HOUSTON, Jan. 23, 2012 /PRNewswire/ -- Integrated Electrical Services, Inc. (NASDAQ: IESC) today announced that its Communications division was awarded contracts totaling approximately $20 million for a major mission critical project in the western United States. The project is part of a new manufacturing facility for a leading semiconductor manufacturer, which has been a significant client of IES for the past ten years. The project is scheduled to commence during the next sixty days and be completed in 2013.
Gilbert Romo, Vice President of Sales for IES, stated, "While we have many long-standing relationships with Fortune 500 companies, this project is the largest in this division's history and reflects our demonstrated expertise of providing high-quality services in mission critical environments. As we continue to expand our national presence, we are increasingly being asked to become the trusted partner on major technology and communications systems."
Integrated Electrical Services, Inc. is a leading national provider of electrical infrastructure services to the communications, commercial, industrial and residential markets. Our 2,700 employees serve clients throughout the United States. For more information about IES, please visit www.ies-co.com.
Certain statements in this release, including statements
regarding the restructuring plan and total estimated charges
and cost reductions associated with this plan, are
"forward-looking statements" within the meaning of
Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934,
all of which are based upon various estimates and assumptions
that the Company believes to be reasonable as of the date
hereof. These statements involve risks and uncertainties that
could cause the Company's actual future outcomes to
differ materially from those set forth in such statements.
Such risks and uncertainties include, but are not limited to,
the inherent uncertainties relating to estimating future
operating results and the Company's ability to generate
sales and operating income; potential defaults under credit
facility and term loan; cross defaults under surety
agreements; potential depression of stock price triggered by
the potential sale of controlling interest or the entire
company as a result of controlling stockholder's
decision to pursue a disposition of its interest in the
company; potential disposition of a substantial portion of
the company's Commercial & Industrial segment for
realized values substantially less than current book values,
likely resulting in a material adverse impact on our
financial results; fluctuations in operating results because
of downturns in levels of construction; delayed project start
dates and project cancellations resulting from adverse credit
and capital market conditions that affect the cost and
availability of construction financing; delayed payments
resulting from financial and credit difficulties affecting
customers and owners; inability to collect moneys owed
because of the depresse value of projects and the
ineffectiveness of liens; inaccurate estimates used in
entering into contracts; inaccuracies in estimating revenue
and percentage of completion on projects; the high level of
competition in the construction industry, both from third
parties and former employees; weather related delays;
accidents resulting from the physical hazards associated wit
the Company's work; difficulty in reducing SG&A to match
lowered revenues; loss of key personnel; litigation risks and
uncertainties; difficulties incorporating new accounting,
control and operating procedures; and failure to recognize
revenue from work that is yet to be performed on uncompleted
contracts and/or from work that has been contracted but not
started due to changes in contractual commitments.
You should understand that the foregoing, as well as other
risk factors discussed in this document and in the
Company's annual report on Form 10-K for the year ended
September 30, 2011, could cause future outcomes to differ
materially from those expressed in such forward-looking
statements. The Company undertakes no obligation to publicly
update or revise information concerning its restructuring
efforts, borrowing availability, or cash position or any
forward-looking statements to reflect events or circumstances
that may arise after the date of this release.
Forward-looking statements are provided in this press release
pursuant to the safe harbor established under the private
Securities Litigation Reform Act of 1995 and should be
evaluated in the context of the estimates, assumptions,
uncertainties, and risks described herein.
General information about Integrated Electrical Services,
Inc. can be found at http://www.ies-co.comunder "Investor Relations." The
Company's 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 the Company's website as soon as reasonably
practicable after they are filed with, or furnished to, the
SEC.
Contacts:
James Lindstrom, CEO
Robert Lewey, CFO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard / ksdennard@drg-l.comKaren Roan / kcroan@drg-l.comDRG&L / 713-529-6600
SOURCE Integrated Electrical Services, Inc. News Provided by Acquire Media
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