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 2013 first quarter.
FIRST QUARTER OF FISCAL 2013 AS COMPARED TO FIRST QUARTER OF FISCAL 2012
- Net income from continuing operations of $0.6 million, or $0.04 per share, which includes a non-cash $0.12 per share expense related to a reserve for a receivable due from a former surety; adjusted net income from continuing operations of $2.9 million, or $0.19 per share
- Revenue of $127.3 million, an increase of 16.8%
- Gross profit of $18.0 million, an improvement of $4.8 million; Gross margins for the quarter improved to 14.1% of revenue as compared to a gross margin of 12.1% of revenue for the first quarter of 2012
- Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and other items; see reconciliation statement below) of $4.1 million, an improvement of $2.7 million
- Backlog was approximately $216 million at December 31, 2012, a $19 million decrease from September 30, 2012 and an $11 million increase from December 31, 2011
James Lindstrom, Chairman and Chief Executive Officer, stated, “Our Residential division continues to capitalize on growth within the single and multi-family housing market and our Commercial & Industrial division is succeeding in its disciplined approach to project bidding and execution. Meanwhile, our Communications division benefited from the completion of multiple large data center and high tech manufacturing projects during the quarter. While we continue to bid on significant project opportunities and remain optimistic about the strength of the mission critical facility market, we do not necessarily expect this level of business or growth within the Communications division to continue in the near term as our large size project work is periodically awarded.