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0000950152-05-007469.txt : 200509060000950152-05-007469.hdr.sgml : 2005090520050906111425ACCESSION NUMBER:0000950152-05-007469CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:29CONFORMED PERIOD OF REPORT:20050902ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20050906DATE AS OF CHANGE:20050906
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:METRETEK TECHNOLOGIES INCCENTRAL INDEX KEY:0000882154STANDARD INDUSTRIAL CLASSIFICATION:SERVICES-BUSINESS SERVICES, NEC [7389]IRS NUMBER:841169358STATE OF INCORPORATION:DEFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-12014FILM NUMBER:051069410
BUSINESS ADDRESS:STREET 1:303 EAST 17TH AVENUESTREET 2:SUITE 660CITY:DENVERSTATE:COZIP:80203BUSINESS PHONE:3035925555
MAIL ADDRESS:STREET 1:303 EAST 17TH AVENUESTREET 2:SUITE 660CITY:DENVERSTATE:COZIP:80203
FORMER COMPANY:FORMER CONFORMED NAME:MARCUM NATURAL GAS SERVICES INC/NEWDATE OF NAME CHANGE:19930328
8-K1l15911ae8vk.htmMETRETEK TECHNOLOGIES, INC. 8-K
Metretek Technologies, Inc. 8-K
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September2, 2005
METRETEK TECHNOLOGIES, INC.
(Exact name of Registrant as specified in its charter)
Delaware
0-19793
84-11698358
(State or other jurisdiction
(Commission File Number)
(I.R.S Employer
of incorporation)
Identification No.)
303 East 17th Avenue, Suite660, Denver, Colorado
80203
(Address of principal executive offices)
(Zip code)
Registrants telephone number, including area code: (303)785-8080
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 satisfythe filing obligation of the Registrant under any of the following provisions (see GeneralInstruction A.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17CFR 240.13e-4(c))
TABLE OF CONTENTS
Item7.01 RegulationFD Disclosure.Item9.01 Financial Statements and Exhibits.SIGNATURESEX-99.1EX-99.2EX-99.3
Table of Contents
Item7.01 RegulationFD Disclosure.
On September2, 2005, Metretek Technologies, Inc., a Delaware corporation (the Company),announced that it will be presenting on September 7th at the Roth Capital Partners NewYork Conference being held at the Westin New York at Times Square. This presentation, to be givenby the executive officers of the Company including W. Phillip Marcum, the President and ChiefExecutive Officer of the Company, A. Bradley Gabbard, the Executive Vice President and ChiefFinancial Officer of the Company, and Sidney Hinton, President and Chief Executive Officer of theCompanys PowerSecure, Inc. subsidiary, will include information about the business, operations,financial results and prospects of the Company and its subsidiaries, including current operations,business initiatives and updated guidance on fiscal 2005 financial results. Messrs.Marcum,Gabbard, Hinton and other executive officers of the Company may also be giving this investmentpresentation from time to time, after the Roth Capital Partners New York Conference, to otherinvestors, investment analysts and other members of the financial and investment community. A copyof this investment presentation is available on the Companys website at www.metretek.com underInvestor Info, and is also attached to this Report as Exhibit99.1 and incorporated herein bythis reference. A copy of the Companys press release announcing the Companys presentation at theRoth Capital Partners New York Conference is attached to this Report as Exhibit99.2 andincorporated herein by this reference.
On September2, 2005, the Company also announced that it suffered minor damage from HurricaneKatrina to its Belle Chasse division offices located in the New Orleans metro area. The Company isin the process of assessing the effects, both short- and long-term, on its operations that mayoccur as a result of customers curtailing services pending repair of damaged production facilities,and provided updated guidance, based on current, preliminary information, after giving effect ofHurricane Katrina. A copy of the Companys press release discussing the effects of HurricaneKatrina on the Companys operations and projected financial results is attached to this Report asExhibit99.3 and incorporated herein by this reference.
The presentation attached to this Report contains forward-looking statements made within themeaning of and pursuant to the safe harbor provisions of the Private Securities Litigation ReformAct of 1995. Forward-looking statements are all statements other than statements of historicalfacts, including statements concerning the plans, intentions, expectations, projections, hopes,beliefs, objectives, goals and strategies of management, such as statements about future earnings,revenues, cash flows and other future financial and non-financial items, performance or events;statements about current and proposed products, services, markets, technologies or businesses; andstatements of assumptions underlying any of the foregoing. Forward-looking statements are notguarantees of future performance or events and are subject to a number of known and unknown risks,uncertainties and other factors that could cause actual results to differ materially from thoseexpressed, projected or implied by such forward-looking statements. Important risks, uncertaintiesand other factors include, but are not limited to, the Companys ability to obtain sufficientcapital and liquidity on favorable terms, to meet its operating, working capital and debt servicerequirements and to fund the growth of its business; the timely and successful development,production and market acceptance of new and enhanced products, services and technologies of theCompany; the Companys ability to attract, retain and motivate key personnel; the effects ofcompetition in the Companys current and anticipated markets; changes in the energy industry ingeneral and the natural gas and electricity markets in particular; the ability of the Company tosecure and maintain key contracts and relationships; general economic, market and businessconditions; and other factors, risks, and uncertainties described from time to time in theCompanys reports and filings with the Securities and Exchange Commission,
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Table of Contents
including but not limited to the Companys most recently filed Form 10-K and subsequentlyfiled Form 10-Qs and 8-Ks. Accordingly, there can be no assurance that the results expressed,projected or implied by any forward-looking statements will be achieved, and readers are cautionednot to place undue reliance on any forward-looking statements. The forward-looking statements inthis Report 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 availableto, management. The Company assumes no duty or obligation to update or revise any forward-lookingstatements for any reason, whether as the result of changes in expectations, new information,future events, conditions or circumstances or otherwise.
The information in this Report, including the exhibits attached hereto, is being furnishedpursuant to Item7.01 and shall not be deemed filed for purposes of Section18 of the SecuritiesExchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities ofthat Section, and such information shall not be deemed incorporated by reference in any filingunder the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly setforth by specific reference in such a filing.
Item9.01 Financial Statements and Exhibits.
(c)Exhibits
99.1 Investment Presentation, dated September7, 2005, of MetretekTechnologies, Inc.
99.2 Press release of Metretek Technologies, Inc., issued September2,2005, announcing its presentation at the Roth Capital Partners New YorkConference.
99.3 Press release of Metretek Technologies, Inc., issued September2,2005, announcing the effects of Hurricane Katrina on its operations and itsprojected financial results.
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Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, theRegistrant has duly caused this report to be signed on its behalf by the undersigned hereunto dulyauthorized.
METRETEK TECHNOLOGIES, INC.
By: /s/ W. Phillip Marcum
W. Phillip Marcum
Dated: September 2, 2005 President and Chief Executive Officer
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EX-99.12l15911aexv99w1.htmEX-99.1
EX-99.1
Exhibit 99.1
Roth Capital Partners
New York 2005 Conference
September 7, 2005
Cautionary Note Regarding Forward-Looking Statements
All forward-looking statements contained in this press release are made withinthe meaning of and under the safe harbor provisions of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are all statementsother than statements of historical facts, including but not limited to statementsregarding the business prospects for the Company and its subsidiaries and allother statements concerning the plans, intentions, expectations, projections,hopes, beliefs, objectives, goals and strategies of management, such asstatements about future earnings, revenues, and other future financial and non-financial items, performance or events. Forward-looking statements are not
guarantees of future performance or events and are subject to a number of knownand unknown risks, uncertainties and other factors that could cause actualresults to differ materially from those expressed, projected or implied, including,but not limited to, the Company's ability to obtain and maintain sufficient capitaland liquidity; the effects of litigation and claims; the timely and successfuldevelopment, production and market acceptance of new and enhanced products,services and technologies; the effects of competition; customer and industry
demand and preferences; the Company's ability to attract, retain and motivate keypersonnel; the ability of the Company to secure and maintain relationships;changes in the energy industry; general economic, market and businessconditions; and other factors identified from time to time in the Company'sreports and filings with the Securities and Exchange Commission. The forward-looking statements in this presentation speak only as of the date hereof . TheCompany assumes no duty or obligation to update or revise any forward-lookingstatements for any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or otherwise.
Operational Organization Chart
Operational Organization Chart
Accelerating Growth
Stable Foundation
Growth Opportunity
MM-1995-2 Equity
Oilfield Services
MEK Shareholder Data
Stockholders Equity (1)
Common Shares Outstanding (1)
Current Stock Price (2)
Current Market Cap
52 Week Stock Price Range
2005 EPS Guidance (3)
$ 13.7
12.3
$ 4.65
$ 57.0
$ 1.15--$ 5.35
$ .25 basic
As reported in June 30, 2005 Form 10Q.
As of September 1, 2005
Subject to effect of Hurricane Katrina-possible reduction of$.02 per basic share
(Amounts in millions, except per share data)
MEK--What's New?
Record Second Quarter Results
On Track to meet 2005 Earnings Guidance
Amex listing attained in August-Amex: MEK
Expansion of territories and product offeringcontinues to push growth acceleration inPowerSecure
Exceptional performance at Southern Flow
Restructuring of Florida Operations Completed
Consolidated Operating Performance 2005 (2)(guidance) 2004 (2)
2003 (2) 2002 (2) Revenues 42,000 35,177 36,474 26,453 Income-continuing operations (1), (4) 3,000 1,575 1,859(1,864) Avg. Basic Shares (3)
EPS-Basic (4) 12,200
$.25 9,531
$.03 6,043
$.11 6,077
($.45)
Income from continuing operations excludes "Deemed Distributions" on
Preferred Stock (n/a in 2005) and losses from discontinued operations
Amounts exclude discontinued operation
Actual Shares Outstanding at August 1, 2005 were 12,270,282
Subject to the effect of Hurricane Katrina-possible reduction in net income
of $250,000, or $..02 per basic share
(Amounts in Thousands)
Summary Operational Data-1st Half2005
Revenues 1st Half 2005-Actual$21,846,000 2nd Half-estReq. for Guidance $20,000,000 Income-ContinuingOperations
956,178 2,043,822
Average Shares
EPS-Basic 12.23 million
$.08 12.29 million
$.17
Points of Emphasis
Healthy Balance Sheet
Strong Earnings Guidance for 2005
Four energy related operating entities
Accelerating Growth Opportunity in 5 YearOld PowerSecure Subsidiary
Stable Foundation In Southern FlowSubsidiary
Strong Energy Market enhancing results of
Southern Flow and MM 1995-2
Strong, Accelerating Growth Engine
PowerSecure
Company is a leader in the emergingDistributed Generation market
Company has built a foundation foraccelerating growth and profitability
On Track to meet 2005 Sales Forecast of $23million
Seven State sales expansion program ontrack
Accelerating Growth
Historical Quarterly Revenues
Quarterly Revenues 0 6328000 1414000 1253000 1613000 1542000 3325000 1749000 3000000 4400000 6170000 3800000 4200000 4348000 5108000 4974000 3821000 9730000
PowerSecure Quarterly Revenues
Accelerating Growth
Fluctuations, but a Clear Growth Trend!
2001
2002
2003
2004
2005
Historical Annual Gross Margin (%) 2001 2002 2003 2004 Gross Margin (%) 0.211 0.236 0.286 0.306
PowerSecure Margin Growth
The Rate of Profitability is Accelerating!
Accelerating Growth
Shared Savings & Monitoring
Revenues Q1 2004 Q2 2004 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Shared Savings & Monitoring 36712 67618 189217 220570 237374 296030
Accelerating Growth
What Does PowerSecure Do?
Provides onsite power generation facilities toindustrial and commercial customers
Generation used by customers for both "backup"power and peak-shaving
"Backup" power provides security and reliability
Peak-shaving allows savings in electricity costs
Investment cost is recovered from energy savings
Accelerating Growth
PowerSecure's Growth Opportunity
Market Expansion Opportunity
Geographic
70% of PowerSecure's inception-to-date revenuesconcentrated in two States
Operations now focused on seven additional States
Longer term targets entire continental US
Utility Alliances
Utility Alliances formed to market products
Revenues through 2004 mostly attributed to three utilityalliances
Six new alliances have been established-Projects with 5 ofthese have already been initiated
Substantial resources directed to the development of thesealliances
Accelerating Growth
PowerSecure's Growth Opportunity
National Accounts
Applications very appealing to nationalretail operators
Several successful programs underway
Sales effort focused on securingadditional national accounts
Market Expansion Opportunity
PowerSecure's Growth Opportunity
Product Expansion Opportunity
NexGear(r) (switchgear) products
High profit margin niches--Professional Services andMonitoring
Recurring Revenue Streams Including:
PowerSecure's "Shared Savings" business model
Customers receive highly desired backup power for free
Customers save through participation in peak-shaving
Accelerating Growth
PowerSecure's "Showcase" Customers
Accelerating Growth
Metretek, Inc. - Overview
Historical operations--automated data acquisition systems used by Energy Utilities
Growth opportunity: Telemetry products-
InvisiConnect(r) Solution and CNI Hardware
Over 340 units installed with 30 customers during the last twelve months
Growth Opportunity
What is the InvisiConnect(r) Solution?
Converts any remote data acquisition system towireless Internet Protocol (IP) transport viaCellular Public Carriers
Target Markets
Natural Gas & Electric Metering Systems
Water Measurement and Treatment Systems
Oil & Gas Measurement Systems
Metro Traffic Control Systems
Electronic Signs and Billboards
Vending Machine Monitoring
Electronic Commerce Systems
Growth Opportunity
Southern Flow - Overview
In Business for over 50 years
Oil Field Services-Gas Measurement
Customers-Natural Gas Producers
Predictable/Stable Performance andProfits
Growth tied to Natural Gas Prices
Stable Foundation
SFC Segment Profit Performance 1997 1999 2001 2003 2005 Est Segment Profit 976 1188 753 974 1187 1642 1953 1619 1940 2000 Avg. Gas $ 2.17 2.32 1.96 2.19 3.68 4 2.95 4.98 5.49 5.88
Stable Foundation
Equity Interest in MM 1995-2
Oil Field Services Sector-DJ Basin
Processes and disposes of formation waterproduced in association with oil and gas
Water disposed by injection into deep,subsurface formations via environmentallysound facilities
MEK's equity interest approximately 27%
Income offsets large portion of corporateoverhead
Summary
PowerSecure positioned for major growth in all itsproduct lines
Metretek, Inc. continues to serve its broad base of utilitycustomers, and develop its InvisiConnect(r) Suite ofProducts
Southern Flow continues to provide stable growth inearnings and cash flow
Equity Investment in MM 1995-2 an increasingcontributor to net income
Guidance for Strong Performance in 2005-EPS of $.25per basic share
MEK Shareholder Data
Stockholders Equity (1)
Common Shares Outstanding (1)
Current Stock Price (2)
Current Market Cap
52 Week Stock Price Range
2005 EPS Guidance (3)
$ 13.7
12.3
$ 4.65
$ 57.0
$ 1.15--$ 5.35
$ .25 basic
As reported in June 30, 2005 Form 10Q.
As of September 1, 2005
Subject to effect of Hurricane Katrina-possible reduction of$.02 per basic share
(Amounts in millions, except per share data)
More Details on the Business of Metretek and Its Subsidiaries:
http://www.metretek.com
EX-99.23l15911aexv99w2.htmEX-99.2
EX-99.2
Exhibit99.2
METRETEK TECHNOLOGIES TO SPEAK AT ROTH CAPITAL
PARTNERS NEW YORK CONFERENCE
DENVER Sept. 2, 2005 Metretek Technologies, Inc. (Amex: MEK) will appear at the RothCapital Partners New York Conference being held September 7-8, 2005 at the Westin New York at TimesSquare.
W. Phillip Marcum, chairman and CEO of Metretek Technologies, will discuss the Companys currentoperations and business initiatives. He will be joined by Brad Gabbard, CFO, and Sidney Hinton,president and CEO of the Companys PowerSecure subsidiary.
Metreteks presentation is scheduled to begin at 5:00 p.m. EDT on Wednesday, September 7. A copyof the slide presentation to be used in the companys presentation will be available prior to thepresentation at www.metretek.com.
Metretek Technologies, Inc. through its subsidiaries Southern Flow Companies, Inc.;PowerSecure, Inc.; and Metretek, Incorporated (Metretek Florida) is a diversified providerof energy measurement products, services and data management systems to industrial and commercialusers and suppliers of natural gas and electricity.
The Roth Capital Partners New York Conference, the largest event of its kind in the nation foremerging growth companies, provides a concentrated forum where institutional investors can meet theexecutives of growth companies selected by Roth Capitals research team.
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EX-99.34l15911aexv99w3.htmEX-99.3
EX-99.3
Exhibit99.3
Contacts:
W. Phillip Marcum
Philip Bourdillon/Gene Heller
Chairman and CEO
Silverman Heller Associates
303-785-8080
310-208-2550
METRETEK TECHNOLOGIES SUBSIDIARY REPORTS
MINOR DAMAGE FROM HURRICANE KATRINA
DENVER Sept. 2, 2005 Metretek Technologies, Inc. (Amex: MEK) said today that itsSouthern Flow subsidiary has reported minor damage from Hurricane Katrina to its Belle Chassedivision offices located in the New Orleans metro area. All Belle Chase Division employees havebeen accounted for and the Company is actively pursuing efforts to assist those employees that haveexperienced personal losses and hardship.
The Belle Chasse division provides services to customers with production facilities that were inthe direct path of Hurricane Katrina. The Company is in the process of assessing the effects, bothshort- and long-term, on its operations that may occur as a result of customers curtailing servicespending repair of damaged production facilities.
Based on currently available information, and with the expectation that normal operations in thisdivision will be restored by early 2006, the Company believes that the effect of Hurricane Katrinaon its consolidated operations will not be significant, with a worst-case estimate of a reductionof approximately $250,000 in net income, or approximately $0.02 per basic share, for the remainderof 2005. However, details remain sketchy and a fuller assessment is not expected to be completedfor at least several weeks.
Absent any effects from Hurricane Katrina, the Company is reaffirming its previously announcedexpectation that 2005 revenues will be in the range of $41million to $42million, with net income(from continuing operations) of approximately $3.0million, or approximately $0.25 per basic share.
Metretek Technologies, Inc. through its subsidiaries Southern Flow Companies, Inc.;PowerSecure, Inc.; and Metretek, Incorporated (Metretek Florida) is a diversified providerof energy measurement products, services and data management systems to industrial and commercialusers and suppliers of natural gas and electricity.
All forward-looking statements contained in this release, including statements concerning thelikely worst-case effect of Hurricane Katrina on the Companys operations, as well as the timing ofthe Belle Chasse divisions return to normal operations, are made within the meaning of andpursuant 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, includingstatements concerning the plans, intentions, expectations, projections, hopes, beliefs, objectives,goals and strategies of management and statements of assumptions underlying the foregoing, and areoften, but not always, identified by words such as may, expect, will, believe,optimistic, anticipate and similar terminology. Forward-looking statements are not guaranteesof future performance or events and are subject to a number of known and unknown risks,uncertainties and other factors that could cause actual results to differ materially from thoseexpressed, projected or implied by such forward-looking statements, including, but not limited to,PowerSecures ability to develop and market its products and services and to deliver anticipatedbenefits to its customers; changes in the energy industry in general and the natural gas
2
and electricity markets in particular; the effects of competition; the ability of PowerSecure tosecure and maintain key contracts and relationships; general economic, market and businessconditions; and other factors, risks and uncertainties described from time to time in the Companysreports and filings with the Securities and Exchange Commission, including but not limited to theCompanys most recent Form 10-K and Form 10-Q and subsequently filed Forms 8-K. Accordingly, therecan be no assurance that the results expressed, projected or implied by any forward-lookingstatements will be achieved, and readers are cautioned not to place undue reliance on anyforward-looking statements. The forward-looking statements in this press release speak only as ofthe date hereof and are based on the current plans, goals, objectives, strategies, intentions,expectations and assumptions of, and the information currently available to, management. TheCompany assumes no duty or obligation to update or revise any forward-looking statements for anyreason, whether as the result of changes in expectations, new information, future events,conditions or circumstances or otherwise.
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