##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 (Mark One)
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 COMMISSION FILE NUMBER 001-32582
 PIKE ELECTRIC CORPORATION
 (Exact name of registrant as specified in its charter)
 Delaware
    
    20-3112047(State of incorporation)
    
    (I.R.S. Employer Identification No.)
 100 Pike Way, PO Box 868, Mount Airy, NC 27030  (Address of principal executive office)
 (336) 789-2171  (Registrants telephone number, including area code)
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if smaller reporting company)
 Yes o No þ




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##### 



PIKE ELECTRIC CORPORATION
FORM 10-Q
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2009

INDEX
 Part I. FINANCIAL INFORMATIONItem 1. Financial Statements (unaudited):Condensed consolidated balance sheets
    
    
    1Condensed consolidated statements of operations
    
    
    2Condensed consolidated statements of cash flows
    
    
    3Notes to condensed consolidated financial statements
    
    
    4Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    12Item 3. Quantitative and Qualitative Disclosures about Market Risk
    
    
    20Item 4. Controls and Procedures
    
    
    21Part II. OTHER INFORMATIONItem 1. Legal Proceedings
    
    
    22Item 1A. Risk Factors
    
    
    22Item 6. Exhibits
    
    
    23Signatures
    
    
    24Exhibit 10.1Exhibit 31.1Exhibit 31.2Exhibit 32.1




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##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 PIKE ELECTRIC CORPORATION
 
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except per share amounts)
 September 30,
    
    
    June 30,2009
    
    
    2009(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    42,443
    
    
    $
    43,820Accounts receivable from customers, net
    
    
    53,846
    
    
    
    57,766Costs and estimated earnings in excess of billings on uncompleted contracts
    
    
    51,575
    
    
    
    46,674Inventories
    
    
    7,959
    
    
    
    7,718Prepaid expenses and other
    
    
    6,991
    
    
    
    6,306Deferred income taxes
    
    
    12,170
    
    
    
    13,649Total current assets
    
    
    174,984
    
    
    
    175,933Property and equipment, net
    
    
    216,545
    
    
    
    222,539Goodwill
    
    
    106,865
    
    
    
    106,865Other intangibles, net
    
    
    39,168
    
    
    
    40,139Deferred loan costs, net
    
    
    4,380
    
    
    
    2,028Other assets
    
    
    1,464
    
    
    
    1,465Total assets
    
    $
    543,406
    
    
    $
    548,969LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    17,607
    
    
    $
    13,231Accrued compensation
    
    
    23,909
    
    
    
    23,002Billings in excess of costs and estimated earnings on uncompleted contracts
    
    
    1,829
    
    
    
    5,176Accrued expenses and other
    
    
    7,228
    
    
    
    8,301Current portion of deferred compensation
    
    
    
    
    
    
    1,402Current portion of insurance and claim accruals
    
    
    24,412
    
    
    
    26,442Total current liabilities
    
    
    74,985
    
    
    
    77,554Long-term debt
    
    
    140,500
    
    
    
    140,500Insurance and claim accruals, net of current portion
    
    
    7,825
    
    
    
    7,335Deferred compensation, net of current portion
    
    
    5,632
    
    
    
    5,563Deferred income taxes
    
    
    55,126
    
    
    
    57,251Other liabilities
    
    
    3,364
    
    
    
    3,801Commitments and contingenciesStockholders equity:Preferred stock, par value $0.001 per share; 100,000 authorized shares; no
shares issued and outstanding
    
    
    
    
    
    
    Common stock, par value $0.001 per share; 100,000 authorized shares; 33,474
and 33,462 shares issued and outstanding at September 30,
2009 and
June 30, 2009, respectively
    
    
    6,427
    
    
    
    6,427Additional paid-in capital
    
    
    154,216
    
    
    
    153,035Accumulated other comprehensive loss, net of taxes
    
    
    (576
    )
    
    
    (1,109
    )Retained earnings
    
    
    95,907
    
    
    
    98,612Total stockholders equity
    
    
    255,974
    
    
    
    256,965Total liabilities and stockholders equity
    
    $
    543,406
    
    
    $
    548,969
   1




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PIKE ELECTRIC CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited)
 (In thousands, except per share amounts)
 Three Months EndedSeptember 30,2009
    
    
    2008Revenues
    
    $
    127,220
    
    
    $
    185,506Cost of operations
    
    
    115,525
    
    
    
    140,545Gross profit
    
    
    11,695
    
    
    
    44,961General and administrative expenses
    
    
    13,123
    
    
    
    13,301Loss on sale and impairment of property and equipment
    
    
    661
    
    
    
    242(Loss) income from operations
    
    
    (2,089
    )
    
    
    31,418Other expense (income):Interest expense
    
    
    2,371
    
    
    
    2,335Other, net
    
    
    (101
    )
    
    
    (207
    )Total other expense
    
    
    2,270
    
    
    
    2,128(Loss) income before income taxes
    
    
    (4,359
    )
    
    
    29,290Income tax (benefit) expense
    
    
    (1,654
    )
    
    
    11,021Net (loss) income
    
    $
    (2,705
    )
    
    $
    18,269(Loss) earnings per share:Basic
    
    $
    (0.08
    )
    
    $
    0.55Diluted
    
    $
    (0.08
    )
    
    $
    0.54Shares used in computing (loss)
earnings per share:Basic
    
    
    33,077
    
    
    
    32,987Diluted
    
    
    33,077
    
    
    
    33,842
   2




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PIKE ELECTRIC CORPORATION
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
 (In thousands)
 Three Months EndedSeptember 30,2009
    
    
    2008Cash flows from operating activities:Net (loss) income
    
    $
    (2,705
    )
    
    $
    18,269Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:Depreciation and amortization
    
    
    9,243
    
    
    
    9,373Non-cash interest expense
    
    
    510
    
    
    
    254Deferred income taxes
    
    
    (987
    )
    
    
    89Loss on sale and impairment of property and equipment
    
    
    661
    
    
    
    242Equity compensation expense
    
    
    1,083
    
    
    
    637Excess tax expense (benefit) from stock-based compensation
    
    
    33
    
    
    
    (167
    )Changes in operating assets and liabilities:Accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts
    
    
    (981
    )
    
    
    (48,841
    )Inventories, prepaid expenses and other
    
    
    (104
    )
    
    
    (722
    )Insurance and claim accruals
    
    
    (1,540
    )
    
    
    (1,558
    )Accounts payable and other
    
    
    1,286
    
    
    
    25,556Deferred compensation
    
    
    (1,402
    )
    
    
    (3,709
    )Net cash provided by (used in) operating activities
    
    
    5,097
    
    
    
    (577
    )Cash flows from investing activities:Purchases of property and equipment
    
    
    (4,680
    )
    
    
    (3,938
    )Business acquisitions, net
    
    
    
    
    
    
    (25,882
    )Net proceeds from sale of property and equipment
    
    
    902
    
    
    
    2,272Net cash used in investing activities
    
    
    (3,778
    )
    
    
    (27,548
    )Cash flows from financing activities:Borrowings under revolving credit facility
    
    
    
    
    
    
    27,930Repayments under revolving credit facility
    
    
    
    
    
    
    (10,560
    )Proceeds from exercise of stock options and employee stock purchases
    
    
    129
    
    
    
    285Excess tax (expense) benefit from stock-based compensation
    
    
    (33
    )
    
    
    167Deferred loan costs
    
    
    (2,792
    )
    
    
    Net cash (used in) provided by financing activities
    
    
    (2,696
    )
    
    
    17,822Net decrease in cash and cash equivalents
    
    
    (1,377
    )
    
    
    (10,303
    )Cash and cash equivalents beginning of year
    
    
    43,820
    
    
    
    11,357Cash and cash equivalents end of period
    
    $
    42,443
    
    
    $
    1,054
   3




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PIKE ELECTRIC CORPORATION
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 For the three months ended September 30, 2009 and 2008
 (In thousands, except per share amounts)
 1. Basis of Presentation
  2. Business
    Three Months EndedSeptember 30,2009
    
    
    2008Core services
    
    
    124,713
    
    
    $
    98.0
    %
    
    $
    107,836
    
    
    
    58.1
    %Storm restoration services
    
    
    2,507
    
    
    
    2.0
    %
    
    
    77,670
    
    
    
    41.9
    %Total
    
    $
    127,220
    
    
    
    100.0
    %
    
    $
    185,506
    
    
    
    100.0
    %
 3. Acquisition of Energy Delivery Services
   4




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##### Table of Contents



Three Months EndedSeptember 30,2009
    
    
    2008Revenues
    
    $
    127,220
    
    
    $
    203,554Net (loss) income
    
    $
    (2,705
    )
    
    $
    17,833Basic (loss) earnings per common share
    
    $
    (0.08
    )
    
    $
    0.54Diluted (loss) earnings per common share
    
    $
    (0.08
    )
    
    $
    0.53
 4. Credit Facility
       5




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5. Stock-Based Compensation
  6. Property and Equipment
  7. (Loss) Earnings Per Share
  Three Months EndedSeptember 30,2009
    
    
    2008Basic:Net (loss) income
    
    $
    (2,705
    )
    
    $
    18,269Weighted average common shares
    
    
    33,077
    
    
    
    32,987Basic (loss) earnings per share
    
    $
    (0.08
    )
    
    $
    0.55Diluted:Net (loss) income
    
    $
    (2,705
    )
    
    $
    18,269Weighted average common shares
    
    
    33,077
    
    
    
    32,987Potential common stock arising from stock
options and restricted stock
    
    
    
    
    
    
    855Weighted average common shares  diluted
    
    
    33,077
    
    
    
    33,842Diluted (loss) earnings per share
    
    $
    (0.08
    )
    
    $
    0.54
  8. Fair Value of Financial Instruments
   6




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
    
    Level 1  Valuations based on quoted
prices in active markets for identical
instruments that we are able to access.
Since valuations are based on quoted
prices that are readily and regularly
available in an active market, valuation
of these products does not entail a
significant degree of judgment.
    
    Level 2  Valuations based on quoted
prices in active markets for instruments
that are similar, or quoted prices in
markets that are not active for identical
or similar instruments, and model-derived
valuations in which all significant
inputs and significant value drivers are
observable in active markets.
    
    Level 3  Valuations based on inputs
that are unobservable and significant to
the overall fair value measurement.
    September 30,Description
    
    2009
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Interest rate swap agreements
    
    $
    (944
    )
    
    $
    
    
    
    $
    (944
    )
    
    $
    Diesel fuel swap agreements
    
    
    55
    
    
    
    
    
    
    
    55
    
    
    
    Total
    
    $
    (889
    )
    
    $
    
    
    
    $
    (889
    )
    
    $
    
  9. Income Taxes
   7




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10. Derivative Instruments and Hedging Activities
   Interest Rate Risk
    Diesel Fuel Risk
    8




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Balance Sheet and Statement of Operations Information
  Asset Derivatives
    
    
    Liability DerivativesFair Value
    
    
    Fair Value
    
    
    Fair Value
    
    
    Fair Valueat Sept. 30,
    
    
    at June 30,
    
    
    at Sept. 30,
    
    
    at June 30,Balance Sheet Location

    
    2009
    
    
    2009
    
    
    2009
    
    
    2009Derivatives designated as hedging
instruments under U.S. GAAP:Interest rate swaps
    
    Accrued expenses and other
    
    $
    
    
    
    $
    
    
    
    $
    944
    
    
    $
    1,821Total derivatives designated as
hedging instruments under SFAS 133
    
    
    
    
    
    $
    
    
    
    $
    
    
    
    $
    944
    
    
    $
    1,821Derivatives not designated as hedging
instruments under U.S. GAAP:Diesel fuel swaps (gross) (1)
    
    Prepaid expenses and other
    
    $
    214
    
    
    $
    
    
    
    $
    144
    
    
    $
    Diesel fuel swaps (gross) (1)
    
    Accrued expenses and other
    
    
    
    
    
    
    259
    
    
    
    15
    
    
    
    572Total derivatives not designated as
hedging instruments under SFAS 133
    
    
    
    
    
    $
    214
    
    
    $
    259
    
    
    $
    159
    
    
    $
    572Total derivatives
    
    
    
    
    
    $
    214
    
    
    $
    259
    
    
    $
    1,103
    
    
    $
    2,393
 (1)
    
    The fair values of asset and liability derivatives with the same counterparty are
netted on the balance sheet.  Derivatives designated as cash flow hedging instruments under U.S. GAAP:
 Location of Loss
    
    
    Amount of LossAmount of Gain
    
    
    Reclassified from
    
    
    Reclassified fromFor the Three Months Ended
    
    Recognized in OCI
    
    
    Accumulated OCI into
    
    
    Accumulated OCI intoSeptember 30,
    
    (Effective Portion)
    
    
    Earnings
    
    
    Earnings2009
    
    
    2008
    
    
    
    
    
    
    2009
    
    
    2008Interest rate swaps
    
    $
    533
    
    
    $
    138
    
    
    Interest expense
    
    
    $
    (575
    )
    
    $
    (230
    )Totals
    
    $
    533
    
    
    $
    138
    
    
    
    
    
    
    $
    (575
    )
    
    $
    (230
    )
 Derivatives not designated as cash flow hedging instruments under U.S. GAAP:
 Location of Gain
    
    
    Amount of Gain (Loss)For the Three Months Ended
    
    (Loss) Recognized
    
    
    Recognized in EarningsSeptember 30,
    
    in Earnings
    
    
    2009
    
    
    2008Diesel fuel swaps
    
    Cost of operations
    
    
    $
    368
    
    
    $
    (263
    )Total
    
    
    
    
    
    $
    368
    
    
    $
    (263
    )
    9




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11. Comprehensive (Loss) Income
  For the Three Months EndedSeptember 30,2009
    
    
    2008Net (loss) income
    
    $
    (2,705
    )
    
    $
    18,269Change in fair value of interest rate cash flow
hedges,
net of income taxes of $342 and $89, respectively
    
    
    533
    
    
    
    138Comprehensive (loss) income
    
    $
    (2,172
    )
    
    $
    18,407
 12. Recent Accounting Pronouncements
 FASB Accounting Standards Codification
  Accounting for Business Combinations
  Determination of the Useful Life of Intangible Assets
   10




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Measuring Liabilities at Fair Value
  13. Commitments and Contingencies
 Legal Proceedings
  Performance Bonds and Parent Guarantees
  Indemnities
  14. Subsequent Events
   11




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Item 2.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
  Introduction
    Service
    
    DescriptionPlanning & Siting
    
    Our planning and siting process
leverages technology and the
collection of environmental,
cultural, land use and scientific
data to facilitate successful
right-of-way negotiations and
permitting for powerlines,
substations, pipelines and renewable
energy installations.Engineering & Design
    
    We provide design, engineering,
procurement and construction
(EPC), owner engineer, project
management, multi-entity
coordination, grid integration,
balance-of-plant and Thermal Rate
solutions for individual or turn-key
powerline, substation and renewable
energy projects.Construction
    
    We provide overhead and underground
powerline construction, upgrade and
extension services (predominately
single-pole and H-frame wood,
concrete or steel poles) for
distribution networks and
transmission lines with voltages up
to 345kV (kV), energized
maintenance work for voltages up to
500kV and substation construction
and service. 

Overhead services consist of
construction, repair and maintenance
of wire and components in energized
overhead electric distribution and
transmission systems. 

Underground services range from
simple residential installations,
directional boring, duct bank and
manhole installation, to the
construction of complete underground
distribution facilities.


Substation services include
construction or new substations,
existing substation upgrades, relay
testing, commissioning, emergency
outage response and Smart Grid
component installation.
  12




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Service
    
    DescriptionRenewables
    
    We provide a total energy solution
platform, including preliminary
studies, planning, siting and
permitting, engineering and design,
construction, procurement and grid
interconnection.Storm Restoration Services
    
    Storm restoration involves the
repair or reconstruction of any part
of a distribution or sub-500 kV
transmission network, including
substations, power lines, utility
poles or other components, damaged
during snow, ice or wind storms,
flash floods, hurricanes, tornadoes
or other natural disasters. We are a
recognized leader in storm
restoration, due to our ability to
rapidly mobilize thousands of
existing employees and equipment
within 24 hours, while maintaining a
functional force for unaffected
customers.
  Three Months EndedSeptember 30,2009
    
    
    2008Core services
    
    $
    124.7
    
    
    
    98.0
    %
    
    $
    107.8
    
    
    
    58.1
    %Storm restoration services
    
    
    2.5
    
    
    
    2.0
    %
    
    
    77.7
    
    
    
    41.9
    %Total
    
    $
    127.2
    
    
    
    100.0
    %
    
    $
    185.5
    
    
    
    100.0
    %
 Critical Accounting Policies
  Operational and Other Factors
  
    
    General economic conditions may impact utility maintenance expenditures, and certain of
our customers powerline maintenance projects may be temporarily deferred. We continue to
work closely with all customers to provide a skilled, flexible work force.
 
    
    When we add new customers and arrangements, we generally experience an increase in costs,
including the costs of training and outfitting our crews and spending on equipment and
specialized tools and supplies. Once the crews and equipment are fully utilized, our
margins generally increase over the life of the arrangement.
  13




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
    
    Industry-wide costs for workers compensation, medical and general liability insurance
could rise at a rate faster than our revenues. We have implemented several safety
initiatives designed to reduce incident rates and corresponding insurance costs.
    
    There are a limited number of skilled workers who can perform our work. When we
experience increased demand in a particular market, labor costs tend to increase. We
historically have been able to obtain price increases when we renegotiate rates with our
customers to offset these cost increases.
    
    We own the vast majority of our equipment and vehicles. Due to decreased demand for
our distribution services in recent periods, we maintain certain underutilized equipment and
vehicles for future growth. As utility maintenance is deferred our fixed fleet costs will
cause a decline in our gross profit percentage.
    
    We have a large fleet of vehicles and equipment that primarily use diesel fuel. Fuel
costs have been extremely volatile in recent years. We have implemented bulk purchasing in
certain areas to lower our fuel costs. We utilize diesel fuel swaps and fixed-price
arrangements and may enter into additional diesel fuel derivative instruments and
fixed-price arrangements in the future, depending on market conditions.
 Results of Operations
  Three Months EndedSeptember 30,2009
    
    
    2008Revenues:Core services
    
    
    98.0
    %
    
    
    58.1
    %Storm restoration services
    
    
    2.0
    %
    
    
    41.9
    %Total
    
    
    100.0
    %
    
    
    100.0
    %Cost of operations
    
    
    90.8
    %
    
    
    75.8
    %Gross profit
    
    
    9.2
    %
    
    
    24.2
    %General and administrative expenses
    
    
    10.3
    %
    
    
    7.2
    %Loss on sale and impairment of property and equipment
    
    
    0.5
    %
    
    
    0.1
    %(Loss) income from operations
    
    
    -1.6
    %
    
    
    16.9
    %Interest expense and other, net
    
    
    1.8
    %
    
    
    1.1
    %(Loss) income before income taxes
    
    
    -3.4
    %
    
    
    15.8
    %Income tax expense
    
    
    -1.3
    %
    
    
    6.0
    %Net (loss) income
    
    
    -2.1
    %
    
    
    9.8
    %
 Three Months Ended September 30, 2009 Compared to Three Months Ended September 30, 2008
 Revenues.
   14




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Gross Profit.
 
    
    A significantly lower mix of storm revenue.Our storm restoration services typically
generate a higher profit margin than core services. During a storm response, our
storm-assigned crews and equipment are fully utilized. In addition, the overtime typically
worked on storm events lowers the ratio of fixed costs to revenue. Storm gross profit
margins can vary greatly depending on the geographic area, customer and amount of overtime
worked.
    
    Distribution margins. Due to the decline in overall distribution demand, we are
experiencing compressed margins due to the following: (i) increased level of idle
equipment held for an anticipated return of distribution demand, (ii) decreased
distribution productivity due to the types of projects being outsourced, (iii) higher
average wage rates as we have retained our most experienced workers and (iv) increased
overhead as a percentage of revenue as we have maintained field supervision and support
for an anticipated return of distribution demand.
    
    Lower gross profit margin material procurement services. Material procurement services
offered primarily in the engineering, substation and transmission businesses generate lower
gross profit margins compared to other core services. We recognized approximately $14.2
million in material procurement revenues for the quarter ended September 30, 2009 compared
to approximately $2.9 million for the same period in the prior year.
  15




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
    
    Lower fuel expense as a percentage of revenue. Fuel expense decreased to 4.4% of total
revenues for the three months ended September 30, 2009 compared to 6.2% for the same period
in the prior year as fuel costs have moderated significantly since the record highs reached
during the summer of 2008.
 General and Administrative Expenses.
 Loss on Sale and Impairment of Property and Equipment .
 Interest Expense and Other, Net.
 Income Tax Benefit or Expense.
 Liquidity and Capital Resources
       16




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Changes in Cash Flows:
 Three Months EndedSeptember 30,2009
    
    
    2008(In millions)Net cash provided by (used in) operating activities
    
    $
    5.1
    
    
    $
    (0.6
    )Net cash used in investing activities
    
    $
    (3.8
    )
    
    $
    (27.5
    )Net cash (used in) provided by financing activities
    
    $
    (2.7
    )
    
    $
    17.8
    Senior Credit Facility
    17




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Concentration of Credit Risk
  Legal Proceedings
  Off-Balance Sheet Arrangements
  Letters of Credit
   18




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Performance Bonds and Parent Guarantees
   Seasonality; Fluctuations of Results
  Recent Accounting Pronouncements
   19




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##### Table of Contents



Uncertainty of Forward-Looking Statements and Information
  
    
    our belief that the lawsuits, claims or other proceedings to which we are subject in the
ordinary course of business will not have a material adverse effect on our results of
operation or financial position;
    
    our belief that a significant amount of pent-up demand is building and power system
reliability is being challenged and that we remain well positioned to benefit from a
reacceleration in maintenance spending, which will remain dependent to a large extent on
the health of the economy;
    
    our belief that smart-grid technology implementation, the demand for renewable energy
solutions and the anticipated energy infrastructure stimulus plan will continue to
highlight the needs for our services;
 
    
    our expectation that current volatility in the capital markets will not have a material
impact on the principal amounts of our cash investments;
    
    our belief that our cash flow from operations, available cash and cash equivalents, and
borrowings available under our credit facility will be adequate to meet our ordinary course
liquidity needs for the foreseeable future;
    
    our belief that it is unlikely that any material claims will be made under a letter of
credit in the foreseeable future;
    
    our belief that it is unlikely that we will have to fund significant claims under our
surety arrangements in the foreseeable future;
    
    our expectation that certain recent accounting pronouncements will have no material
effect on our consolidated financial statements; and
    
    our expectation that substantially all the assets held for sale at September 30, 2009
will be sold during the next six months.
   
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
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Item 4. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
   Internal Control over Financial Reporting
  Design and Operation of Control Systems
   21




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PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  Changes
in our decisions concerning underutilized equipment could affect our
results of operations and financial condition.
  22




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Item 6. Exhibits
 Exhibit
    
    Description3.1
    
    
    Certificate of Incorporation of Pike Electric Corporation
(Incorporated by reference to Exhibit 3.1 on our Registration
Statement on Form S-1/A filed July 11, 2005)3.2
    
    
    Amended and Restated Bylaws of Pike Electric Corporation, as of
April 30, 2009 (Incorporated by reference to Exhibit 3.1 on our
Form 8-K filed May 5, 2009)10.1
    *
    
    Director Compensation Summary (filed herewith)31.1
    
    
    Certification of Periodic Report by Chief Executive Officer
pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002 (filed herewith)31.2
    
    
    Certification of Periodic Report by Chief Financial Officer
pursuant to Rule 13a-14(a)/15d-14a and pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002 (filed herewith)32.1
    
    
    Certification of Periodic Report by Chief Executive Officer and
Chief Financial Officer pursuant to U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(filed herewith)
 *
    
    Indicates a management contract or compensatory plan or arrangement.  23




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SIGNATURES
  PIKE ELECTRIC CORPORATION
(Registrant)Date: November 9, 2009
    By:
    /s/ J. Eric PikeJ. Eric PikeChairman, Chief Executive Officer and PresidentDate: November 9, 2009
    By:
    /s/ Anthony K. SlaterAnthony K. SlaterExecutive Vice President and Chief Financial Officer  24