UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 20, 2001
Commission File No. 001-13783
INTEGRATED ELECTRICAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 76-0542208
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1800 West Loop South
Suite 500
Houston, Texas 77027
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (713) 860-1500
ITEM 5. OTHER EVENTS
On December 20, 2001, Integrated Electrical Services, Inc. issued the following
press release:
INTEGRATED ELECTRICAL SERVICES
ANNOUNCES PRELIMINARY FIRST QUARTER OUTLOOK
HOUSTON -- DECEMBER 20, 2001 -- Integrated Electrical Services, Inc. (NYSE: IEE)
announced today that it expects first fiscal quarter revenues of approximately
$375 million to $385 million and earnings before interest, taxes, depreciation
and amortization (EBITDA) of approximately $6 million to $8 million. Fully
diluted earnings per share for the quarter are expected to be $0.01 to $0.03
before restructuring charges. This estimate excludes one-time restructuring
charges of $0.06, which IES expects to take in the first fiscal quarter and
includes the elimination of goodwill amortization from the adoption of SFAS 142.
These estimates are lower than originally expected due to continued difficulties
in the communications group. The company is not revising full year guidance of
diluted earnings per share of $0.85 to $0.95.
"Our communications business has delivered results below our expectations," said
President and CEO Roddy Allen. "In light of the continued weakening
communications marketplace, we conducted a thorough management review of those
operations. The results are a downsizing and reorganization of the
communications group, bringing it into our existing electrical operations under
an experienced management team. Further, we continue to assess all our
operations and to cut costs where appropriate. The realignment, coupled with the
SG&A reductions across the company, will give us the flexibility to manage
successfully through the current economic downturn the nation is experiencing.
We believe this back to basics strategy of proactively managing costs and
focusing on our core businesses of electrical contracting, complemented by our
communications contracting business is the right strategy for these economic
times."
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CONFERENCE CALL
Integrated Electrical Services has scheduled a conference call for Friday,
December 21, 2001 at 9:00 a.m. eastern time. To take part in the conference
call, dial 719-457-2629 at least ten minutes before the call begins and ask for
the Integrated Electrical Services first-quarter update conference call. A
replay will be available approximately two hours after the live broadcast ends
and will be accessible until December 27, 2001. To access the replay, dial
719-457-0820 and use a pass code of 612925.
Investors, analysts and the general public will also have the opportunity to
listen to the conference call over the Internet by visiting www.ies-co.com. To
listen to the live call on the web, please visit the company's web site at least
fifteen minutes before the call begins to register, download and install any
necessary audio software. For those who cannot listen to the live web cast, an
archive will be available shortly after the call.
IES is a leading national provider of electrical and communications
solutions to the commercial and industrial, residential and service
markets. The company offers electrical and communications system
[IES design and installation, contract maintenance and service to large
LOGO] and small customers, including general contractors, developers and
corporations of all sizes. IES is geographically diverse with over
14,000 employees at over 170 locations serving the continental
United States. For additional corporate information please call our investor
hotline at 877-INFO-IEE (877-463-6433) or visit our web site at www.ies-co.com .
This press release includes certain statements, including statements relating to
the company's expectations of its future operating results, that may be deemed
to be "forward-looking statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements are based on the company's
expectations and involve risks and uncertainties that could cause the company's
actual results to differ materially from those set forth in the statements. Such
risks and uncertainties include, but are not limited to, the inherent
uncertainties relating to estimating
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future results, fluctuations in operating results because of downturns in levels
of construction, incorrect estimates used in entering into fixed price
contracts, difficulty in managing the operation and growth of existing and newly
acquired businesses, the high level of competition in the construction industry
and due to seasonality. The foregoing and other factors are discussed in the
company's filings with the Securities and Exchange Commission, including the
company's Annual Report on Form 10-K for the year ended September 30, 2001.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INTEGRATED ELECTRICAL SERVICES, INC.
Date: December 20, 2001 By: /s/ William W. Reynolds
---------------------------------
William W. Reynolds
Executive Vice President and
Chief Financial Officer
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