World News: 13:30 GMT Friday 7th December 2018. [IES Holdings, Inc. via Globe Newswire via SPi World News]
HOUSTON, Dec. 07, 2018 (GLOBE NEWSWIRE) -- IES Holdings, Inc. (or “IES” or the “Company”) (NASDAQ: IESC) today announced financial results for the quarter and year ended September 30, 2018.
Mr. Lewey continued, “During fiscal 2018, we largely focused on organic growth and execution. In our Infrastructure Solutions segment, the strength of our balance sheet allowed us to capture market share from underperforming and undercapitalized competitors. Margins and backlog improved within our Commercial & Industrial segment as the impact of winding down the underperforming Denver and Roanoke locations is largely behind us. Our Residential and Communications segments were both strengthened this year through the acquisitions of Electrical Contractors North and Azimuth Communications, respectively. Despite challenges in each of our segments with commodity prices and labor constraints, we have been successful in keeping up with increasing customer demand, while selectively increasing bid margins and increasing market share.”
Tracy McLauchlin, Chief Financial Officer, added, “During the year we invested $22 million in working capital in support of accelerating growth, $7 million in bolt-on acquisitions, and $2 million to repurchase our common stock. We believe that our strong balance sheet and available liquidity, as well as expected cash flow from both our legacy and acquired businesses, will support our growth strategy.”
Ms. McLauchlin continued, “During the fourth quarter of fiscal 2018 we recorded a $1.9 million charge in our Commercial & Industrial segment related to a litigation settlement on a multi-year project. Lastly, although our results during the year were impacted by the federal tax reform enacted in December 2017 and the recording of a non-cash charge of $31.3 million as a write-down of our net deferred tax assets and liabilities, this will not affect our continued use of our net deferred tax assets to reduce our net cash tax exposure and further support our growth.”
For further details on the Company’s financial results, please refer to the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2018, to be filed with the Securities and Exchange Commission (“SEC”) by December 7, 2018, and any amendments thereto.
Contact: Tracy McLauchlin, CFO IES Holdings, Inc.713-860-1500
Globe Newswire: 13:30 GMT Friday 7th December 2018
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