Contractor IESC Sees Sales Sag in 4Q

Integrated Electrical Services (IESC), Houston, fought through a tough fiscal fourth quarter where it reported a net loss $11.5 million, compared to net loss (including restructuring and significant charges) for its 4Q fiscal 2009 of $11.8 million. The company's fourth 4Q sales were also down YTY, sliding to $111.3 million compared to revenues of $153.4 million for its fiscal 2009 4Q. In a press release announcing IESC's 4Q results, Michael Caliel, IES president and CEO, said, "Our fourth-quarter results were disappointing as we continued to face difficult overall economic conditions along with ongoing challenges in our end markets. The nationwide weakness in construction impacted our Commercial & Industrial and Residential business segments, resulting in further pressure on volumes and margins. Also, we experienced added downward pressure on our gross margin due to operating difficulties in Florida, Iowa and Maryland.”

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