-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L8BZ++LHsVcVN4i/w0/AIDFDpIfw68Tn6l1uacx7bmJPaehDgT7cL5gOi3J4vit5 lxSTQaoJqi1eM8ZM1GYzpw== 0001169232-07-000916.txt : 20070220 0001169232-07-000916.hdr.sgml : 20070219 20070220080042 ACCESSION NUMBER: 0001169232-07-000916 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070215 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070220 DATE AS OF CHANGE: 20070220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRATED ELECTRICAL SERVICES INC CENTRAL INDEX KEY: 0001048268 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL WORK [1731] IRS NUMBER: 760542208 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13783 FILM NUMBER: 07633476 BUSINESS ADDRESS: STREET 1: 1800 WEST LOOP SOUTH STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77027 BUSINESS PHONE: 7138601500 MAIL ADDRESS: STREET 1: 1800 WEST LOOP SOUTH STREET 2: SUITE 500 CITY: HOUSTON STATE: TX ZIP: 77027 8-K 1 d70875_8-k.htm CURRENT REPORT
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
     
Washington, D.C. 20549
 


 
 

FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported):
February 15, 2007

 
INTEGRATED ELECTRICAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware   001-13783   76-0542208
   
(State or other jurisdiction of   (Commission   (IRS Employer
incorporation)   File Number)   Identification No.)
         
1800 West Loop South, Suite 500    
Houston, Texas   77027
   
(Address of principal   (Zip Code)
executive offices)    
 

Registrant’s telephone number, including area code: (713) 860-1500

(Former name or former address, if changed since last report): Not applicable
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
   
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
   


Item 7.01 Regulation FD Disclosure.
 
                On February 15, 2007, Integrated Electrical Services, Inc. (the “Company”) and certain of its direct and indirect subsidiaries (together with the Company, the “Debtors”), filed their Quarterly Operating Report covering the quarter ended December 31, 2006 (the “Quarterly Operating Report”), with the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). A copy of the Quarterly Operating Report is attached to, and incorporated by reference in, this Current Report on Form 8-K as Exhibit 99.1.
 
                The Quarterly Operating Report is limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the quarterly reporting requirements of the Bankruptcy Court. The financial information in the Quarterly Operating Report is unaudited and does not purport to show the financial statements of any of the Debtors in accordance with accounting principles generally accepted in the United States (“GAAP”), and therefore excludes items required by GAAP, such as certain reclassifications, eliminations, accruals, and disclosure items. The Debtors caution readers not to place undue reliance upon the Quarterly Operating Report. There can be no assurance that such information is complete. The Quarterly Operating Report may be subject to revision. The Quarterly Operating Report is in a format required by the Bankruptcy Code and should not be used for investment purposes. The information in the Quarterly Operating Report should not be viewed as indicative of future results.
 
                In accordance with general instruction B.2 of Form 8-K, the information in this report (including exhibits) that is being furnished pursuant to Item 7.01 of Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth in such filing. This report will not be deemed an admission as to the materiality of any information in the report that is required to be disclosed solely by Regulation FD.
 
                This Current Report on Form 8-K includes certain statements that may be deemed “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, all of which are based upon various estimates and assumptions that the company believes to be reasonable as of the date hereof. These statements involve risks and uncertainties that could cause the company’s actual future outcomes to differ materially from those set forth in such statements. Such risks and uncertainties include, but are not limited to the company’s ability to meet debt service obligations and related financial and other covenants particularly as relates to the shutdown company projects, and the possible resulting material default under the company’s credit agreements which is not waived or amended; limitations on the availability and the increased costs of surety bonds required for certain projects; risk associated with failure to provide surety bonds on jobs where the company has commenced work or are otherwise contractually obligated to provide surety bonds; the inherent uncertainties relating to estimating future operating results and the company’s ability to generate sales, operating income, or cash flow; potential difficulty in addressing material weaknesses in the inventory and control environment at one business unit that has been identified by the company and its independent auditors; fluctuations in operating results because of downturns in levels of construction; inaccurate estimates used in entering into and executing contracts; inaccuracies in estimating revenue and percentage of completion on contracts; difficulty in managing the operation of existing entities; the high level of competition in the construction industry both from third parties and ex-employees; increases in costs or limitations on availability of labor, especially qualified electricians, increase in costs of commodities used in the our industry of steel, copper and gasoline; accidents resulting from the numerous physical hazards associated with the company’s work; loss of key personnel particularly presidents of business units; business disruption and costs associated with the Securities and Exchange Commission investigation or class action now pending; litigation risks and uncertainties, including in connection with the ongoing SEC investigation; unexpected liabilities or losses associated with warranties or other liabilities attributable to the retention of the legal structure or retained liabilities of business units where the company has sold substantially all of the assets; difficulties in integrating new types of work into existing subsidiaries; inability of the company to incorporate new accounting, control and operating procedures; the loss of productivity, either at the corporate office or operating level resulting from change procedures or management personnel; disruptions or inability to effectively manage consolidations; the residual effect with customers and vendors from the bankruptcy process leading to less work or less favorable delivery or credit terms; the delayed effect of fewer or different new projects awarded to the company during the bankruptcy and its effect on future financial results; the lowered efficiency and higher costs associated with projects at subsidiaries that the company has determined to wind down or close; the loss of employees during the bankruptcy process and the winding down of subsidiaries; and distraction of management time in winding down and closing subsidiaries. You should understand that the foregoing important factors, in addition to those discussed in our other filings with the Securities and Exchange Commission, including those under the heading “Risk Factors” contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2006 could affect the Company’s future results and could cause results to differ materially from those expressed in such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this report.


ITEM 9.01 Financial Statements and Exhibits.
 
(d)   Exhibits.
     
Exhibit
Number		   Description
 
99.1 *   Quarterly Operating Report for the quarter ended December 31, 2006
     
  ________________________
      
  * Furnished herewith.
 
SIGNATURES
 

                Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
   
  INTEGRATED ELECTRICAL SERVICES, INC.
   
   
  By: /s/ Curt L. Warnock
 
    Curt L. Warnock
    Senior Vice President and General Counsel
   
Date: February 16, 2007  


EXHIBIT INDEX

 
Exhibit
Number		   Description
 
99.1 *   Quarterly Operating Report for the quarter ended December 31, 2006
     
  ________________________
  
  * Furnished herewith.

EX-99.1 2 d70875_ex99-1.htm QUARTERLY OPERATING REPORT
 
Exhibit 99.1
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC. ET AL.
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
rwd, 7/97  
 
UNITED STATES BANKRUPTCY COURT
 
NORTHERN DISTRICT OF TEXAS
 
DIVISION 6
 
FOR POST CONFIRMATION USE
 
QUARTERLY OPERATING REPORT
 
AND
 
QUARTERLY BANK RECONCILEMENT
 
In accordance with Title 28, Section 1746, of the United States Code, I declare under penalty of perjury that I have examined the attached Post Confirmation Quarterly Operating Report, and the Post Confirmation Quarterly Bank Reconcilement and, to the best of my knowledge, these documents are true, correct and complete. Declaration of the preparer (other than responsible party), is based on all information of which preparer has any knowledge.
 
RESPONSIBLE PARTY:
     
Original Signature of Responsible Party    
   
       
Printed Name of Responsible Party   David A. Miller
   
       
Title   Senior Vice President & Chief Financial Officer
   
       
Date   February 15, 2007
   
PREPARER:    
       
Original Signature of Preparer    
   
       
Printed Name of Preparer    
   
       
Title    
   
       
Date    
   


  POST CONFIRMATION
QUARTERLY BANK RECONCILEMENT
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC. ET AL.
   
CASE NUMBER: 06-30602-BJH-11 Chapter 11 rwd, 7/97
 
  The reorganized debtor must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposits, governmental obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets for each bank reconcilement if necessary.
   
QUARTER ENDING: DECEMBER 31, 2006 *** ALL DOLLAR AMOUNTS IN THOUSANDS ***  
 
Bank Reconciliations Account #1   Account #2   Account #3     TOTAL  
   
A. Bank   Summary       Summary    Deposit         
B.Account Number  See Attached               In       
C.Purpose (Type)  Corporate       Subsidiaries    Transit       
  
1.Balance Per Bank Statement$ 13,320       Not Available                   NM   
2.Add:  Total Deposits Not Credited$ 0       Not Available           +      NM   
3.Subtract:  Outstanding Checks   ($1,744 )    Not Available           –      NM   
4.Other Reconciling Items  ($ 559 )    Not Available           + / -      NM   
5.Month End Balance Per Books$ 11,017       ($5,046 ) 632     =   $ 6,603   
  
6.Number of Last Check Written See Attached    NotAvailable  Not Available           
  
7.Cash:  Currency on Hand$ 0   $ 0  0   +  $ 0  
8.Total Cash - End Of Month$ 11,017     ($5,046 ) 632   =  $ 6,603  
  
     
CASH IN:
INVESTMENT ACCOUNTS		    
 
Bank, Account Name & Number Date of
Purchase		   Type of
Instrument		     Value  
 
9. Bank of America, -522-1-4 EDW    Various       Money Market       +      $ 32,035   
10. Bank of America, -506-1-0 EDW*    Various       Money Market (restricted cash) (1)       +    $ 20,000   
11. BofA, Liquidity Mgmt Acct, -5754    Various       Columbia Treasury Reeserve       +    $ 3,766   
12.       +    $ 0   
13. Total Cash Investments          =    $ 55,801   
 
                               
 
14. TOTAL CASH LINE 8 - PLUS LINE 13 = LINE 14 ****          $ 62,404   
 
                            ****  
  **** Must tie to Line 4, Quarterly Operating Report
  
  (1) This account represents restricted cash held by Bank of America pursuant to the Company’s revolving credit facility and is classified in other non-current assets on the Company’s Form 10-Q for the quarter ended December 31, 2006.


LOCATION NAME: INTEGRATED ELECTRICAL SERVICES, INC. ET AL.                                 Monthly Operating Report  
                                  ACCRUAL BASIS-5  
CASE NUMBER: 06-30602-BJH-11 Chapter 11                                            
                                                       
BANK RECONCILIATIONS - ACCOUNTS 1 - 11                                                      
Account #1 Account #2 Account #3 Account #4 Account #5 Account #6 Account #7 Account #8
A.      BANK: Bank of America   Bank of America   First American   Amegy   Wells Fargo   Regions Bank   LaSalle   Bank of America        
B.      ACCOUNT NUMBER: 375-666-2809   375-666-5754   335-519-729   316-474   494-507-3211   78-8700-0154   5800384397   4426201230        
C.      PURPOSE (TYPE): Business
Capital		   Operating
Acct		   P/R Tax
Escrow		   Master
Concentration		   Master
Concentration		   Master
Concentration		   Master
Concentration		   BCBS     Total #1 - 8  
1. BALANCE PER BANK STATEMENT $ 7,230   $ —   $ 4,036   $ 117   $ 132   $ 117   $ 276   $ —   $ 11,908  
2. ADD: TOTAL DEPOSITS NOT CREDITED $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —  
3. SUBTRACT: OUTSTANDING CHECKS $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —  
4. OTHER RECONCILING ITEMS $ —   $ (563 ) $ —   $ —   $ —   $ —   $ —   $ —   $ (563 )
5. MONTH END BALANCE PER BOOKS $ 7,230   $ (563 ) $ 4,036   $ 117   $ 132   $ 117   $ 276   $ —   $ 11,345  
6. NUMBER OF LAST CHECK WRITTEN   n/a     n/a     n/a     n/a     n/a     n/a     n/a     n/a     n/a  
                                                         
BANK RECONCILIATIONS - ACCOUNTS 12 - 22                                                      
Account #9 Account #10 Account #11 Account #12 Account #14 Account #15 Account #16 Account #17
A.      BANK: JP Morgan Chase   JP Morgan Chase   JPM Chase   Bank of America   Bank of America   JP Morgan Chase   Wachovia   US Bank        
B.      ACCOUNT NUMBER: 323-297-692   601-854-698   601-854-706   442-620-1256   0013-9000-0900   601-854-714   2000-0140-45185   4346-84-7728        
C.      PURPOSE (TYPE): Master
Concentration		   A/P Account
(ZBA)		   A/P Account
(ZBA)		   Payroll
(ZBA)		   Payroll (ZBA)
(closed)		   A/P   Master
Concentration		   Master
Concentration		   Total 9 - 16  
1. BALANCE PER BANK STATEMENT $ 100   $  —   $ —   $  —   $ —   $ —   $ 817   $ 495   $ 1,412  
2. ADD: TOTAL DEPOSITS NOT CREDITED $ —   $  —   $ —   $  —   $ —   $ —   $ —   $ —   $ —  
3. SUBTRACT: OUTSTANDING CHECKS $ —   $  (124 )   $ (558 )   $  —   $ —   $ (1,062 ) $ —   $ —   $ (1,744 )
4. OTHER RECONCILING ITEMS $ —   $  5   $ —   $  (1 )   $ —   $ —   $ —   $ —   $ 4  
5. MONTH END BALANCE PER BOOKS $ 100    $  (119 )   $ (558 ) $  (1 )   $ —    $ (1,062 )   $ 817    $ 495    $ (328 ) 
6. NUMBER OF LAST CHECK WRITTEN   n/a     7,659     3,382     n/a     n/a      15,482     n/a     n/a     n/a  
                                                         
BANK RECONCILIATIONS - ALL ACCOUNTS                                                      
    TOTAL                                                  
A.      BANK:                                                      
B.      ACCOUNT NUMBER: All                                                  
C.      PURPOSE (TYPE): Accounts                                                  
1. BALANCE PER BANK STATEMENT $ 13,320                                                  
2. ADD: TOTAL DEPOSITS NOT CREDITED $ —                                                  
3. SUBTRACT: OUTSTANDING CHECKS $ (1,744 )                                                
4. OTHER RECONCILING ITEMS $ (559 )                                                
5. MONTH END BALANCE PER BOOKS $ 11,017                                                  
6. NUMBER OF LAST CHECK WRITTEN See Details Above                                                  
                                                         
INVESTMENT ACCOUNTS                                                      
                                                         
    DATE OF   TYPE OF   PURCHASE   CURRENT                                
BANK, ACCOUNT NAME & NUMBER PURCHASE   INSTRUMENT   PRICE   VALUE                                
7. Bank of America, 220-08522-1-4 EDW various   Money Market   $ 32,035   $ 32,035                                
8. Bank of America, 249-00506-1-0 EDW* various   Money Market   $ 20,000   $ 20,000                                
9. Bank of America, Liquidity Management
    Account, 3756665754		 various   Columbia Treasury
Reserves		   $ 3,766   $ 3,766                                
10. TOTAL INVESTMENTS             $ 55,801   $ 55,801                                
                                                         
CASH                                                      
                                                         
11. CURRENCY ON HAND / DEPOSIT IN TRANSIT                   $  632                                
                                                         
12. TOTAL CASH AT SUBSIDIARIES                   $  (5,046 )                              
                                                         
13. TOTAL CASH - END OF MONTH                   $  62,404                                


POST CONFIRMATION
QUARTERLY OPERATING REPORT
 
CASE NAME: INTEGRATED ELECTRICAL SERVICES, INC. ET AL. rwd, 7/97
 
CASE NUMBER: 06-30602-BJH-11 Chapter 11
 
QUARTER ENDING: DECEMBER 31, 2006 ALL DOLLAR AMOUNTS IN THOUSANDS  
               
1. BEGINNING OF QUARTER CASH BALANCE:       $ 44,485  
  
               
  CASH RECEIPTS:            
 
  CASH RECEIPTS DURING CURRENT QUARTER:            
     (a).  Cash receipts from business operations+   $ 271,805  
     (b).  Cash receipts from loan proceeds+   $ 0  
     (c).  Cash receipts from contributed capital+   $ 0  
     (d).  Cash receipts from tax refunds+   $ 0  
     (e).  Cash receipts from other sources+   $ 6,555  
2.              TOTAL CASH RECEIPTS=   $ 278,360  
               
  CASH DISBURSEMENTS:            
 
     (A).  PAYMENTS MADE UNDER THE PLAN:            
               (1).  Administrative+     ($43 )
               (2).  Secured Creditors+     ($79 )
               (3).  Priority Creditors+   $ 0  
               (4).  Unsecured Creditors+   $ 0  
               (5).  Additional Plan Payments+   $ 0  
     (B).  OTHER PAYMENTS MADE THIS QUARTER:            
               (1).  General Business+    ($259,966 )
               (2).  Other Disbursements+     ($353 )
               
3.              TOTAL DISBURSEMENTS THIS QUARTER=    ($260,441 )
               
4. CASH BALANCE END OF QUARTER =          
  Line 1 - Plus Line 2 - Minus Line 3 = Line 4    $ 62,404  
  

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