Fell quick and hard. Bottom Fishing.
Let's see if we can get a nice bounce.
MACD has bottomed, stochastic in oversold.Volume back up nicely today with a very good % gain.
Support @ 0.42
Resistance @ $1.49...1.81...2.45
Technicals
Percentage Gainer
MACD short term is bullish
Stochastic is bearish
Fundamentals
Key Data:
Market Cap (M): $17.65
P/E Ratio: NA
PEG Ratio: -0.075
Next Earnings: 12/13/2005
Last Analyst Rating: Market Perform
we can smile again!.....LOL
Profile Get Profile for:
Integrated Electrical Services Inc.
1800 West Loop South
Suite 500
Houston, TX 77027-3233
Phone: 713-860-1500
Fax: 713-222-1214
Web Site: http://www.ielectric.com
DETAILS
Index Membership: N/A
Sector: Industrial Goods
Industry: General Contractors
Full Time Employees: 11,600
BUSINESS SUMMARY
Integrated Electrical Services, Inc. provides electrical and communications solutions to the commercial and industrial, residential, and service markets in the United States. It offers a range of services, including designing; building; maintaining; and servicing electrical, data communications, and utilities systems. The company operates in two segments, Commercial and Industrial, and Residential. The Commercial and Industrial segment provides electrical and communications contracting, design, installation, renovation, engineering and upgrades, and maintenance and replacement services in facilities, such as office buildings, apartments and condominiums, theaters, restaurants, hotels, hospitals and critical-care facilities, school districts, manufacturing and processing facilities, military installations, airports, refineries, petrochemical and power plants, network enterprise, and switch network facilities. The Residential segment consists of electrical and communications contracting, installation, replacement, and renovation services in single family and multifamily housing units. The company's customers include general contractors, developers, building owners and managers, engineers, architects, and consultants. Integrated Electrical Services was founded in 1997 and is headquartered in Houston, Texas.
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Names Two New Board Members
Monday November 21, 6:00 am ET
HOUSTON, Nov. 21 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (NYSE: IES - News) today announced that it has named Charles H. Beynon, 57, and George O. McDaniel III, 53, to its Board of Directors, effective November 18, 2005. Mr. Beynon and Mr. McDaniel have been elected as independent directors.
Mr. Beynon has worked as an independent financial consultant offering financial and advisory services to a diverse group of clients since 2002. Mr. Beynon retired as a partner from Arthur Andersen in 2002 after a 29 year career with the firm. His career at Arthur Andersen included 19 years as a partner and division head responsibilities in the firm's Houston office. He principally served middle market non-energy related companies. He is currently a board member of Commercial America Insurance Company and Barton Springs Grill, both located in Houston, Texas.
Mr. Beynon is a Certified Public Accountant in both Texas and Michigan and is a member in good standing with the AICPA and TSCPA. He has extensive experience with corporate finance, financial reporting, and tax, and he holds a Bachelor of Business Administration from Ohio University.
Mr. McDaniel has been President of Electrical Controller Products since 1988. Electrical Controller Products is a specialty distributor of motor control parts, components, and circuit breakers. Additionally, he has served as Chairman of ECP Tech Services, a leading independent electrical testing and repair firm on the Gulf Coast, since 1992. ECP Tech Services provides electrical power system solutions to customers in various industries, including petrochemical, industrial and electric utility. Prior to these positions, Mr. McDaniel worked for Arthur Andersen in international taxation and mergers and acquisitions, and dealt with clients in the offshore drilling, manufacturing and oilfield services industries.
He holds a Bachelor of Science Degree in Accounting from the University of Kentucky. He also holds a law degree from the University of Mississippi and is a licensed attorney in both Texas and Mississippi.
Additionally, the Board of Directors has accepted the resignation of Alan R. Sielbeck from the board, effective November 18, 2005.
"I am extremely pleased to welcome George and Charles to the IES board. In our continued efforts to strengthen this company, I believe adding board members with such financial, industry and management experience will further enhance our Board of Directors," stated Byron Snyder, IES' Chairman and Chief Executive Officer. "I also want to give special thanks to Alan Sielbeck. Alan has been a part of IES since the very beginning in 1998 and has been a positive contributor throughout the years. IES wishes him well in his future endeavors and thanks him for his contributions."
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
Contacts: C. Byron Snyder, Chairman and CEO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
--------------------------------------------------------------------------------
Source: Integrated Electrical Services, Inc.
Lets ride this baby!!! ;)
Quote from: Terlisa on November 21, 2005, 09:53:44 PM
Lets ride this baby!!! ;)
Nice work Terlisa on the chart......APPLAUD! ;D
Let's see what we can get tomorrow morning.
Let's ride...Let the wind part your hair! ;)
A nice move..... 8)
Volume: 1,044,200 ;D Volume moving up nicely.
Avg Vol (3m): 715,077
Nice... baby!!! i'm still in for quick profit ;)
Hi Guys,
What are good entry points? Will it continue the ride or will drop after rising from 0.42 to 0.66 ( 50%)
- Dhiraj
Quote from: dhiraj19 on November 22, 2005, 03:13:49 PM
Hi Guys,
What are good entry points? Will it continue the ride or will drop after rising from 0.42 to 0.66 ( 50%)
- Dhiraj
IES is still in bear control, a lot of bagholders in this stock..
Just like setravis said, "Fell quick and hard. Bottom Fishing.
Let's see if we can get a nice bounce."
For a quick profit, I'll take that @0.85 tomorrow if i have that chance ;)
right here wrangler... IES thread ;) Setravis started it
Thanks terlisa for directing me here.
I applaud you setravis for this pick. I got in today @.63. This stock should be a good one. One thing that really impressed me after I seen chart and the MACD black line move above the MA blue line I did a little checking and look at the institutional and mutual fund holders.
GENDELL, JEFFREY L. 3,640,300 9.94 $10,192,840 30-Sep-05
DIMENSIONAL FUND ADVISORS INC 3,180,456 8.69 $8,905,276 30-Sep-05
BUCKHEAD CAPITAL MANAGEMENT LLC 3,124,755 8.54 $8,749,314 30-Sep-05
FMR CORPORATION (FIDELITY MANAGEMENT & RESEARCH CORP) 3,007,100 8.21 $8,419,880 30-Sep-05
ARDSLEY ADVISORY PARTNERS 3,000,000 8.19 $8,400,000 30-Sep-05
COMPASS BANK 2,605,010 7.12 $7,294,028 30-Sep-05
WELLINGTON MANAGEMENT COMPANY, LLP 2,442,400 6.67 $6,838,720 30-Sep-05
SCHNEIDER CAPITAL MANAGEMENT, L.P. 2,245,230 6.13 $6,286,644 30-Sep-05
BARCLAYS BANK PLC 2,111,083 5.77 $5,911,032 30-Sep-05
SENECA CAPITAL ADVISORS LLC 1,645,700 4.50 $4,607,960 30-Sep-05
Mutual funds start here
FIDELITY LEVERAGED COMPANY STOCK FUND 2,607,500 7.12 $7,222,775 31-Jul-05
DFA U.S. SMALL CAP VALUE SERIES 1,097,600 3.00 $1,668,352 31-May-05
FIDELITY ADVISOR LEVERAGED COMPANY STOCK FUND 399,600 1.09 $1,170,828 31-Aug-05
VANGUARD EXTENDED MARKET INDEX FUND 370,360 1.01 $722,202 30-Jun-05
DFA TAX-MANAGED U.S. SMALL CAP VALUE SERIES 316,300 .86 $480,776 31-May-05
DFA U.S. MICRO CAP PORTFOLIO 278,800 .76 $423,776 31-May-05
Robeco Inv Fds-Robeco Boston Partners Small Cap Value Fd II 273,000 .75 $414,960 31-May-05
MFS SERIES TRUST III-MFS HIGH YIELD OPPORTUNITIES FUND 265,000 .72 $397,500 30-Apr-05
SCHNEIDER SMALL CAP VALUE FUND 262,925 .72 $399,646 31-May-05
COLLEGE RETIREMENT EQUITIES FUND-STOCK ACCOUNT 188,338 .51 $367,259 30-Jun-05
Net Institutional Purchases - Prior Qtr to Latest Qtr
Shares
Net Shares Purchased (Sold) 9,965,580
% Change in Institutional Shares Held 19.8%
Any comments on this IES ?? ???
Stocks usually have a tendency to go up about two weeks before earings date and recent news this morning is about that. Let's hope it will. Still holding my shares and keeping fingers crossed.
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Announces Fiscal 2005 Fourth Quarter and Year End Earnings Release and Conference Call Schedule
Friday December 2, 6:00 am ET
HOUSTON, Dec. 2 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (NYSE: IES - News) today announced plans to release its fiscal 2005 fourth quarter and year end results on Wednesday, December 14, 2005 after the market closes.
Integrated Electrical Services has scheduled a conference call for Thursday, December 15, 2005 at 9:30 a.m. eastern time. C. Byron Snyder, Chairman and Chief Executive Officer, and David A. Miller, Chief Financial Officer, will conduct the call.
To participate in the conference call, dial 706-758-9606 at least ten minutes before the call begins and ask for the Integrated Electrical Services conference call. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until December 22, 2005. To access the replay, dial 706-645-9291 and use the pass code of 2874866.
Investors, analysts and the general public will also have the opportunity to listen to the conference call over the Internet by visiting the company's web site at http://www.ies-co.com . To listen to the live call on the web, please visit the web site at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live web cast, an archive will be available on the company's web site shortly after the call. For more information, please contact Donna Washburn at DRG&E at (713) 529-6600 or email her at:
[email protected] .
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
Contacts: C. Byron Snyder, Chairman and CEO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard /
[email protected] Karen Roan /
[email protected]
We have some action fellow traders.... :D
Moving north this morning.
+17.24%.......Volume @.......702,000...... ;D
First 1/2 hour into trading session Last tick @.64 High of .65 low of .58 volume of 438,200
Looking very good for a run up before earnings.
Giving my own opinion of what this stock might do.
Has been under a dollar now for at least 20 or more days, Not good because if it stays under 1.00 for 30 days they might get notice of delisting for not showing it above 1.00 for ten straight days and if that happens it's like a baseball player getting knocked down from the major leagues to the minors. This company is to big and has to many investors to let that happen.
Earnings is comming out at about the same time that notice of delisting might happen ??? funny how that's that's tied in so close together.
My guess is we will see this stock hit 1.00 within the next two weeks as earnings grow closer in an effort to keep from getting a notice of delisting and make an effort to hold it there for at least ten days and then they will receive their letter for keeping in compliance.
Goodluck trading to all :)
Good assessment Wrangler ! Applaud that!!!!! ;)
I do smell the $1.00 in the near future and beyond.
We now have a HOD 0.70, LOW 0.58
Last price @ 0.69.......Volume @....1,371,500...........Booyah.. :D
Support @ 0.40
Resistance @ 0.68...1.45...1.85
Technicals
Percentage Gainer
Last Price Quote is:
7.25%above 13-day EMA
-48.95%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 13
Key Data:
Market Cap (M): $24.70
P/E Ratio: NA
PEG Ratio: -0.095
Next Earnings: 12/13/2005
Last Analyst Rating: Market Perform
Applaud returned setravis, great stock pick.
I see at least 1.00 or more also. I'll also post when I think my sell signal is about to show. I got my shares @.63 and with luck on my side I think a double return might be a chance.
Volume and price shows no sign of letting up and keeps making new highs. Makes me wonder what ending price will be.
Goodluck trading and thanks for the applaud
Keep me posted on you're TA
A very encouraging end of the day finish.
Very Strong volume.
Volume: 3,782,500....... ;)
Avg Volume (3m): 846,514
Support @ 0.68...0.40
Resistance @ $1.31...1.49...1.85
Indicators have turned north.stochastic coming out of oversold.
Technicals
Percentage Gainer
Last Price Quote is:
12.70%above 13-day EMA
-44.21%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 13
Key Data:
Market Cap (M): $28.63
P/E Ratio: NA
PEG Ratio: -0.12
Next Earnings: 12/13/2005
Last Analyst Rating: Market Perform
Pre-Market (RT-ECN): 0.799 0.09 (+12.54%)
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Announces Efforts to Coordinate Gulf Coast Relief Projects
Tuesday December 6, 6:00 am ET
HOUSTON, Dec. 6 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (NYSE: IES - News) announced today that it has aligned its resources to coordinate the services of its business units in the Gulf Coast region and to identify additional opportunities for IES to assist in the rebuilding efforts of that area.
Through several of its business units, IES is focused on work in Alabama, Florida, Louisiana, Mississippi and Texas and is beginning to see increased business opportunities resulting from the rebuilding and relief efforts. Revenue from existing contracts is expected to come from various kinds of work performed by IES. The work includes commitments on apartment building projects, plant maintenance work and repair and refinery-related clean-up projects. Some of these projects have been accelerated due to need and federal grants. Recently awarded work includes emergency generator services and electrical hook-up work for FEMA and other relief-oriented agencies. To date, IES has had over $16 million in work awarded or verbally committed related to these efforts.
Byron Snyder, IES' CEO, stated, "We are very pleased to be a continuing part of the relief efforts. These are IES communities too, and we will maintain our strong presence on the Gulf Coast. IES is committed to assisting our long-term customers in the rebuilding of their businesses and communities."
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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, the inherent uncertainties relating to estimating future operating results or our ability to generate sales, income, or cash flow, potential difficulty in addressing material weaknesses in the Company's accounting systems that have been identified to the Company by its independent auditors, potential limitations on our ability to access the credit line under our credit facility, litigation risks and uncertainties, fluctuations in operating results because of downturns in levels of construction, inaccurate estimates used in entering into and executing contracts, difficulty in managing the operation of existing entities, the high level of competition in the construction industry, changes in interest rates, the general level of the economy, level of competition from other electrical contractors, increases in costs or limitations on availability of labor, steel, copper and gasoline, limitations on the availability and the increased costs of surety bonds required for certain projects, inability to reach agreements with our surety companies to provide sufficient bonding capacity, risk associated with failure to provide surety bonds on jobs where we have commenced work or are otherwise contractually obligated to provide surety bonds, loss of key personnel, business disruption and costs associated with the Securities and Exchange Commission investigation and class action litigation, unexpected liabilities associated with warranties or other liabilities attributable to the retention of the legal structure of business units where we have sold substantially all of the assets of the business unit, inability to fulfill the terms or meet the required financial covenants of the credit facility, difficulty in integrating new types of work into existing subsidiaries, inability of subsidiaries to incorporate new accounting, control and operating procedures, inaccuracies in estimating revenues and percentage of completion on contracts, disruptions or inability to effectively manage opportunities related to Hurricane Katrina and Rita and the expected increase in construction, inability to satisfy the listing requirements of the NYSE or bring its share price back above one dollar within six months, inability to reach agreement with our senior lender on amendments to the credit facility in December and weather and seasonality. If the company is unable to cause its previously filed S-1 in support of the Senior Convertible Notes to become effective, penalty interest may apply under that agreement. You should understand that the foregoing important factors, in addition to those discussed in our other filings with the Securities and Exchange Commission ("SEC"), including those under the heading "Risk Factors" contained in our annual report on Form 10-K for the fiscal year ended September 30, 2004, could affect our future results and could cause results to differ materially from those expressed in such forward-looking statements. We undertake no obligation to publicly update or revise the Company's borrowing availability, its cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this report.
General information about us can be found at http://www.ies-co.com under "Investor Relations." Our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after we file them with, or furnish them to, the SEC.
Contacts: C. Byron Snyder, Chairman and CEO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
--------------------------------------------------------------------------------
Source: Integrated Electrical Services, Inc.
Been making new highs all morning. Last check @.84 :o :D We'll see this above 1.00 before long and I see it going even higher after earnings.
This stock setravis is going to be fun to ride. :D
Goodluck trading :)
Ok,I found it. I put IES in the search feature and did not find it. Wrangler you are right it is up to date, many thanks for pointing this out.Now I have some reading to do. ;D
you're welcome stocks2watch2 :)
SETRAVIS,applaud for another great pick, just wish I saw it earlier. Bought 5200 @ .81. Looks like the double posts increased the pps about 8% LOL ;D
Quote from: stocks2watch2 on December 07, 2005, 11:02:05 AM
SETRAVIS,applaud for another great pick, just wish I saw it earlier. Bought 5200 @ .81. Looks like the double posts increased the pps about 8% LOL ;D
Hey stocks2watch2, you may be on to something there ! ;D
Volume went up and so did the price..... ;)
You can send Ramsburgh a message and he can merge the other thread you started with this one.
Good luck with your trade....make some $$$$$.... 8)
Hey stocks2watch2, you may be on to something there ! ;D
Volume went up and so did the price..... ;)
You can send Ramsburgh a message and he can merge the other thread you started with this one.
Good luck with your trade....make some $$$$$.... 8)
Quote
I have been known to move the pps,but it's usually when I take a large position. :D
I deleted my post.I did notice that while my post was up and I did a search, that it was the first post shown, maybe because of the date? Or because there was only the symbol listed in the subject?
stocks2watch2, Shouldn't have deleted your post, You should have just had it merged.
Another day up is always good. May crack that $1.00 soon !
Making those little G-Patterns..... ;D
Support @ 0.71...0.55...0.40
Resistance @ $1.30...1.86...2.45
Technicals
Percentage Gainer
MACD is Neutral
Stochastic is Bullish
Last Price Quote is:
29.96%above 13-day EMA
-30.49%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 14
Key Data:
Market Cap (M): $28.63
P/E Ratio: NA
PEG Ratio: -0.135
Next Earnings: 12/14/2005
Last Analyst Rating: Market Perform
Hi setravis and stocks2watch2
Are we the only ones playing this stock? Can't believe nobody else has gotten in on this one.
Has either of you made an exit plan yet. I'm wtching the Price momentum oscillator on MACD for when it starts giving a hit of when it might pull back. So far it only shows that it's going to keep going higher. What's either of you're thoughts.
Goodluck trading and looks like 1.00 might be by the end of the week,let's hope :)
Hi wrangler,
I'm in with 9500 at $0.89, just before the close. I watched this one all day yesterday and I was happy to see it come back to the HOD at the end of the day. It shows the strength and todays possible gain. I'm looking just for $1-$1.3 as a exit point. I use RSI(2) as a exit strategy.
GLTA,
Gielda
H gieldai
I'll be holding probably till right before earnings release. Analysis always say it's risky to hold out for the news because if it's not a good report it could drop afterwards. But this stock has the potentual to move up because of their Katrina contracts but just to be safe I'll probably let go sometime next week ,maybe Wed. earnings is after market closes on Wed.
Goodluck trading :)
Thanks wrangler. Appreciate your comments.
GLTY,
Gielda
Hi Gielda2003, I don't have a firm exit point. I'll be watching closely to see what it does if it breaks 1.00. If it does we might see a quick run up, if the daytraders jump on it. If that happens I will sell. If it just continues trading like it has the last few days, then I'm thinking somewhere between 1.51 50 day ma and 2.19 200 day ma.
Thanks stocks2watch2.
I believe $1 is a given today. I like the action so far - strong volume. If/when it breaks $1 will have a nice run up and most likely I will sell into it.
GLTY,
Gielda
I like the movement of the stock.
+9.09%......Volume now @ 874,300
EliteG.....Stacked G-Patterns
This doesn't look good. >:(
Any idea how this will affect the stock price?
Thanks
Nita
Notice of Delisting or Transfer:
Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard.
On December 5, 2005, Integrated Electrical Services, Inc. ("IES") received notice from the New York Stock Exchange (the "NYSE") that IES is not in compliance with the NYSE's continued listing requirement related to the 30-day average closing price for its common stock. The NYSE informed IES that the share price for its common stock is below the minimum $1.00 per share average closing price, based on its 30-day average share price of $0.94 as of December 2, 2005. In order to regain compliance with this requirement, IES must bring its share price and average share price above $1.00 by six months following its receipt of notification from the NYSE.
The NYSE also notified IES that its stock price traded as low as $0.40 per share during November 2005, which is considered by the NYSE to be "abnormally low" and that, while the share price has improved, a return to sustained trading at a level that is deemed by the NYSE to be "abnormally low" could require the NYSE to take action to conduct a more immediate qualitative listing assessment. Additionally, the NYSE advised IES that non-compliance with the NYSE-required market capitalization of at least $25 million on a sustained basis could result in the NYSE initiating suspension and delisting procedures with respect to IES' common stock.
Pursuant to the indenture related to IES' senior convertible notes, the delisting of IES' common stock from the NYSE, without a subsequent listing on the American Stock Exchange or qualification for trading on The NASDAQ National Market or The NASDAQ Small Cap Market, will result in a Fundamental Change. Thirty-five days after the occurrence of a Fundamental Change under the indenture, the holders of the senior convertible notes have the right to require IES to repurchase the notes. IES does not believe that it currently meets the listing standards of the American Stock Exchange, The NASDAQ National Market or The NASDAQ Small Cap Market. Additionally, IES does not currently have the cash necessary to repurchase the notes Furthermore, IES' credit facility restricts its ability to repurchase these notes. IES' inability to repurchase the notes could result in a cross default under the credit facility.
In the event IES' common stock is delisted from the NYSE, IES intends to make arrangements for the common stock to be quoted on the OTC Bulletin Board.
Nita,
Notice of Delisting or Transfer is a standard rule and it was expected to happen while the average price of IES shares has been below $1 for a 30 days period.
Like I said It was expected but every time it comes up it creates a panic sell ???.
I sold this morning when the 5 day trend line was broken. I sold for a loss :'( but I expect more selloff to come next week. The support is at $0.74 for now and it held. IMHO, next week, it will be tested again and if breaks it will go much lower.
For me IES is a short term trade - that's the reason for me to bail out.
GLTY,
Gielda
Thanks Gielda.
I'm still holding. Investors is getting worried and panic selling is going on which is making the market makers very happy. I plan on holding to see what happens for earnings release. The MACD still shows an upward trend and candlesticks shows it might be making another small g-pattern which setravis noted on I think the last chart he posted and if you look each time it made one it went higher then before, that is how a stock goes up. It doesn't go straight up it will go up and make a pull back, go up and make a pull back and keep repeating itself. It's like watching stairs being formed but when you see the opposite beginning to happen then it will be in an downward trend. I use the MACD trading system and the example I just gave is simular to it.
But what is most important is each time you buy you should have a plan for it or make one after buying and trade you're plan. It's good to ask for advise but you must make the decision of what you buy and when to sell.
Notice in the MACD box below the chart patterns when the MACD black line crossed over the moving average line going up that is an upward trend and it shows no sign of going back down yet. Look at the past movements of crossing over going up and going back down and you will see what I mean. If I should see the sign to sell happening then I will be ready to sell or if price hits a dollar before earnings then I will sell and if both doesn't happen then I'll hold to see what happens after earnings. Anyway next week should be the week I will know.
Goodluck trading to all :)
:( Not good, but as some have already said we knew it was coming. I'm a little more concerned since it is a NYSE stock, they are quicker and firmer with there actions. It will probally sell off Monday on the news. I sold 1/2 Thurs. aft. I will probally buy again Monday or Tuesday. I think it will have a couple good upside short term plays left.You can bet IES will do everything possible to keep from being delisted.Look for the PR'S to start coming out. I think with the soon to be released earnings coming out, we might not see a big sell off. This just possibly could be what takes it back over a dollar! I have seen this happen many times. Good Luck.
Hi s2w2,
I totally agree with you. I didn't expect the notice to be issued so fast, lol. But like you said "...it is a NYSE stock..." not a NASDAQ. I believe some people new that it was coming now and they were pushing it down with big sells (level 2). Lesson learned.
Monday morning I see it going down further to retest the trend line at ~ $0.67. It should hold :P or else...lol.
The commom investor paniced, plus there was some profit takers.IES Fundamentals are right.
Still Lots Of Institutions Holding IES.These are smart investors, who do not panic.
IMHO,If the NYSE wanted to delist them they would have done so already.
Not saying you should hold your shares,just giving you some info.Always do your own DD. This is a minor thing in the life of an otherwise great Company.
IES is helping rebuild the S.E., IES manpower, equipment and
offices are already located in this area.
Institutional Ownership
% Shares Owned 88.20
# of Institutions 78
Total Shares Held (mil) 34.59
Major Holders Get Major Holders for:
BREAKDOWN
% of Shares Held by All Insider and 5% Owners: 18%
% of Shares Held by Institutional & Mutual Fund Owners: 111%
% of Float Held by Institutional & Mutual Fund Owners: 134%
Number of Institutions Holding Shares: 78
MAJOR DIRECT HOLDERS (FORMS 3 & 4)
Holder Shares Reported
ALLEN, HERBERT R. 404,000 28-Mar-05
RICE, BRITT 311,086 22-Dec-03
HUMPHREY, RICH 73,694 7-Apr-05
CHINA, RICHARD L. 71,037 5-Mar-04
SIELBECK, ALAN R. 70,481 3-Oct-05
Technicals
Percentage Loser
Last Price Quote is:
2.23%above 13-day EMA
-38.39%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 14
Key Data:
Market Cap (M): $29.41
P/E Ratio: NA
PEG Ratio: -0.145
Next Earnings: 12/14/2005
Last Analyst Rating: Market Perform
Bought 10000 @ .62. We need .69 to be above the 25 m cap.
Hmmmmmm.....
This could be forming a Candlestick pattern.
1. Morning Star
2. Bullish Abandoned Baby
Depending on what this looks like at the close,and what tomorrow will bring...some hope,
Bullish reversal patterns though.
If it closes at $0.67 or higher, I might be buying tomorrow morning.
GLTA,
Gielda
IES is up over 16.6 % :o
Looking good, Tomorrow should be a better day with earnings release being after market closes. Like I have said, my plan is if it hits 1.00 before earnings release I'll sell but if it doesn't I'll hold and see what happens after earnings and hope it's a good report.
Goodluck trading to all :)
I think the immediate action of the nyse will not happen now,as we are @ .79 with a 28.92 mkt.cap. ''trading at a level that is deemed by the NYSE to be "abnormally low" could require the NYSE to take action to conduct a more immediate qualitative listing assessment. Additionally, the NYSE advised IES that non-compliance with the NYSE-required market capitalization of at least $25 million on a sustained basis could result in the NYSE initiating suspension and delisting procedures with respect to IES' common stock''.
IES is doing a lot better than I expected, now I think we'll make that run over a 1.00 tom.If we do I'll sell 1/2 and hold the rest through earnings.
IES, running strong into the close. ;D
Bid-85
Ask-86
Up 29%
We might make a big move tomorrow,keep an eye on it if it hits 1.00.The daytraders will be all over it.
Tomorrow should be a big day. If you haven't made a plan, now would be the time. Remember and I have done it to. I have held out on some good picks to try and get every penny I could only to see it drop before I could sell and enter negative territory. Each time that happen I would kick myself in the rear for at least a week and say I've got to stop doing that. Whatever you do and whatever you're plan, Goodluck to all holding IES
Congrats to IES longs. ;)
Stocks2watch2 applaud for a timely pick up at the bottom ($0.62) :) :) :)
IMHO, There is still some room for IES to go up - RSI(2).
GLTA,
Gielda
Quote from: setravis on December 12, 2005, 01:07:27 PM
Hmmmmmm.....
This could be forming a Candlestick pattern.
1. Morning Star
2. Bullish Abandoned Baby
Depending on what this looks like at the close,and what tomorrow will bring...some hope,
Bullish reversal patterns though.
Zoom....Zoom Baby !!
Now let's take out that 50-dma...stacked G-Patterns
Volume: 2,346,400......... ;D keep it rolling !
Avg Volume (3m): 1,060,140
Support @ 0.75...0.55...0.40
Resistance @ $1.15...1.33...1.86
Recent CandleStick Analysis:
The last three candlesticks formed a Bullish Morning Star Pattern . This is a bullish reversal pattern that marks a potential change in trend. Though it is highly reliable confirmation is still recommended.
Technicals
Percentage Gainer
Last Price Quote is:
17.54%above 13-day EMA
-28.90%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 14
Key Data:
Market Cap (M): $29.41
P/E Ratio: NA
PEG Ratio: -0.11
Next Earnings: 12/14/2005
Last Analyst Rating: Market Perform
WOW .94 after hours :o watch this stock GO tomorrow ;D
with after hours showing a good run I'll be looking to get more than 1.00 tomorrow
INTEGRATED ELEC SVCS (RT-ECN)
Symbol: IES
Last Trade: 0.94 7:26PM ET
After Hours Change: 0.09 (10.59%)
Today's Change: 0.28 (42.42%)
Bid: 0.75
Ask: 0.96
Good luck to all those holding IES. Tomorrow could be an exciting day for IES. Though be cautious of those dreadful sell offs on earnings releases.
Reasons why i would be cautious:
04 Revenues total: 1,570,131
05 totals for first 3 quarters: 1,130,264.......which means they have to have 439,867 to break even with last years total revs which could be a long shot compared to IES's average quartly revs.
Q4 last year revs was 356,890 compared to this Q4 revs? will see tomorrow ;)
Though currently IES has $16 million in contracts to help reconstruct the southern coast. Hopefully those will contribute enough to this quarter to bring up revenues above last quartly revs and possibly to beat 04's total revs.
(http://www.3stocksonfire.org/trading/index.php?action=dlattach;attach=11643;image)
Technically the chart is looking quite bullish. 2 different ascending triangles have been formed. This first smaller one formed and had a false breakout with price action retracing down only to retest the ascending trendline with a nice rally today to rebreak out of the triangle.
The second larger triangle is still in formation and waiting for a possible breakout of breakdown. After hours like wrangler said the last sale was at .94. Resistence of this 2nd larger triangle is at .98. So tomorrow if earnings is released during the trading session i believe the technical pattern of this triangle is going to have an upside breakout or the pattern is going to be destroyed.
Hopefully it doesn't get destroyed for the sake of my fellow 3sof members ;D
Good luck to everyone holding. Looking foward to see what happens tomorrow 8)
-fousc
Hopeing to see at 1.00 or more at the open, so far this morning pre-market is @.97
Real-Time ECN Get Real-Time ECN for:
INTEGRATED ELEC SVCS (RT-ECN)
Symbol: IES
Last Trade: 0.97 8:24AM ET
After Hours Change: N/A
Today's Change: 0.12 (14.12%)
Bid: 0.84
Ask: 0.95
This is a free Real-Time ECN quote.
[audio] Integrated Electrical Services Fiscal 2005 Fourth Quarter and Year End Earnings Release Conference Call and Webcast (live tomorrow at 9:30 am ET)
• Q4 2005 Integrated Electrical Services, Inc. Earnings Release - After Market Close
CCBN (Wed 7:07am)
Link: http://finance.yahoo.com/q/h?s=IES
Thanks setravis,
Earnings release after the close today.
So, we should have an up day today and a sell off tomorrow?
Let's wait and see, lol.
GLTA,
Gielda
Early morning shakeout ?? ??? ;D
Another chance to buy under .85
I don't like to hold stock till earnings release news is out, You never know what will happen. To me it's very risky to depend on earnings before you sell. When I seen it was stalling in the low 90's I put trailing stop losss in for 6% and shares sold @.85 . It's ok though, I was hoping for more but making money is the name of the game and go on to the next one so I'll settle for 35% gain. Bought mine when they were @.63 and sold @.85
Goodluck to the rest holding and thank you setravis for the pick. Another applaud goes out to you :)
Trading like a nasdaq stock :o, Bought 8000 more @ .85. I think we will make another run up today imo.Looks like it got chased @ the open.Now maybe we'll see that steady climb up like yesterday. ;D I will sell at least 1/2 before the close.Earnings may not be all that great, but forward guidance might be.
HOUSTON, Dec 06, 2005 /PRNewswire-FirstCall via COMTEX/ -- Integrated Electrical Services, Inc. (IES, Trade) announced today that it has aligned its resources to coordinate the services of its business units in the Gulf Coast region and to identify additional opportunities for IES to assist in the rebuilding efforts of that area.
Through several of its business units, IES is focused on work in Alabama, Florida, Louisiana, Mississippi and Texas and is beginning to see increased business opportunities resulting from the rebuilding and relief efforts. Revenue from existing contracts is expected to come from various kinds of work performed by IES. The work includes commitments on apartment building projects, plant maintenance work and repair and refinery-related clean-up projects. Some of these projects have been accelerated due to need and federal grants. Recently awarded work includes emergency generator services and electrical hook-up work for FEMA and other relief-oriented agencies. To date, IES has had over $16 million in work awarded or verbally committed related to these efforts.
Anyone else sell ?? I didnt 1 ;D
Went to lunch and got stopped out of
[email protected]. Holding 15000 @ an average .71. Earnings may not be out ah. They might delay till morning. The cc @ 9:30 et is what will move the pps.
Quote from: REALDEALS21 on December 14, 2005, 06:25:31 PM
Anyone else sell ?? I didnt 1 ;D
I'm still holding. Stacked G-Patterns.
I'm in agreement with stocks2watch2 . I think The cc @ 9:30 et is what will move the pps, one way or the other. The EPS Estimate -0.01
INTEGRATED ELEC SVCS (NYSE:IES) Delayed quote data
After Hours (RT-ECN): 0.83 0.03 (3.75%)
Integrated Electrical Services Fiscal 2005 Fourth Quarter and Year End Earnings Release Conference Call and Webcast.
Link: http://biz.yahoo.com/cc/9/63189.html
Volume: 2,442,600
Avg Volume (3m): 1,060,140
Support @ 0.74...0.54...0.40
Resistance @ $1.15...1.33...1.86
Technicals
Percentage Loser
Last Price Quote is:
7.92%above 13-day EMA
-32.31%below 50-day EMA
RS Rating: 1
Fundamentals
Earnings Expected on Dec 14
Key Data:
Market Cap (M): $29.41
P/E Ratio: NA
PEG Ratio: -0.14
Next Earnings: 02/13/2006
Last Analyst Rating: Market Perform
Quote from: wrangler on December 14, 2005, 10:04:36 AM
I don't like to hold stock till earnings release news is out, You never know what will happen. To me it's very risky to depend on earnings before you sell. When I seen it was stalling in the low 90's I put trailing stop losss in for 6% and shares sold @.85 . It's ok though, I was hoping for more but making money is the name of the game and go on to the next one so I'll settle for 35% gain. Bought mine when they were @.63 and sold @.85
Goodluck to the rest holding and thank you setravis for the pick. Another applaud goes out to you :)
Oh, by the way Wrangler congrats on the trade. ;) There is nothing wrong with taking profits.
After all, that is the name of the game, "Profits" ! ;D Applaud The Trade...... ;)
This does not look good ..... >:(
Pre-Market (RT-ECN): 0.25 0.55 (-68.75%)
UPDATE 1-Integrated Electrical considering bankruptcy
Wed Dec 14, 2005 11:53 PM ET
(Recasts, adds new details)
NEW YORK, Dec 14 (Reuters) - Integrated Electrical Services Inc. (IES.N: Quote, Profile, Research) said on Wednesday it was considering filing for bankruptcy and delayed the release of its fourth-quarter results.
The company, which offers electrical system design and installation services, said it reached an agreement with note holders to restructure its balance sheet. Under the agreement, IES said it was considering filing a pre-packaged Chapter 11 bankruptcy plan that would result in the exchange of its senior subordinated notes for equity.
It said that if the plan was completed, its senior subordinated noteholders would receive shares representing about 82 percent of the common stock of the reorganized company in exchange for all their notes.
Holders of IES' outstanding common stock and management would retain or receive shares representing about 15 percent and 3 percent, respectively, of the common stock of the reorganized company.
Houston-based IES said it rescheduled the release of its fourth-quarter and fiscal 2005 results and sought a 15-day extension to file its year-end report with regulators.
It also said it sold a commercial and industrial business unit based in South Carolina for about $7.1 million.
© Reuters 2005. All Rights Reserved.
Integrated Electrical delays release of results
Wed Dec 14, 2005 10:50 PM ET
NEW YORK, Dec 14 (Reuters) - Integrated Electrical Services Inc. (IES.N: Quote, Profile, Research) on Wednesday said it had rescheduled the release of its fourth-quarter and fiscal 2005 results and sought an extension to file its year-end report with regulators.
The Houston-based company said it had also reached an agreement with note holders to restructure its balance sheet.
Under the proposed restructuring, certain noteholders in the company, which offers electrical system design and installation services, would receive shares representing about 82 percent of the common stock of the reorganized company in exchange for all of their notes.
Holders of IES' outstanding common stock and management would retain or receive shares representing about 15 percent and 3 percent, respectively, of the common stock of the reorganized company.
© Reuters 2005. All Rights Reserved.
>:( >:( >:(
UPDATE 1-Integrated Electrical considering bankruptcy
Wed Dec 14, 2005 11:53 PM ET
(Recasts, adds new details)
NEW YORK, Dec 14 (Reuters) - Integrated Electrical Services Inc. (IES.N: Quote, Profile, Research) said on Wednesday it was considering filing for bankruptcy and delayed the release of its fourth-quarter results.
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh73427_2005-12-15_04-53-34_n14283895_newsml
Wrangler,you are a very smart trader - now you look like a genius, ;) Congratulations. Profits are always profits :)
GLTA,
Gielda
Unbelievable ??? We sure didn't see this coming. I managed to sell 2000@ .71. Hopefully this will oversell in pre mkt. and have a run back up today, giving a chance to average down. This is how I will play it if it happens.Good Luck to those still in it. SETRAVIS....It was still a really good play from when you first posted on it APPLAUD,unfortunatley I DIDN'T get in then. Now lets find another good one, we have some making up to do.
Thanks for the comments and applauds but I'm just a trader like everybody else and one thing I've learned you win some and you loose some. Hope everybody luck with IES but the pre-market trading doesn't look to good but keep you're fingers crossed, you never know what might happen.
If you're looking for another play you might want to check out
ZFPI
Zone4Play, Inc. Reports Financial Results for Q3 2005
Tuesday November 22, 1:28 pm ET
WILMINGTON, Delaware, November 22 /PRNewswire-FirstCall/ -- Zone 4 Play, Inc. ("Zone4Play" or the "Company") (OTCBB:ZFPI.OB - News) a developer of interactive software and technology for the betting and gaming industry, announced the financial results for the third quarter ended September 30, 2005 subsequent to the 10-QSB report filed on November 14,2005.
Highlights for the third quarter of 2005 included:
- Total revenues for the three months ended September 30, 2005 increased by 167% to $374,451 from $140,364 for the three months ended September 30, 2004. The quarterly revenues increased on a sequential quarterly basis by 9% to US$374,451 from US$343,457 in the second quarter of 2005.
Quote from: stocks2watch2 on December 15, 2005, 09:05:04 AM
Unbelievable ??? We sure didn't see this coming. I managed to sell 2000@ .71. Hopefully this will oversell in pre mkt. and have a run back up today, giving a chance to average down. This is how I will play it if it happens.Good Luck to those still in it. SETRAVIS....It was still a really good play from when you first posted on it APPLAUD,unfortunatley I DIDN'T get in then. Now lets find another good one, we have some making up to do.
It just sends me into rage when a company runs news of this nature at mid-night. >:D
They screw the people that buy their stock. >:(
Well I did make a sell of CLST over on the penny board yesterday that will make up for this loss. Had a very nice run with that one...the bright spot for me. ;D
>:(Trading Halted
LETS LISTEN TO THE CONFERENCE CALL AND SEE WHAT HAPPENS !
HOPEFULLY THIS IS NOT ANOTHER CAFE ! ??? >:(
Called the company.......CC is postponed till????? She wouldn't give me anymore than that, said ALEX hasn't made it in yet and he is who I needed to talk to.
Ticker change to: IESRQ. Currently @.40 ! IES holders, are you keeping the stock or selling ?
Well as much as I hate OTC stocks, I 'm holding for now. So far is trading a lot better than I thought it would.
Well, I'm down 20.00% a $1,000 ::)
I going to see what happens today. >:D
The fifth letter Q added to IESRQ stands for," Bankruptcy Proceedings". Not sure what the R stands for if it was the fifth letter it would stand for," Rights" But since it's not the fifth I'm not for sure if that's the meaning.
Hope you all goodluck :)
Well were up 65% off the low of the day,pretty good turn around. ;D We might just luck out after all.
Bid-.40
Ask-.405
Volume-3920000
HOUSTON, Dec 22, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Integrated Electrical Services, Inc. (OTC Pink Sheets: IESR) today announced results for its fiscal 2005 fourth quarter and year ended September 30, 2005. Recent highlights include:
* IES has reached an agreement in principle with an ad hoc committee of
holders of a majority of its senior subordinated notes regarding a
restructuring of its debt obligations.
* IES completed its previously announced divestiture program.
* Fourth quarter 2005 backlog increased in value over the previous
quarter and in margin over the previous quarter and year.
FINANCIAL RESULTS
The company reported fourth quarter revenues of $269.9 million and a net loss for the quarter of $84.9 million or $2.16 per share. For fiscal 2005, revenues were $1.103 billion with a net loss of $129.6 million or $3.31 per share.
Fourth Quarter and Year End Results
http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cpr%5C2005%5C12%5C22%5C73703985.html%26clientid%3D168%26provider%3DPR_NEWSWIRE&symbol=IESR
Correction
http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cpr%5C2005%5C12%5C22%5C73713797.html%26clientid%3D168%26provider%3DPR_NEWSWIRE&symbol=IESR
Quote from: stocks2watch2 on December 22, 2005, 02:01:18 PM
Well were up 65% off the low of the day,pretty good turn around. ;D We might just luck out after all.
Yes, stocks2watch2. This was nice to see. Wipe out some of this red.
We may come out with some of our shirt left..... :D
IESR.PK now ! I will have to get Ramsburgh to move this one to the Penny Stock Picking Board... >:D
I'm back on the green side.....
May be I will get to keep my shirt after all ! ;D
INTEGRATED ELEC SVCS (Other OTC:IESR.PK) Delayed quote data
Last Trade: 0.54
Trade Time: 12:39PM ET
Change: 0.10 (22.73%)
Prev Close: 0.44
Open: 0.44
Bid: N/A
Ask: N/A
1y Target Est: 6.50
Day's Range: 0.43 - 0.56
52wk Range: N/A
Volume: 1,080,093
Avg Vol (3m): N/A
Market Cap: 21.21M
P/E (ttm): N/A
EPS (ttm): -3.31
Div & Yield: N/A (N/A)
Up really nice, may be I wiil get to keep more than my shirt.
Now we are looking at profits!!!! :D :D :D :D
+40.91%......Volume @.........1,652,843
Maybe you'll be able to buy some new shirts soon ;D. I'm glad I held, almost dumped it as I HATE OTC stocks :'(. They make me think back several years ago when I drove old Klunker cars....Just couldn't trust them ???. Any way I'm not making any predictions on this one now. At least it wasn't an OTC stock when I bought it. I'm still holding for now,lets see what tommorow brings us.
Looks like it is building up some steam..... ;)
We need it guys, after the way we got it stuck to us !! >:D
Well this old ''KLUNKER'' just keeps climbing it's way back up. ;D Up 19% today,up 160% from it's low on 12/22/05.
Not much being released, No News Good News ???
Bid-.62
Ask-.63
Volume-672,000
Setravis, Have you bought enough new shirts yet? LOL :D Were up another 10%.I only need 10% more to break even. If we can get back in the 70's I will probally sell half. What's your take on it now?
Quote from: stocks2watch2 on January 05, 2006, 02:54:28 PM
Setravis, Have you bought enough new shirts yet? LOL :D Were up another 10%.I only need 10% more to break even. If we can get back in the 70's I will probally sell half. What's your take on it now?
Shirts,shirts,shirts.....LOL... :D :D :D
Things are looking so much better.Indicators are looking good.MACD about to crossover centerline,RSI moving through 50,Stochastic looking good.nice volume also.
I would like to think we could make that $1..... :-\
If we can break through the 50-dma here soon, maybe there is a chance for the Buck!
Good luck to us all.
IESRQ, Out @ .72 :o Get to keep my shirt too.LOL
Has steadily moved on up.
I did get to keep my shirts, underwear,socks... :D :D :D :D
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Reaches Consensual Restructuring Agreement With Senior Subordinated Noteholders, Arranges DIP Financing, Obtains Dismissal of Shareholder Derivative Suit, and Commences Pre-Arranged Chapter 11
Tuesday February 14, 7:00 am ET
HOUSTON, Feb. 14 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (OTC Pink Sheets: IESR - News) today announced that it and all of its domestic subsidiaries have filed for Chapter 11 reorganization in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. The case was filed pursuant to an agreement with institutions that hold approximately 61% of the company's approximately $173 million outstanding, 9 3/8% senior subordinated notes due 2009 to support a consensual financial restructuring of the company through a pre-arranged chapter 11 plan of reorganization that was also filed with the Bankruptcy Court today, together with a disclosure statement. Based on this agreement, the company believes it will ultimately receive the support of the requisite body of holders of the senior subordinated notes to implement the restructuring contemplated by its Chapter 11 plan. The 61% holders include all three members of the ad hoc committee, formed to negotiate a transaction with IES. The company has requested an expedited hearing schedule from the Court to approve the disclosure statement and confirm the plan of reorganization.
The company expects to continue normal operations throughout the restructuring process. All services provided to customers and payments to vendors are expected to continue on a "business as usual" basis. Based on the high degree of support for the pre-arranged plan from the holders of its senior subordinated notes, the company believes that it will complete its restructuring quickly.
"After working with several of our creditor groups over the last several months, we are pleased to move to the next stage of our restructuring. During that time, we have made the necessary preparations to make sure that our restructuring does not interfere with the services we provide to our customers," announced Byron Snyder, IES' chairman, president and chief executive officer.
"The economic terms of the proposed plan of reorganization are unchanged from the previously announced agreement in principle with the ad hoc committee, although the financial restructuring will be accomplished through a pre-arranged chapter 11 plan instead of the previously discussed prepackaged plan of reorganization. This will allow earlier access to the $80 million debtor-in-possession financing facility that we have successfully negotiated, increasing our liquidity. It will also give us the ability to provide more assurance and protection to our vendors and customers and to obtain additional surety bonding."
Debtor-in-Possession Financing
In connection with the commencement of its bankruptcy case, IES is seeking Bankruptcy Court approval for its $80 million debtor-in-possession financing ("DIP") facility with Bank of America. Subject to the approval of the Bankruptcy Court, the DIP facility will be comprised of an $80 million revolving credit facility, with a $72 million sub-limit for letters of credit, and will supplement the company's existing liquidity and allow IES to meet its obligations related to the operation of its businesses, fulfill its payroll obligations and pay vendors for goods and services. The company has also reached an agreement with its primary surety bond provider, Federal Insurance Company, to obtain additional surety bonding during the Chapter 11 cases, subject to Bankruptcy Court approval.
"IES' operating cash, together with the amounts obtained under its DIP facility and its additional bonding capacity, will enable it to operate its business and emerge from bankruptcy stronger, more streamlined, and in a better position to achieve its business goals," said Snyder. "I am deeply appreciative of the continued support of Bank of America and Federal Insurance Company."
The IES Plan
Under IES' proposed plan of reorganization:
-- the holders of the company's senior convertible notes will be
refinanced from the proceeds of a term exit facility;
-- the holders of the company's senior subordinated notes will receive, in
exchange for their total claims (including principal and accrued and
unpaid interest), an aggregate of approximately 82% of the fully
diluted new common stock of the reorganized IES (before giving effect
to a new employee stock option plan);
-- the company's existing common stockholders will receive, in exchange
for their existing shares, an aggregate of approximately 15% of the
fully diluted new common stock of the reorganized IES (before giving
effect to a new employee stock option plan);
-- the company's management and employees will receive grants of an
aggregate of approximately 3% of the fully diluted new common stock of
the reorganized IES (before giving effect to a new employee stock
option plan), in the form of restricted stock grants that will vest
over time; and
-- the company's other obligations under trade credit extended to the
company by its vendors and suppliers will be unimpaired and will all be
paid in full, on regular terms, whether such obligations relate to pre-
or post-filing periods.
On the effective date of a plan of reorganization, the sole equity interests in reorganized IES will consist of new common stock issued to the holders of the senior subordinated notes and the existing holders of common stock, and the restricted stock grants that can be earned over time to be issued to management and employees. In addition, a new employee stock option plan will be adopted on the effective date that will provide for the future issuance, as and when determined by the board of directors, of options that may be issued to employees, to purchase up to 10% of the new common stock of the reorganized IES.
Snyder noted, "This plan of reorganization is positive news for all of IES' employees, customers and vendors. By allowing IES to exchange 100% of the senior subordinated notes for new equity, our plan will reduce the company's debt balance by approximately $173 million and allow IES to emerge as a financially stronger, more efficient company."
Following approval of IES' disclosure statement by the Bankruptcy Court, the company will formally solicit approval of its plan of reorganization from the holders of its senior subordinated notes, common stock and senior convertible debt. Solicited parties will receive a disclosure statement and a copy of the IES plan of reorganization.
Continued Payments During Chapter 11
In addition to the filing of the chapter 11 petitions and the plan of reorganization, IES asked the Bankruptcy Court to consider several "first day" motions on an expedited basis benefiting its employees, vendors, service providers, customers, and other stakeholders. The company has asked for the Bankruptcy Court's permission to continue paying its employees' salaries and benefits, and its vendors; to maintain its cash management systems; and to obtain DIP financing with Bank of America. With respect to its vendors, the company has requested authority from the Bankruptcy Court to pay all of its vendors in the ordinary course of business, whether their claims arose prior to or after the filing of the Chapter 11 cases.
Management and Advisors
Under the terms of the plan, Byron Snyder will continue as the company's chairman, president and chief executive officer until a successor is selected or as otherwise determined by the board of directors. The company's board of directors will begin a search for a successor shortly. Mr. Snyder said, "Over the past few quarters, we have accomplished the necessary actions for this company to truly succeed both now and into the future. These are the actions I committed to accomplish when I agreed to assume the position of president and CEO last June. We have refinanced the senior secured credit facility and renegotiated certain leases where prudent. In addition, although subject to appeal, we have obtained the dismissal at the trial level of the shareholder class action and derivative lawsuits. The final item I committed to accomplish was the restructuring and strengthening of the company's balance sheet for our success going forward, and today's pre-arranged chapter 11 filing is the next step in achieving that goal."
"I will continue as IES' chairman, president and chief executive officer for the near term, but with the end of my mission in sight, I have agreed that IES should begin a search for a new CEO to lead the company in the future. Accordingly, the IES board of directors will begin this search shortly."
Mr. Donald P. Hodel resigned from the board of directors on Monday, February 13, 2006. "Don has been a valued director since the beginning of IES, and it was with much regret that the board accepted his resignation. Don's other business activities were taking an increasing amount of his time and the board understood his wishes. He will be missed as a board member," added Mr. Snyder.
The board determined to remain at six members with a vacancy for Mr. Hodel's position. The board of directors will review its committees and make a determination on size of the board at a later meeting.
IES is also pleased to announce the dismissal of the shareholder derivative action styled Radek v. Allen, et al., No. 2004-48577, in the 113th Judicial District Court, Harris County, Texas, on Friday, February 10, 2006.
In addition, Sanford R. Edlein of Glass & Associates will continue as the Chief Restructuring Officer of IES through the end of the bankruptcy, and the company's other senior officers have agreed to remain in place. In connection with the financial restructuring of the company, the company has been represented by Gordian Group LLC as financial advisors and Vinson & Elkins L.L.P. as legal advisors. The ad hoc committee of senior subordinated noteholders has been represented by Conway Del Genio Gries & Co. LLC as financial advisors and by Weil, Gotshal & Manges LLP as legal advisors.
For more information regarding this release, visit the company's website at http://www.ies-co.com or call (713) 860-8001. Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
This Press Release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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, the company's inability to obtain in Bankruptcy Court the confirmation of its plan of reorganization and the approval of necessary orders for the conduct of its business while in bankruptcy, the company's inability to complete a financial restructuring on terms acceptable to the company or at all, the company's ability to continue as a going concern, the inherent uncertainties relating to estimating future operating results or our ability to generate sales, operating income, or cash flow, potential difficulty in addressing a material weakness in the company's accounting systems that has been identified by the company and its independent auditors, potential limitations on our ability to access the credit line under our credit facility, litigation risks and uncertainties, fluctuations in operating results because of downturns in levels of construction, inaccurate estimates used in entering into and executing contracts, difficulty in managing the operation of existing entities, the high level of competition in the construction industry both from third parties and ex-employees, changes in interest rates that could effect the level of construction, the general level of the economy, increases in costs or limitations on availability of labor, steel, copper and gasoline, limitations on the availability and the increased costs of surety bonds required for certain projects, inability to provide sufficient bonding needed for available work, risk associated with failure to provide surety bonds on jobs where we have commenced work or are otherwise contractually obligated to provide surety bonds, loss of key personnel, business disruption and costs associated with the Securities and Exchange Commission investigation now pending and other litigation that may arise from time to time, unexpected liabilities associated with warranties or other liabilities attributable to the retention of the legal structure or retained liabilities of business units where we have sold substantially all of the assets, inability to fulfill the terms of any debtor-in-possession credit facility or exit facility, inability of subsidiaries to incorporate new accounting, control and operating procedures, inaccuracies in estimating revenues and percentage of completion on contracts, disruptions or inability to effectively manage work related to Hurricane Katrina and Rita and the expected increase in construction; lack of an established trading market for the company's new class of common stock contemplated by the company's plan of reorganization; inability to successfully restructure our operations to reduce operating losses; and unexpected weather interference. You should understand that the foregoing as well as other risk factors discussed in our filings with the SEC, including those listed under the heading "Risk Factors" contained in our annual report on Form 10-K for the fiscal year ended September 30, 2005, could cause results to differ materially from those expressed in such forward looking statements. We undertake no obligation to publicly update or revise information concerning the company's restructuring efforts, borrowing availability, its cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
General information about us can be found at http://www.ies-co.com under "Investor Relations." Our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after we file them with, or furnish them to, the SEC.
Contacts: C. Byron Snyder - Chairman, President & CEO
Integrated Electrical Services, Inc.
713-860-8001
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
--------------------------------------------------------------------------------
Source: Integrated Electrical Services, Inc.
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Announces Entry of Court Orders
Tuesday February 21, 6:00 am ET
HOUSTON, Feb. 21 /PRNewswire-FirstCall/ -- As previously announced, Integrated Electrical Services, Inc. (OTC Pink Sheets: IESRQ - News) and all of its domestic subsidiaries filed for chapter 11 protection in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division on February 14, 2006.
Subsequent to the filing of chapter 11 petitions and its proposed pre- arranged chapter 11 plan of reorganization, IES asked the Bankruptcy Court to hear a series of "first day" motions on an expedited basis, benefiting its employees, vendors, service providers, customers and other stakeholders. The company asked for and received from the Bankruptcy Court interim orders allowing IES to continue paying its employees' salaries and benefits; to continue paying its vendors and other general unsecured creditors in the ordinary course of business; to maintain its current cash management systems and bank accounts; to obtain DIP financing with Bank of America; and to obtain DIP bonding with Federal Insurance Company.
"We are very pleased with the relief granted by the Bankruptcy Court. These orders should allow us to continue to conduct our business operations, including paying our vendors, during the pendency of our prearranged chapter 11 cases in the ordinary course," said Byron Snyder, IES' chairman, president, and chief executive officer.
Copies of these orders, all other documents filed with the Bankruptcy Court, a list of upcoming deadlines and other important information may be obtained free of charge by visiting http://www.velaw.com/mcso/clients/ies.asp. All documents filed in the cases may also be viewed electronically on the PACER system at http://ecf.txnb.uscourts.gov and are on file with the Clerk of the Bankruptcy Court, Earle Cabell Building, U.S. Courthouse, 1100 Commerce Street - Room 1254, Dallas, TX 75242, where they are available for review between the hours of 8:30 a.m. - 4:30 p.m. The staff of the bankruptcy clerk's office cannot give legal advice.
For more information regarding this release, visit the company's website at http://www.ies-co.com or call (713) 860-8001.
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
This Press Release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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, the Company's inability to obtain in Bankruptcy Court the confirmation of its plan of reorganization and the approval of necessary orders for the conduct of its business while in bankruptcy, the Company's inability to complete a financial restructuring on terms acceptable to the Company or at all, the Company's inability to deal with concerns of vendors, customers or employees during the bankruptcy process causing disruption to business or cash flows, the Company's ability to continue as a going concern, the inherent uncertainties relating to estimating future operating results or our ability to generate sales, operating income, or cash flow, potential difficulty in addressing a material weakness in the Company's accounting systems that has been identified by the Company and its independent auditors, potential limitations on our ability to access the credit line under our credit facility, litigation risks and uncertainties, fluctuations in operating results because of downturns in levels of construction, inaccurate estimates used in entering into and executing contracts, difficulty in managing the operation of existing entities, the high level of competition in the construction industry both from third parties and ex-employees, changes in interest rates that could effect the level of construction, the general level of the economy, increases in costs or limitations on availability of labor, steel, copper and gasoline, limitations on the availability and the increased costs of surety bonds required for certain projects, inability to provide sufficient bonding needed for available work, risk associated with failure to provide surety bonds on jobs where we have commenced work or are otherwise contractually obligated to provide surety bonds, loss of key personnel, business disruption and costs associated with the Securities and Exchange Commission investigation now pending and other litigation that may arise from time to time, unexpected liabilities associated with warranties or other liabilities attributable to the retention of the legal structure or retained liabilities of business units where we have sold substantially all of the assets, inability to fulfill the terms of any debtor-in-possession credit facility or exit facility, inability of subsidiaries to incorporate new accounting, control and operating procedures, inaccuracies in estimating revenues and percentage of completion on contracts, disruptions or inability to effectively manage work related to Hurricane Katrina and Rita and the expected increase in construction; lack of an established trading market for the Company's new class of common stock contemplated by the Company's plan of reorganization; inability to successfully restructure our operations to reduce operating losses; and unexpected weather interference. You should understand that the foregoing as well as other risk factors discussed in our filings with the SEC, including those listed under the heading "Risk Factors" contained in our annual report on Form 10-K for the fiscal year ended September 30, 2005, could cause results to differ materially from those expressed in such forward looking statements. We undertake no obligation to publicly update or revise information concerning the Company's restructuring efforts, borrowing availability, its cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
General information about us can be found at http://www.ies-co.com under "Investor Relations." Our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after we file them with, or furnish them to, the SEC.
Contacts: C. Byron Snyder - Chairman, President & CEO
Integrated Electrical Services, Inc.
713-860-8001
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
--------------------------------------------------------------------------------
Source: Integrated Electrical Services, Inc.
Get us all up-to-date with all the going's on...... ;)
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Reports Fiscal 2006 First Quarter Results
Thursday February 9, 9:32 pm ET
HOUSTON, Feb. 9 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (OTC Pink Sheets: IESR - News) today announced results for its fiscal 2006 first quarter ended December 31, 2005. Recent highlights include:
* Revenue of $259.1 million and operating income of $3.9 million
recorded for the quarter.
* Gross margin of 14.2% in the first quarter of fiscal 2006, increasing
from 12.8% in the fiscal 2005 first quarter and from 9.4% in the
fiscal 2005 fourth quarter.
* First quarter 2006 backlog of $378.3 million, increasing from
$372.6 million in the prior quarter.
FINANCIAL RESULTS
Total revenues decreased $6.3 million, or 2.4%, from $265.4 million for the first fiscal quarter of 2005, to $259.1 million for the first fiscal quarter of 2006. This decrease in revenues is primarily the result of a decrease of $23.6 million in the company's Commercial / Industrial segment revenues and an increase of $17.3 million in Residential revenues for the first fiscal quarter of 2006.
Gross profit increased $2.9 million, or 7.9%, from $34.0 million for the first fiscal quarter of 2005 to $36.9 million for the first fiscal quarter of 2006. Gross profit margin as a percentage of revenues increased from 12.8% to 14.2% for the first fiscal quarter of 2005 compared to the first fiscal quarter of 2006. The increase in gross margin was primarily due to increased profitability in the Commercial / Industrial segment.
Selling, general and administrative expenses decreased $1.6 million, or 4.9%, from $34.4 million for the first fiscal quarter of 2005 to $32.9 million for the first fiscal quarter of 2006. Selling, general and administrative expenses as a percentage of revenues remained constant at 13.0% for the first fiscal quarter of both 2005 and 2006. Employment expenses decreased $1.0 million due to a reduction in work force. Depreciation expense decreased $0.5 million as a result of the impairment and write down of assets according to SFAS No. 144, "Accounting for the Impairment or Disposal of Long-lived Assets" recorded in fiscal year 2005. There were also reductions of $0.6 million in occupancy expense as a result of the consolidation of offices and renegotiation of certain leases, $0.4 million in travel and entertainment and $0.5 million in insurance expense. These reductions were partially offset by additional costs incurred of $1.1 million for legal fees during the first fiscal quarter of 2006 resulting from litigation. An additional $0.4 million for consulting and legal expenses was incurred during the first fiscal quarter of 2006 related to the company's restructuring efforts.
Income from operations increased $4.3 million from an operating loss of $0.4 million for the first fiscal quarter of 2005 to $3.9 million for the first fiscal quarter of 2006. This increase in income from operations was attributed to increased demand for new single-family and multi-family housing and non-bonded work during the first fiscal quarter of 2006 over the same period in the prior year and the decrease in selling, general and administrative costs of $1.6 million during the first fiscal quarter of 2006. The net loss for the first quarter of fiscal 2006 was $1.8 million, a $15.8 million improvement from the net loss of $17.6 million in the first quarter of 2005.
SEGMENT INFORMATION
Segment revenues for Commercial / Industrial work in the first quarter of
2006 were $168.8 million at a gross margin of 12.0%, declining 12% from
$192.0 million at a 10.2% gross margin the prior year. The decline in revenue
in the Commercial / Industrial segment is largely due to the closing of the
plant and utility division at one unit and the downsizing of certain other
Commercial / Industrial units. The Residential segment delivered revenues of
$90.3 million with a gross margin of 18.5% in the fiscal 2006 first quarter,
growing 23% from $73.4 million with 19.6% gross margin the same quarter of the
previous year. Residential revenues as a percent of total revenues increased
to 35% in the first quarter of 2006 from 28% in the same quarter of fiscal
2005.
Commercial/ Corporate Discontinued
Industrial Residential & Other Operations Total
FY 2006
1st Quarter
Revenues $168.8 $90.3 $259.1
Gross profit $20.2 $16.7 $36.9
Operating income
(loss) from
continuing
operations $5.4 $6.7 ($8.2) $3.9
EBITDA $6.3 $7.0 ($7.6) $0.5 $6.2
Commercial/ Corporate Discontinued
Industrial Residential & Other Operations Total
FY 2005
1st Quarter
Revenues $192.0 $73.4 $265.4
Gross profit $19.6 $14.4 $34.0
Operating income
(loss) from
continuing
operations $3.1 $4.4 ($8.0) ($0.5)
EBITDA $4.7 $4.7 ($7.1) ($1.6) $0.7
BACKLOG AND BONDING
Backlog related to continuing operations increased to $378 million from $373 million at the end of the previous quarter. Gross margin in backlog was 12.9% in the first quarter of 2006, staying flat as compared to the 12.9% at September 30, 2005. The company continues to focus on short term, higher margin projects as well as non-bonded jobs, which has helped improve the margin in backlog by approximately 120 basis points over the last 12 months. Bonded backlog has decreased quarter over quarter from $85.3 million in September 2005 to $56.5 million in December 2005, though total backlog increased in that same period.
The company continues to have limited bonding availability. Since September 30, 2005, the company has obtained $21.3 million in new surety bonds.
DIVESTITURES
IES has completed its previously announced divestiture program with the sale of one Commercial / Industrial business unit in the first quarter of fiscal 2006. The sale of this unit, based in South Carolina, was disclosed in an 8-K filing on December 13, 2005 as well as in the fiscal 2005 year end earnings release.
Since the start of the program in October 2004, IES sold 14 units, primarily operating in the Commercial / Industrial market, for total cash proceeds to date of $56.8 million and retained assets and receivables of $4.4 million and has closed two units. These 16 units had combined net revenues of $154.1 million and operating losses of $12.9 million in fiscal 2005.
DEBT AND LIQUIDITY
Total net debt was $223.1 million at the end of the fiscal 2006 first quarter and was $241.6 million at the end of the fiscal 2005 first quarter. As of February 9, 2006, total net debt remains at $223.1 million.
IES is committed to reducing the working capital consumed in its business by continuing to focus on improving cash collections in all of its units. As of February 9, 2006, unrestricted cash totaled approximately $22.8 million. In addition, the company has posted $20.8 million of additional cash collateral with its senior lender, for total cash of $43.6 million.
Interest and other expense, net, decreased 38% from $9.5 million for the first quarter ended December 31, 2004 to $5.8 million for the first quarter ended December 31, 2005, primarily due to a $2.6 million non-cash charge for marking to market the convertible bond issue in the first quarter of fiscal 2005.
AMENDMENTS TO THE CREDIT FACILITY
On January 3, 2006 and effective as of December 30, 2005, the company entered into an amendment that eliminated the fixed charge coverage ratio test for the period ending November 30, 2005 and provided that the test for the period ending December 31, 2005 would not be made until IES' delivery of financial statements covering such period on or before January 16, 2006. The amendment further provided a limited waiver of any Event of Default that would otherwise exist with respect to the audited annual financial statements for the period ending September 30, 2005.
On January 16, 2006, IES entered into a further amendment of the credit facility, which extended the deadline for the submission of financial statements covering the period ending December 31, 2005 from January 16, 2006 to January 20, 2006. On January 20, 2006, the company entered into an additional amendment of the credit facility, which further extended the deadline for the submission of financial statements covering the period ending December 31, 2005 from January 20, 2006 to January 26, 2006.
On January 27, 2006, IES disclosed that it had not met the Fixed Charge Coverage Ratio Test for the period ending December 31, 2005 and therefore was in default under the credit agreement. On that day, the Company entered into a Forbearance Agreement under which Bank of America agreed to forbear from exercising its rights and remedies under the credit agreement and related agreements from January 27, 2006 through the earliest to occur of (i) 5:00 pm CST on February 28, 2006 or (ii) the date that any forbearance default occurs. Notwithstanding the forbearance, Bank of America had the right to send a "blockage notice" to the trustee of the Company's Senior Subordinated Notes preventing any payments from being made on such notes and sent such a notice on January 26, 2006. Lastly, under the Forbearance Agreement, Bank of America has no obligation to make any loans or otherwise extend any credit to the company under the credit agreement. Any agreement by Bank of America to make any loans or otherwise extend any further credit shall be at the sole discretion of Bank of America.
UPDATE ON FINANCIAL RESTRUCTURING
During 2005, IES announced its intention to strengthen and de-lever its balance sheet in order to improve overall capital structure. As part of this initiative, the company is seeking to reduce its long term debt, which will result in an increase in free cash flow from a reduction in cash interest expense. By strengthening the balance sheet in this manner, the company expects to improve its credit ratings and enhance its surety bonding capability. To facilitate these efforts, IES announced on November 2, 2005 that it had retained Gordian Group, LLC as a financial advisor. Gordian Group, LLC is a New York based investment bank with expertise in developing capital market alternatives and providing financial advisory services.
As a result of the foregoing, IES commenced discussions with an ad hoc committee of holders of approximately $101 million, or 58%, of its $172.9 million principal amount senior subordinated notes outstanding due 2009 regarding a consensual restructuring of the company's debt obligations (the "Restructuring"). On December 14, 2005, IES announced that it had reached a non-binding agreement in principle with the ad hoc committee on a potential restructuring pursuant to which the senior subordinated note holders would receive, in exchange for all of their notes, shares representing approximately 82% of the common stock of the reorganized company. Holders of IES' outstanding common stock and management would retain or receive shares representing approximately 15% and 3%, respectively, of the common stock of the reorganized company.
The agreement in principle contemplates that IES' customers, vendors and trade creditors would not be impaired by the restructuring and would be paid in full in the ordinary course of business and that its senior convertible notes, with a current aggregate principal amount outstanding of approximately $50 million, would be reinstated or the holders otherwise provided the full value of their note claims. It is also contemplated that IES' senior bank credit facility would be reinstated or refinanced at the time of the restructuring.
If the Restructuring were to be consummated, the proposed plan currently contemplates the filing of a pre-arranged Chapter 11 plan of reorganization in order to achieve the exchange of all of the senior subordinated notes for equity. Approval of a proposed plan in a pre-arranged proceeding would likely require, among other things, the affirmative vote of the holders of at least two-thirds in claim amount and one-half in number of the senior subordinated notes that vote on the plan. IES would seek to enter into a plan support agreement with the holders of a majority of its Senior Subordinated Notes and then formally solicit votes for a proposed joint plan of reorganization to be filed upon or shortly after filing voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code.
There is no assurance that IES will successfully complete the Restructuring or any other restructuring. At this time neither the agreement in principle nor any other proposed restructuring terms have been agreed to by the requisite holders of the senior subordinated notes, or any other creditor constituency. The agreement in principle is subject to the negotiation of definitive documentation, approval by the requisite note holders and a court in a Chapter 11 proceeding and customary closing conditions. Because the agreement in principle is not binding and because there is no assurance it will be consummated, IES continues to evaluate other alternatives for restructuring. In addition, the company may be forced by its creditors to seek the protection of federal bankruptcy law. If IES consummates any restructuring, it may do so outside of bankruptcy, in a pre-arranged Chapter 11 proceeding or in another proceeding under federal bankruptcy law. Any restructuring could cause the holders of the company's outstanding securities, including its common stock, senior subordinated notes and senior convertible notes, to lose some or all of the value of their investment in IES' securities. Furthermore, such restructuring could result in material changes in the nature of IES' business and material adverse changes to the company's financial condition and results of operations.
OUTLOOK
IES' independent registered public accounting firm, Ernst & Young LLP, included a going concern modification in its audit opinion on the company's consolidated financial statements for the fiscal year ending September 30, 2005 included in its Form 10-K as a result of operating losses during fiscal 2005, the non-compliance with certain debt covenants as of September 30, 2005 and the potential non-compliance with certain debt covenants subsequent to September 30, 2005. Each of the efforts that the company is currently undertaking to address this uncertainty, including the Restructuring and implementation of Successful Projects processes, is expected to have an impact on the company's liquidity and capital resources.
The company expects that any restructuring of its capital structure would de-lever, and therefore strengthen, its balance sheet, including the proposed Restructuring set forth in its non-binding agreement in principle with the ad hoc committee of note holders described above. The proposed Restructuring, if consummated, would result in the company's $172.9 million principal amount senior subordinated notes being exchanged for common stock and for the reinstatement or refinancing of its $50 million principal amount senior convertible notes and its bank credit facility. In addition, as described above, the agreement in principle contemplates that IES' customers, vendors and trade creditors would not be impaired by a restructuring and would be paid in full in the ordinary course of business. The company's liquidity may not improve or may be adversely affected, however, until its restructuring is consummated. There is no certainty as to when or if any restructuring will be consummated.
While IES expects to reach consensual agreement with the holders of its $50 million senior convertible notes and refinance its facility, the company may be de-listed from the NYSE. If the company's common stock is de-listed from the NYSE and its has not reached agreement with these note holders, the holders of IES' senior convertible notes would have the right, beginning 35 business days after de-listing, to put their notes back to IES. IES would likely not be able to pay the principal and accrued interest on those notes if put to the company. Additionally, its new credit facility restricts its ability to repurchase these notes. The inability to repurchase these notes and the limitations in its new credit facility to repurchase these notes could affect the success of any plan of reorganization contemplated by the company without an agreement with the holders of the senior convertible notes. Absent an agreement with the holders of the senior convertible notes to any pre- arranged Chapter 11 plan that may be filed, IES would seek to reinstate the notes or give the senior convertible note holders property equal to the full value of their note claims. The company does not presently have an agreement with any of the holders of the senior convertible notes to the agreement in principle or any other proposed restructuring plan. In addition, IES' liquidity may be negatively affected by a failure to obtain an amendment to its new bank credit facility.
IES expects to generate cash flow from operations and borrowings under its credit facility. The company's cash flows from operations tend to track with the seasonality of its business and historically have improved in the latter part of the company's fiscal year. IES anticipates that these combined cash flows including those resulting from successful completion of the proposed restructuring will provide sufficient cash to enable it to meet working capital needs, debt service requirements and capital expenditures for property and equipment through the next twelve months. The company expects capital expenditures of approximately $6.0 million for the fiscal year ending September 30, 2006. Its ability to generate cash flow is dependent on the successful completion of the proposed Restructuring and many other factors, including demand for the company's products and services, the availability of projects at margins acceptable to it, the ultimate collectibility of its receivables and the ability to borrow pursuant to its credit facility.
For the fiscal year ended September 30, 2006, IES expects to generate $900-$950 million in revenue, $9-$12 million in operating income, and $16-$19 million in EBITDA. The principal difference between EBITDA and operating income is depreciation and amortization expense.
EBITDA RECONCILIATION
IES has disclosed in this press release EBITDA amounts that are non-GAAP financial measures. Management believes EBITDA provides useful information to investors as a measure of comparability to peer companies. However, these calculations may vary from company to company, so IES' computations may not be comparable to other companies. EBITDA is also one of the measures that is used in determining compliance with the company's senior secured credit facility. A reconciliation of EBITDA to net income is found in the tables below.
First Quarter FY 2006 FY 2005
Continuing Operations:
Net Loss ($2.1) ($10.1)
Interest Expense 5.9 9.1
Provision for Income Taxes 0.2 0.2
Depreciation and Amortization 1.7 2.5
Goodwill Impairment --- 0.6
EBITDA for Continuing Operations $5.7 $2.3
EBITDA for Discontinued Operations $0.5 ($1.6)
Total EBITDA $6.2 $0.7
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
This Press Release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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, the Company's inability to complete a financial restructuring on terms acceptable to the Company or at all, the Company's ability to continue as a going concern, the inherent uncertainties relating to estimating future operating results or our ability to generate sales, operating income, or cash flow, potential difficulty in addressing a material weakness in the Company's accounting systems that has been identified by the Company and its independent auditors, potential limitations on our ability to access the credit line under our credit facility, litigation risks and uncertainties, fluctuations in operating results because of downturns in levels of construction, inaccurate estimates used in entering into and executing contracts, difficulty in managing the operation of existing entities, the high level of competition in the construction industry both from third parties and ex-employees, changes in interest rates that could effect the level of construction, the general level of the economy, increases in costs or limitations on availability of labor, steel, copper and gasoline, limitations on the availability and the increased costs of surety bonds required for certain projects, inability to reach agreements with our surety companies to provide sufficient bonding capacity, risk associated with failure to provide surety bonds on jobs where we have commenced work or are otherwise contractually obligated to provide surety bonds, loss of key personnel, business disruption and costs associated with the Securities and Exchange Commission investigation, class-action litigation or shareholder derivative action now pending, unexpected liabilities associated with warranties or other liabilities attributable to the retention of the legal structure or retained liabilities of business units where we have sold substantially all of the assets, inability to fulfill the terms or meet the required financial covenants of the credit facility, difficulty in integrating new types of work into existing subsidiaries, inability of subsidiaries to incorporate new accounting, control and operating procedures, inaccuracies in estimating revenues and percentage of completion on contracts, disruptions or inability to effectively manage work related to Hurricane Katrina and Rita and the expected increase in construction, the Company's failure to satisfy the listing requirements of the NYSE, the suspension from trading of the Company's common stock on the NYSE, the NYSE's commencement of efforts to de-list the Company's common stock and the Company's potential failure to appeal these efforts successfully, if de-listed from the NYSE and the senior unsecured note holders demand repayment of their notes the Company's potential inability to pay the debt and accrued interest, inability to modify, restructure or replace the Company's substantial debt; inability to successfully restructure our operations to reduce operating losses; inability to restructure the debt or reach agreement with the secured lender at the end of the forbearance and the secured lender accelerating obligations under the existing agreement; inability to reach agreement on a DIP facility required for bonding and credit facility during a bankruptcy filing; the potential for senior convertible debt holders to force payment for their debt that they allege was due February 7, 2006; a material default in one or more of the Company's credit agreements which is not waived or rectified and unexpected weather interference. You should understand that the foregoing as well as other risk factors discussed in our filings with the SEC, including those listed under the heading "Risk Factors" contained in our annual report on Form 10-K for the fiscal year ended September 30, 2005, could cause results to differ materially from those expressed in such forward looking statements. We undertake no obligation to publicly update or revise information concerning the Company's restructuring efforts, borrowing availability, its cash position or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
General information about us can be found at http://www.ies-co.com under "Investor Relations." Our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, as well as any amendments to those reports, are available free of charge through our website as soon as reasonably practicable after we file them with, or furnish them to, the SEC.
Tables to follow
INTEGRATED ELECTRICAL SERVICES, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
December 30,
2004 2005
(unaudited)
Revenues $265,403 $259,054
Cost of services (including depreciation) 231,449 222,187
Gross profit 33,954 36,867
Selling, general and administrative expenses 34,417 32,932
Income/(loss) from operations (463) 3,935
Other (income)/expense:
Interest expense 9,137 5,882
Other, net 314 (53)
9,451 5,829
Loss before income taxes (9,914) (1,894)
Provision for income taxes 167 211
Net loss from continuing operations $(10,081) $(2,105)
Discontinued operations
Income/(loss) from discontinued operations (7,390) 506
Provision for income taxes 137 199
Net Income/(loss) from discontinued
operations (7,527) 307
Net loss $(17,608) $(1,798)
Earnings per share:
Basic loss per share from continuing
operations $(0.26) $(0.05)
Basic earnings/(loss) per share from
discontinued operations $(0.20) $0.01
Basic loss per share $(0.46) $(0.04)
Diluted loss per share from continuing
operations $(0.26) $(0.05)
Diluted earnings/(loss) per share from
discontinued operations $(0.20) $0.01
Diluted loss per share $(0.46) $(0.04)
Shares used in the computation of earnings
(loss) per share:
Basic 38,666 39,248
Diluted 38,666 39,248
Selected Balance Sheet Data: 09/30/05 12/31/05
(audited) (unaudited)
Cash and Cash Equivalents $28,349 $24,879
Working Capital (32,687) (33,489)
Goodwill, net 24,343 24,343
Total Assets 416,372 400,203
Total Debt 223,884 223,991
Total Stockholders' Equity 15,859 14,502
Selected Cash Flow Data: Three Months Ended
12/31/04 12/31/05
(unaudited) (unaudited)
Cash provided by (used in)
operating activities $(9,104) $1,112
Cash provided by (used in)
investing activities 10,652 (4,561)
Cash provided by (used in)
financing activities 7,892 (21)
Contacts: David A. Miller, CFO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
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Source: Integrated Electrical Services, Inc.
Press Release Source: Integrated Electrical Services, Inc.
Integrated Electrical Services Announces Its Participation in Extreme Home Makeover and Introduces IBAY
Wednesday March 1, 12:43 pm ET
HOUSTON, March 1 /PRNewswire-FirstCall/ -- Integrated Electrical Services, Inc. (OTC Pink Sheets: IESRQ - News; "IES") today announced that one of its affiliate companies, Newcomb/IES of Roanoke, Virginia, participated in ABC's Extreme Makeover: Home Edition. The episode aired on ABC Sunday, February 12, 2006.
Carol Crawford, former ballerina and mother of two sons, was chosen from among thousands of applicants to have her home in Blacksburg, Virginia rebuilt. The team's goal was to build a more handicap accessible home for Ms. Crawford, who has multiple sclerosis. Newcomb/IES donated over $75,000 worth of materials, equipment and labor to the project. Not only did Newcomb/IES perform all of the electrical contracting work for the home, it also completed the plumbing, data communications and HVAC systems. Working 24 hours a day from Tuesday through Saturday (with average outdoor temperatures less than 30 degrees), Newcomb/IES contributed approximately 2,000 man hours to ensure the home was completed on schedule.
IES has developed and implemented two new internal web-based programs to enhance its operational efficiency. The first initiative is an Intranet web- based asset management system -- called IES IBAY -- designed to optimize asset usage among all of the IES affiliate companies. This program enables IES affiliate companies to view and acquire needed equipment, tools or vehicles from an online database which is populated by resources and materials from sister companies. IES has partnered with Fleet Response, a leader in custom- designed fleet management systems, to develop and link the vehicle portion of IBAY, thus maximizing the vehicle and heavy equipment utilization among affiliate companies.
IES' second initiative is IES University which provides timely and user- friendly training to its nationwide workforce through IES' Intranet.
Integrated Electrical Services, Inc. is a national provider of electrical solutions to the commercial and industrial, residential and service markets. The company offers electrical system design and installation, contract maintenance and service to large and small customers, including general contractors, developers and corporations of all sizes.
Contacts: C. Byron Snyder - Chairman, President & CEO
Integrated Electrical Services, Inc.
713-860-8001
Ken Dennard /
[email protected] Karen Roan /
[email protected] DRG&E
713-529-6600
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Source: Integrated Electrical Services, Inc.