BURLINGTON, Vt.--(BUSINESS WIRE)--The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or “Peck”), a leading commercial solar engineering, procurement and construction (EPC) company, is pleased to provide an update regarding Peck’s response to the COVID-19 pandemic.
Under the uncertain conditions of the current COVID-19 pandemic, Peck is proud to continue providing service and maintenance in support of critical infrastructure, including utilities and telecommunications. Peck values our employees and will continue employment for our core team during these difficult times.
The Company has entered into a re-hire agreement with the local IBEW 300 to allow for a smooth transition once new construction projects resume. In addition, the Company has applied for support through the Payroll Protection Program. Peck plans to utilize this program to maintain ongoing operations and support our core employees during this time of uncertainty.
On December 26, 2019, the Company sold solar assets to a customer for approximately $4.2 million which was included in our accounts receivable balance at December 31, 2019. Our customer has remitted approximately 90% of the outstanding balance due, consistent with the agreed upon payment terms.
The Peck Company Holdings Chief Executive Officer, Jeffrey Peck, commented, “These cash inflows bolster our balance sheet and enable us to continue to execute on our strategic plan while we navigate through this uncertain economic landscape brought upon by the COVID-19 pandemic. We will continue to be disciplined in our financial and operational execution and find opportunities to advance our mission to be a leader in the commercial solar EPC industry.” Mr. Peck continued, “I have noticed that over the past 50 years in operation, our legacy has continued based on how we have successfully managed through the challenging times.”
About The Peck Company Holdings, Inc.
Headquartered in South Burlington, VT, The Peck Company Holdings, Inc. is a 2nd-generation family business founded in 1972 and rooted in values that align people, purpose, and profitability. Ranked by Solar Power World as one of the leading commercial solar contractors in the Northeastern United States, the Company provides EPC services to solar energy customers for projects ranging in size from several kilowatts for residential properties to multi-megawatt systems for large commercial and utility scale projects. The Company has installed over 125 megawatts worth of solar systems since it started installing solar in 2012 and continues its focus on profitable growth opportunities. Please visit www.peckcompany.com for additional information.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.