HOUSTON, Feb. 10, 2014 (GLOBE NEWSWIRE) -- Integrated Electrical Services, Inc. (or "IES") (Nasdaq:IESC) today announced financial results for its fiscal 2014 first quarter. The results for the first quarter of 2014 include the first full quarter of the Infrastructure Solutions segment, which was created as part of the acquisition of MISCOR Group, Ltd. ("MISCOR") completed on September 13, 2013.
FIRST QUARTER 2014 FINANCIAL HIGHLIGHTS
- Revenue of $120.1 million for the first quarter of 2014, a decrease of 5.6% compared with the first quarter of 2013
- Gross profit of $18.1 million for the first quarter of 2014, an improvement of $0.1 million compared with the first quarter of 2013; Gross margins for the quarter improved to 15.1% of revenue as compared to gross margins of 14.1% of revenue for the first quarter of 2013
- Net income per share from continuing operations of $0.02 per share for the first quarter of 2014
- Adjusted earnings per share from continuing operations (as defined below) of $0.04 per share for the first quarter of 2014
- Adjusted EBITDA (as defined below) of $1.9 million for the first quarter of 2014, a decrease of $2.2 million compared with the first quarter of 2013
- Backlog was approximately $214 million at December 31, 2013, a $10 million increase from September 30, 2013
MANAGEMENT COMMENTARYJames Lindstrom, Chairman and Chief Executive Officer stated, "We are pleased to report results for the first quarter. Most importantly, our first significant strategic initiative in many years, the acquisition of MISCOR, added an estimated $0.05 to our adjusted earnings per share during the quarter. The completion of the MISCOR acquisition has added a new stream of income that partially offset the anticipated decline in the operating income of our Communications segment during the quarter. Looking forward, we remain focused on disciplined growth, maintaining efficient and profitable operations and pursuing acquisition candidates that fit our investment criteria."