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Pike Electric Corp. (PIKE) filed Quarterly Report for the period ended 2011-12-31.
Pike Electric Corp. has a market cap of $285.9 million; its shares were traded at around $8.23 with a P/E ratio of 43.3 and P/S ratio of 0.5.
This is the annual revenues and earnings per share of PIKE over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PIKE.
Highlight of Business Operations:
Gross Profit. Gross profit increased 53% to $25.4 million for the three months ended December 31, 2011 from $16.6 million for the three months ended December 31, 2010. Gross profit as a percentage of revenues increased to 14.8% for the three months ended December 31, 2011 from 11.2% for the same period in the prior year. Higher total revenue and the increase in storm restoration revenues favorably contributed to our increased gross profit in the current period. In addition, the increased gross profit percentages reflect the positive impact from a decrease of $7.6 million in material procurement services during the three months ended December 31, 2011. The gross profit on material procurement services generally are lower than our other services and currently range from 0% to 5%.General and Administrative Expenses. General and administrative expenses increased 25.2% to $15.9 million for the three months ended December 31, 2011 from $12.7 million for the three months ended December 31, 2010. As a percentage of revenues, general and administrative expenses increased to 9.2% for the three months ended December 31, 2011 from 8.6% for the same period in the prior year. The increase in general and administrative expenses was primarily due to approximately $0.6 million of overhead costs related to Pine Valley, which was acquired on August 1, 2011, $0.3 million related to the Tanzania project which began construction in July 2011, $0.3 million related to increased infrastructure costs at Klondyke, $0.3 related to increased professional fees, and $1.1 million for accrued incentive bonuses. In the prior year period, there were no quarterly incentive bonus accruals.
Our core revenues increased 6.5% to $287.1 million for the six months ended December 31, 2011 from $269.6 million in the prior year period. Our acquisition of Pine Valley on August 1, 2011 provided $11.6 million in core revenues for the first half of fiscal 2012 ($11.1 million in distribution and other, and $0.5 million in engineering and substation). Klondyke showed year-over-year improvement contributing $17.8 million ($8.7 million in distribution and other, $1.6 million in transmission, and $7.5 million in engineering and substation) in core revenues for the first half of fiscal 2012 compared to $12.6 million ($3.7 million in distribution and other, $3.4 million in transmission, and $5.5 million in engineering and substation) in the prior year period primarily from construction activity on the Ivanpah solar and Cedar Mountain projects in California. Tanzania, which began construction in July 2011, provided $2.9 million of distribution and other revenue for the six months ended December 31, 2011.
Gross Profit. Gross profit increased 73.6% to $49.3 million for the six months ended December 31, 2011 from $28.4 million for the six months ended December 31, 2010. Gross profit as a percentage of revenues increased to 14.3% for the six months ended December 31, 2011 from 10.2% for the prior year period. Higher total revenue and the increase in storm restoration revenues favorably contributed to our increased gross profit in the current year period. In addition, the increased gross profit percentage reflects the positive impact from a decrease in material procurement services revenue from $24.8 million in the prior year period to $18.3 million for the six months ended December 31, 2011. The gross profit on material procurement services are generally lower than our other services and currently range from 0% to 5%.
General and Administrative Expenses. General and administrative expenses increased 21.2% to $31.9 million for the six months ended December 31, 2011 from $26.3 million for the six months ended December 31, 2010. As a percentage of revenues, general and administrative expenses decreased to 9.3% for the six months ended December 31, 2011 from 9.5% for the same prior year period. The increase in general and administrative expenses was primarily due to approximately $0.9 million of overhead costs related to Pine Valley, which was acquired on August 1, 2011, $0.5 million related to the Tanzania project which began construction in July 2011, $0.6 million related to increased infrastructure costs at Klondyke, $0.6 million related to increased professional fees, and $2.4 million for accrued incentive bonuses. In the prior year period there were no incentive bonus accruals.
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