pike electric corp (P4S) Snapshot

Pike Electric Corporation Presents at 2013 Credit Suisse Annual Engineering & Construction Conference, Jun-06-2013 09:00 AM. Venue: Credit Suisse Headquarters, 11 Madison Avenue, New York, New York, United States.

On May 22, 2013, Robert D. Lindsay and J. Russell Triedman notified Pike Electric Corporation of their resignation from the company's board of directors effective immediately. In connection with the resignations of Mr. Lindsay and Mr. Triedman, the company reduced the size of its Board of Directors to six members.

Pike Electric Corporation announced unaudited consolidated earnings for the third quarter and nine months ended March 31, 2013. The company's 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 was $25.4 million, compared to $6.3 million in the same quarter last year. Income from operations was $6,488,000 against $4,724,000 a year ago. Income before income taxes was $4,814,000 against $3,560,000 a year ago. Capital expenditures totaled $9.9 million. EBITDA totaled $16.4 million, an increase of $2.2 million over the same quarter last year. Cash flow from operating activities generated was $29 million. For the nine months period, the company reported revenues of $718,503,000 against $506,588,000 a year ago. Income from operations was $63,483,000 against $21,998,000 a year ago. Income before income taxes was $57,827,000 against $16,009,000 a year ago. Net income was $35,577,000 or $1.01 per diluted share against $9,519,000 or $0.27 per diluted share a year ago. Capital expenditures totaled $27.6 million. Cash flow from operating activities generated was $65.9 million. The company provided earnings guidance for the fourth quarter and full year ended June 30, 2013. For the full year, the company expected capital expenditures will total between $35 million and $40 million. The company fully expects its fiscal 2013 to be the record year for the company in size of service territory, total revenues and earnings. The company suggests that it uses 38.5% tax rate for the fiscal fourth quarter and full year 2013.