Delaware
|
001-13783
|
76-0542208
|
(State or Other Jurisdiction
of Incorporation)
|
(Commission
File Number)
|
(I.R.S. Employer
Identification Number)
|
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2 (b))
|
[ ]
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Pre-Commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Item 4.02(a).
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Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.
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Item 8.01.
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Other Events.
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Item 9.01.
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Financial Statements and Exhibits.
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|
(d) Exhibits.
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Exhibit No. | Description | |
99.1
|
Press release dated February 14, 2012.
|
INTEGRATED ELECTRICAL SERVICES, INC. | |
Date: February 21, 2012 | /s/ William L. Fiedler |
William L. Fiedler | |
Senior Vice President and General Counsel |
Exhibit No. | Description | |
99.1
|
Press release dated February 14, 2012.
|
FOR IMMEDIATE RELEASE
|
Contacts: Robert Lewey, CFO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard / ksdennard@drg-l.com
Karen Roan / kcroan@drg-l.com
DRG&L / 713-529-6600
|
● |
Net loss of $3.7 million, or ($0.25) per share; adjusted net income of $0.0 million, or $0.00 per share
|
● |
Revenue of $113.4 million; ‘go forward’ revenue of $107.0 million
|
● |
Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization and other items;
|
see reconciliation statement below) of $1.2 million | |
● |
Selling, general and administrative expenses of $13.3 million
|
● |
Backlog at $205.2 million at period end
|
INTEGRATED ELECTRICAL SERVICES INC., AND SUBSIDIARIES
|
||
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
|
||
(DOLLARS IN MILLIONS, EXCEPT PER SHARE DATA)
|
||
(UNAUDITED)
|
||
|
|
|
|
Three Months Ended
|
|
|
December 31, 2011
|
|
|
|
|
Revenues
|
$
|
113.4
|
Cost of services
|
|
102.5
|
Gross profit
|
|
10.9
|
Selling, general and administrative expenses
|
|
13.3
|
Gain on sale of assets
|
|
-
|
Asset impairment
|
|
-
|
Restructuring charges
|
|
0.6
|
Loss from operations
|
|
(3.0)
|
|
|
|
Interest and other expense, net
|
|
0.5
|
|
|
|
Loss from operations before income taxes
|
|
(3.5)
|
Provision (benefit) for income taxes
|
|
0.2
|
Net loss
|
$
|
(3.7)
|
|
|
|
|
|
|
Loss per share:
|
|
|
Basic
|
$
|
(0.25)
|
Diluted
|
$
|
(0.25)
|
|
|
|
Shares used in the computation of loss per share:
|
|
|
Basic (in thousands)
|
|
14,569
|
Diluted (in thousands)
|
|
14,569
|
|
|
|
INTEGRATED ELECTRICAL SERVICES INC., AND SUBSIDIARIES
|
||
NON-GAAP RECONCILIATION OF ADJUSTED EBITDA
|
||
(DOLLARS IN MILLIONS)
|
||
(UNAUDITED)
|
||
|
|
|
|
Three Months Ended
|
|
|
December 31, 2011
|
|
|
|
|
Net loss
|
$
|
(3.7)
|
Interest expense, net
|
|
0.5
|
Provision (benefit) for income taxes
|
|
0.2
|
Depreciation and amortization
|
|
0.5
|
EBITDA
|
|
(2.5)
|
Asset impairment
|
|
-
|
Gain on sale of assets
|
|
-
|
Non-cash equity compensation expense
|
|
0.1
|
Wind-down costs:
|
|
|
2011 Restructuring Plan
|
|
0.6
|
Additional exited locations - C&I
|
|
1.0
|
Additional exited locations - Commun
|
|
0.6
|
C&I wind-down operations
|
|
1.4
|
Subtotal wind-down costs
|
|
3.6
|
Adjusted EBITDA
|
$
|
1.2
|
|
|
|
INTEGRATED ELECTRICAL SERVICES INC., AND SUBSIDIARIES
|
||
NON-GAAP RECONCILIATION OF ADJUSTED NET INCOME (LOSS)
|
||
(DOLLARS IN MILLIONS)
|
||
(UNAUDITED)
|
||
|
|
|
|
Three Months Ended
|
|
|
December 31, 2011
|
|
|
|
|
Net loss
|
$
|
(3.7)
|
Asset impairment
|
|
-
|
Gain on sale of assets
|
|
-
|
Non-cash equity compensation
|
|
0.1
|
Accelerated amortization
|
|
-
|
2011 Restructuring Plan
|
|
0.6
|
Additional exited locations - C&I
|
|
1.0
|
Additional exited locations - Comm
|
|
0.6
|
C&I wind-down operations
|
|
1.4
|
Adjusted net income (loss)
|
$
|
0.0
|
|
|
|
|
|
|
Loss per share:
|
|
|
Basic
|
$
|
0.00
|
Diluted
|
$
|
0.00
|
|
|
|
Shares used in the computation of adjusted net income (loss) per share:
|
|
|
Basic (in thousands)
|
|
14,569
|
Diluted (in thousands)
|
|
14,569
|
INTEGRATED ELECTRICAL SERVICES INC., AND SUBSIDIARIES
|
||||||||||||||
OPERATING SEGMENTS - CURRENT QUARTER AND PRIOR QUARTER RESULTS
|
||||||||||||||
(DOLLARS IN MILLIONS)
|
||||||||||||||
(UNAUDITED)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011
|
|||||||||||||
|
Commun-
|
|
|
|
|
Commercial &
|
|
|
|
|
|
|
||
|
ications
|
|
Residential
|
|
Industrial
|
|
Corporate
|
|
Total
|
|||||
Revenues
|
$
|
26.1
|
|
$
|
29.3
|
|
$
|
58.0
|
|
$
|
-
|
|
$
|
113.4
|
Cost of services
|
|
22.8
|
|
|
24.7
|
|
|
55.0
|
|
|
-
|
|
|
102.5
|
Gross profit
|
|
3.3
|
|
|
4.6
|
|
|
3.0
|
|
|
-
|
|
|
10.9
|
Selling, general and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
administrative expenses
|
|
2.5
|
|
|
3.9
|
|
|
3.1
|
|
|
3.8
|
|
|
13.3
|
Corporate allocations
|
|
0.5
|
|
|
0.5
|
|
|
1.4
|
|
|
(2.4)
|
|
|
-
|
Restructuring charges
|
|
-
|
|
|
-
|
|
|
0.6
|
|
|
-
|
|
|
0.6
|
Income (loss) from operations
|
$
|
0.3
|
|
$
|
0.2
|
|
$
|
(2.1)
|
|
$
|
(1.4)
|
|
$
|
(3.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation &
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization expense
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
0.1
|
|
$
|
0.2
|
|
$
|
0.5
|
Capital expenditures
|
$
|
-
|
|
$
|
0.3
|
|
$
|
-
|
|
$
|
0.9
|
|
$
|
1.2
|
Total assets
|
$
|
17.9
|
|
$
|
23.1
|
|
$
|
73.4
|
|
$
|
46.9
|
|
$
|
161.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEGRATED ELECTRICAL SERVICES INC., AND SUBSIDIARIES
|
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENT OF GO FORWARD OPERATIONS
|
|||||||||||||||
(DOLLARS IN MILLIONS)
|
|||||||||||||||
(UNAUDITED)
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, 2011
|
||||||||||||||
|
Communications
|
Residential
|
C&I - Go Forward
|
Corporate
|
Go Forward Operations
|
Wind-downs
|
|
Consolidated
|
|||||||
Revenue
|
$
|
25.2
|
$
|
29.3
|
$
|
52.5
|
$
|
-
|
$
|
107.0
|
$
|
6.4
|
|
$
|
113.4
|
Cost of services
|
|
21.7
|
|
24.7
|
|
47.5
|
|
-
|
|
93.9
|
|
8.6
|
|
|
102.5
|
Gross profit
|
|
3.5
|
|
4.6
|
|
5.0
|
|
-
|
|
13.1
|
|
(2.2)
|
|
|
10.9
|
Selling, general and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
2.3
|
|
3.9
|
|
2.5
|
|
3.8
|
|
12.5
|
|
0.8
|
|
|
13.3
|
Corporate allocations
|
|
0.5
|
|
0.5
|
|
1.4
|
|
(2.4)
|
|
-
|
|
-
|
|
|
-
|
Restructuring
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.6
|
|
|
0.6
|
Income (loss) from operations
|
$
|
0.7
|
$
|
0.2
|
$
|
1.1
|
$
|
(1.4)
|
$
|
0.6
|
$
|
(3.6)
|
|
$
|
(3.0)
|
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