Pike Corp

CIK:0001317577|SEC Filings

(Loss) Earnings Per Share

3 Months Ended

Sep. 30, 2014

9.	(Loss) Earnings Per Share

The following table sets forth the calculations of basic and diluted (loss) earnings per share:


	Three Months Ended September 30,
	2014			2013
Basic:
Net (loss) income	$	(2,362	)	$	959

Weighted average common shares		31,962			31,753

Basic (loss) earnings per share	$	(0.07	)	$	0.03

Diluted:
Net (loss) income	$	(2,362	)	$	959

Weighted average common shares		31,962			31,753
Potential common stock arising from stock options and restricted stock		—			520

Weighted average common shares — diluted		31,962			32,273

Diluted (loss) earnings per share	$	(0.07	)	$	0.03

All outstanding options and restricted stock awards were excluded from the calculation of diluted loss per share for the three months ended September 30, 2014 because their effect would have been anti-dilutive. Outstanding options and restricted stock awards equivalent to 1,247 shares of common stock were excluded from the calculation of diluted earnings per share for the three months ended September 30, 2013 because their effect would have been anti-dilutive.

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:
Net (loss) income	$ (2,362)	$ 959
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	9,110	9,998
Non-cash interest expense	309	249
Deferred income taxes	282	1,258
Gain on sale of property and equipment	(48)	(315)
Equity compensation expense	810	952
Changes in operating assets and liabilities:
Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts	(4,872)	8,992
Inventories, prepaid expenses and other	(2,442)	(2,489)
Insurance and claim accruals	(1,305)	(4,792)
Accounts payable and other	10,530	(3,287)
Net cash provided by operating activities	10,012	11,525
Cash flows from investing activities:
Purchases of property and equipment	(4,187)	(12,251)
Net proceeds from sale of property and equipment	395	1,631
Net cash used in investing activities	(3,792)	(10,620)
Cash flows from financing activities:
Borrowings under revolving credit facility	43,000	34,000
Repayments under revolving credit facility	(24,500)	(35,000)
Stock option and employee stock purchase activity, net	(1,051)	432
Net cash provided by (used in) financing activities	17,449	(568)
Net increase in cash and cash equivalents	23,669	337
Cash and cash equivalents beginning of year	989	2,578
Cash and cash equivalents end of period	$ 24,658	$ 2,915

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014
Current assets:
Cash and cash equivalents	$ 24,658	$ 989
Accounts receivable, net	95,841	96,850
Costs and estimated earnings in excess of billings on uncompleted contracts	91,444	85,563
Inventories	13,442	12,373
Prepaid expenses and other	8,312	7,029
Deferred income taxes	10,222	10,304
Total current assets	243,919	213,108
Property and equipment, net	174,415	177,743
Goodwill	153,668	153,668
Other intangibles, net	65,645	67,463
Deferred loan costs, net	867	1,111
Other assets	3,199	3,059
Total assets	641,713	616,152
Current liabilities:
Accounts payable	41,505	34,961
Accrued compensation	28,631	26,697
Billings in excess of costs and estimated earnings on uncompleted contracts	7,024	6,007
Accrued expenses and other	11,560	10,269
Current portion of insurance and claim accruals	9,670	10,372
Revolving credit facility	215,500
Total current liabilities	313,890	88,306
Revolving credit facility		197,000
Insurance and claim accruals, net of current portion	4,117	4,720
Deferred compensation	7,622	7,415
Deferred income taxes	56,815	56,392
Other liabilities	3,674	3,625
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $0.001 per share; 100,000 authorized shares; no shares issued and outstanding
Common stock, par value $0.001 per share; 100,000 authorized shares; 32,066 and 31,939 shares issued and outstanding at September 30, 2014 and June 30, 2014, respectively	6,425	6,425
Additional paid-in capital	179,490	180,255
Accumulated other comprehensive loss, net of taxes	(91)	(119)
Retained earnings	69,771	72,133
Total shareholders' equity	255,595	258,694
Total liabilities and shareholders' equity	$ 641,713	$ 616,152