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Form 8-K POWERSECURE INTERNATIONA For: May 26

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May 26, 2015 12:01 PM EDT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 26, 2015

 

 

POWERSECURE INTERNATIONAL, INC.

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware   1-12014   84-1169358

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

1609 Heritage Commerce Court, Wake Forest, North Carolina   27587
(Address of principal executive offices)   (Zip code)

Registrant’s telephone number, including area code: (919) 556-3056

Not Applicable

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 7.01 Regulation FD Disclosure.

PowerSecure International, Inc., a Delaware corporation (the “Company”), is hereby furnishing a slide presentation dated may 2015, which is attached hereto as Exhibit 99.1. Sidney Hinton, the President and Chief Executive Officer of the Company, Christopher T. Hutter, the Chief Financial Officer and Chief Operating Officer of the Company, Eric Dupont, the Executive Vice President of Finance and Administration of the Company, and John D. Bluth, the Senior Vice President of Investor Relations and Corporate Communications of the Company, will be giving this slide presentation from time to time, on and after the date this Report is filed, to investors, investment analysts and other members of the financial and investment community.

The slide presentation contains forward-looking statements made within the meaning of and pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. A more thorough discussion of certain risks, uncertainties and other factors that may affect the Company is included in the Company’s most recent Annual Report on Form 10-K and in subsequent reports, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, that the Company files or furnishes with the Securities and Exchange Commission.

The information in this Item 7.01, including Exhibit 99.1, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

99.1 Investment Slide Presentation of PowerSecure International, Inc., dated May 2015

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

POWERSECURE INTERNATIONAL, INC.
By: /s/ Eric Dupont

Eric Dupont

Executive Vice President of Finance and Administration

Dated: May 26, 2015

 

3

1
1
May 2015
Exhibit 99.1

2
Forward-Looking Statements
Safe Harbor–
All
forward-looking
statements
made
or
referred
to
in
this
presentation
are
made
under
the
safe
harbor
provisions
of
the
Private
Securities
Litigation
Reform
Act
of
1995.
Forward-looking
statements,
which
are
all
statements
other
than
statements
of
historical
facts
and
include
beliefs,
opinions,
estimates,
expectations
and
projections
about
future
business
developments,
opportunities,
financial
guidance,
prospects,
and
outlook,
are
not
guarantees
of
future
performance
or
events
but
are
based
upon
current
assumptions
and
subject
to
risks,
uncertainties
and
other
factors
that
could
cause
actual
results
to
differ
materially
from
those
expressed,
projected
or
implied,
including
risks
and
uncertainties
set
forth
in
the
Company's
SEC
filings,
including
but
not
limited
to
the
Company’s
most
recent
Form
10-K
and
subsequent
SEC
filings
including
reports
on
Form
8-K
and
Form
10-Q.
Any
forward-looking
statements
in
this
presentation
speak
only
as
of
the
date
hereof
and
are
subject
to
change,
and
the
Company
assumes
no
duty
or
obligation
to
update
or
revise
any
forward-looking statements.

3
What You Will Hear Today
1.
Who we are
2.
Where we have been
3.
Where we are now
4.
Where we are going

4
What You Will Hear Today
1.
Who we are
2.
Where we have been
3.
Where we are now
4.
Where we are going

5
POWR
Percentage
of
year-over-year
backlog growth
>750
employees
Focused on Operational Excellence
Strong
balance
sheet
$283 million
Trailing 12 month revenues
Headquarters:
Wake Forest, NC
$402
million
Record backlog
Record
1
st
Quarter
revenues of $79.5 million
Who We Are
79%

6
Who We Are: Utility Focused
Energy Efficiency
Products/Services
Utility
Infrastructure
Solutions
Distributed
Generation
Systems

7
What You Will Hear Today
1.
Who we are
2.
Where we have been
3.
Where we are now
4.
Where we are going

8
Where We Have Been:
Building and Growing our Business

9
What You Will Hear Today
1.
Who we are
2.
Where we have been
3.
Where we are now
4.
Where we are going

10
Where We Are Now: Solid Q1 Execution
•
Revenues of $79.5 million
(+50.6% y-o-y)
•
Gross margin of 26.8%
(DG: 38.6%, EE: 37.0%)
•
GAAP EPS of $0.01
•
Record backlog grows to $402 million
(vs. $225 million at May 2014)
•
$23.8 million in cash, $21.4 million in term debt and capital leases, nothing drawn on
$20 million revolving credit facility
•
Operating margin continues to expand y-o-y

11
Recent Acquisitions Add Value: Solar
•
+ $140 M to backlog since mid-2014 
-
Includes $120M project w/large IOU
•
Accretive to net income & EPS
•
In-house turnkey EPC capability
•
Strategic offering integrated into
microgrid solutions
Purchased
solar business for
$4M
in
June 2012

12
Recent Acquisitions Add Value:
Energy Efficiency Services
•
Serve super-ESCOs with lighting,
mechanical, water and building
envelope solutions to deliver savings
•
Added retail capability in 2014
•
Opens new customer channels for DG
and LED lighting solutions
Paid ~$6M for EES
capabilities in
2013/14

13
Recent Acquisitions Add Value: Solais
•
Significant sourcing and manufacturing
expertise
•
Adding substantial efficiencies to
manufacturing of PowerSecure’s existing
LED solutions
•
Gross margins have expanded >10pp
•
Outstanding proprietary portfolio of LED
lamps and fixtures for C&I applications
•
Superior light output, thermal management,
optics, light quality and aesthetics
Purchased Solais
lighting business
for $15 M
April 2013

14
Recent Acquisitions Add Value: Mission Critical
•
Full turnkey electrical infrastructure,
design, implementation and
commissioning to data center owners
•
Established market leader
•
Speeds access to key data center        
decision makers
•
Nearly $9M in Q1 2015 revenues
Purchased for $13M
in
October 2014

15
What You Will Hear Today
1.
Who we are
2.
Where we have been
3.
Where we are now
4.
Where we are going

16
Where We Are Going: 2015 Focus Areas
1.
Relentless pursuit of operational excellence in everything we do
2.
Expand our operating margins to drive EPS in 2015 and beyond
3.
Grow pipeline of opportunities for 2016 and convert them to backlog

17
Where We Are Going:
Building and Growing our Business

18

19
DG: Hospital & Data Center Growth Drivers
•
Focused hospital and data center
sales teams
•
Proprietary PowerBlock solution
drivers higher ROI for customers
•
70% bi-fuel capability delivers
environmental & economic benefits
•
18-24 month sales cycle
•
Mission critical acquisition expands
data center capabilities

20
Utility Infrastructure:
Direct Service to our Customers
•
Full turnkey electrical infrastructure, design,
implementation & commissioning to data center owners
•
T&D maintenance and construction
•
Substation products and services
•
Advanced metering and lighting installation
•
Storm repair and restoration
•
Utility engineering and design
•
Regulatory consulting and rate design
•
Cyber security & NERC-CIP compliance consulting
services

21
Energy Efficiency: LED Solutions
•
Department store/high-end retail lighting
–
Solais product line adds new customers
•
Utility lighting
–
Utilities and municipalities
–
Energy and maintenance savings drive payback
–
Opportunity: millions of lights across U.S.
•
Grocery, drug, and convenience stores
–
Best-in-class lights for freezer/refrigerated cases

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