However, the company’s third quarter 2009 results were lower compared to the same quarter of 2008 primarily due to the completion of a number of projects for Publix Supermarkets in 2008. Third quarter 2009 revenue was lower than third quarter 2008 revenue by 17.4%.
Excluding Publix project revenues in both years’ third quarters, revenues for the third quarter of 2009 were $24.3m and revenues for the third quarter of 2008 were $24.6m.
Sidney Hinton, CEO of PowerSecure, said: “We are very pleased with the consistent improvement we are seeing in our results – including achieving our highest ever quarterly gross margin percentage. Each successive quarter in 2009 has shown higher revenue, higher gross margin, higher operating profit, and higher EPS.
“The consistent strengthening of our results demonstrates the determination and drive of the PowerSecure team to execute extraordinarily well and deliver increasing value to our customers in a difficult environment.”
For the third quarter of 2009, the company’s energy and smart grid solutions segment showed strong sequential improvement. The energy and smart grid solutions segment includes the business areas of Interactive Distributed Generation, Energy Efficiency, and Utility Infrastructure.
Third quarter 2009 operating expenses were $8.1m, down 9.9% on a year-over-year basis, and up 5.9% on a sequential basis compared to the second quarter of 2009. The reductions versus prior year were due to cost reduction measures taken in anticipation of the difficult economic climate, as well as reductions in selling expense due to lower year-over-year revenues, the company said.
PowerSecure International is a 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.
