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Pike Electric (NYSE:PIKE)

Q1 2014 Earnings Call

November 05, 2013 9:00 am ET

Executives

Frank Milano

J. Eric Pike - Chairman, Chief Executive Officer and President

Anthony K. Slater - Chief Financial Officer and Executive Vice President

Analysts

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

Adam R. Thalhimer - BB&T Capital Markets, Research Division

Steven Folse - Stifel, Nicolaus & Co., Inc., Research Division

Daniel J. Mannes - Avondale Partners, LLC, Research Division

Liam D. Burke - Janney Montgomery Scott LLC, Research Division

Ankit Varmani - Jefferies LLC, Research Division

Operator

Good day, and welcome to the Pike Electric Corporation Fiscal First Quarter 2014 Results Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Frank Milano, Vice President of Investor Relations for Pike Electric Corporation. Please go ahead, sir.

Frank Milano

Thank you, Kyle. Good morning, and welcome to Pike's earnings conference call to review the results for our fiscal first quarter 2014, which ended September 30. Joining me this morning are Eric Pike, our Chairman and Chief Executive Officer; and Anthony Slater, our Executive Vice President and Chief Financial Officer. Our Chief Accounting Officer, Jeff Calhoun, will also be available for the Q&A portion of today's call.

We will be referencing a slide presentation throughout the call today. For those of you accessing the call through the webcast, those slides will be automatically available. For those of you that have dialed in to today's call, you can download an Adobe PDF version of the slides from the Investors Center section of our website at www.pike.com.

Please turn to Slide 2. During this call, the company will make forward-looking statements. These are statements that are either not historical facts or represent statements regarding the company's intents, beliefs or expectations with respect to trends affecting the company's operations, financial, general, economic and market conditions, and growth and operating strategies. Financial expectations and estimates, for example, are forward-looking statements.

During this call, the company will make certain non-GAAP financial information available. In accordance with Regulation G, we have included a reconciliation of the GAAP to non-GAAP financial information in today's presentation, and we routinely include the GAAP to non-GAAP reconciliation in our Form 10-Q and Form 10-K filings. The risk factors and management discussion and analysis section of the company's annual report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings describe the factors that may affect future results of the company's operations. Any forward-looking statements made today contained in Pike's public statements or made by management should be considered in light of these factors. The company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after today's call. We filed our earnings release on Form 8-K last night, and a copy of the release will also be available in the Investors Center section of our website. A replay of today's call will also be available online later today at www.pike.com.

I will now turn the call over to Eric Pike, our Chairman and Chief Executive Officer. Eric, please go ahead.

J. Eric Pike

Thanks, Frank. Good morning, everyone. Thank you for joining us today. I'm going to start the call with some highlights from the quarter, and after my comments, Anthony will provide a complete financial review before we open the call to questions.

If you would please turn to Slide 3. We faced a very tough year-over-year comparison this quarter based on 2 factors: first, a significant level of storm activity during the first quarter last year that included both Hurricane Isaac and the derecho winds that affected 13 states throughout the Midwest and mid-Atlantic regions; second, the previous quarterly record high in our core business occurred during the first quarter of last year when we reported an organic growth rate in our core business of 29%.

However, total revenue this quarter was down $51.3 million or 21% year-over-year. The decrease was primarily due to only $3.6 million of storm revenue compared with $50.2 million in storm-related revenue in the year-ago period. Fiscal first quarter core revenue totaled $189.7 million, down just 2% year-over-year, as compared to the record core revenue of $194.4 million in the year-ago period. This year-over-year decline in core revenue reflects a reduction in utility-grade Solar construction projects in the western U.S. As to the lower gross profit percentage for the quarter, the lower storm revenue affected all of the year-over-year profitability comparisons in the income statement, beginning with our gross profit percentage and continuing down through the EPS comparison.

In addition, 2 other areas affected our gross profit for the quarter. First, we experienced losses in 5 specific jobs in California with previous customers during the quarter. These jobs were our entry into these customer accounts and reflected the reality of learning new customer methods, market dynamics and geography. These jobs did negatively impact our earnings by a total of $0.04 per diluted share for the quarter, and they will be completed during the second quarter. From time to time, we will take projects at little or no expected margin in order to gain entry to a new customer. While these first few projects resulted in a loss, our work quality and professionalism created a platform to bid additional profitable work and begin discussions for a long-term MSA contract. We've already bid subsequent jobs for one of these customers at higher profitable pricing. Second, we made investments to fund our organic growth in the Western U.S. These investments included tools and equipment transportation. These investments totaled $0.02 per diluted share.

Now please turn to Slide 4. Excluding storm restoration, our core construction business generated revenues of $154.1 million, down $2.3 million or 2% compared to $156.4 million a year ago. Distribution and other revenue totaled $115.5 million this quarter, which was down 4% compared with the multi-year high in the first quarter of last year. This decline is entirely attributable to the roll off of Solar construction projects during the quarter. Our traditional overhead distribution, construction and maintenance increased year-over-year. This increase reflects storm hardening efforts by several utility customers and generally higher maintenance spending. In addition, underground grew slightly, reflecting a modest increase in U.S. housing starts. Despite the decline in solar projects in the quarter, we continued to see renewable bid project opportunities, especially in California. However, we believe this business will continue to be lumpy in the future for quarter-to-quarter comparisons.

Total transmission and substation revenue was $38.6 million this quarter, up 8% compared to the $35.9 million in the year-ago period. We are well-positioned in the transmission market, particularly given the growing demand for 5- to 50-mile interstate jobs. In addition, we continue to see a number of bid opportunities for larger transmission and substation projects based on our ability to provide the customer a full turnkey service that includes citing, design and engineering, project management and construction.

Now please turn to Slide 5. Our engineering business revenue, excluding storm assessment, totaled $35.6 million this quarter, which was down 6% year-over-year. The reduction in engineering revenue was solely related to a reduced level of material procurement services provided on EPC projects. We continue to see good core growth from UC Synergetics, including their mix of Telecom engineering work. As we have indicated on our previous earnings calls, we are refocusing our engineering business on more design and build projects. We are being more selective regarding projects that includes significant amounts of procurement revenue or require the wide-scale use of subcontractors, and we're pursuing an increased mix of recurring base load work for utilities across our full spectrum of distribution transmission and substation engineering, especially where we have the potential to cross-sell our construction capabilities. Consistent with our prior calls, we continue to believe the integration of UC Synergetics with our legacy engineering business, Pike Energy Solutions, should be completed around the calendar year end. Anthony now will now take you through the financial details of the quarter. Anthony?

Anthony K. Slater

Thanks, Eric, and good morning, everyone. If you would please turn to Slide 6. Core revenue totaled $189.7 million this quarter and storm revenue totaled $3.6 million. This was the lowest level of quarterly storm revenue since the second quarter of fiscal 2011, and represents a decline of roughly 93% from the year-ago period. Gross profit totaled $19.9 million this quarter or 10.3% of revenue. The lower level of profitability primarily reflects the reduced level of storm activity.

Now let me highlight a few details on the items that Eric mentioned earlier that negatively impacted gross profit this quarter. First, we experienced losses of $2.3 million on the 5 specific bid jobs with 2 customers in California. While some work remains on these projects, an additional loss is expected to be minimal in the second quarter. Second, we invested approximately $1.1 million to support our geographic expansion in the Western United States. These costs included tools and equipment transportation. As Eric noted earlier, these 2 items negatively impacted our diluted earnings per share by $0.06, which is calculated based on an annualized tax rate of 40%. These 2 items negatively impacted our gross profit as a percent of revenue by 180 basis points. General and administrative expenses totaled $17.4 million, a decline of $2.1 million or about 10% year-over-year. Operating profit was $2.8 million or 1.5% of revenue. The effective tax rate this quarter reflects a cumulative benefit of tax law changes in North Carolina that were enacted in July, totaling $351,000. We suggest that you use a 40% tax rate in your models for fiscal year 2014, which is consistent with our prior guidance. Net income totaled $1 million or $0.03 per diluted share. This compares to $9.3 million or $0.26 per diluted share in the year-ago period.

Please turn to Slide 7 for a look at the balance sheet. Cash and cash equivalents totaled $2.9 million as of September 30. Accounts receivable declined both sequentially and compared to the year-ago period, largely reflecting the collection of previously outstanding storm receivables and the lower level of storm activity. Working capital, excluding cash, also declined on both a sequential and year-over-year basis. As a result, days sales outstanding was 78 days, a 1-day improvement compared to the June quarter, and we held working capital terms relatively high at 7.4 terms. Debt was essentially unchanged at $220 million. In addition to funding our organic growth opportunities, we intend to use free cash flow to retire debt.

Please turn to Slide 8, which reflects a few high-level cash flow items. The improvement in accounts receivable this quarter helped to generate positive operating cash flow of $11.5 million compared to a use of cash in the year-ago period. Capital expenditures this quarter totaled $12.2 million. For those of you looking to reference the segment data or the EBITDA data, you can find that information in the appendix on Slides 12 through 14. That completes my portion of today's call, and I'll now turn the call back over to Eric for a few closing remarks. Eric?

J. Eric Pike

Thanks, Anthony. To close the call today, I'd like to highlight that the storms and earnings comparisons for our next quarter will be exceedingly difficult, as Hurricane Sandy generated $83 million in storm revenue during our second quarter last year. Obviously, we do not expect another hurricane of that magnitude this year, but the weather is unpredictable. We had originally guided the Street to utilize a storm number of $80 million for this year. That number certainly seems too high, given the almost nonexistent hurricane season to this point. However, we have had years with significant winter storms so we will be modeling for our internal purposes a total of $50 million of storm for the full year as we go into the remaining quarters.

Next, I would like to provide some additional color around the job losses in California. These jobs represented our entry into this market. We had 3 significant challenges with the jobs. The first was crew turnover during the start up. We had to develop a local workforce with the quality, safety and ultimately, the production we needed for these customers. Second, the work was not as geographically centered as the bid had indicated, which resulted in significant travel time to and from locations. And third, we were required during the contract to utilize a much larger component of minority, women-owned and disadvantaged suppliers as part of our work force. This increased utilization forced us to subcontract a much larger percentage of the job than we had planned versus self-performing. While this knowledge certainly came at a price this quarter, our quality and safety have placed us in a very good position with a customer. We have been asked to bid additional work, and we have. However, we have bid this work, knowing the factors that will now impact us as we perform it. We continue to believe the California market will be a good market for us in distribution, transmission, substation and engineering, and we will continue to make investments to grow our presence there. While this quarter's profitability should have been stronger, I'm confident that our Klondyke and Pine Valley subsidiaries are the right teams to manage this California growth and expand in other Western states.

Now before we open the call to your questions, I also want to update you on one corporate administrative matter. Effective later this week, our reincorporation into the state of North Carolina will become effective, and Pike Electric Corporation will become Pike Corporation. This change will help customers associate the Pike Electric brand with our legacy nonunion business and will serve to differentiate each of our separate brands in the regions under the Pike Corporate umbrella. In conjunction with this change, we will also be transitioning our national engineering business to the UC Synergetic brand. This change should be apparent to customers coast-to-coast in the next several months as we finalize the integration of the 2 companies. We'll now open the call to your questions.

Question-and-Answer Session

Operator

[Operator Instructions] And we'll take our first question from Tahira Afzal with KeyBanc.

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

First question, Eric, is are there any other regions that you're looking to get into that could have similar nuances like California? I know you're looking to continue to expand, and I guess, has been a learning curve only in California. Are you going to be applying these lessons in other regions as well?

J. Eric Pike

Yes. We're not expanding outside of these regions right now, Tahira. Obviously, each new region that we don't have a local presence or background in could have some challenges. Obviously, the California market has probably more than most any we've seen in the other parts of the country. It also has probably more upside in it than we see in most any of the other regions of the country. So that's the reason we're continuing to invest in it and push forward.

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

Got it, okay. And if I really look at your top line and really the breakdown outside of storm, it seems on the revenue side, you guys are doing pretty well. The distribution core business is slowly inching back sequentially, and so it's really on the margin side that we really see the pressure even outside of these execution issues. So Eric, can you talk a bit about really that progression towards your targeted margin outlook between 15% to 17% x storms, how do you see that shaping up now versus just a quarter ago?

J. Eric Pike

Yes, I mean, obviously, it's a hard comparison to make with the losses that we had on the jobs out there because they tend to overshadow the improvements that we're having on the distribution side, but we are beginning to see some pricing improvement with the increased demand on the distribution side. So we feel like there's some improvement there that we will see in the back half of the year as we move towards spring time and more traditional construction season. Additionally, if we continue to see the volume increasing on the old core distribution market, we will get some margin expansion just from that headcount addition. So we still feel comfortable that we're in the right position. Obviously, when you move into new markets, you've got some challenges with those, probably highlighted more this quarter simply because of the drop-off, significant drop-off in storm as well, but those are the 2 factors that really will drive the margin profile in the distribution work.

Tahira Afzal - KeyBanc Capital Markets Inc., Research Division

All right. And Eric, do you see that 15%, the lower end being possible by the end of your fiscal year?

J. Eric Pike

Without significant uptick in distribution, probably not by the end of this fiscal year, but we do believe that as distribution continues to recover and take on more of a forefront in the project, workload out there, that it is certainly achievable.

Operator

We'll take our next question from Adam Thalhimer with BB&T Capital Markets.

Adam R. Thalhimer - BB&T Capital Markets, Research Division

I wanted to ask more or less the same question on gross margins. Again, getting to the gross margin in the quarter, excluding the California projects, I get to about 11%, and it sounds like that's a number where you feel like you're going to kind of hang around maybe until the March or June quarters. Am I reading that correctly?

J. Eric Pike

Yes. I think that that's certainly possible going into this quarter because you have in our second quarter, which is sort of calendar 4, this year, you're going to have the impact of additional vacation time or holiday time rather with Thanksgiving as well as Christmas, New Year falling in the middle of the week. It is traditionally not our most productive weather cycle to work in. So barring having some storm activity, which we certainly could have this winter, that's not normally the most productive quarter we have. But based on where we're seeing customer workload and contract adds, as well as some pricing improvement that we hope and believe will start after the first of the calendar year, we certainly believe there could be some improvement in those back 2 quarters.

Adam R. Thalhimer - BB&T Capital Markets, Research Division

Got it. And then what was the Solar contribution in the first 2 quarters of fiscal '13?

J. Eric Pike

Yes, we had multiple solar projects going on at that point, Adam, and we're just -- we're not at the point we're going to try to give project guidance out, but they were certainly much more significant in terms of revenue that have finished and rolled off versus the difference in revenue quarter-to-quarter this year. So we -- suffice it to say, we had good core distribution growth that almost offset that solar.

Adam R. Thalhimer - BB&T Capital Markets, Research Division

Well, okay. I mean, I would assume in the Q1 of last year was probably about a $20 million contribution. I'm just curious if it was at that magnitude in Q2 as well or if it was -- those project had started to roll off in Q2?

J. Eric Pike

Q1 was our strongest solar construction quarter last fiscal year.

Adam R. Thalhimer - BB&T Capital Markets, Research Division

Got it, okay. Last question for me, just curious where you're seeing the -- you talked about some nascent improvement from housing. Just curious where you're seeing that and how you think that, that business might progress.

J. Eric Pike

Quite candidly, we're seeing a lot of the housing improvement and growth in the Texas markets right now. Obviously, some of that's being driven by shale gas and the development. We're also seeing some in the Louisiana market, and a little bit of recovery on the Gulf States overall.

Operator

We'll take our next question from Steven Folse with Stifel.

Steven Folse - Stifel, Nicolaus & Co., Inc., Research Division

First question, did you guys have any additional costs associated with the ongoing integration of Pike Electric with UCS in the quarter, and if so how much were those?

J. Eric Pike

Yes, we did approximately incur $500,000 of integration cost during the first quarter, as we're working on the system integration for the UCS business, UC Synergetic business, that we acquired last year. As we mentioned on the call last quarter, we think that work will continue on our system integrations with UC Synergetic through the end of the calendar year, and our Klondyke subsidiary will be next, which should wrap up toward the end of the fiscal year.

Steven Folse - Stifel, Nicolaus & Co., Inc., Research Division

So do you expect similar levels of cost kind of in the next 2 quarters, it sounds like?

J. Eric Pike

Yes, I would anticipate a broad range of $500,000 to $750,000 a quarter over the rest of the fiscal year.

Steven Folse - Stifel, Nicolaus & Co., Inc., Research Division

Great. And then just on the transmission side, seems like that business is doing pretty well. Is that kind of a broad-based pickup across the country or is there certain geographies that you're seeing disproportionate levels of spend?

J. Eric Pike

No. It's fairly broad-based, Steven. I mean, we're seeing projects being awarded to our western subsidiaries, Pine Valley and Klondyke, as well as the legacy Pike Electric business is continuing to pick up work.

Operator

We'll take our next question from Dan Mannes with Avondale.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

A couple of quick follow-ups. First, just -- and maybe I missed this in your prepared comments. Can you talk about the nature of the work that you're performing in California where you incurred the losses? Or is this distribution, substation, transmission, solar-- what was it exactly you were doing?

J. Eric Pike

Yes, the majority of the projects were distribution. They were actually pole change-out projects performed on a unit basis, and the one was a transmission, shorter transmission job, that just involves some structure change-outs.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

And this was sort of one-off jobs you were doing in the hopes of building relationship towards longer-term MSA work?

J. Eric Pike

Correct.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

But this was not under an MSA so the pricing here would not theoretically be the pricing on future jobs?

J. Eric Pike

No, no. When these roll off in the second quarter, they will be finished.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

Okay. And when you look at the California market, and when you look at some of these more expensive categories, do you believe this is the market that you can work in profitably going forward? Or is this kind of going to be maybe a less attractive market than some of the others you're already in?

J. Eric Pike

Well, the thing, Dan, to be candid with you, as far as the learning curve, we've been very successful in California up to this point on our solar projects, but they have been for independent developers. These are our first forays into the traditional utility market out there, and it obviously has some nuances that I've talked about in the prepared comments around the utilization of minority, women-owned disadvantaged businesses that is a much, much higher percentage than we've ever been accustomed to and we had to figure out how to utilize that, as well as just understanding that customer and our own labor market out there. But when we look at the potential of the utility, as well as the municipality work that is coming out, we still feel like it is definitely a very, very high-growth market. And obviously, we've paid some of the entry fee now to get into that market so we still feel pretty bullish about that market.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

Understood. I guess that's your welcome to California. I think I know a lot of contractors that struggle there at different times in the past. Real quickly...

J. Eric Pike

It's not easy.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

No, we've heard that across the board. Briefly, on transmission, you commented on seeing an uplift in work. Was that more so in your legacy southeast area or was that more in some of these newer areas that you're going after?

J. Eric Pike

No, actually, it's been pretty across-the-board. I mean, we have seen good project bid flow and award in our traditional area. We have also seen good project award in Pine Valley's traditional area, sort of the upper Midwest mountain states. And Klondyke has also picked up some additional work, transmission work in the Southwest. So in our service territory today, it has been fairly across-the-board.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

Got it. And then lastly, on transmission, can you give us a little bit of an update on the Clean Line project that I know you guys -- I don't know, first of all, are you formally on that? And then number two, can you maybe just walk us through the current timeline, given what you know now?

J. Eric Pike

Yes, the -- we are -- formerly on the Clean line project. Our engineering citing group has been working with the Clean line and Fleur on doing preliminary citing of the right of way, and we're starting to do some design, potential design structure studies. Clean line has been successful in establishing itself as a utility across the states that we will be covering now. So that gives them significant leverage in working and making sure this project comes to fruition. The time frame, as it sits today, continues to be an engineering start in 2015 and a tentative construction start in 2016.

Daniel J. Mannes - Avondale Partners, LLC, Research Division

And obviously, it sounds like the biggest item then would be where they are on permitting, and I think they're still in the early stages of the NEPA process? Correct?

J. Eric Pike

That's correct. They have made some good success in certain states, but they still have a good bit of permitting to go.

Operator

[Operator Instructions] We'll take our next question from Liam Burke with Janney Capital Markets.

Liam D. Burke - Janney Montgomery Scott LLC, Research Division

Eric, you've talked about investing in growth initiatives and taking the hit to gross margins during the quarter. Could you give us a sense of the timing as to when those projects would begin to show some sort of return?

J. Eric Pike

Our belief is, Liam, that we're going to see that really in the back half of this fiscal year of things that we have invested in, customers that we're working at and workload projections that we see. We really believe the sort of March, June quarters are going to see a good organic return, and that's really the reason for the push now.

Liam D. Burke - Janney Montgomery Scott LLC, Research Division

And where would you see that organic return? What part of the business?

J. Eric Pike

On certain things [ph].

Anthony K. Slater

Yes, I mean, we certainly are focusing it primarily on the transmission and the distribution. We think, on a volume basis, it will be the distribution. Perhaps, on a growth percentage basis, it could be the transmission.

Liam D. Burke - Janney Montgomery Scott LLC, Research Division

Got you. And then you talked about engineering. You're working on trying to eliminate the drag from procurement. You did slightly lower year-over-year EBITDA margins, assuming that you had a much lower percentage of storm recovery in there. But if we peeled out the storm numbers, did you see significant core business margin lift there?

J. Eric Pike

We really didn't see that much margin lift yet. And I don't think that we will again until kind of the back half of the year simply because they've got -- while they are doing a lot to refocus the business, they also have the integration pieces that they're going through, and true enough, what the internal cost structure is going to be, as we move forward. But our whole focus here in changing the priority of what we go after is looking for sort of traditional engineering margin profiles as opposed to this blended EPC. Now that does not mean that if we had another SCANA opportunity, we would not take an EPC, but we don't want to be chasing the smaller EPC pieces. We believe we have, especially with UC Synergetics, we now have a much stronger design build platform for transmission and distribution going forward.

Operator

We'll take our next question from Ankit Varmani.

Ankit Varmani - Jefferies LLC, Research Division

So obviously, this quarter was impacted by a few discrete items, as you said, that kind of roll off in the next quarter. When do expect the business to come into like a steady state and you're able to be reap in the whole benefits of the acquisitions you have done and expand the geographic footprint? And when do we expect to see the full fruits of those investments?

J. Eric Pike

Well, I mean, I would say that from the acquisitions that we've made, perhaps, with the exception of UC Synergetics, we've seen a lot of benefit over the last 4 to 5 years from those acquisitions in terms of geographic expansion, revenue growth, cross-selling opportunities, so I'm not sure that I would suggest that we're still waiting on that. But I think on a more steady-state basis, again, we believe based on what we know today that the first half of next year, calendar year, the back half of our fiscal year looks like probably the steadiest time for the organic business, sandstorm, across all of our business units today. That comes from customer accounts renewed, customer bid opportunities, dialogue with the customers of what they're seeing coming. It doesn't look like it's going to be a tidal wave of growth, but it looks like it's going to be consistent across all of our operating areas.

Ankit Varmani - Jefferies LLC, Research Division

Yes, and what kind of margins do you expect from the core business in the environment you just described?

J. Eric Pike

Well, as we see it, we're not going to -- and one of the earlier questions right now, we're in around that 12% margin profile, gross margin profile. We'll certainly -- sans any storm continue that for a bit, but we do think with the pricing improvement and potential headcount leverage, that can go up. We are not suggesting that it will be at the 15% level by the end of the fiscal year without storm.

Ankit Varmani - Jefferies LLC, Research Division

Okay. And yes, SG&A in the quarter was kind of low both $1.00 amount and percentage of revenues, anything special over there? Or is it a good run rate we could use forward? Anything you want to comment on?

J. Eric Pike

Well, we certainly adjust for the business as best we can within the G&A profile. Also, the -- we have some things that we didn't record in that in terms of ongoing incentive compensation pieces that when we didn't perform in the quarter, we don't record those. So that was a component of that reduction, but you're also seeing some of the reduction as we get closer to completing the integration of some of our business units.

Operator

I would now like to turn the conference back over to our speakers for any additional or closing remarks.

J. Eric Pike

Thank you, Kyle. As we move past the financial comparisons of Hurricane Sandy next quarter, we're very much looking forward to what 2014 has in store for the Pike Corporation. We've had good visibility into an improving business environment with increased demand for our full suite of services that we offer. Our entire team is excited and executing well, and remains focused on servicing our customers with quality work, perform safely and professionally. This has long been the cornerstone of the reputation we have built in every market we serve for nearly 70 years. We look forward to updating you next quarter on our results and we'll speak with you then. Thank you.

Operator

And this does conclude today's conference call. Thank you, all, for your participation.

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