The electric power market in the United States is an over $250 billion industry with energy consumption having grown at an average compound annual growth rate, or CAGR, of 2.4% from 1975 to 2003, according to an industry source. The industry is comprised of investor-owned utilities, municipal utilities, cooperatives, federally-owned utilities, independent power producers and independent transmission companies with three distinct functions: generation, distribution and transmission. The electric distribution and transmission infrastructure is the critical network that connects power from generators to residential, commercial and industrial end users. Electric transmission refers to powerlines through which electricity is transmitted over long distances at high voltages (over 230 kilovolts, or kV) and the lower voltage lines that connect the high voltage transmission infrastructure to local distribution networks. Electric distribution refers to the local municipal, cooperative or utility distribution network, including associated substations, that provides electricity to end users over shorter distances. Within this electric network, there are more than 1,000,000 miles of distribution lines, more than 150,000 miles of transmission lines and approximately 60,000 high-voltage substations that monitor, control, stabilize and modify voltage levels throughout the network.

Distribution and sub-500 kV transmission services represent the largest segment of the overall distribution and transmission market. Due to the larger size of the distribution network and constantly changing end user connectivity demands, spending on the electric power distribution infrastructure is significantly higher than spending on the transmission infrastructure. According to an industry source, distribution spending represented $11.4 billion of the $15.5 billion of spending on electric distribution and transmission in 2003.

Long-term demand for infrastructure services is primarily driven by the continuous need to maintain the electric distribution and transmission infrastructure. In addition, future growth in demand for infrastructure services will generally be driven by increased demand for electricity, increased outsourcing by power suppliers and the need to correct the inadequacy of the current electric infrastructure.

The Company provides overhead and underground maintenance, upgrade and extension services in an 18-state region. Overhead services consist of the construction and repair of wire and components in energized overhead electric distribution systems. Underground services range from simple residential installations, directional boring, duct bank and manhole installation to the construction of complete underground distribution facilities. The Company also performs routine maintenance work consisting of repairing or replacing damaged or defective components, inspecting distribution systems for safety hazards and upgrading outdated or low capacity infrastructure.

The Company offers maintenance, upgrade and extension services for transmission lines with voltages of up to and including 230 kV and perform energized maintenance work for voltages up to 500 kV.

The Company provides ancillary services, including the construction of power substations, right-of-way clearance and maintenance and the installation of street lighting and fiber optic lines to meet the needs of certain customers.

Storm restoration involves the repair or reconstruction of any part of a distribution or sub-500 kV transmission network, including substations, powerlines, utility poles or other components, damaged during snow, ice or wind storms, flash floods, hurricanes, tornados or other natural disasters. The Company believes that its crews have earned a reputation as the storm restoration leader in the southeast and south central United States due to the Company’s ability to mobilize rapidly the necessary employees and equipment while maintaining a functional force for unaffected customers. In a crisis situation, the Company is able to deploy more than 3,000 employees and 1,500 vehicles within 24 hours, and it maintains a dedicated 24-hour Storm Center that acts as the single hub of command. The Company also performs these services outside its existing geographic service area.

Gross profit increased $52.4 million to $78.3 million for the six months ended December 31, 2004 from $25.9 million for the six months ended December 31, 2003.

General and administrative expenses increased $15.7 million to $24.6 million for the six months ended December 31, 2004 from $8.9 million for the six months ended December 31, 2003.

Other expense increased $10.6 million to $15.6 million for the six months ended December 31, 2004 from $4.9 million for the six months ended December 31, 2003.

Income tax expense increased $10.7 million to $15.5 million for the six months ended December 31, 2004 from $4.7 million for the six months ended December 31, 2003.

Net income increased $15.6 million to $22.7 million for the six months ended December 31, 2004 from $7.1 million for the six months ended December 31, 2003.