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Local Tech Wire
WAKE FOREST, N.C. – The smart and efficient energy businesses generated big profits for (Nasdaq: POWR), the power technology company said after the markets closed Thursday.
The company also disclosed plans that it could raise some $100 million for possible acquisitions, investments and capital.
PowerSecure also said it had booked $15 million in new smart grid business.
First-quarter profits totaled $1.2 million, or 7 cents per share, a reversal of a 7-cent loss a year ago. Analysts polled by Thomson Reuters had forecast a 6 cent profit.
Revenues grew to $24.7 million from $19.7 million a year ago due primarily to its LED and sales of smart grid technology used to manage power distribution, the company said.
Shares closed Thursday at $9.85, down $1.05 or 9.6 percent.
Smart grid and related product sales climbed 34.5 percent from a year ago to $20.5 million.
“We are very pleased with our strong start to 2010 – both in terms of our first quarter financial results, and the pace of our new business awards,” said PowerSecure Chief Executive Officer Sidney Hinton in a statement.
“We continue to see signs that economic recovery is underway and business investment is increasing – as the premium businesses placed on cash reserves in 2009 is now being balanced by the need to make productive capital investments to drive future growth and profitability,” he added.
The $15 million in new orders are for smart grid solutions and utility infrastructure projects, including projects in Colorado, Oklahoma and Georgia.
Overall, PowerSecure said it had a backlog of $117 million in business.
Earlier this month, PowerSecure closed on the acquisition of Morrisville-based Innovative Electronics Solutions Lighting and said it would purchase the remainder of ownership it didn’t already have in EfficientLights LED. PowerSecure already has a 67 percent ownership stake. That deal closed April 30, the company said.