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Integrated Electrical Services Reports Improved Fiscal 2013 Fourth Quarter And Year-End Results

Stocks in this article: IESC

HOUSTON, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Integrated Electrical Services, Inc. (or "IES") (Nasdaq:IESC) today announced financial results for its fiscal 2013 fourth quarter and year ended September 30, 2013. The results include the acquisition of MISCOR Group, Ltd. ("MISCOR") completed on September 13, 2013. MISCOR provides electrical and mechanical solutions to the industrial and rail industries both in the United States and abroad and will comprise IES' newly-created Infrastructure Solutions segment. With the acquisition of MISCOR, IES now owns and manages a more diverse group of operating subsidiaries comprised of four principal business segments: Communications, Residential, Commercial & Industrial, and Infrastructure Solutions.

FOURTH QUARTER AND FISCAL YEAR 2013 FINANCIAL HIGHLIGHTS

  • Revenue of $123.8 million for the fourth quarter of 2013, an increase of 0.3% compared with the fourth quarter of 2012, and revenue of $494.6 million for fiscal year 2013, an increase of 8.4% compared with fiscal year 2012  
  • Operating cash flow of $2.0 million for fiscal year 2013, an increase of $9.3 million from fiscal year 2012  
  • Net loss per share from continuing operations of ($0.07) per share for the fourth quarter of 2013, and net loss per share from continuing operations of ($0.15) per share for the fiscal year 2013  
  • Adjusted earnings per share from continuing operations of $0.03 per share for the fourth quarter of 2013, and adjusted earnings per share from continuing operations of $0.23 per share for the fiscal year 2013  
  • Adjusted EBITDA of $1.5 million for the fourth quarter of 2013, an increase of $0.4 million compared with the fourth quarter of 2012, and Adjusted EBITDA of $8.0 million for fiscal year 2013, an increase of $3.6 million from fiscal year 2012

MANAGEMENT COMMENTARY

James Lindstrom, Chairman and Chief Executive Officer stated, "2013 was a solid year for IES, with improved margins, cash flow and earnings. Although our overall net income results were negative on a GAAP basis, our operating cash flow was positive and we achieved many of our internal financial and strategic goals that fundamentally strengthened the intrinsic value of our business. To that end, we completed a key acquisition, upgraded our credit profile through two refinancings and the release of restricted cash by our lender, achieved solid overall project execution and increased investment in our workforce. We have started fiscal 2014 with gradually improving dynamics, backlog and bid margins in more of our markets. We look forward to building upon these improving dynamics and further enhancing the value of IES through selective investments and acquisitions."

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