Metretek (AMEX:MEK)
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For the year ended December 31, 2006, Metretek Technologies, Inc.
(AMEX:MEK) reported record revenues of $120.4 million and record net
income of $11.7 million, or $0.71 per diluted share, compared to
revenues of $47.3 million and net income (including a $300,000 loss from
discontinued operations) of $2.3 million, or $0.18 per diluted share, in
2005. Net income in 2006 included non-cash stock option and stock
compensation expenses of $778,000, or $0.05 per diluted share in
accordance with FASB No. 123R, compared to $66,000 in 2005.
For the three months ended December 31, 2006, the Company reported
revenues of $35.9 million and net income of $3.9 million, or $0.23 per
diluted share. In the comparable period a year ago, the Company reported
revenues of $15.2 million and net income of $1.5 million, or $0.11 per
diluted share. Fourth-quarter 2006 net income included non-cash stock
option and stock compensation expenses of $200,000, or $0.01 per diluted
share, compared to $17,000 in the comparable period of 2005.
“We are pleased to report another record year,”
said W. Phillip Marcum, president and chief executive officer of
Metretek Technologies. “Due principally to the
continuing strong performance of our PowerSecure subsidiary —
which generated $99.5 million in revenues compared to $30.2 million in
2005, and a segment profit of $10.5 million compared to $2.6 million in
the prior year — consolidated revenues for the
Company were $73.2 million higher than in 2005, an increase of 155%,
while net income of $11.7 million represented a five-fold increase over
2005.
“Southern Flow had an excellent year as well,
with revenues of $16.2 million compared to $13.3 million in 2005. Also
gratifying was the improving performance of our Metretek Florida
subsidiary, which was essentially breakeven for the year, and which we
expect will be profitable in 2007.
“Matching our record operating performance in
2006 was the strongest balance sheet in the Company’s
history. We ended the year with $15.9 million in cash and cash
equivalents and $38.8 million in working capital —
more than adequate, we believe, to fund the continuing growth of
PowerSecure. That said,” added Marcum, “just
as PowerSecure’s revenues can be expected to
fluctuate from quarter-to-quarter depending on the size and timing of
projects, so, too, its results of operations may be affected by large
individual projects.”
Guidance for 2007:
As reaffirmed in a press release of February 21, 2007, the Company
currently expects that for the year ending December 31, 2007, net income
will be approximately $15.5 million, or $0.89 per diluted share, on
revenues of approximately $137 million.
Conference Call and Webcast:
At 10 a.m. MDT (noon EDT) today, March 13, the Company will hold a
teleconference to discuss the financial results and future plans and
prospects. To participate in the teleconference, please call
800-291-8929 (or 706-634-0478 for international callers) approximately
10 minutes prior to the start time and indicate that you are dialing in
to the Metretek Technologies conference call.
This call can be accessed live via the Internet at the Company’s
website, www.metretek.com; to
access the call, click on the “Investor Info”
button and then click on the icon for the “2006
fourth-quarter results teleconference.” The
Webcast player will open following completion of a brief registration
process. The Webcast will also be available at www.earnings.com;
to access the call, type in Metretek’s stock
symbol, MEK, in the top right corner of the home page to be taken to the
Company’s webcast page. These websites will
host an archive of the teleconference. Additionally, a playback of the
call will be available beginning at 1 p.m. MDT on March 13 through 10
p.m. MDT on March 15; you may access the playback by calling
800-642-1687 (for international callers, 706-645-9291) and providing
Conference ID number 1581498.
About Metretek Technologies:
Metretek Technologies, Inc. through its subsidiaries -- Southern Flow
Companies, Inc.; PowerSecure, Inc.; and Metretek, Incorporated (Metretek
Florida) -- is a diversified provider of energy measurement products,
services and data management systems to industrial and commercial users
and suppliers of natural gas and electricity.
Safe-Harbor Statement:
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 business
operations and prospects for the Company and its subsidiaries; the
outlook for the Company’s consolidated
revenues and earnings in 2007; the anticipated
profitability of Metretek Florida and the continued growth of
PowerSecure in 2007; 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, the timely and successful
development, production and market acceptance of new and enhanced
products, services and technologies of the Company’s
subsidiaries; the size, timing and terms of sales and orders, including
large customer orders, and the risk of customers delaying, deferring or
canceling purchase orders or making smaller purchases than expected; the
ability of the Company’s subsidiaries to
obtain adequate supplies of key components and materials for their
products and technologies on a timely and cost-effective basis; the
ability of PowerSecure to successfully expand its core distributed
generation products and services, to successfully develop and achieve
market acceptance of its new energy-related businesses, to manage its
growth and to address the effects of any future changes in tariff
structures and environmental requirements on its business solutions; the
effects from time to time of hurricanes and other severe weather
conditions on the demand for Southern Flow’s
products and services; the ability of Metretek Florida to successfully
develop and expand its products, services, technologies and markets; the
effects of competition; changes in customer and industry demand and
preferences; the ability of the Company to attract, retain and motivate
key personnel; changes in the energy industry in general and the natural
gas and electricity markets in particular, including price levels; the
effects of competition; the ability of the Company to secure and
maintain key contracts and relationships; general economic, market and
business conditions; the effects of pending and future litigation,
claims and disputes; changes in the energy industry generally and in the
natural gas and electricity industries in particular, including price
levels; general economic, market and business conditions; and other
risks, uncertainties and other factors identified from time to time in
the Company's most recently filed 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.
METRETEK TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Fourth Quarter Ended
Year Ended
December 31,
December 31,
2006
2005
2006
2005
Total revenues
$
35,926,254
$
15,229,366
$
120,447,127
$
47,252,552
Total costs and expenses
32,479,055
13,996,585
110,768,486
46,051,135
Operating income
3,447,199
1,232,781
9,678,641
1,201,417
Income from litigation settlements
343,112
-
343,112
-
Equity income
342,723
348,806
2,221,185
1,689,537
Minority interest
-
(42,521)
(72,464)
(210,875)
Income taxes
(203,128)
(30,000)
(465,138)
(45,690)
Income from continuing operations
3,929,906
1,509,066
11,705,336
2,634,389
Loss from disposal of discontinued operations
-
-
-
(300,000)
Net income
$
3,929,906
$
1,509,066
$
11,705,336
$
2,334,389
BASIC EARNINGS (LOSS) PER COMMON SHARE:
Income from continuing operations
$
0.25
$
0.12
$
0.78
$
0.21
Loss from discontinued operations
0.00
0.00
0.00
(0.02)
Income per common share
$
0.25
$
0.12
$
0.78
$
0.19
DILUTED EARNINGS (LOSS) PER COMMON SHARE:
Income from continuing operations
$
0.23
$
0.11
$
0.71
$
0.20
Loss from discontinued operations
0.00
0.00
0.00
(0.02)
Income per common share
$
0.23
$
0.11
$
0.71
$
0.18
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING,
BASIC
15,787,585
12,402,865
15,062,888
12,287,107
DILUTED
17,049,786
14,194,512
16,477,336
13,360,515
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
December 31,
December 31,
2006
2005
Total current assets
$
70,536,009
$
18,234,054
Property, plant and equipment, net
4,443,879
3,213,294
Total other assets
14,719,547
11,871,578
Total assets
$
89,699,435
$
33,318,926
Total current liabilities
$
31,692,373
$
13,322,898
Long-term notes payable and capital lease obligations
7,431
3,596,733
Minority interest in subsidiaries
-
169,755
Total stockholders' equity
57,999,631
16,229,540
Total liabilities and stockholders' equity
$
89,699,435
$
33,318,926