HOUSTON, Feb. 22 /PRNewswire-FirstCall/ -- Integrated Electrical Services,
Inc. (NYSE: IES) today announced summary results of the Company's Annual
Meeting of Stockholders held in Houston, Texas, on February 17, 2005.
Summary results of the ballot items are as follows:
* Proposal 1 -- Both of the current Class I directors, Ronald P. Badie
and Alan R. Sielbeck, were elected to serve additional three-year
terms.
* Proposal 2 -- The private placement of up to $50 million in principal
amount of the Company's Series A and B 6.5% Senior Convertible Notes
due in 2014 and issuance of shares of common stock upon conversion
thereof was approved.
* Proposal 3 -- Ernst & Young LLP was ratified as the Company's
independent auditors for the fiscal year 2005.
Roddy Allen, IES' president and chief executive officer, stated, "We are
pleased to report that all three proposals presented to our stockholders were
approved. We look forward to continue working with our re-elected board
members and our auditors. Additionally, stockholder approval of Proposal 2
was very important in order to enhance the Company's liquidity as we
reposition IES back to profitability."
Integrated Electrical Services, Inc. is a leading national provider of
electrical solutions to the commercial and industrial, residential and service
markets. The company offers electrical system design and installation,
contract maintenance and service to large and small customers, including
general contractors, developers and corporations of all sizes.
This Press Release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on the Company's
expectations and involve risks and uncertainties that could cause the
Company's actual results to differ materially from those set forth in the
statements. Such risks and uncertainties include, but are not limited to, the
inherent uncertainties relating to estimating future operating results or our
ability to generate sales, income, or cash flow, potential difficulty in
addressing material weaknesses in the Company's accounting systems that have
been identified to the Company by its independent auditors, litigation risks
and uncertainties, fluctuations in operating results because of downturns in
levels of construction, incorrect estimates used in entering into and
executing contracts, difficulty in managing the operation of existing
entities, the high level of competition in the construction industry, changes
in interest rates, the general level of the economy, increases in the level of
competition from other major electrical contractors, increases in costs of
labor, steel, copper and gasoline, limitations on the availability and the
increased costs of surety bonds required for certain projects, inability to
reach agreement with our surety bonding company to provide sufficient bonding
capacity, risk associated with failure to provide surety bonds on jobs where
we have commenced work or are otherwise contractually obligated to provide
surety bonds, loss of key personnel, inability to reach agreement for planned
sales of assets, business disruption and transaction costs attributable to the
sale of business units, business disruptions and costs associated with the
ongoing SEC formal investigation, class action litigation and shareholder
derivative action, costs associated with the closing of business units,
unexpected liabilities associated with warranties or other liabilities
attributable to the retention of the legal structure of business units where
we have sold substantially all of the assets of the business unit, errors in
estimating revenues and percentage of completion on contracts, and weather and
seasonality. The foregoing and other factors are discussed and should be
reviewed in the Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K for the year ended
September 30, 2004.
Contacts: David A. Miller, CFO
Integrated Electrical Services, Inc.
713-860-1500
Ken Dennard / ksdennard@drg-e.com
Karen Roan / kcroan@drg-e.com
DRG&E
713-529-6600
SOURCE Integrated Electrical Services, Inc.
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CONTACT: David A. Miller, CFO of Integrated Electrical Services, Inc., +1-713-860-1500; or Ken Dennard, ksdennard@drg-e.com , or Karen Roan, kcroan@drg-e.com , both of DRG&E, +1-713-529-6600, for Integrated Electrical Services, Inc.
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