Pike reports 89 percent drop in net income for quarter - Winston-Salem Journal: Business News

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Pike reports 89 percent drop in net income for quarter

Biggest factor is decline in revenue from storm recovery efforts

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Posted: Monday, November 4, 2013 7:32 pm

Pike Electric Corp. reported Monday an 89.7 percent decline in net income to $959,000 in its first quarter of 2014. The quarter ended Sept. 30.

The biggest factor in the decline was the company earned $3.6 million in revenue from storm recovery operations compared with $50.2 million a year ago, which included damages caused by Hurricane Isaac and windstorms in its territory.

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