Transcript

The Peck Company Holdings, Inc. Third Quarter 2019 Earnings Call - Seite 2

I would now like to turn the call over to our Chief Executive Officer, Jeffrey Peck

Jeffrey Peck:

Thank you, Operator. Good morning everyone and thank you for joining us on today’s call.

While we have been in business for nearly 50 years, we only recently became a public company on NASDAQ after our merger in June, this is now our second earnings call with you. As a leading and profitable solar EPC, we offer a business plan to drive long-term shareholder value as we capitalize on the trends in the growing solar market to increase our revenue and profitability. Specifically, we believe that our core solar EPC function in the industry is the ideal and most strategic platform to execute our plan which includes organic growth with existing and new customers across the northeast; accretive M&A to consolidate the market, expand geographically and enhance profitability; and with solar project acquisition, we will construct and sell or capitalize on our balance sheet those assets to create recurring revenue.

To accomplish our goals, we have been investing in the necessary internal resources in order to operate successfully as a public company and to build our solar EPC platform on a solid foundation while, continuing to remain profitable. To that point, I am pleased to report that we achieved a 194% increase in quarterly revenue compared to last year while continuing to remain profitable despite all the additional expenses related to our growth initiatives. Moreover, we have accomplished this without raising any equity capital, and we remain confident in executing our plan without the need to raise additional equity capital.

This accomplishment is something that we are proud of and grateful for as we recognize the efforts of our team and the strong relationships that we continue to cultivate that support our growth. We are in a unique position to expand and are intensely focused on performance.

I would now like to introduce John Sullivan, our Chief Financial Officer, for more details about the quarter.

John Sullivan:

Thank you, Jeff.

We are pleased with our growth during our third quarter, as revenue increased 194% to $11.7 million, compared to the prior year period of $3.9 million. Our higher growth in the quarter was driven by increased project work.

GAAP operating income was $0.179 million, or 1.5% of sales, compared to the prior year period of $0.543 million, or 13.9% of sales. During the quarter, we incurred several one-time costs relating to our transition to a public company and our third quarter 2019 Adjusted EBITDA was $0.413 million, compared to the prior year period of $0.640 million.