Integrated Electrical Services (IES) reported a net loss from continuing operations of $1 million, or $0.07 per fully diluted share, in the first quarter of fiscal 2008, which included unusual pre-tax items totaling $3.6 million, or $0.15 per fully diluted share on an after-tax basis. Net income from continuing operations for the first quarter of fiscal 2007 was $0.4 million, or $0.03 per fully diluted share.
Gross margin for the first quarter of fiscal 2008 was 16.7%, approximately the same as the gross margin in the first quarter of fiscal 2007.
Michael Caliel, president and CEO of IES, said: We continue to retool the company in the midst of a challenging economic environment in some of our key markets. We have made progress in reducing costs while maintaining our overall gross margin in the face of declining revenues. Margins in our backlog continue to improve even with the delay of some work due to the economy.
