##### 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 DECEMBER 31, 2007
 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
 non-accelerated Rule 12b-2
 o þ o o
 (Do not check if a smaller
    reporting company)
 o þ




---



##### 



PIKE ELECTRIC CORPORATION
FORM 10-Q
FOR THE THREE AND SIX MONTHS ENDED DECEMBER 31, 2007
INDEX
 Part I. FINANCIAL INFORMATIONItem 1.
    
    Financial Statements (unaudited):Condensed consolidated balance sheets
    
    
    1Condensed
consolidated statements of income
    
    
    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
    
    
    7Item 3.
    
    Quantitative and Qualitative Disclosures about Market Risk
    
    
    15Item 4.
    
    Controls and Procedures
    
    
    16Part II. OTHER INFORMATIONItem 1.
    
    Legal Proceedings
    
    
    17Item 1A.
    
    Risk Factors
    
    
    17Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    17Item 6.
    
    Exhibits
    
    
    18Signatures
    
    
    
    
    19Exhibit 31.1Exhibit 31.2Exhibit 32.1




---



##### Table of Contents



PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 
 PIKE ELECTRIC CORPORATION
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (In thousands, except per share amounts)
 December 31,
    
    
    June 30,2007
    
    
    2007(Unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    60
    
    
    $
    1,467Accounts receivable from customers, net
    
    
    71,772
    
    
    
    59,603Work completed not billed
    
    
    37,342
    
    
    
    44,527Inventories
    
    
    8,784
    
    
    
    8,535Prepaid expenses and other
    
    
    4,916
    
    
    
    6,219Deferred income taxes
    
    
    15,056
    
    
    
    13,633Total current assets
    
    
    137,930
    
    
    
    133,984Property and equipment, net
    
    
    247,963
    
    
    
    267,740Goodwill
    
    
    94,402
    
    
    
    94,402Other intangibles, net
    
    
    41,647
    
    
    
    43,228Deferred loan costs, net
    
    
    3,612
    
    
    
    4,482Other assets
    
    
    1,661
    
    
    
    1,661Total assets
    
    $
    527,215
    
    
    $
    545,497LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Accounts payable
    
    $
    9,127
    
    
    $
    8,503Accrued compensation
    
    
    20,314
    
    
    
    20,597Accrued expenses and other
    
    
    3,207
    
    
    
    4,447Income taxes payable
    
    
    2,214
    
    
    
    6,146Current portion of deferred compensation
    
    
    4,641
    
    
    
    3,544Current portion of insurance and claim accruals
    
    
    28,399
    
    
    
    26,669Revolving credit facility
    
    
    800
    
    
    
    Total current liabilities
    
    
    68,702
    
    
    
    69,906Long-term debt, net of current portion
    
    
    166,700
    
    
    
    191,500Insurance and claim accruals, net of current portion
    
    
    11,170
    
    
    
    10,894Deferred compensation, net of current portion
    
    
    5,935
    
    
    
    9,315Deferred income taxes
    
    
    64,119
    
    
    
    67,259Other liabilities
    
    
    916
    
    
    
    562Commitments 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 shares authorized; 33,131
and 32,916 shares
issued and outstanding at December 31, 2007 and June 30, 2007, respectively
    
    
    6,427
    
    
    
    6,426Additional paid-in capital
    
    
    146,349
    
    
    
    142,849Accumulated other comprehensive income (loss)
    
    
    (260
    )
    
    
    (8
    )Retained earnings
    
    
    57,157
    
    
    
    46,794Total stockholders equity
    
    
    209,673
    
    
    
    196,061Total liabilities and stockholders equity
    
    $
    527,215
    
    
    $
    545,497
  1




---



##### Table of Contents



PIKE ELECTRIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
(In thousands, except per share amounts)
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Revenues
    
    $
    143,116
    
    
    $
    148,369
    
    
    $
    282,852
    
    
    $
    298,224Cost of operations
    
    
    118,653
    
    
    
    123,857
    
    
    
    235,110
    
    
    
    253,972Gross profit
    
    
    24,463
    
    
    
    24,512
    
    
    
    47,742
    
    
    
    44,252General and administrative expenses
    
    
    10,564
    
    
    
    10,722
    
    
    
    20,876
    
    
    
    22,278Loss on sale and impairment of property and equipment
    
    
    1,939
    
    
    
    131
    
    
    
    1,984
    
    
    
    498Income from operations
    
    
    11,960
    
    
    
    13,659
    
    
    
    24,882
    
    
    
    21,476Other expense (income):Interest expense
    
    
    3,774
    
    
    
    5,045
    
    
    
    8,146
    
    
    
    10,223Other, net
    
    
    (64
    )
    
    
    (58
    )
    
    
    (125
    )
    
    
    (116
    )Total other expense
    
    
    3,710
    
    
    
    4,987
    
    
    
    8,021
    
    
    
    10,107Income before income taxes
    
    
    8,250
    
    
    
    8,672
    
    
    
    16,861
    
    
    
    11,369Income tax expense
    
    
    3,171
    
    
    
    3,452
    
    
    
    6,498
    
    
    
    4,547Net income
    
    $
    5,079
    
    
    $
    5,220
    
    
    $
    10,363
    
    
    $
    6,822Earnings per share:Basic
    
    $
    0.15
    
    
    $
    0.16
    
    
    $
    0.32
    
    
    $
    0.21Diluted
    
    $
    0.15
    
    
    $
    0.16
    
    
    $
    0.31
    
    
    $
    0.21Shares used in computing earnings per share:Basic
    
    
    32,833
    
    
    
    32,353
    
    
    
    32,764
    
    
    
    32,288Diluted
    
    
    33,668
    
    
    
    33,242
    
    
    
    33,677
    
    
    
    33,233
  2




---



##### Table of Contents



PIKE ELECTRIC CORPORATION
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
(In thousands)
 Six Months EndedDecember 31,2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    10,363
    
    
    $
    6,822Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation and amortization
    
    
    18,712
    
    
    
    19,485Non-compete litigation settlement
    
    
    
    
    
    
    3,551Non-cash interest expense
    
    
    1,620
    
    
    
    1,465Deferred income taxes
    
    
    (4,402
    )
    
    
    (536
    )Loss on sale and impairment of property and equipment
    
    
    1,984
    
    
    
    498Equity compensation expense
    
    
    1,312
    
    
    
    1,085Excess tax benefit from stock-based compensation
    
    
    (957
    )
    
    
    (939
    )Changes in operating assets and liabilities:Accounts receivable and work completed not billed
    
    
    (4,984
    )
    
    
    13,170Inventories, prepaid expenses and other
    
    
    (747
    )
    
    
    (327
    )Insurance and claim accruals
    
    
    2,005
    
    
    
    5,615Accounts payable and other
    
    
    (3,975
    )
    
    
    (3,179
    )Deferred compensation
    
    
    (3,034
    )
    
    
    (9,428
    )Net cash provided by operating activities
    
    
    17,897
    
    
    
    37,282Cash flows from investing activities:Purchases of property and equipment
    
    
    (3,584
    )
    
    
    (25,997
    )Net proceeds from sale of property and equipment
    
    
    6,215
    
    
    
    3,949Net cash provided by (used in) investing activities
    
    
    2,631
    
    
    
    (22,048
    )Cash flows from financing activities:Principal payments on long-term debt
    
    
    (24,800
    )
    
    
    (12,500
    )Draws (repayments) on revolving credit facility, net
    
    
    800
    
    
    
    (4,500
    )Net proceeds from sale of common stock
    
    
    1,108
    
    
    
    2,350Equity compensation tax benefit
    
    
    957
    
    
    
    939Deferred loan costs
    
    
    
    
    
    
    (162
    )Net cash used in financing activities
    
    
    (21,935
    )
    
    
    (13,873
    )Net (decrease) increase in cash and cash equivalents
    
    
    (1,407
    )
    
    
    1,361Cash and cash equivalents beginning of year
    
    
    1,467
    
    
    
    3,391Cash and cash equivalents end of period
    
    $
    60
    
    
    $
    4,752
  3




---



##### Table of Contents



PIKE ELECTRIC CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the three and six months ended December 31, 2007 and 2006
(In thousands, except per share amounts)
(Unaudited)
 1. Basis of Presentation
  2. Business
    Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Core powerline services
    
    $
    123,527
    
    
    
    86.3
    %
    
    $
    134,310
    
    
    
    90.5
    %
    
    $
    258,401
    
    
    
    91.4
    %
    
    $
    271,878
    
    
    
    91.2
    %Storm restoration services
    
    
    19,589
    
    
    
    13.7
    %
    
    
    14,059
    
    
    
    9.5
    %
    
    
    24,451
    
    
    
    8.6
    %
    
    
    26,346
    
    
    
    8.8
    %Total
    
    $
    143,116
    
    
    
    100.0
    %
    
    $
    148,369
    
    
    
    100.0
    %
    
    $
    282,852
    
    
    
    100.0
    %
    
    $
    298,224
    
    
    
    100.0
    %
 3. Stock-Based Compensation
  4




---



##### Table of Contents



.
 4. Earnings Per Share
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Basic:Net income
    
    $
    5,079
    
    
    $
    5,220
    
    
    $
    10,363
    
    
    $
    6,822Weighted average common shares
    
    
    32,833
    
    
    
    32,353
    
    
    
    32,764
    
    
    
    32,288Basic earnings per share
    
    $
    0.15
    
    
    $
    0.16
    
    
    $
    0.32
    
    
    $
    0.21Diluted:Net income
    
    $
    5,079
    
    
    $
    5,220
    
    
    $
    10,363
    
    
    $
    6,822Weighted average common shares
    
    
    32,833
    
    
    
    32,353
    
    
    
    32,764
    
    
    
    32,288Potential common stock arising from stock
options and restricted stock
    
    
    835
    
    
    
    889
    
    
    
    913
    
    
    
    945Weighted average common shares  diluted
    
    
    33,668
    
    
    
    33,242
    
    
    
    33,677
    
    
    
    33,233Diluted earnings per share
    
    $
    0.15
    
    
    $
    0.16
    
    
    $
    0.31
    
    
    $
    0.21
  5. Property and Equipment
  6. Income Taxes
  Accounting for Uncertainty in Income Taxes  an Interpretation of FASB
Statement No. 109
 5




---



##### Table of Contents



7. Comprehensive Income
      Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net income
    
    $
    5,079
    
    
    $
    5,220
    
    
    $
    10,363
    
    
    $
    6,822Diesel fuel hedge
    
    
    59
    
    
    
    (300
    )
    
    
    110
    
    
    
    (300
    )Interest rate hedges
    
    
    (362
    )
    
    
    
    
    
    
    (362
    )
    
    
    Comprehensive income
    
    $
    4,776
    
    
    $
    4,920
    
    
    $
    10,111
    
    
    $
    6,522
 8. Commitments and Contingencies
 Litigation
  6




---



##### Table of Contents



Performance Bonds
  
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Introduction
    Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Core powerline services
    
    $
    123.5
    
    
    
    86.3
    %
    
    $
    134.3
    
    
    
    90.5
    %
    
    $
    258.4
    
    
    
    91.4
    %
    
    $
    271.9
    
    
    
    91.2
    %Storm restoration services
    
    
    19.6
    
    
    
    13.7
    %
    
    
    14.1
    
    
    
    9.5
    %
    
    
    24.5
    
    
    
    8.6
    %
    
    
    26.3
    
    
    
    8.8
    %Total
    
    $
    143.1
    
    
    
    100.0
    %
    
    $
    148.4
    
    
    
    100.0
    %
    
    $
    282.9
    
    
    
    100.0
    %
    
    $
    298.2
    
    
    
    100.0
    %
 Critical Accounting Policies
  7




---



##### Table of Contents



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.
    
    Industry-wide insurance costs for workmens compensation, medical and general liability
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 that can perform our work, and during
historic periods of increased demand, labor costs have tended to increase. We are
currently experiencing shortages of skilled personnel in certain markets. While shortages
have caused our labor costs to increase, we historically have been able to obtain increases
when we renegotiate rates with our customers to offset these cost increases.
    
    Fuel costs may rise at a rate faster than our revenues. We have a large fleet of
vehicles and equipment that primarily use diesel fuel. We have implemented bulk purchasing
in certain areas to lower our fuel costs. In addition, we have entered into two diesel
fuel swaps that cover, based on current volumes, approximately 30% of our diesel
requirements through February 2008.
 8




---



##### Table of Contents



Results of Operations
  Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Revenues:Core powerline services
    
    
    86.3
    %
    
    
    90.5
    %
    
    
    91.4
    %
    
    
    91.2
    %Storm restoration services
    
    
    13.7
    
    
    
    9.5
    
    
    
    8.6
    
    
    
    8.8Total
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %
    
    
    100.0
    %Cost of operations
    
    
    82.9
    
    
    
    83.5
    
    
    
    83.1
    
    
    
    85.2Gross profit
    
    
    17.1
    
    
    
    16.5
    
    
    
    16.9
    
    
    
    14.8General and administrative expenses
    
    
    7.4
    
    
    
    7.2
    
    
    
    7.4
    
    
    
    7.5Loss on sale and impairment of property
and equipment
    
    
    1.3
    
    
    
    0.1
    
    
    
    0.7
    
    
    
    0.1Income from operations
    
    
    8.4
    
    
    
    9.2
    
    
    
    8.8
    
    
    
    7.2Interest expense and other, net
    
    
    2.6
    
    
    
    3.4
    
    
    
    2.8
    
    
    
    3.4Income before income taxes
    
    
    5.8
    
    
    
    5.8
    
    
    
    6.0
    
    
    
    3.8Income tax expense
    
    
    2.3
    
    
    
    2.3
    
    
    
    2.3
    
    
    
    1.5Net income
    
    
    3.5
    %
    
    
    3.5
    %
    
    
    3.7
    %
    
    
    2.3
    %
 Three Months Ended December 31, 2007 Compared to Three Months Ended December 31, 2006
 Revenues.
   Gross Profit.
 9




---



##### Table of Contents



General and Administrative Expenses.
 Loss on Sale and Impairment of Property and Equipment .
 Interest Expense and Other, Net.
 Income Tax Expense.
 Net Income.
 Six Months Ended December 31, 2007 Compared to the Six Months Ended December 31, 2006
 Revenues.
   Gross Profit.
 General and Administrative Expenses.
 10




---



##### Table of Contents



Loss on Sale and Impairment of Property and Equipment .
 Interest Expense and Other, Net.
 Income Tax Expense.
 Net Income .
 Liquidity and Capital Resources
    Changes in Cash Flows:
 Six Months EndedDecember 31,2007
    
    2006(in millions)Net cash provided by operating activities
    
    $
    17.9
    
    
    $
    37.3Net cash provided by (used in) investing activities
    
    $
    2.6
    
    
    $
    (22.0
    )Net cash used in financing activities
    
    $
    (21.9
    )
    
    $
    (13.9
    )
  11




---



##### Table of Contents



Senior Credit Facility
    Off-Balance Sheet Arrangements
    Seasonality; Fluctuations of Results
  12




---



##### Table of Contents



Inflation
  Recent Accounting Pronouncements
 Accounting for Uncertainty in Income Taxes Accounting for Income Taxes.
 Fair Value Measurements
 The Fair Value Option for Financial Assets and
Financial Liabilities, including an amendment of FASB Statement No. 115
 Business Combinations
 Noncontrolling Interests in Consolidated
Financial Statements, an amendment of ARB No. 51
 Uncertainty of Forward-Looking Statements and Information
  13




---



##### Table of Contents




    
    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 our cash flow from operations, available cash and cash equivalents, and
borrowings available under our senior credit facility will be adequate to meet our ordinary
course liquidity needs for the foreseeable future.
  
    
    We derive a significant portion of our revenues from a small group of customers. The
loss of or a significant decrease in services to one or more of these customers could
negatively impact our business and results of operations.
    
    Our customers often have no obligation to assign work to us, and many of our
arrangements may be terminated on short notice.
    
    Our storm restoration services are highly volatile and unpredictable, which could result
in substantial variations in, and uncertainties regarding, the levels of our financial
results from period to period.
    
    Our business is subject to numerous hazards that could subject us to substantial
monetary and other liabilities. If accidents occur, they could materially and adversely
affect our business and results of operations.
    
    Our current insurance coverage may not be adequate, and we may not be able to obtain
insurance at acceptable rates, or at all.
    
    Record high fuel costs could materially and adversely affect our operating results.
    
    Demand for some of our services is cyclical and vulnerable to industry and economic
downturns, which could materially and adversely affect our business and results of
operations.
    
    The Energy Policy Act may fail to result in increased spending in the electric power
transmission infrastructure, which could slow our expected growth.
    
    Failure to maintain effective internal control over financial reporting could have a
material adverse effect on our business, operating results and stock price.
    
    To be successful, we need to attract and retain qualified personnel, and any inability
to do so would adversely affect our business.
    
    The slowdown in the housing market could negatively affect our revenues from
distribution work.
    
    We are dependent on our senior management and other key personnel, the loss of which
could have a material adverse effect on our business.
    
    Our industry is highly competitive and we may be unable to compete effectively, retain
our customers or win new customers, which could result in reduced profitability and loss of
market share.
    
    We may be unsuccessful at acquiring companies or at integrating companies that we may
acquire, and as a result, we may not achieve the expected benefits and our profitability
could materially suffer.
 14




---



##### Table of Contents




    
    We have incurred indebtedness under a senior credit facility, which may restrict our
business and operations, adversely affect our cash flow, and restrict our future access to
sufficient funding to finance desired growth.
    
    We are in the process of investigating a company-wide information technology (IT)
solution which could temporarily disrupt our day-to-day operations.
    
    During the ordinary course of our business, we may become subject to lawsuits or
indemnity claims, which could materially and adversely affect our business and results of
operations.
    
    Our failure to comply with or the imposition of liability under, environmental laws and
regulations could result in significant costs.
    
    Weather conditions can adversely affect our operations and, consequently, revenues. The
electric infrastructure servicing business is subject to seasonal variations, which may
cause our operating results to vary significantly from period to period and could cause the
market price of our stock to fall.
    
    Our results of operations could be adversely affected as a result of the impairment of
goodwill or other intangibles.
    
    The market price of our stock may be influenced by many factors, some of which are
beyond our control.
    
    Shares eligible for future sale may cause the market price of our common stock to drop
significantly, even if our business is doing well.
    
    The concentration of our capital stock among a relatively small group of stockholders
may limit other stockholders ability to influence corporate matters.
    
    Anti-takeover provisions of our charter and bylaws may reduce the likelihood of any
potential change of control or unsolicited acquisition proposal that stockholders might
consider favorable.
   
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  15




---



##### Table of Contents



Item 4. Controls and Procedures
   16




---



##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
  
 Item 1A. Risk Factors
  
 Item 4. Submission of Matters to a Vote of Security Holders
  (a)
    
    Seven members were elected to the board of directors, each to serve until our next annual
meeting of stockholders and until their respective successors have been elected and qualified.
 Nominee
    
    Votes For
    
    Votes WithheldJ. Eric Pike
    
    
    29,963,009
    
    
    
    196,427Charles W. Bayless
    
    
    30,009,451
    
    
    
    149,985Adam B. Godfrey
    
    
    29,946,342
    
    
    
    213,094James R. Helvey, III
    
    
    30,007,801
    
    
    
    151,635Robert D. Lindsay
    
    
    29,947,842
    
    
    
    211,594Daniel J. Sullivan
    
    
    30,007,451
    
    
    
    151,985Louis F. Terhar
    
    
    30,006,194
    
    
    
    153,242
 (b)
    
    The stockholders approved the adoption of the 2008 Omnibus Incentive Compensation Plan.
 Votes For
    
    Votes Against
    
    Abstained
    
    Broker Non-Votes19,460,927
    
    
    5,293,655
    
    
    
    15,344
    
    
    5,389,510
 (c)
    
    The stockholders ratified the appointment of Ernst & Young LLP as our independent registered
public
accounting firm for the fiscal year ending June 30, 2008.
 Votes For
    
    Votes Against
    
    Abstained
    
    Broker Non-Votes30,097,566
    
    
    59,110
    
    
    
    2,759
    
    
    None
 17




---



##### Table of Contents



Item 6. Exhibits
 Exhibit
    
    Description31.1
    
    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)
 18




---



##### Table of Contents



SIGNATURES
  PIKE ELECTRIC CORPORATION
(Registrant)Date: February 6, 2008
    By:
    /s/ J. Eric PikeJ. Eric PikeChairman, Chief Executive Officer and PresidentDate: February 6, 2008
    By:
    /s/ Anthony K. SlaterAnthony K. SlaterChief Financial Officer 19