchases of property and equipment		9,747			6,514			26,904			21,841
All Other Operations
Core services	$	40,530		$	19,616		$	140,843		$	53,091
Less: Intersegment revenues		(8,458	)		(1,254	)		(29,872	)		(3,261	)
Core services, net		32,072			18,362			110,971			49,830
Storm assessment and inspection services		1,432			-			9,038			-
Revenues, net		33,504			18,362			120,009			49,830
Income from operations		1,344			1,491			5,306			1,606
Depreciation and amortization		1,341			148			4,044			822
Purchases of property and equipment		142			-			689			-
Eliminations and Other Adjustments
Revenues	$	-		$	-		$	-		$	-
Loss from operations		(102	)		(616	)		(1,976	)		(1,155	)
Depreciation and amortization		-			-			-			-
Purchases of property and equipment		-			-			-			-
Total
Core services	$	183,745		$	157,796		$	590,477		$	453,292
Less: Intersegment revenues		(8,989	)		(1,299	)		(30,641	)		(9,657	)
Core services, net		174,756			156,497			559,836			443,635
Storm-related services		25,466			6,269			158,667			62,953
Revenues, net		200,222			162,766			718,503			506,588
Income from operations		6,488			4,724			63,483			21,998
Depreciation and amortization		9,899			9,471			31,351			28,901
Purchases of property and equipment		9,889			6,514			27,593			21,841

PIKE ELECTRIC CORPORATION
SUPPLEMENTAL REVENUE INFORMATION
(Unaudited)
(In thousands)
	Three months ended March 31,		Nine months ended March 31,
	2013	2012	2013	2012
Construction Segment
Distribution and other	$ 104,730	$ 107,230	$ 336,859	$ 307,835
Transmission	23,000	18,511	70,282	50,819
Substation	14,954	12,394	41,724	35,151
Core services, net	$ 142,684	$ 138,135	$ 448,865	$ 393,805
Storm restoration services	24,034	6,269	149,629	62,953
Revenues, net	$ 166,718	$ 144,404	$ 598,494	$ 456,758
All Other Operations Segment
Core services, net	$ 32,072	$ 18,362	$ 110,971	$ 49,830
Storm assessment and inspection services	1,432	-	9,038	-
Revenues, net	$ 33,504	$ 18,362	$ 120,009	$ 49,830

CONTACT:
Pike Electric Corporation
Investor Relations:
Frank Milano, 336-719-4622
IR@pike.com