Six Month Results

          For the six months ended December 31, 2005, revenues increased 12.0% to $414.2 million from $369.8 million for the six months ended December 31, 2004. This increase of $44.4 million was due to a $34.0 million increase in storm revenue and a $10.4 million increase in powerline revenue for the six months ended December 2005 compared to the same period in the prior year.  Storm revenues represented 40.1% of revenues for the six months compared to 35.8% in the prior year.  Pike Electric experienced record storm restoration revenues in the current year’s six months ended December 31, 2005 due to the extremely active and intense hurricane season.  For the six months ended December 31, 2005, powerline revenues were $248.0 million, a 4.4% increase compared to powerline revenues of $237.6 million in the prior year’s six months.

          For the six months ended December 31, 2005, net income increased 36.8% to $31.1 million, or $0.99 per diluted share, compared to net income of $22.7 million, or $0.66 per diluted share for the six months of the prior year.  The increase in net income in the current year six months is primarily the result of increased powerline and storm revenues compared to the prior year.

          Outlook

          “We exceeded our previous storm revenue estimates for the year and now expect total revenues for the fiscal year of between $730-$740 million, with minimal storm revenues for the remainder of the fiscal year,” Mr. Pike said. “We cannot accurately predict our storm revenues in terms of which quarter they will occur or the level of revenues generated from storm events.  We continue to expect to grow revenues and earnings at or near double digit levels over the long term, while maintaining our industry-leading operating margins.”

          Conference Call

          Pike Electric’s conference call to discuss its second quarter and six months results is scheduled for 10:30 a.m. EST today, February 7, 2006. This call will be available live and by replay over the Internet at http:///www.pike.com in the Investor Relations section.

          About Pike Electric

          Pike Electric is one of the largest providers of outsourced electric distribution and transmission services in the United States. Our core activities consist of the maintenance, upgrade and extension of electric distribution and sub-500 kilovolt transmission powerlines for more than 150 electric utilities, cooperatives and municipalities. Pike Electric services a contiguous 19-state region that stretches from Pennsylvania in the north to Florida in the southeast and Texas in the southwest and is a recognized leader in storm restoration services. Our common stock is traded on the New York Stock Exchange under the symbol PEC.  For further information regarding Pike Electric, visit the company’s website at www.pike.com

          Safe Harbor

          This press release contains forward-looking statements that relate to Pike Electric’s plans, objectives and estimates.  The terms “should,” “believe,” “plan,” “expect,” “anticipate,” “estimate,” “intend” and “project” and similar words or expressions are intended to identify forward-looking statements. Forward-looking statements include those contained in the “Outlook” section of this release.  These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and speak only as of the date of this release. Pike Electric’s business is subject to numerous risks and uncertainties, including: that a significant portion of revenues are from a small group of customers and these customers have no obligation to assign work to us and these arrangements are generally terminable on short notice; it may not be able to realize the anticipated benefits of its acquisition in 2004 of Red Simpson; its storm restoration revenues are highly volatile and unpredictable; its business is subject to numerous hazards that could materially affect business results and current insurance may not be adequate; and demand for services may be cyclical and vulnerable to industry and economic downturn.  These and other risks and uncertainties detailed in the Risk Factor section of its Annual Report on Form 10-K for the fiscal year ending June 30, 2005 and in other filings with the Securities and Exchange Commission could cause actual results and experience to differ materially from those expressed or implied by any of these forward- looking statements. To the extent permitted by applicable law, Pike Electric makes no commitment to update any forward-looking statement or to disclose any facts, events, or circumstances after the date of this release that may affect the accuracy of any forward-looking statement.