Slide 1: Integrated Electrical Services, Inc. 2nd Quarter Results
Integrated Electrical Services, Inc. 2nd Quarter Results May 11, 2010 Michael J. Caliel, President & CEO Terry Freeman, SVP & CFO Karen Roan, DRG&E
Slide 2: Safe Harbor
Safe Harbor 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 Sec
Slide 3: Q2 Highlights
Q2 Highlights 2nd Quarter results clearly disappointing Continued weakness in end markets Projects delayed, deferred, or canceled Backlog up 6% from Q1 Amended and extended $60MM credit facility Prepaid $15MM on $25MM term loan Aggressive cost management - on pace to beat $85-90MM SG&A target for FY
Slide 4: Financial Highlights
Financial Highlights ($ Thousands) 2010 2009 2010 2009 Revenue 107,619 167,305 227,867 340,433 Gross Profit 13,588 29,904 33,520 57,900 % 12.6% 17.9% 14.7% 17.0% Selling, General, and Administrative Expenses 25,709 27,315 44,976 55,830 % 23.9% 16.3% 19.7% 16.4% Restructuring Expenses 65 2,256 763 3,
Slide 5: Commercial & Industrial
Commercial & Industrial ($ Thousands) 2010 2009 2010 2009 Revenue 79,551 133,424 170,807 261,186 Gross Profit 7,334 22,113 20,417 39,890 % 9.2% 16.6% 12.0% 15.3% Selling, General, and Administrative Expenses 14,682 14,745 24,525 29,648 % 18.5% 11.1% 14.4% 11.4% Restructuring Expenses (2) 265 714 596
Slide 6: Residential
Residential ($ Thousands) 2010 2009 2010 2009 Revenue 28,068 33,881 57,060 79,247 Gross Profit 6,254 7,791 13,103 18,010 % 22.3% 23.0% 23.0% 22.7% Selling, General, and Administrative Expenses 6,526 8,385 12,549 17,661 % 23.3% 24.7% 22.0% 22.3% Restructuring Expenses 0 1,254 0 1,722 Operating Income
Slide 7: Backlog
Backlog ($ Millions) 251 241 289 297 237 Mar-09 Jun-09 Sep-09 Dec-09 10-Mar
Slide 8: Q2 Balance Sheet Highlights
Q2 Balance Sheet Highlights ($ Thousands) March 31 September 30 2010 2009 Cash 54,182 64,174 Current Assets 186,600 221,270 Current Liabilities 72,255 99,706 Working Capital 114,345 121,564 Total Debt 27,982 28,687 Total Equity 119,367 132,548 Backlog 250,832 240,548 Liquidity 63,473 76,598
Slide 9: Capital Structure Update
Capital Structure Update Amended and extended $60MM revolving credit facility with Bank of America, N.A. and Wells Fargo Capital Finance, LLC Two year extension through May 12, 2012 Improved liquidity and debt covenants Prepaid $15.0MM on $25.0MM term loan facility Eliminates $1.65MM in annualized i
Slide 10: Summary
Summary Expanding portfolio of renewable energy projects Continue to deliver exceptional safety performance Aggressively managing costs - on pace to beat $85-90MM SG&A target for FY 2010 Significant operating leverage as market recovers