PIKE

Pike Electric Corporation

Pike Electric Corporation is one of the largest providers of energy solutions for investor-owned, municipal and co-operative utilities in the United States. Our comprehensive services include siting, permitting, engineering design, installation, maintenance and repair of power delivery systems, including renewable energy projects. Our common stock is traded on the New York Stock Exchange under the symbol “PIKE.”
Pike was founded by Floyd S. Pike in 1945 and later incorporated in North Carolina in 1968. We reincorporated in Delaware on July 1, 2005, in connection with our August 2005 initial public offering (“IPO”).
We completed two acquisitions during fiscal 2009 that extended our footprint and energy solutions portfolio, each of which was funded from cash generated from existing operations.
•On September 1, 2008, we acquired substantially all of the assets of Shaw Energy Delivery Services, Inc., formerly an affiliate of The Shaw Group, for approximately $22.6 million in cash plus the assumption of certain liabilities. This acquisition enables Pike to expand its operations into engineering, design, procurement and construction management services and expand its geographic presence through engineering offices in Charlotte, NC, Austin, TX, San Ramon, CA, Portland, OR and Pittsburgh, PA. In addition, the acquisition added a talented workforce and equipment for transmission projects up to 345 kilovolt (“kV”), substation construction capabilities and an operational team focused on renewable energy projects.
•On June 30, 2009, we acquired substantially all of the assets of Facilities Planning & Siting, PLLC, a transaction that added the combined talents of civil engineers, GIS analysts, landscape architects and environmental experts. This acquisition enables Pike to provide siting and planning capabilities at the conceptual stage of its customer’s projects, and consequently provides Pike with the ability to fully integrate environmental, engineering, real estate, economic, regulatory and community expertise into planning, siting and routing projects.
Historically, we were a specialty contractor for utilities focused on distribution powerline maintenance and construction. We have repositioned Pike to be an energy solutions company focused on providing a diverse service offering to our customers for their outsourcing needs. We continue to develop our diverse service offerings and remain focused on distribution services which still provide the majority of our revenues.

Business Strategy

We continue to expand our market presence, geographic footprint and service offerings as one of the nation’s premiere energy solutions providers. Our business strategies center on diverse service offerings, safety, customer service, geographic expansion, and organic and strategic growth.
•Diversification of Services. We provide the following services as part of our comprehensive energy solutions platform: planning and siting; engineering and design; construction; renewables; and storm restoration services. Although historically we were a powerline transmission and distribution company, we believe our customers have and will continue to derive great benefits from our being an energy solutions company with a wide array of outsourced services available to them, and we will continue to add services that benefit our customers and add value to our company.
•Safety. As a full service EPC company, we understand the importance of safety in every aspect of our business. To that end, our management team works closely with employees and customers to ensure safety in all facets of our service operations through our Stay Safe Program.
•Customer Service. We value the trust we have built with our customers and work to maintain high levels of customer service by providing timely, accurate and professional services.
•Geographic Expansion. We recently have increased the scale of our geographic footprint, with engineering offices across the country and expanded construction regions.
•Strategic and Organic Growth. We have successfully completed two acquisitions over the past year. We will continue to consider additional potential merger and acquisition opportunities that may arise. In addition, we continue to explore organic growth opportunities which complement our existing service platform.

Employees
At June 30, 2009, we employed approximately 4,500 full and part-time employees, of which approximately 3,900 were revenue producing and approximately 600 were non-revenue producing. Our employees currently are not unionized, and we believe that our relationship with our employees is very good.