|  | | 2004 News and Press Releases | | |
HEADLINE NEWS:
Integrated Electrical Services Announces Earnings Release And Conference Call Schedule And Settlement Of Previously Announced Legal Verdict
Staff Writer
PR Newswire US. December 6, 2004
_________________________________________________________________________
EXCERPT: Integrated Electrical Services, Inc. (NYSE:IES) today announced plans to release its fiscal 2004 third quarter and fiscal 2004 year end results on Tuesday, December 14, 2004 after the market closes….Litigation Resolved IES is pleased to announce the successful resolution of a verdict in the District Court in Harris County, Texas that was previously announced on October 4, 2004. The matter was settled on reasonable terms with all plaintiffs prior to entry of any judgment. A settlement and mutual release was entered on December 3, 2004, and the case will be dismissed with prejudice. The company believes it was in the best interest of all parties to reach an early resolution of this matter. Although the company was confident with its position on the appeal, this settlement will avoid future uncertainty and the legal costs associated with the appeal as well as the significant costs associated with the appellate bond that would have been required. The company expects to record a charge of approximately $8 million in the fiscal year ended September 30, 2004 for this matter. Roddy Allen, IES CEO commented, "I am pleased to announce a favorable settlement in this case, and I believe it will allow us to more fully focus on improving IES and executing our plan. Over the last several weeks we have completed a number of important transactions, including the convertible debt issue, the first asset sale of our planned divestiture program, and this legal settlement. I look forward to reporting on our future progress." After settling this lawsuit, the company had approximately $65 million in cash and availability under its bank credit facility. |
|
|
