POWR Powersecure International, Inc.

 

 

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): November 3, 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))

 

 

 

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Item 7.01 Regulation FD Disclosure.

On November 3, 2015, PowerSecure International, Inc., a Delaware corporation (the “Company”), issued a press release announcing that the Company will present at the 2015 Baird Industrials Conference at the Four Seasons Hotel in Chicago, Illinois at 11:00 a.m., Eastern time, on Monday, November 9, 2015, and the Stephens 2015 Fall Investment Conference at the New York Palace Hotel in New York City at 11:00 a.m., Eastern time, on Tuesday, November 10, 2015 (the “Conferences”). The Company’s presentation at the Conferences will include information about the Company’s business operations, financial results, strategic initiatives and prospects for the future.

A copy of the press release issued by the Company announcing the Company’s participation at the Conferences is filed herewith as Exhibit 99.1 and incorporated herein by this reference. The slide presentation to be given at the Conferences, along with a link to the audio webcast to the Conferences, is available on the Investor Relations section of the Company’s website at www.powersecure.com, and a copy of the slide presentation is filed herewith as Exhibit 99.2 and incorporated herein by this reference. Sidney Hinton, the President and Chief Executive Officer of the Company, Christopher T. Hutter, the Executive Vice President and Chief Operating Officer of the Company, Eric Dupont, the Executive Vice President and Chief Financial Officer of the Company, and John D. Bluth, the Senior Vice President of Investor Relations and Corporate Communications of the Company, may be giving this slide presentation from time to time, on and after the date this Report is filed, to other investors, investment analysts and other members of the financial and investment community.

The slide presentation filed herewith as Exhibit 99.2 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 99.2, 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

 

 

2

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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.

 

Dated: November 9, 2015

 

3

Exhibit 99.1

 

POWERSECURE TO PRESENT AT UPCOMING INVESTOR CONFERENCES

WAKE FOREST, N.C. – November 3, 2015 – PowerSecure International, Inc. (NYSE: POWR) announced today that the company will present at the following investor conferences:

 

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The 2015 Baird Industrials Conference at the Four Seasons Hotel Chicago at 11:00 a.m. ET on Monday, November 9, 2015.

 

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The Stephens 2015 Fall Investment Conference at the New York Palace Hotel in New York City at 11:00 a.m. ET on Tuesday, November 10, 2015.

Links to audio webcasts of the presentations will be available on the Investor Relations section of the company’s web site at www.powersecure.com.

About PowerSecure

PowerSecure International, Inc. is a leading provider of utility and energy technologies to electric utilities, and their industrial, institutional and commercial customers. PowerSecure provides products and services in the areas of Interactive Distributed Generation ^® (IDG^®), solar energy, energy efficiency and utility infrastructure.

The company is a pioneer in developing IDG^® power systems with sophisticated smart grid capabilities, including the ability to 1) forecast electricity demand and electronically deploy the systems to deliver more efficient, and environmentally friendly, power at peak power times, 2) provide utilities with dedicated electric power generation capacity to utilize for demand response purposes and 3) provide customers with the most dependable standby power in the industry. Its proprietary distributed generation system designs utilize a range of technologies to deliver power, including renewables.

The company’s energy efficiency products and services include energy efficient lighting solutions that utilize LED technologies to improve lighting quality, and the design, installation and maintenance of energy conservation measures which we offer, primarily as a subcontractor, to large energy service company providers, called ESCOs, for the benefit of commercial, industrial and institutional customers as end users and directly to retailers.

PowerSecure also provides electric utilities with transmission and distribution infrastructure maintenance and construction services, and engineering and regulatory consulting services. Additional information is available at www.powersecure.com.

Contact:

John Bluth

PowerSecure International, Inc.

+1 919 453 2103

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November 2015 Exhibit 99.2

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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.

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POWR Q3 DG Y-o-Y revenue growth >900 employees Focused on Operational Excellence Strong balance sheet $375 million Trailing 12 month revenues Headquarters: Wake Forest, NC $447 million Revenue backlog 3rd Quarter: 65% Y-o-Y revenue growth to $107.0 M Who We Are 91%

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Building and Growing our Business Revenue in Millions

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Strong Q3 Continues 2015 Operational Execution Revenues of $107.0 million(+64.5% y-o-y) Distributed Generation + 91.3% y-o-y(>50% Q3 DG revenues from Data Centers) Gross margin of 25.1% (DG: 35.4%, UI: 16.3%, EE: 36.4%) GAAP EPS of $0.09 (DG & EE account for 91% of YTD seg OI) Record non-solar backlog of $274 million(Tot backlog of $447 million) $26.2 million in cash, $19.0 million in term debt and capital leases, nothing drawn on expanded $40 million revolving credit facility Operating margin expanding (Doubles sequentially, +420 bps y-o-y)

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PowerSecure Solutions Across the Grid Generation Step-Up Substation Step-Down Substation Transmission Distribution Solar Energy Efficiency Products/Services Utility Infrastructure Solutions Utilities and Their Large Customers Distributed Generation Systems Utility Infrastructure Distributed Generation Energy Efficiency Distributed Generation Consumption

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DG Peak Shaving Slide PowerSecure Distributed Generation: Differentiated Solution=Superior Reliability & ROI PowerControl 24/7/365 Command Center monitors all key components, utility grid dynamics and every unit operation >1500 units deployed nationwide Proprietary internet-based monitoring, dispatch and control “No Pain” demand response Industry-leading reliability Utility tariff and interconnect experts

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DG: PowerSecure Manages > 1GW Nationwide Purchased for $13M in October 2014 Proprietary PowerBlock solution drivers higher ROI for customers 70% bi-fuel capability delivers environmental & economic benefits 18-24 month sales cycle Hospital and data center growth drivers with focused sales teams

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PowerSecure Delivers: Reliability, Flexibility & Full Scope for Data Centers Industry-leading reliability gaining attention from large potential customers Full turnkey electrical infrastructure, design, implementation and commissioning to data center owners October 2014 acquisition ($13 M) of established market leader speeds access to key data center decision makers

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Data Centers = Growing % of DG Revenues 2012-2013: Primarily switchgear 2014: Switchgear + infrastructure 2015 Switchgear + infrastructure + backup power 80% y-o-y DG revenue growth in 1st nine months of 2015 Increased capacity and new testing facilities at DG manufacturing facility 2012 = 2% 2014 = 5% 2013 = 5% 2015 = 42% * FY 2015 Projected

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Investing for Growth: Before

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Investing for Growth: After

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Energy Efficiency Services: ESCO’s, Utilities and Retailers Lighting, mechanical, water and building envelope solutions deliver savings to customers Adds value for customers bidding federal performance contracts Full scope from audit/engineering through implementation/commissioning and verification Opens new customer channels: DG and LED 53% y-o-y YTD revenue growth in 2015

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Energy Efficiency: LED Solutions Department store/high-end retail lighting Proprietary technology provides: superior light output, thermal management, optics, aesthetics Utility lighting Utilities/municipalities: millions of potential endpoints Energy/maintenance savings drive payback Grocery, drug, and convenience stores Best-in-class lights for cold cases Solais acquisition (April 2013, $15 M) added substantial efficiencies to manufacturing Gross margins have expanded >10pp

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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

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Solar: Positioned to Serve Utilities Now and Post-2017 Purchased solar business for $4M in June 2012 Accretive to net income & EPS In-house turnkey EPC capability Focused on large utility opportunities Strategic offering integrated into microgrid solutions

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2016 Focus Areas: Relentless pursuit of operational excellence in everything we do Expand our operating margins to drive EPS in 2016 and beyond Grow pipeline of opportunities for 2016 and convert them to backlog

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Building and Growing our Business Revenue in Millions

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