Shares of PowerSecure (
) is up more than 7% and has hit a new 52 week high of $13.58 after
announcing that it has added approximately $60 million to its
revenue backlog, including approximately $24 million from ESCO
contracts it acquired in February 2013 and approximately $36
million in new business.
Excluding the $2 million in new recurring revenues, the majority
of the $60 million that has been added to the revenue backlog is
expected to be recognized as work is completed throughout 2013.
PowerSecure - a provider of products and services to electric
utilities and to their commercial, institutional and industrial
customers - will provide an update on its total backlog on May 8,
2013 in its press release announcing first quarter 2013 financial
results. The updated backlog number will include the additional
backlog discussed in this release, netted against backlog which was
recognized as revenue in the first quarter of 2013. The company
previously reported its total backlog was $183 million as of March
7, 2013 in its press release announcing fourth quarter and full
year 2012 financial results.
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