Pike Electric Corp., Mount Airy, N.C., a contractor and provider of engineering, construction and maintenance for distribution and transmission powerlines, substations, and renewable energy projects, reported total revenue in the third quarter 2013 was $200.2 million, up 23% compared to $162.8 million in the year-ago period. 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.
In a press release discussing the results, J. Eric Pike, the company’s chairman and CEO, said, “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. 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.” Details
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Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.