Integrated Electrical Services Inc., Houston, has completed the sale of substantially all of the assets of Energy Systems Inc., based in Idaho, and Tech Electric Corp., a North Carolina corporation, for a combined sales price of approximately $3.2 million in cash. These units had combined revenues of $13.3 million and operating income of $0.6 million for the previous 12 months. The majority of the net proceeds from this sale will be used to retire IES’ senior secured indebtedness.
On a cumulative basis since November 29, 2004, IES has completed 10 sales for approximately $28.5 million in cash. During fiscal 2004, these 10 units produced combined revenues of $140.1 million and operating income of $4.2 million.