PowerSecure International Inc. Reports Operating Results (10-Q)

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Aug 04, 2011
PowerSecure International Inc. (POWR, Financial) filed Quarterly Report for the period ended 2011-06-30.

Powersecure International Inc. has a market cap of $121.3 million; its shares were traded at around $6.44 with a P/E ratio of 322 and P/S ratio of 1.2.

Highlight of Business Operations:

The $15 million of new orders include $7 million of IDG Smart Grid Power System orders, $6 million of Utility Infrastructure projects, and $2 million of LED lighting products. We expect the majority of these projects to be completed, and the revenue recognized, over the four quarters beginning with the third quarter of 2011, with the exception of $1 million of IDG system revenue related to a new long-term recurring revenue contract.

Our income from continuing operations attributable to PowerSecure International, Inc. shareholders for the second quarter 2011 was $17.3 million, or $0.90 per diluted share, compared to income from continuing operations attributable to PowerSecure International, Inc. shareholders of $1.0 million, or $0.06 per diluted share, for the second quarter 2010.

In total, our consolidated net income attributable to PowerSecure International, Inc. common stockholders for the second quarter 2011 was $17.3 million, or $0.90 per diluted share, which compared to net income attributable to PowerSecure International, Inc. common stockholders of $1.3 million, or $0.07 per diluted share, for the second quarter 2010, which included $0.3 million, or $0.01 per diluted share, of income from discontinued operations for which there was no comparable amount in the second quarter 2011.

Our income from continuing operations attributable to PowerSecure International, Inc. shareholders for the six month period 2011 was $16.4 million, or $0.86 per diluted share, compared to income from continuing operations attributable to PowerSecure International, Inc. shareholders of $1.7 million, or $0.10 per diluted share, for the six month period 2010.

Our income from discontinued operations for the six month period 2011, consisting of the gain we recorded on the sale of Southern Flow, was $5.6 million, or $0.29 per diluted share. This compares to income from discontinued operations for the six month period 2010 of $0.8 million, or $0.04 per diluted share, which consisted of the operating results of Southern Flow during the six month period 2010.

In total, our consolidated net income attributable to PowerSecure International, Inc. common stockholders for the six month period 2011 was $22.0 million, or $1.15 per diluted share, which compared to net income attributable to PowerSecure International, Inc. common stockholders of $2.5 million, or $0.14 per diluted share, for the six month period 2010.

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