Pike Electric has announced that total revenues for the first quarter of fiscal 2008 were $139.7 million, compared to $149.9 million in the first quarter of fiscal 2007.
Core powerline revenues for the first quarter of fiscal 2008 were $134.9 million, compared to $137.6 million for the first quarter of fiscal 2007.
Gross profit for the first quarter of fiscal 2008 was $23.3 million, or 16.7% of revenue, a 17.9% increase from $19.7 million, or 13.2% of revenue, for the first quarter of fiscal 2007.
Net income for the first quarter of fiscal 2008 totaled $5.3 million or $0.16 per share, compared to net income of approximately $1.6 million, or $0.05 per share, for the first quarter of fiscal 2007.
Eric Pike, chairman and CEO, said: Pike’s performance continues to benefit from our efforts over the past several quarters to improve our operations, as evidenced by our year over year gross profit margin improvement.