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Integrated Electrical Services Announces Preliminary Earnings for the Fiscal First Quarter
HOUSTON, Feb. 1 /PRNewswire/ -- Integrated Electrical Services, Inc. (NYSE: IEE - news) today announced that it expects net income for the quarter ended December 31, 1999, will range from $2.3 million to $3.1 million, or $.06 to $.08 per diluted share, on revenues that will range from $325 million to $335 million.
Jim P. Wise, chief executive officer, said, ''Although the quarter is very disappointing in terms of earnings, the company is profitable, our markets appear strong and our company is healthy. Overall revenues met expectations, same store revenues increased, and backlog grew substantially.''
Wise went on to say, ''However, we experienced lower than expected gross margins and some higher than expected SG&A items. The gross margin shortfall was primarily due to temporary market conditions, project delays and a few companies that did not perform as promised. During the quarter, we experienced some of the inherent characteristics of the construction industry, compounded by the fact that our first quarter is seasonally our slowest. We remain optimistic about the rest of the fiscal year, due to the continuing growth of our backlog, our national accounts program, and the impact that a number of important strategic initiatives are having on our operating efficiency and profitability.''
The company has scheduled a conference call to discuss the preliminary earnings of the 2000 fiscal first quarter on Wednesday, February 2, 2000 at approximately 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To participate in the call, dial 1-800-289-0493 ten minutes before the conference call begins and ask for the Integrated Electrical Services conference call using a pass code of 891314. A replay will be available shortly after the conclusion of the call until February 8, 2000. To access the replay, dial 1-888-203-1112 using a pass code of 891314.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the investor relations' page of our web site at www.ielectric.com. To listen to the live call, please visit our web site at least fifteen minutes early to register, download and install any necessary audio software. Additionally, the call will be available on the Vcall web site at www.vcall.com. For those who cannot listen to the live broadcast, a replay will be available shortly after the call and a transcript available 24 to 48 hours later.
Integrated Electrical Services, Inc. is a leading national provider of electrical contracting and maintenance services to the commercial, information technology, power line, industrial, residential, and service markets. Our growing network of locations, breadth of services and dedication to quality have enabled us to attract customers that require consistent, reliable execution on a local, regional or national basis, such as general contractors, developers, telecommunications and technology companies, national businesses and other major corporations. For additional corporate information please call our investor hotline at 877-INFO-IEE (877-463-6433) or visit our web site at www.ielectric.com.
This announcement includes certain statements that may be deemed to be ''forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on the Company's expectations and involve risks and uncertainties that could cause the Company's actual results to differ materially from those set forth in the statements. Such risks and uncertainties include, but are not limited to, risks associated with closing potential acquisitions, fluctuations in operating results because of acquisitions and seasonality and national and regional industry and economic conditions, competition and risks entailed in the operation and growth of existing and newly acquired businesses. The foregoing and other factors are discussed in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended September 30, 1999.
Contact: Michael D. Noonan
Phone: 713-860-1542
SOURCE: Integrated Electrical Services, Inc.
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