Published: March 11, 2010
PowerSecure Reports Fourth Quarter Results
WAKE FOREST, N.C. - (BUSINESS WIRE) - PowerSecure International, Inc. (Nasdaq: POWR) today reported strong
revenue and profit results for its fourth quarter of 2009. Fourth
quarter revenues were $30.0 million, increasing 13.7% compared to the
fourth quarter of 2008, and diluted earnings per share ("E.P.S." ) were
$0.09, increasing 80.0% compared to the fourth quarter of 2008.
Additionally, the Company's fourth quarter gross margin was 37.2%, 3.1
percentage points higher than the fourth quarter of 2008, and an
all-time high for any quarter in the Company's history. The Company's
revenue backlog stands at $120 million (revenue expected to be
recognized after December 31, 2009), compared to a backlog of $90
million reported in conjunction with its third quarter earnings results
on November 5, 2009.
The Company's strong fourth quarter year-over-year revenue and profit
increases were driven by increases in the Company's Energy Efficiency
business, including a six-fold year-over-year increase in
EfficientLights product revenues, and increases in Utility
Infrastructure revenues. These increases were partially offset by
decreases in revenues in its Interactive Distributed Generation and
Southern Flow businesses. The Company's record fourth quarter gross
margin of 37.2% continued the consistent positive results in this
statistic, as gross margin increased sequentially in each successive
quarter of 2009. The Company's sequential and year-over-year gross
margin gains are driven by a combination of a favorable mix of projects
period-to-period, and favorable cost of sales resulting from a focus on
project cost management.
Sidney Hinton, CEO of PowerSecure, said, "We are very pleased to finish
2009 on such a strong note. The PowerSecure team delivered improving
results with each successive quarter in 2009. These terrific fourth
quarter results, combined with our strong start to 2010 sales and our
resulting $120 million of revenue backlog, puts us in a great position
for 2010. We are seeing signs of an improving economy and increasing
business investment, and these factors combine to make us optimistic
about the upcoming year."
Mr. Hinton continued, "We are very excited about the strategic positions
each of our businesses has in the marketplace, the strong value they
deliver our utility partners and business customers, and their growth
opportunities and promise. We will continue to look for opportunities to
develop new business lines and technologies to bring to market to
complement our existing portfolio of products and services - with a
focus on areas that we believe will enhance and sustain our growth well
into the future."
For the fourth quarter of 2009, the Company's Energy and Smart Grid
Solutions segment revenues were $26.0 million, increasing $4.8 million,
or 22.9% compared to the fourth quarter of 2008. This segment includes
the strategic business areas of Interactive Distributed Generation,
Energy Efficiency, and Utility Infrastructure. These three business
areas realized the following revenue variances in the fourth quarter of
2009 as compared to the fourth quarter of 2008 ("year-over-year"
variances) and the third quarter of 2009 ("sequential" variances):
1) Interactive Distributed Generation:
On a year-over-year basis, Interactive Distributed Generation revenues
were 11% lower than the fourth quarter of 2008. On a sequential basis,
Interactive Distributed Generation revenues increased 27% compared to
the third quarter of 2009.
2) Energy Efficiency: On a
year-over-year basis, Energy Efficiency revenues increased 303% compared
to the fourth quarter of 2008. This was driven by growth in the
Company's EfficientLights LED lighting product, which posted revenues of
$7.0 million, increasing 644% over the prior year period. On a
sequential basis, Energy Efficiency revenues were down 18%, as expected,
reflecting a lower number of EfficientLights installations due to lower
levels of in-store refurbishing activity traditionally performed by
retailers during the holiday season.
3) Utility Infrastructure: On a
year-over-year basis, Utility Infrastructure revenues increased 31%
compared to the fourth quarter of 2008. On a sequential basis, Utility
Infrastructure revenues increased 23% compared to the third quarter of
2009.
For the fourth quarter of 2009, the Company's Energy Services segment
realized a 23% year-over-year decrease in revenues from its Southern
Flow business. On a sequential basis, Southern Flow revenues were down
3% from the third quarter of 2009. Southern Flow's revenues were
negatively impacted by low natural gas prices and their negative effect
on industry production and investment. The Company's WaterSecure
business posted pre-tax income of $1.0 million, up 76% on a
year-over-year basis, and up 87% on a sequential basis compared to the
third quarter of 2009. These WaterSecure results were positively
impacted by increases in oil prices, partially offset by the negative
effects of low natural gas prices on industry production and investment.
Fourth quarter 2009 operating expenses were $9.4 million, up 11% on a
year-over-year basis, and up 16% on a sequential basis compared to the
third quarter of 2009. These increases were primarily due to increases
in compensation expense, increases in selling expense due to higher
revenues, and increases in depreciation from capital deployed to support
the Company's growing recurring revenue business. Additionally, the
Company's operating expenses reflect continuing investments in operating
infrastructure, including personnel, vehicles and facilities, to support
business growth and new product development activities.
The Company's fourth quarter ending cash balance was $20.2 million, and
its $50 million revolving credit facility remained undrawn.
For the full year 2009, revenue was $102.5 million, operating income was
$3.1 million, net income was $2.8 million, and diluted E.P.S. was $0.16
per share.
As of the date of this press release, the Company's revenue backlog
expected to be recognized after December 31, 2009 is $120 million. This
includes revenue included in new business announcements made by the
Company on January 25 and February 25, 2010, and is $30 million more
than the $90 million of revenue backlog reported with the Company's
third quarter earnings release (issued on November 5, 2009). The
Company's revenue backlog and the estimated timing of revenue
recognition is outlined below, including "project-based revenues"
expected to be recognized as projects are completed, and "recurring
revenues" expected to be recognized over the life of the contracts:
|
Revenue Backlog to be recognized after December 31, 2009
|
|
|
|
Anticipated
|
|
Estimated Primary
|
|
Description
|
|
Revenue
|
|
Recognition Period
|
|
|
|
|
|
|
|
Project-based Revenue -- Near term
|
|
$48 Million
|
|
1Q10 through 3Q10
|
|
Project-based Revenue -- Long term
|
|
$20 Million
|
|
4Q10 through 2011
|
|
Recurring Revenue
|
|
$52 Million
|
|
1Q10 through 2019
|
|
Revenue Backlog to be recognized after December 31, 2009
|
|
$120 Million
|
|
|
|
|
|
|
|
|
|
Note: Revenue and primary recognition periods are subject to
risks and uncertanities as indicated in the Company's safe
harbor statement, below. Consistent with past practice, these
figures are not intended to constitute the Company's total
revenue over the indicated time periods, as the Company has
additional, regular on-going revenues. Examples of
additional, regular recurring revenues include revenues from the Company's
Southern Flow business, engineering fees, and certain monitoring and
maintenance revenue, among others. Numbers may not add due to
rounding.
|
The Company will host a conference call commencing today at 5:30 p.m.
eastern time to discuss its fourth quarter 2009 results, business
operations, strategic initiatives and prospects for the future. The
conference call will be webcast live and can be accessed from the
Investor Relations section of the Company's website at www.powersecure.com.
Participants can also access the call by dialing 888-679-8035 (or
617-213-4848 if dialing internationally), and providing pass code
85691961. If you are unable to participate during the live webcast, a
replay of the conference call will be available beginning today at 8:30
p.m. eastern time through midnight on April 9, 2010. To listen to the
replay, dial toll-free 888-286-8010 (or 617-801-6888 if dialing
internationally), and enter pass code 96663268. In addition, the webcast
will be archived on the Company's website at www.powersecure.com.
About PowerSecure
PowerSecure International, Inc. is a leading provider of Energy and
Smart Grid Solutions to electric utilities, and their commercial,
institutional, and industrial customers, as well as Energy Services to
the oil and natural gas industry. The Company's Energy and Smart Grid
Solutions businesses provide products and services in the areas of
Interactive Distributed Generation, Utility Infrastructure, and Energy
Efficiency. The Company is a pioneer in developing Interactive
Distributed Generation systems with sophisticated, proactive smart grid
capabilities, including the ability to 1) forecast peak electricity
demand and electronically deploy the systems to deliver more efficient,
and environmentally friendly power, 2) provide utilities with dedicated
electric power generation assets for their demand response needs, and 3)
provide customers with the most dependable standby power in the
industry. The Company also provides utilities with regulatory
consulting, power system and transmission engineering and construction,
and provides businesses with energy efficiency products and services,
including its state-of-the art EfficientLights lighting solution for
refrigerated cases. The Company provides Energy Services to the oil and
natural gas industry through its Southern Flow and WaterSecure business
units. Additional information about the Company is available at www.powersecure.com.
This press release contains forward-looking statements within the
meaning of and made 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 outlook for the
Company's future revenues, earnings, margins, cash resources and cash
flow and other financial and operating information and data; the
Company's future business operations, strategies and prospects; 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,
the recent downturn, disruption and volatility in the economy, financial
markets and business markets and the effects thereof on the Company's
markets and customers, the demand for its products and services, and the
Company's access to capital; the size, timing and terms of sales and
orders, including the Company's revenue backlog discussed in this press
release, and the risk of customers delaying, deferring or canceling
purchase orders or making smaller purchases than expected; the timely
and successful development, production and market acceptance of new and
enhanced products, services and technologies of the Company; the ability
of the Company to obtain adequate supplies of key components and
materials of sufficient reliability and quality for its products and
technologies on a timely and cost-effective basis and the effects of
related warranty claims and disputes; the ability of the Company to
successfully expand its core distributed generation products and
services, to successfully develop and achieve market acceptance of its
new energy-related businesses, to successfully expand its recurring
revenue projects, to manage its growth and to address the effects of any
future changes in utility tariff structures and environmental
requirements on its business solutions; the effects of competition;
changes in customer and industry demand and preferences; the ability of
the Company to continue the growth and diversification of its customer
base; the ability of the Company to attract, retain, and motivate its
executives and key personnel; changes in the energy industry in general
and the electricity, oil, and natural gas markets in particular,
including price levels; the effects of competition; the ability of the
Company to secure and maintain key contracts and relationships; the
effects of pending and future litigation, claims and disputes; and other
risks, uncertainties and other factors identified from time to time in
its reports filed with or furnished to the Securities and Exchange
Commission, including the Company's most recent Annual Report on Form
10-K, as well as subsequently filed reports on Form 10-Q and Form 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.
|
PowerSecure International, Inc.
|
|
Consolidated Statements of Operations (unaudited)
|
|
($000's except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
|
|
|
2009
|
|
|
2008
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
29,964
|
|
|
26,356
|
|
|
102,540
|
|
|
135,440
|
|
|
Cost of sales
|
|
18,820
|
|
|
17,379
|
|
|
67,015
|
|
|
91,731
|
|
|
Gross Profit
|
|
11,144
|
|
|
8,977
|
|
|
35,525
|
|
|
43,709
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
General and administrative
|
|
7,540
|
|
|
7,019
|
|
|
26,051
|
|
|
29,021
|
|
|
Selling, marketing, and service
|
|
1,167
|
|
|
882
|
|
|
3,964
|
|
|
5,348
|
|
|
Depreciation and amortization
|
|
658
|
|
|
503
|
|
|
2,420
|
|
|
2,031
|
|
|
Total operating expenses
|
|
9,365
|
|
|
8,404
|
|
|
32,435
|
|
|
36,400
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
1,779
|
|
|
573
|
|
|
3,090
|
|
|
7,309
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense)
|
|
|
|
|
|
|
|
|
|
Equity income
|
|
860
|
|
|
460
|
|
|
2,167
|
|
|
3,490
|
|
|
Management fees
|
|
138
|
|
|
106
|
|
|
447
|
|
|
556
|
|
|
Interest income and other income
|
|
34
|
|
|
56
|
|
|
161
|
|
|
490
|
|
|
Interest expense
|
|
(144
|
)
|
|
(130
|
)
|
|
(607
|
)
|
|
(287
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
2,667
|
|
|
1,065
|
|
|
5,258
|
|
|
11,558
|
|
|
Income tax benefit (provision)
|
|
(480
|
)
|
|
(137
|
)
|
|
(953
|
)
|
|
(823
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
2,187
|
|
|
928
|
|
|
4,305
|
|
|
10,735
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) on discontinued operations
|
|
0
|
|
|
0
|
|
|
0
|
|
|
(77
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
2,187
|
|
|
928
|
|
|
4,305
|
|
|
10,658
|
|
|
Less: Net income attributable to noncontrolling interest
|
|
598
|
|
|
0
|
|
|
1,512
|
|
|
0
|
|
|
Net income (loss) attributable to PowerSecure International, Inc.
|
|
1,589
|
|
|
928
|
|
|
2,793
|
|
|
10,658
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE AMOUNTS ("E.P.S") ATTRIBUTABLE TO
|
|
|
|
|
|
|
|
POWERSECURE INTERNATIONAL, INC. SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.09
|
|
|
0.05
|
|
|
0.16
|
|
|
0.63
|
|
|
Diluted
|
|
0.09
|
|
|
0.05
|
|
|
0.16
|
|
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss):
|
|
|
|
|
|
|
|
|
|
Basic
|
|
0.09
|
|
|
0.05
|
|
|
0.16
|
|
|
0.63
|
|
|
Diluted
|
|
0.09
|
|
|
0.05
|
|
|
0.16
|
|
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
Basic
|
|
17,232
|
|
|
17,065
|
|
|
17,177
|
|
|
16,978
|
|
|
Diluted
|
|
17,701
|
|
|
17,065
|
|
|
17,343
|
|
|
17,284
|
|
|
PowerSecure International, Inc.
|
|
Condensed Consolidated Balance Sheets (unaudited)
|
|
($000's)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
ASSETS
|
|
2009
|
|
|
2008
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
20,169
|
|
|
24,316
|
|
|
Trade receivables, net of allowance for doubtful accounts
|
|
28,332
|
|
|
25,215
|
|
|
Inventories
|
|
21,632
|
|
|
19,713
|
|
|
Deferred income taxes
|
|
2,713
|
|
|
2,919
|
|
|
Prepaid expenses and other current assets
|
|
1,300
|
|
|
1,680
|
|
|
Total Current Assets
|
|
74,146
|
|
|
73,843
|
|
|
|
|
|
|
|
|
PROPERTY, PLANT, AND EQUIPMENT:
|
|
|
|
|
|
Equipment
|
|
22,252
|
|
|
20,297
|
|
|
Furniture and fixtures
|
|
671
|
|
|
650
|
|
|
Land, building, and improvements
|
|
4,802
|
|
|
4,674
|
|
|
Total property, plant, and equipment at cost
|
|
27,725
|
|
|
25,621
|
|
|
Less accumulated depreciation and amortization
|
|
5,413
|
|
|
3,739
|
|
|
Property, plant, and equipment, net
|
|
22,312
|
|
|
21,882
|
|
|
|
|
|
|
|
|
OTHER ASSETS:
|
|
|
|
|
|
Goodwill
|
|
7,256
|
|
|
7,256
|
|
|
Restricted annuity contract
|
|
2,220
|
|
|
2,133
|
|
|
Intangible rights and capitalized software, net of accum amort
|
|
1,320
|
|
|
1,276
|
|
|
Investment in unconsolidated affiliate
|
|
3,974
|
|
|
4,106
|
|
|
Other assets
|
|
249
|
|
|
338
|
|
|
Total other assets
|
|
15,019
|
|
|
15,109
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
111,477
|
|
|
110,834
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES
|
|
|
|
|
|
Accounts payable
|
|
4,116
|
|
|
5,817
|
|
|
Accrued and other liabilities
|
|
20,379
|
|
|
23,147
|
|
|
Restructuring charges payable
|
|
325
|
|
|
1,349
|
|
|
Current income taxes payable
|
|
0
|
|
|
181
|
|
|
Current unrecognized tax benefit
|
|
327
|
|
|
79
|
|
|
Capital lease obligations
|
|
756
|
|
|
716
|
|
|
Total current liabilities
|
|
25,903
|
|
|
31,289
|
|
|
|
|
|
|
|
|
LONG-TERM LIABILITIES
|
|
|
|
|
|
Revolving Line of Credit
|
|
0
|
|
|
0
|
|
|
Capital lease obligations
|
|
4,445
|
|
|
5,201
|
|
|
Unrecognized tax benefit
|
|
1,169
|
|
|
790
|
|
|
Deferred Compensation
|
|
721
|
|
|
388
|
|
|
Restructuring Charges
|
|
0
|
|
|
355
|
|
|
Total long-term liabilites
|
|
6,335
|
|
|
6,734
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Preferred stock - undesignated
|
|
0
|
|
|
0
|
|
|
Preferred stock - Series C
|
|
0
|
|
|
0
|
|
|
Common stock
|
|
172
|
|
|
171
|
|
|
Additional paid-in-capital
|
|
110,911
|
|
|
108,384
|
|
|
Accumulated deficit
|
|
(32,951
|
)
|
|
(35,744
|
)
|
|
Total PowerSecure International, Inc. stockholders' equity
|
|
78,132
|
|
|
72,811
|
|
|
Noncontrolling Interest
|
|
1,107
|
|
|
0
|
|
|
Total stockholders' equity
|
|
79,239
|
|
|
72,811
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
111,477
|
|
|
110,834
|
|
|
PowerSecure International, Inc.
|
|
Condensed Consolidated Statement of Cash Flows (unaudited)
|
|
($000's)
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2009
|
|
|
2008
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income (loss) attributable to PowerSecure International, Inc.
|
|
2,793
|
|
|
10,658
|
|
|
Adjustments to reconcile net income (loss) to net cash provided by
|
|
|
|
|
|
(used in) operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
2,420
|
|
|
2,031
|
|
|
Stock compensation expense
|
|
2,171
|
|
|
2,647
|
|
|
Noncontrolling interest - earnings
|
|
1,512
|
|
|
0
|
|
|
Noncontrolling interest - distribution to minority member
|
|
(405
|
)
|
|
0
|
|
|
Deferred income taxes
|
|
206
|
|
|
(390
|
)
|
|
Loss on disposal of miscellaneous assets
|
|
27
|
|
|
209
|
|
|
Equity in income of unconsolidated affiliate
|
|
(2,167
|
)
|
|
(3,490
|
)
|
|
Distributions from unconsolidated affiliate
|
|
2,224
|
|
|
3,678
|
|
|
Changes in operating assets and liabilities, net of
effect of aquisitions:
|
|
|
|
|
|
|
|
|
|
|
Trade receivables, net
|
|
(3,116
|
)
|
|
11,538
|
|
|
Inventories
|
|
(1,592
|
)
|
|
1,361
|
|
|
Other current assets and liabilities
|
|
198
|
|
|
(30
|
)
|
|
Net assets of discontinued operations held for sale
|
|
0
|
|
|
1,699
|
|
|
Other noncurrent assets
|
|
89
|
|
|
(180
|
)
|
|
Accounts payable
|
|
(1,701
|
)
|
|
(5,505
|
)
|
|
Restructuring charges
|
|
(1,379
|
)
|
|
(4,027
|
)
|
|
Accrued and other liabilities
|
|
(2,767
|
)
|
|
(12,063
|
)
|
|
Unrecognized Tax Benefits
|
|
627
|
|
|
110
|
|
|
Deferred compensation obligation
|
|
333
|
|
|
333
|
|
|
Restricted annuity contract
|
|
(87
|
)
|
|
(132
|
)
|
|
Net cash provided by (used in) operating activities
|
|
(614
|
)
|
|
8,447
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Additions to property, plant and equipment
|
|
(2,440
|
)
|
|
(18,032
|
)
|
|
Additions to intangible rights and software development
|
|
(551
|
)
|
|
(281
|
)
|
|
Investment in unconsolidated affiliate
|
|
0
|
|
|
(710
|
)
|
|
Acquisitions, net of cash acquired
|
|
(800
|
)
|
|
0
|
|
|
Proceeds from sale of property, plant and equipment
|
|
12
|
|
|
6
|
|
|
Net cash provided by (used in) investing activities
|
|
(3,779
|
)
|
|
(19,017
|
)
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Net borrowings (payments) on revolving line of credit
|
|
0
|
|
|
0
|
|
|
Proceeds from sale-leaseback transactions
|
|
605
|
|
|
5,912
|
|
|
Payments on capital lease obligations
|
|
(716
|
)
|
|
(2
|
)
|
|
Proceeds from term loan
|
|
0
|
|
|
2,584
|
|
|
Principal payments on term loan
|
|
0
|
|
|
(2,584
|
)
|
|
Proceeds from stock option and warrant exercises, net of shares
tendered
|
|
357
|
|
|
266
|
|
|
Payments on preferred stock redemptions
|
|
0
|
|
|
0
|
|
|
Net cash provided by (used in) financing activities
|
|
246
|
|
|
6,176
|
|
|
NET INCREASE (DECREASE) IN CASH
|
|
|
|
|
|
AND CASH EQUIVALENTS
|
|
(4,147
|
)
|
|
(4,394
|
)
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
|
24,316
|
|
|
28,710
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
20,169
|
|
|
24,316
|
|
PowerSecure International, Inc.
Chris Hutter, Chief Financial
Officer, 919-453-1760
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
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