Pike Electric Corp. (PIKE, Financial) filed Quarterly Report for the period ended 2010-09-30.
Pike Electric Corp. has a market cap of $257.6 million; its shares were traded at around $7.68 with and P/S ratio of 0.5. PIKE is in the portfolios of Richard Pzena of Pzena Investment Management LLC.
The purchase price of approximately $17,000 has been allocated to the assets acquired and liabilities assumed at the effective date of the acquisition based on estimated fair values as follows: $6,348 of tangible net assets and $2,000 in identifiable intangible assets, resulting in goodwill of approximately $8,652. The allocation of the purchase price remains preliminary as management continues to assess the valuation of the acquired assets and liabilities. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce, and is expected to be amortizable for tax purposes.
Compensation expense related to stock-based compensation plans was $1,063 and $1,083 for the three months ended September 30, 2010 and September 30, 2009, respectively. The income tax benefit recognized for stock-based compensation arrangements was $415 and $423 for the three months ended September 30, 2010 and September 30, 2009, respectively.
Amounts reported as loss on sale and impairment of property and equipment relate primarily to aging, damaged or excess fleet equipment. Assets held for sale are recorded at the lower of carrying value or fair value, less selling costs. Fair value for this purpose is generally determined based on prices in the used equipment market. Assets held for sale totaled $788 and $898 at September 30, 2010 and June 30, 2010, respectively, and are included in prepaid expenses and other in the condensed consolidated balance sheets. Substantially all of the assets held for sale at September 30, 2010 are expected to be sold in the next twelve months.
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Pike Electric Corp. has a market cap of $257.6 million; its shares were traded at around $7.68 with and P/S ratio of 0.5. PIKE is in the portfolios of Richard Pzena of Pzena Investment Management LLC.
Highlight of Business Operations:
On June 30, 2010, we acquired Klondyke Construction LLC (Klondyke) based in Phoenix, AZ, for a price of $17,000 ($15,157 net of cash acquired), plus the assumption of certain operating liabilities. Klondyke provides construction and maintenance services primarily associated with electric substation, transmission and distribution infrastructure. Klondyke also constructs renewable energy generation facilities. Klondykes range of construction services complements our west coast engineering capabilities and enables the continued expansion of turnkey EPC (engineering, procurement and construction) services.The purchase price of approximately $17,000 has been allocated to the assets acquired and liabilities assumed at the effective date of the acquisition based on estimated fair values as follows: $6,348 of tangible net assets and $2,000 in identifiable intangible assets, resulting in goodwill of approximately $8,652. The allocation of the purchase price remains preliminary as management continues to assess the valuation of the acquired assets and liabilities. The goodwill recognized is attributable primarily to expected synergies and the assembled workforce, and is expected to be amortizable for tax purposes.
Compensation expense related to stock-based compensation plans was $1,063 and $1,083 for the three months ended September 30, 2010 and September 30, 2009, respectively. The income tax benefit recognized for stock-based compensation arrangements was $415 and $423 for the three months ended September 30, 2010 and September 30, 2009, respectively.
Amounts reported as loss on sale and impairment of property and equipment relate primarily to aging, damaged or excess fleet equipment. Assets held for sale are recorded at the lower of carrying value or fair value, less selling costs. Fair value for this purpose is generally determined based on prices in the used equipment market. Assets held for sale totaled $788 and $898 at September 30, 2010 and June 30, 2010, respectively, and are included in prepaid expenses and other in the condensed consolidated balance sheets. Substantially all of the assets held for sale at September 30, 2010 are expected to be sold in the next twelve months.
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