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Integrated Electrical Services Reports Fiscal 2014 Second Quarter Results

Stocks in this article: IESC

HOUSTON, May 9, 2014 (GLOBE NEWSWIRE) -- Integrated Electrical Services, Inc. (or "IES") (Nasdaq:IESC) today announced financial results for its fiscal 2014 second quarter.

SECOND QUARTER AND YEAR-TO-DATE 2014 FINANCIAL HIGHLIGHTS

  • Operating cash flow of $4.8 million for the second quarter of 2014, an increase of $7.0 million from the second quarter of 2013
  • Revenue of $120.3 million for the second quarter of 2014, a decrease of 1.4% compared with the second quarter of 2013, and revenue of $240.3 million for the year-to-date 2014, a decrease of 3.6% compared with the year-to-date 2013
  • Gross profit of $20.0 million for the second quarter of 2014, an improvement of $4.0 million compared with the second quarter of 2013; Gross margins for the quarter improved to 16.7% of revenue as compared to gross margins of 13.1% of revenue for the second quarter of 2013
  • Net income per share from continuing operations of $0.02 per share for the second quarter of 2014
  • Adjusted earnings per share from continuing operations (a non-GAAP financial measure, as defined below) of $0.05 per share for the second quarter of 2014
  • Adjusted EBITDA (a non-GAAP financial measure, as defined below) of $1.9 million for the second quarter of 2014, an increase of $0.7 million compared with the second quarter of 2013
  • Backlog was approximately $219 million at March 31, 2014, a $5 million increase from December 31, 2013

MANAGEMENT COMMENTARY

James Lindstrom, Chairman and Chief Executive Officer, stated, "IES is off to a solid start in 2014, and we are pleased that we were profitable during the quarter compared to prior, seasonally slow second quarters. Bookings, particularly in our Communications segment, were strong and have us well positioned for the remainder of 2014.

Lastly, we remain focused, but selective, on finding outstanding acquisition candidates that not only meet our investment criteria, but also understand the value of our NOLs and the benefits of our ability to provide a permanent home for their company."

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