Integrated Electrical Services, Inc. (NASDAQ: IESC), an infrastructure services company with leading positions in a broad range of markets for electrical and communications products and services, today announced financial results for its fiscal 2012 fourth quarter and year ended September 30, 2012.
FOURTH QUARTER OF FISCAL 2012 AS COMPARED TO FOURTH QUARTER OF FISCAL 2011
- 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
- Revenue of $123.4 million, an increase of 11.5%
- Gross profit of $16.8 million, an improvement of $2.9 million; Gross margins for the quarter improved to 13.6% of revenue as compared to a gross margin of 12.6% of revenue for the fourth quarter of 2011
- Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization and other items; see reconciliation statement below) of $1.7 million, an improvement of $1.4 million
- Backlog was approximately $234 million at September 30, 2012, a $5 million increase from June 30, 2012
FISCAL YEAR 2012 AS COMPARED TO FISCAL YEAR 2011
- 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
- Revenue of $456.1 million, an increase of 12.3%
- Gross profit of $58.1 million, an improvement of $13.7 million; Gross margins for the fiscal year improved to 12.7% of revenue as compared to a gross margin of 10.9% of revenue for fiscal year 2011
- Adjusted EBITDA (earnings (loss) before interest, taxes, depreciation and amortization and other items; see reconciliation statement below) of $5.2 million, an improvement of $14.8 million
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.
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