SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

PowerSecure Adds $60 Million to Revenue Backlog
[April 23, 2013]

PowerSecure Adds $60 Million to Revenue Backlog

WAKE FOREST, N.C. --(Business Wire)--

PowerSecure International, Inc. (Nasdaq: POWR) today announced it has added approximately $60 million to its revenue backlog, including approximately $24 million from ESCO contracts it acquired in February 2013 and approximately $36 million in new business.

The new business awards include approximately $18 million of new turn-key distributed generation (DG) business, approximately $14 million of new utility infrastructure (UI) business, approximately $2 million of new, post-acquisition ESCO energy efficiency (EE) sales and approximately $2 million in new recurring revenues.

Of the approximately $18 million in new DG business, more than $6 million is from a new solar project. The remaining DG awards are primarily for hospital, grocery/retail and industrial projects, including nearly $4 million for a major new hospital project.

The approximately $14 million in new UI awards include both transmission and distribution work for ongoing utility system maintenance and new construction projects, primarily for large investor-owned utilities.

"We are continuing to see very strong customer demand for our distributed generation solutions and utility infrastructure services and are further encouraged by the diversity of new business across solar, healthcare, grocery/retail, industrial, switchgear, transmission and distribution customers," said Sidney Hinton, chief executive officer of PowerSecure.

"We are also very pleased to quickly solidify approximately $24 million in ESCO contracts from the acquisition into our backlog and to have been awarded additional new ESCO business on top of it," Hinton added.

Except for the approximately $2 million in new recurring revenues, the majority of the approximately $60 million that has been added to the revenue backlog is expected to be recognized as work is completed throughout 2013.

The company will provide an update on its total backlog on May 8, 2013 in its press release announcing first quarter 2013 financial results. The updated backlog number will include the additional backlog discussed in this release, netted against backlog which was recognized as revenue in the first quater of 2013. The company previously reported its total backlog was $183 million as of March 7, 2013 in its press release announcing fourth quarter and full year 2012 financial results.

About PowerSecure

PowerSecure International, Inc. is a leading provider of utility and energy technologies to electric utilities, and their industrial, institutional and commercial customers. PowerSecure provides products and services in the areas of energy efficiency, distributed generation, and utility infrastructure. The company is a pioneer in developing Interactive Distributed Generation® (IDG®) power systems with sophisticated smart grid capabilities, including the ability to 1) forecast electricity demand and electronically deploy the systems to deliver more efficient and environmentally friendly power at peak times, 2) provide utilities with firm capacity to utilize for demand response and 3) provide customers with the most dependable standby power in the industry. Its proprietary distributed generation system designs utilize a range of technologies to deliver power, including renewables.


The company's energy efficiency business develops efficient LED lighting technologies that improve the quality of light, including its proprietary EfficientLights® LED lighting products for grocery, drug and convenience stores, and its SecureLite and PowerLite street lights for utilities and municipalities. PowerSecure's utility infrastructure team provides electric utilities with transmission and distribution infrastructure maintenance and construction services, and engineering and regulatory consulting services. Additional information is available at www.powersecure.com.

All forward-looking statements contained in this release are made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are all statements other than statements of historical facts, including but not limited to statements concerning the amount and timing of the revenues associated with the new business discussed in this press release; the Company's outlook, prospects and expectations for revenues, net income and E.P.S. results and growth generally; the anticipated results of the Company's products, services, and technologies; and all other statements concerning the plans, intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies of management, including statements about other future financial and non-financial items, performance or events and about present and future products, services, technologies and businesses; and statements of assumptions underlying the foregoing. Forward-looking statements are not guarantees of future performance or events and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed, projected or implied by such forward-looking statements. Important risks, uncertainties and other factors include, but are not limited to, those risks, uncertainties and other factors identified from time to time in the Company's most recent Annual Report on Form 10-K, as well as in subsequent filings with the Securities and Exchange Commission, including reports on Forms 10-Q and 8-K. Accordingly, there can be no assurance that the results expressed, projected or implied by any forward-looking statements will be achieved, and readers are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements in this press release speak only as of the date hereof and are based on the current plans, goals, objectives, strategies, intentions, expectations and assumptions of, and the information currently available to, management.

The Company assumes no duty or obligation to update or revise any forward-looking statements for any reason, whether as the result of changes in expectations, new information, future events, conditions or circumstances or otherwise.


[ Back To TMCnet.com's Homepage ]





LATEST VIDEOS

DOWNLOAD CENTER

UPCOMING WEBINARS

MOST POPULAR STORIES





Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.