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.”
About the Author
Jim Lucy Blog
Chief Editor
Jim Lucy has been wandering through the electrical market for more than 30 years, most of the time as an editor for Electrical Wholesaling, Electrical Marketing newsletter and CEE News. During that time he and the editorial team for the publications have won numerous national awards for their coverage of the electrical business. He showed an early interest in electricity, when as a youth he had an idea for a hot dog cooker. Unfortunately, the first crude prototype malfunctioned and the arc nearly blew him out of his parents' basement. Before becoming an editor for Electrical Wholesaling magazine and Electrical Marketing, he earned a BA degree in journalism and a MA in communications from Glassboro State College, Glassboro, NJ., which is formerly best known as the site of the 1967 summit meeting between President Lyndon Johnson and Russian Premier Aleksei Nikolayevich Kosygin, and now best known as the New Jersey state college that changed its name in 1992 to Rowan University because of a generous $100 million donation by N.J. zillionaire industrialist Henry Rowan. Jim is a Brooklyn-born Jersey Guy happily transplanted in the fertile plains of Kansas for the past 20 years.