Integrated Electrical Services, Inc. (NASDAQ: IESC) today announced financial results for its fiscal 2012 third quarter ended June 30, 2012 that reflect the Company’s continued progress on its overall plan to return to profitability.
THIRD QUARTER OF FISCAL 2012 HIGHLIGHTS
The following highlights include results based upon the Company’s ‘go forward’ operations. The Company uses the term ‘go forward’ to refer to the results for the quarter ended June 30, 2012, excluding the revenues and expenses attributable to the Company’s wind-down facilities, as described in detail below. On a year-over-year basis (unless otherwise noted), highlights for the third quarter of fiscal 2012 include:
- Net loss of $3.2 million, or $(0.22) per share; adjusted net income of $0.3 million, or $0.02 per share, an improvement of $0.4 million
- Revenue of $116.1 million; ‘go forward’ revenue of $104.3 million, an increase of 11.3%
- Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization and other items; see reconciliation statement below) of $ 1.3 million, an improvement of $0.1 million
- Operating cash flow was positive $5.9 million over the prior twelve months as compared to negative $20.5 million of operating cash flow in the same period a year ago
- Backlog was approximately $229 million at June 30, 2012, a $49 million increase from March 31, 2012 and a $59 million increase from September 30, 2011
James Lindstrom, Chairman and Chief Executive Officer, stated, “The employees of IES have delivered another quarter of revenue growth, profitability improvement and positive cash flow from operations. The strength of our business is also demonstrated by the significant growth in our backlog, which exceeded our internal expectations. Across IES, we look to continue this progress through employee accountability and empowerment, for the decisions our employees make ultimately benefit the customers, communities and shareholders we serve.”
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