|[June 06, 2013]
PowerSecure Adds $75 Million to Revenue Backlog
WAKE FOREST, N.C. --(Business Wire)--
PowerSecure International, Inc. (Nasdaq: POWR) today announced it has
added approximately $75 million to its revenue backlog, including
approximately $49 million from a renewed and expanded three year utility
infrastructure (UI) award to serve one of the nation's largest investor
owned utilities (IOUs).
The new IOU contract represents an increase of approximately 50 percent
over last year's work levels.
In addition, the new business awards include approximately $18 million
of new distributed generation (DG) business, approximately $4 million of
additional new UI business, and approximately $4 million in new energy
efficiency (EE) sales.
The approximately $18 million in new DG business includes approximately
$10 million from a variety of hospital, data center, grocery/retail and
industrial projects, and approximately $3 million from a solar project.
The DG total also includes approximately $5 million in new recurring
revenues for company-owned DG projects for the northeast regional
division of a major grocer.
The approximately $4 million in new additional UI awards include
substation, transmission and distribution work for ongoing utility
system maintenance and construction projects, primarily for large
The approximately $4 million in new EE awards include approximately $3
million from ESCO contracts and approximately $1 million in LED lighting
awards, primarily from sales of PowerSecure's new area light.
"We are always humbled by the opportunity to expand our work on one of
our utility customer's systems. We do not take this for granted, and our
team wakes up every day eager to serve and deliver exceptional value,"
said Sidney Hinton, chief executive officer of PowerSecure.
"We continue to see strong traction in our distributed generation and
utility infrastructure businesses, growing market demand for our area
light, and we remain very optimistic about the broad range of new
business opportunities we are pursuing," Hinton added.
PowerSecure International, Inc. is a leading provider of utility and
energy technologies to electric utilities, and their industrial,
institutional and commercial customers. PowerSecure provides products
and services in the areas of energy efficiency, distributed generation,
and utility infrastructure. The company is a pioneer in developing
Interactive Distributed Generation® (IDG®) power
systems with sophisticated smart grid capabilities, including the
ability to 1) forecast electricity demand and electronically deploy the
systems to deliver more efficient and environmentally friendly power at
peak times, 2) provide utilities with firm capacity to utilize for
demand response and 3) provide customers with the most dependable
standby power in the industry. Its proprietary distributed generation
system designs utilize a range of technologies to deliver power,
The company's energy efficiency business develops efficient LED lighting
technologies that improve the quality of light, including its
proprietary EfficientLights® LED lighting products for
grocery, drug and convenience stores, and its SecureLite and PowerLite
street lights for utilities and municipalities. PowerSecure's utility
infrastructure team provides electric utilities with transmission and
distribution infrastructure maintenance and construction services, and
engineering and regulatory consulting services. Additional information
is available at www.powersecure.com.
All forward-looking statements contained in this release are made
within the meaning of and 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 amount and timing
of the revenues associated with the new business discussed in this press
release; the Company's outlook, prospects and expectations for revenues,
net income and E.P.S. results and growth generally; the anticipated
results of the Company's products, services, and technologies; 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,
those risks, uncertainties and other factors identified from time to
time in the Company's most recent Annual Report on Form 10-K, as well as
in subsequent filings with the Securities and Exchange Commission,
including reports on Forms 10-Q and 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.
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