Integrated Electrical Services, Inc. today announced net income of $1.2 million and diluted earnings per share of $0.08 for the fiscal 2007 third quarter ended June 30, 2007. The company also announced that it has commenced restructuring its operations into three major lines of business: Industrial, Commercial and Residential from its current decentralized structure. This operational restructuring is another step in the company's long-term strategic plan to reduce its cost structure, reposition its business to better serve its customers, strengthen financial controls and, as a result, position the company to implement a market-based growth strategy in the future.
Michael J. Caliel, IES' President and Chief Executive Officer, stated, "We are pleased to report improved operating results and a profitable third quarter, one in which we were able to drive gross margin higher than second quarter and year ago levels, despite softness in our residential segment and challenging weather conditions in some of our key markets.
