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): December 9, 2015
POWERSECURE INTERNATIONAL, INC.
(Exact name of Registrant as specified in its charter)
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Delaware |
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1-12014 |
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84-1169358 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S Employer
Identification No.) |
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1609 Heritage Commerce Court, Wake Forest, North Carolina |
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27587 |
(Address of principal executive offices) |
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(Zip code) |
Registrants 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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On December 9, 2015, PowerSecure International, Inc., a Delaware
corporation (the Company), issued a press release announcing that it has been awarded approximately $55 million in new business, including approximately $39 million of new utility infrastructure business, approximately $8 million of new
distributed generation business, approximately $5 million of new energy efficiency business and approximately $3 million of new solar business.
The press release, which is filed herewith as Exhibit 99.1, contains forward-looking statements relating to the Companys future
performance and other future items 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 Companys most recent Annual Report on Form 10-K and in subsequent reports, including the 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.
Item 9.01 |
Financial Statements and Exhibits. |
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99.1 |
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Press Release of PowerSecure International, Inc., issued December 9, 2015 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
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POWERSECURE INTERNATIONAL, INC. |
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By: |
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/s/ Eric Dupont |
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Eric Dupont |
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Executive Vice President and Chief Financial Officer |
Dated: December 9, 2015
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Exhibit 99.1
POWERSECURE ADDS $55 MILLION IN NEW BUSINESS AWARDS
WAKE FOREST, N.C. December 9, 2015 PowerSecure International, Inc. (NYSE: POWR) today announced it has been awarded
approximately $55 million in new business, including approximately $39 million of new utility infrastructure business, approximately $8 million of new distributed generation (DG) business, approximately $5 million of new energy efficiency business
and approximately $3 million of new solar business.
The majority of the new business awards we are announcing today represent new
or expanded work from existing customers. Their confidence in PowerSecure highlights the high quality of work and exceptional customer service our teams continue to deliver, said Sidney Hinton, chief executive officer of PowerSecure.
The solar project we announced today, which includes an energy storage capability, is another example of how customers are relying on
PowerSecures experience integrating multiple power sources with our sophisticated controls for some of their most complex projects, Hinton added.
The new business awards include:
Distributed
Generation
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Approximately $5 million in new data center projects. |
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Approximately $3 million in new turnkey DG projects for utility, hospital, retail and municipal customers. |
Utility Infrastructure
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Approximately $39 million for expanded and additional transmission and distribution work with existing utility customers and new utility customers
within current geographies. |
Energy Efficiency
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Approximately $5 million for municipal, university and other energy efficiency programs in the United States and Canada for energy services
companies (ESCOs) and other customers. |
Solar Energy
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Approximately $3 million for a new solar project which leverages PowerSecures deep engineering and controls expertise for a co-op utility. In
addition to the solar generation, PowerSecure is engineering this project to accommodate the utilitys request to potentially add battery storage into the project in the future. |
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®), energy efficiency, utility infrastructure and solar energy.
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 companys 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.
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.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of and made 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 amount and timing of the revenues associated with the new
business discussed in this press release; statements concerning the companys outlook, prospects and expectations for revenues, net income and E.P.S. results and growth generally; 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 are difficult to predict and 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 size, timing and terms of the sales awards and new business discussed in this press release; the ongoing volatility, uncertainty and
inconsistency in the economy and the financial and credit markets and the effects thereof on the companys markets and customers, the demand for its products and services, and the companys access to capital; the potential adverse
financial and reputational consequences that can result from safety risks and hazards such as accidents inherent in the companys operations; the companys ability to execute on its business orders, awards and
projects efficiently, profitably and with operational excellence; the impact of the companys recent acquisitions; the companys ability to reduce and control its costs and expenses and
increase its operating margins and operating income; the timely and successful development, production and market acceptance of new and enhanced products, services and technologies of the company; the ability of the company to obtain adequate
supplies of key components and materials of sufficient reliability and quality for its products and technologies on a timely and cost-effective basis and the effects of related warranty claims and disputes; the ability of the company to successfully
expand its core distributed generation products and services, to successfully develop and achieve market acceptance of its new energy-related businesses, to successfully expand its recurring revenue projects, to manage its growth and to address the
effects of any future changes in utility tariff structures and environmental requirements on its business solutions; the effects of competition; the companys ability to maintain and grow its utility infrastructure revenues on a profitable
basis, including maintaining and improving its pricing, utilization rates and productivity rates; changes in customer and industry demand and preferences; the ability of the company to continue the growth and diversification of its customer base;
the ability of the company to attract, retain, and motivate its executives and key personnel; changes in the energy industry in general and the electricity, oil, and natural gas markets in particular, including price levels; the effects of
competition; the ability of the company to secure and maintain key contracts and relationships; the effects of pending and future litigation, claims and disputes; and other risks, uncertainties and other factors identified from time to time in its
reports filed with or furnished to the Securities and Exchange Commission, including the companys most recent Annual Report on Form 10-K, as well as subsequently filed reports on Form 10-Q and Form 8-K, copies of which may be obtained by
visiting the investor relations page of the companys website at www.powersecure.com or the SECs website at www.sec.gov.
Accordingly, there is 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.
Contact:
John Bluth
(919) 453-2103
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