QualityStocks would like to highlight Integrated Electrical Services (NASDAQ: IESC), an infrastructure services company that enjoys leading positions in a broad range of markets for electrical and communications products and services. The company is organized in three principal businesses: Communications, Residential, and Commercial/Industrial, providing such things as data centers, electrical installation services, and electrical design.
In the company’s news yesterday,
Integrated Electrical Services announced financial results for its fiscal 2012 fourth quarter and year ended September 30, 2012.
James Lindstrom, Chairman and Chief Executive Officer, stated, “We are pleased with the performance improvement of IES in 2012. Our employees’ ownership mindset and their sharpened focus on delivering superior performance in our core fields of expertise has led to another quarter of revenue growth, margin improvement and increased backlog. We are poised to continue with and build upon the operational improvements that started in the fourth quarter of 2011. In fiscal 2013 our long term focus will remain on generating above average returns on a risk adjusted basis through disciplined capital deployment in our existing businesses or via acquisition.”
Key highlights for the fourth quarter include:
• Adjusted net income per share of $0.04 and adjusted EBITDA of $1.7 million, an improvement of $1.4 million year over year
• Net loss from continuing operations of ($0.4) million, or ($0.03) per share; adjusted net income of $0.6 million, or $0.04 per share, an improvement of $1.7 million year over year
• Revenue of $123.4 million, an increase of 11.5% year over year
• Gross profit of $16.8 million, an improvement of $2.9 million year over year
• Gross margins for the quarter improved to 13.6% of revenue as compared to a gross margin of 12.6% a year earlier
• Backlog was approximately $234 million at September 30, 2012, a $5 million increase from June 30, 2012
Key year end financials include:
• Net loss from continuing operations of ($2.7) million, or ($0.18) per share; adjusted net income of $0.9 million, or $0.06 per share, an improvement of $16.3 million year over year
• Revenue of $456.1 million, an increase of 12.3% year over year
• Gross profit of $58.1 million, an improvement of $13.7 million year over year
• Gross margins for the fiscal year improved to 12.7% of revenue as compared to a gross margin of 10.9% a year earlier
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and other items) of $5.2 million, an improvement of $14.8 million year over year
Integrated Electrical Services is an infrastructure services company with leading positions in a broad range of markets for electrical and communications products and services. The company has 2,500 employees who serve clients throughout the United States. For further details on the company’s financial results, please refer to the annual report on Form 10-K for the fiscal year ended September 30, 2012.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
