Integrated Electrical Services (IES), a nationwide provider of electrical and communications services, today reported a net loss of $3.2 million for its fiscal third quarter ended June 30. The company’s revenues hit $116.1 million for the quarter.
Commenting on the results, James Lindstrom, chairman and chief executive officer said, “The employees of IES have delivered another quarter of revenue growth, profitability improvement and positive cash flow from operations. The strength of our business is also demonstrated by our backlog, which exceeded our internal expectations.”
The company’s backlog was approximately $229 million as of June 30, a $49 million increase from March 31.
IES said operating cash flow was positive $5.9 million over the prior 12 months as compared to negative $20.5 million of operating cash flow in the same period a year ago.
The company expects to complete its 2011 Restructuring Plan early in fiscal 2013 and estimates that costs associated with the restructuring will not exceed $5.5 million in the aggregate. As of June 30, 2012, the company had incurred restructuring expenses of $4.9 million, $0.2 million of which was incurred in the third quarter of fiscal 2012.
The Houston-based company has more than 2,300 employees across the United States.Tagged with tED